Category: Income Tax

54EC deduction for investment made after 6 months allowed when sales consideration was received late. Tax-payer cannot be asked to do impossible -ITAT

54EC deduction for investment made after 6 months allowed when sales consideration was received late.The tax-payer cannot be asked to do impossible -ITAT 54EC deduction for investment made after 6 months  ABCAUS Case Law Citation: ABCAUS 1211 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved …

Tax Exemption to Startups in recent past.

Tax Exemption to Startups in recent past. Introduction of new section 54EE 54GB 80-IAC. Angel investors funding exemption etc. Tax Exemption to Startups Various tax exemptions have been given to Startups in the recent past – Following direct tax incentives were provided in Income-tax Act,1961 (‘the Act’) to …

Reopening for cash deposits for non response to notice u/s 133(6) illegal where assessment was completed u/s 143(3)/147 4 years before

Reopening for cash deposits for non response to notice u/s 133(6) is illegal where assessment was completed u/s 143(3)/147 and 4 years have lapsed. Soon after the demonetization, the Income Tax Department (‘Department’) had launched a scheme called “operation Clean money” for online verification of cash deposits in …

Revised timelines for completion of due diligence under Rule 114H(8) under alternative procedure of FATCA self-certifications to be provided till 30-04-2017

Revised timelines for completion of due diligence under Rule 114H(8) under alternative procedure of FATCA self-certifications to be provided till 30-04-2017 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11th April, 2017. Timelines for Closure of financial accounts …