Section 50CA-Deemed FMV for transfer of unquoted shares. FMV to be deemed full value of consideration for computing income under the head Capital gains Budget 2017-18 : Fair Market Value to be full value of consideration in certain cases Under the existing provisions of the Act, income chargeable under …
Time Limit reduced-Assessment completion revised return filing. 18-12 Month for assessment and end of the relevant AY for revised returns Budget 2017-18 : Rationalisation of time limits for completion of assessment, reassessment and re-computation and reducing the time for filing revised return The existing provisions of section 153 specify …
CBDT empowered to waive TDS default penalty 271C 271CA for failure to deduct or collect tax at source to reduce the genuine hardship Budget 2017-18 : CBDT empowered to issue directions in respect of penalty for failure to deduct or collect tax at source Existing provision of clause …
Interest on refund due to deductor at the rate of one-half per cent for every month or part of a month. Sub-section (1B) inserted in Section 244A Budget 2017-18 Interest on refund due to deductor The existing section 244A of the Act provides that an assessee is entitled …
ITR Processing within prescribed time and withholding refund. Section 143(1D)not to apply to return filed for AY 2017-18 onwards Budget 2017-18 : Processing of return within the prescribed time and enable withholding of refund in certain cases The provisions of sub-section (1D) of section 143 provide that the …
TDS Rate us 194J reduced to 2 percent for call centre. Being payment to a person engaged only in the business of operation of call center Budget 2017-18 : Simplification of tax deduction at source in case Fees for professional or technical services under section 194J The existing provisions of …
