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Extension of tax concession to Special Undertaking of the Unit Trust of India (SUUTI)
The Special Undertaking of the Unit Trust of India (SUUTI) was created vide the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002. SUUTI is the successor of UTI. The mandate of SUUTI...
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Rationalization of provisions of Prohibition of Benami Property Transactions Act
Budget 2019 Rationalizes provisions of Prohibition of Benami Property Transactions Act The existing provisions of section 23 of the Prohibition of Benami Property Transactions Act (‘the PBPT Act’) pro...
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Rationalisation of Provisions of Black Money Act
Rationalisation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015The existing provisions of section 2 of the Black Money (Undisclosed Foreign Income and Assets...
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Enhancing time limitation for sale of attached property under rule 68B
of Second Schedule of the Income Tax Act, 1961The existing provisions of rule 68B of the Second Schedule of the Act provide that no sale of immovable property attached towards the recovery of tax, pen...
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Provision of credit of relief provided under section 89
Budget 2019: Provision of credit of relief provided under section 89 Section 89 of the Income-tax Act contains provisions for providing tax relief where salary, etc. is paid in arrears or in advance.T...
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TDS on non exempt portion of life insurance pay-out on net basis
Under section 194DA of the Act, a person is obliged to deduct tax at source, if it pays any sum to a resident under a life insurance policy, which is not exempt under sub-section (10D) of section 10....
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Clarification on definition of “accounting year” in section 286
Clarification regarding definition of the “accounting year” in section 286 of the Income Tax Act, 1961 vide Union Budget 2019Section 286 of the Act contains provisions relating to specific reporting r...
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Rationalisations of provisions of maintenance, keeping & furnishing of info & documents
Rationalisations of provisions relating to maintenance, keeping and furnishing of information and documents by certain persons entering into an international transaction or specified domestic transact...
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Compliance with notification of exemption issued U/s. 56(2)(viib)
The provisions of section 56(2)(viib) of the Act provides for charging of the consideration received for issue of shares by certain companies, where such consideration exceeds the fair market value of...
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Amendment to section 56- Tax on interest received on compensation
The existing provisions of the section 56 of the Income-tax Act, inter alia, provide that income by way of interest received on compensation or on enhanced compensation referred to in section 145A(b)...
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Rationalisation of penalty provisions relating to under-reported income
Section 270A contains provisions relating to penalty for under-reporting and misreporting of income. The existing provisions provide for various situations for the purposes of levy of penalty under th...
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Prosecution for not filing Income tax return- Provisions Rationalised
Rationalisation of the provisions of section 276CCThe existing provisions of section 276CC of the Act, inter alia, provide that prosecution proceedings for failure to furnish returns of income against...
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Recovery of tax in pursuance of agreements with foreign countries
Rationalisation of provision relating recovery of tax in pursuance of agreements with foreign countriesThe existing provisions of section 228A of the Act provide inter alia that where an agreement is...
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Rationalisation of provisions relating to claim of Income tax refund
The existing provisions of section 239 of the Act provide inter alia that every claim of refund under Chapter XIX of the Act shall be made in the prescribed form and verified in the prescribed manner....
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Tax on income distributed to shareholder in case of listed companies
Section 115QA of the Act provides for the levy of additional Income-tax at the rate of twenty per cent. of the distributed income on account of buy-back of unlisted shares by the company. As additiona...
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New Grounds for Cancellation of registration of Trust
Budget 2019 Section 12AA of the Act prescribes for manner of grating registration in case of trust or institution for the purpose of availing exemption in respect of its income under section 11 of the...
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Facilitating demerger of Ind-AS compliant companies
Demerger of Ind-AS compliant companies- Requirement of recording property & liabilities at book value relaxed One of the existing conditions for tax-neutral demergers is that the resulting company sho...
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Section 201 & 40 provisions of payments to non-residents relaxed
Budget 2019: Relaxing provisions of sections 201 and 40 of the Income Tax Act, 1961 in case of payments to non-residentsSection 201 of the Act provides that where any person, including the principal o...
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Power of AO in respect of modified return of income filed as per APA
Budget 2019: Clarification with regard to power of Assessing Officer in respect of modified return of income filed in pursuance to signing of Advance Pricing Agreement (APA)Section 92CC of the Act emp...
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Concessional STCG tax rate to certain equity-oriented fund of funds
Budget 2019: Concessional rate of Short-term Capital Gains (STCG) tax to certain equity-oriented fund of fundsIn order to incentivise fund of funds set up for disinvestment of Central Public Sector En...