Home Highlights October 2017 Year 2017 This

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1. Renewal and extension of the petitioners’ Letter of Approval(LA) - once the report of the DC stating that the petitioners are similarly situated to the other two units...

2. Penalty u/s 270A - “under reporting” of the income - The assessee has not under reported any income. The addition has arisen on account of change in head of income. We...

3. Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

4. Furnishing of Report in respect of an International Group - New Rule 10DB

5. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - tax payable on under-reported income shall be calculated as if such...

6. CBDT issues clarification regarding requirement for furnishing of Country-by Country report under section 286(4) of IT Act, 1961

7. Penalty proceedings u/s 270A - Applicable rate of penalty - The Appellate Tribunal noted that while the penalty notice cited under-reporting of income, the AO imposed...

8. Extension of due date for filing of ITRs/Audit Report for the A.Y. 2018-19 in respect of Kerala Region

9. This order issued by the Central Board of Direct Taxes (CBDT) u/s 119 of the Income Tax Act, 1961, grants an extension for certain trusts/institutions/funds to furnish...

10. Capital gain computation - cost of acquisition of the asset as on 01.04.1981 - valuation report of the DVO Vs. Registered valuer Report - Approved Valuer’s report taking...

11. CBDT extends due date for filing Income Tax Returns and Tax Audit Reports

12. Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

13. Final Report on General Anti Avoidance Rules (GAAR) in Income-tax Act, 1961 Expert Committee (2012)

14. The circular extends the due date for filing various audit reports under the Income Tax Act for the previous year 2023-24 (assessment year 2024-25) from September 30,...

15. This circular issued by the Insolvency and Bankruptcy Board of India (IBBI) introduces a Valuation Report Identification Number (VRIN) system for valuation reports...