Filing of Statement of Financial Transaction (SFT) for FY 2016-17 – 31st May Deadline

Filling of Statement of Financial Transaction (SFT) for Financial Year 2016-17 – Important Reminder

Section 285BA of Income Tax Act, 1961 (‘Act’) read with Rule 114E of Income Tax Rules, 1962 (‘Rules’) requires certain persons/entities to furnish a return/ statement of specified financial transactions (‘SFT’) as mentioned in such Rule 114E. Continue reading

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Deemed Gift and Deemed Capital Gains – Section 56(2)(x) and Section 50CA

Section 56(2)(x)

Finance Act 2017 has inserted a new clause (x) in section 56(2) w.e.f 1st April 2017 (i.e. applicable from AY 2018-19 related to FY 2017-18) which has considerably widened the scope of provisions taxing deemed gift as income. The applicability of corresponding old deemed gift clauses being section 56(2)(vii) and 56(2)(viia) has been restricted upto AY 2017-18 only. Continue reading

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Income Computation and Disclosure Standards (ICDS)

The Central Board of Direct Taxes (“CBDT”) vide Notification no. 87 dated 29th September 2016 (“Notification”) has notified revised Income Computation and Disclosure Standards (“ICDS”) along with FAQs for clarifying certain issues vide Circular No. 10/2017 dated 23rd March 2017 (“Circular”). Continue reading

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Secondary Adjustment in Indian TP provisions: An international best practice or needs another look?

Keeping pace with the international best practices and its commitment towards OECD BEPS Initiative/ G20, India through Finance Act 2017 has brought in certain unconventional changes in the Transfer pricing (‘TP’) & International taxation regime. After EQL, CBCReporting – BEPS Action Plan 13, Lower tax on patents, now we see thin Capitalisation rules (BEPS AP 4) and Secondary Adjustments.

Let us discuss in detail, one of the most talked about amendment brought by Budget 2017 which is Secondary Adjustments. Continue reading

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Gist of changes in the GST bills introduced in Lok Sabha on March 27, 2017

  • GST Law is not applicable to the State of Jammu & Kashmir.
  • Any supply of goods or services by employer to his employees without any consideration would not fall under GST ambit upto a limit of Rs. 50000/-
  • Sale of land and, sale of building will neither be treated as a supply of goods nor as a supply of services except the sale of under construction building.
  • Continue reading
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