Home Highlights November 2016 Year 2016 This

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1. Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

2. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

3. Validity of reopening of assessment u/s 147 - CIRP proceedings - The proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be pressed into service to...

4. Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Charging provisions under the Income Tax versus under the Wealth Tax - This argument of...

5. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

6. Compensation received under an award passed by the Land Acquisition Officer u/s 24(1) of the Right to Fair Compensation and Transparency in Land Acquisition,...

7. The existing provisions of section 230(1A) of the Income-tax Act, 1961, require obtaining a tax clearance certificate from income-tax authorities before leaving India,...

8. Order under section 119 of the Income-tax Act, 1961 - Income Declaration Scheme, 2016 - Order-Instruction

9. Income Tax Act, 1961 as amended by Finance Act, 2016

10. Amended (1) Income Tax Act, (2) Customs Act, (3) Central Excise Act, (4) Central Sales Tax and (5) Service Tax (Chapter V of the Finance Act, 1994)

11. The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

12. Taxable income to tax u/s 44BB v/s Section 44DA read with section 9(l)(vii) - The profit from this income was estimated at 25% and offered to tax at 40% plus applicable...

13. Exemption from income-tax - compensation received in respect of award or agreement which has been exempted from levy of income-tax vide section 96 of the RFCTLARR Act...

14. Validity of Resolution Plan - CIRP - both the ‘Successful Resolution Applicant’ and the Income Tax Department will be guided by the Income Tax Act, 1961 and the Rules...

15. Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act - THE INCOME DECLARATION SCHEME, 2016 - The provisions relating to liability in...