Tag: cbdt notification

Rule 11UAB-Determination of fair market value for inventory of immovable property, jewellery, paintings, sculptures, work of art, shares securities etc. Ministry of Finance (Department of Revenue) Central Board of Direct Taxes Notification No. 42/2018 New Delhi, the 30th August, 2018 S.O. 4213(E).—In exercise of the powers conferred by …

Court of Munsiff No. 3 -cum-Judicial Magistrate, 1st Class Guwahati designated as Special Court for prosecution of offences under Income Tax Act MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) (Investigation Division-V) Notification No. 37/2018 New Delhi, the 8th August, 2018 S.O. 3942(E).—In exercise of the …

Two Gujarat based companies notified as recognised stock exchange for derivative transaction not to be treated as speculative transaction Section 43(5) of the Income Tax Act, 1961 defines a “speculative transaction” as the one in which a contract for the purchase or sale of any commodity including stocks …

CBDT amends Form 3CD Tax Audit Report for reports for AY 2018-19 issued on or after 20th August 2018. Read Revision made to Tax Audit Report Format Please note that CBDT vide circular no. 6/2018 has deferred clause related to GAAR & GST compliance in Revised Form 3CD deferred …

Amendment to forms of application for obtaining advance ruling in Form No. 34C, 34D for quoting identification number of non-resident MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 31/2018-Income Tax New Delhi, the 13th July, 2018 G.S.R. 647(E).―In exercise of the powers conferred …

Cost Inflation Index 280 notified for FY 2018-19. Up-to-date Cost Inflation Index Table from FY 2001-02 to FY 2018-19. The text of the notification issued is as under: MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) Notification No.26/2018 New Delhi, the 13th June, 2018 INCOME-TAX …

Startups exempted from issue of share price in excess of face value MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) NOTIFICATION New Delhi, the 24th May, 2018 INCOME-TAX S.O. 2088(E).—In exercise of the powers conferred by the clause (ii) of the proviso to clause (viib) …

Chartered Accountants not to determine FMV of unquoted equity shares received by a company without adequate consideration-CBDT Notification Section 56(2) of the Income tax Act, 1961. creates a deeming fiction for bringing certain receipts/transactions within the scope of taxable income.  (b) Under the provisions of clause (viia) to …

PAN Card Application 49A amended to have Transgender option MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 18/2018 New Delhi, the 9th April, 2018 Income-tax G.S.R. 352(E).—In exercise of the powers conferred by section 139A read with section 295 of the Income-tax Act, …

CBDT Notification for withdrawal of Transport Allowances  exemption of Rs. 1600/- pm from AY 2019-2020 Rule 2BBA of the Income Tax Rules, 1961 exempts the transport allowance granted to an employee for commuting from residence to office is exempt to the extent of Rs. 1600 per month.  However, …