CBDT Clarification with respect to assessment of Start up Companies involving application of section 56(2)(viib) of the Income-tax Act, 1961

Instances have come to the notice of the Board that notices u/s 143(2)/147 have been issued by the Assessing Officers in respect of Startup Companies, before the issue of notification of the Department for Promotion of Industry and Internal Trade (henceforth referred to as ‘DPIIT’) dated 19.02.2019 or even afterwards which are presently pending for disposal. These companies have been recognized by the DPIIT after the issue of their notification dated 19.02.2019 Read More …

CBDT Clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20

The Income-tax return (ITR) forms for the Assessment Year (AY) 2019-20 were notified vide notification bearing G.S.R. 279(E). dated the 1st day April, 2019. Subsequently, the instructions for filing ITR forms were issued and the software utility for e-filing of all the ITR forms were also released. After notification of the ITR forms various queries have been raised by the stakeholders in respect of filling-up of the ITR forms. In order to address such queries, following clarifications are issued Read More …

STT on derivative contracts | Bombay High Court Judgement | CBDT Clarification

CBDT is of the view that where a derivative contract is being settled by physical delivery of shares, the transaction would not be any different from transaction in equity share where the contract is settled by actual delivery or transfer of shares and the rates of STT as applicable to such delivery based equity transactions shall also be applicable to such derivative transaction Read More …

CBDT issues Circular on amendment of Tax Audit Report

Press Information Bureau Government of India Ministry of Finance 18-August-2018 12:50 IST CBDT issues Circular on amendment of Tax Audit Report Section 44AB of the Income-tax Act, 1961 (‘the Act’) read with Rule 6G of the Income-tax Rules, 1962 (‘the Rules’) requires prescribed persons to furnish the Tax Audit Report along with the prescribed particulars Read More …

CBDT Circular No. 4/2018 | Computation of admissible deduction u/s 10A of the Income Tax Act, 1961

As per the provisions of sub-section (4) of section 10A of the Income Tax Act, 1961 (the ‘Act”), the profits derived from export of articles or things or computer software shall be the amount which bears to the profits of the business of the undertaking, the same proportion as the export turnover in respect of such articles or things or computer software bears to the total turnover of the business carried on by the undertaking Read More …

CBDT Office Memorandum On Decentralization Of Cases Under Insolvency & Bankruptcy Code 2016

The CBDT has issued an Office Memorandum with regard to cases under Insolvency & Bankruptcy Code 2016. The OM harmonizes the guidelines under the OM dated. 16.01.2018 with Circular No. 5/2009 dated 02.07.2009 of CBDT Read More …