Home Highlights November 2017 Year 2017 This

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1. Insertion of new section 286 - Furnishing of report in respect of international group - The proposed section provides for furnishing of a report in respect of an...

2. Income-tax (14th Amendment) Rules, 2018 - Amends Rule 10DB. Furnishing of Report in respect of an International Group

3. Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or...

4. Special audit report u/s 142(2A) - An admitted fact on record that the AO had no occasion to examine the books of accounts furnished by the assessee, which were actually...

5. Amendment to Regulation 4 of FEMA, Mode of Payment and Reporting of Non-Debt Instruments - Expands the reporting responsibilities involving equity instruments traded or...

6. Penalty u/s 271B - assessee had failed to get his account audited u/s 44AB - The assessee explained that the delay in furnishing the Audit Report was due to the death of...

7. Reducing the time provided for furnishing TP report - Now any information, documents required by AO for international transaction U/s 92D has to be furnished within 10...

8. This circular from SEBI provides the periodic reporting format for Research Analysts and Proxy Advisers. Key points: - Research Analysts (RAs) are required to furnish...

9. Transfer pricing adjustment – Determination of ALP of International License Revenue - Cost of international rights – media rights in respect of BCCI cricket - decided...

10. Penalty u/s 271G - assessee failed to furnish documents as required under the Rule 10D(1) in respect of the international transactions - considering the reasonable cause...

11. Penalty levied u/s 271B - delay in furnishing audit report - bonafide belief - Delay in furnishing audit report has resulted only in technical venial breach which does...

12. Insertion of new section 271GB- Penalty for failure to furnish report or for furnishing inaccurate report under section 286 - the prescribed authority may direct such...

13. Penalty u/s 271B - when an assessee had furnished the tax audit report in form 3CB then it cannot be said that it has not complied with the provisions of sec. 44AB...

14. Penalty u/s 271B - assessee submitted the audited financial statements but failed to furnish report of audited accounts (audit report) as required u/s 44AB - When the...

15. Order under section 119 of the Income-tax Act, 1961 in respect of extension of due date for filing of Country-by-Country Report for reporting accounting year 2016-17