Home Highlights October 2017 Year 2017 This

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1. 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...

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. 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...

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

5. 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...

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

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

8. Disallowance of deduction u/s 80P - Addition in respect of rental income earned and Income from sale of crackers - The Tribunal held that the deduction u/s 80P is...

9. Insertion of new section 115BBF - Tax on income from patent - where the total income of an eligible assessee includes any income by way of royalty in respect of a patent...

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

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

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

13. Indian resident deriving foreign income - interpretation of the expression “may be taxed” - Once the tax is payable or paid in the country of source, then country of...

14. Due date for filing of Income Tax Returns - benefit of carry forward of loss - RBI permission letter mandating the assessee to get his accounts audited - Extension of...

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