Home Highlights June 2019 Year 2019 This

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1. Power of CIT(A) in exercising power u/s 250(4) to accept remand report with regard to income as well as claim of expenditure made by assessee - if the Remand Report is...

2. Penalty order u/s 271AAB for treating an amount included in the Return of Income as 'undisclosed income' was found unjustified. The Commissioner of Income Tax (Appeals)...

3. Clarification regarding Proposal in the Finance Bill 2020 Clarification regarding Proposal in the Finance Bill 2020

4. The Income Tax Appellate Tribunal (ITAT) has adjudicated on various issues concerning deductions u/ss 80IA(4), 14A, and 35D. Regarding Section 80IA(4) deduction, the...

5. Interest income earned from funds received from Government for setting up a company is a capital receipt, not revenue receipt, as the funds and income must be utilized...

6. Charging interest u/s. 234B(3) / (4) - The section 234B(4) states that if there is any increase or decrease in the income, correspondingly interest shall be increased or...

7. Reopening of assessment - investment out of foreign funds in the assessee’s NRE Accounts - investment in time deposit and mutual funds - Undisputedly, the funds came...

8. Clarification regarding taxability of income earned by a non-resident investor from off-shore investments routed through an Alternate Investment Fund - set off loss

9. The definition of "Specified Mutual Fund" u/s 50AA is proposed to be amended to provide clarity regarding the proportion of investment in debt and money market...

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

11. Clarification regarding amendment in Special Economic Zone Rules, 2006 in Rule 47, after sub-rule (4) dated 05.08.2016 – reg. - Circular

12. Clarifications on the Income Declaration Scheme, 2016 - Another set of clarification and FAQs

13. 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...

14. Tax Incentives to International Financial Services Centre - (i) Time limit for exemption on Transfer of assets of the original fund, or its wholly owned SPV to a...

15. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...