Home Highlights September 2017 Year 2017 This

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1. Rollback of an Advance Pricing Agreement - Income-tax (Third Amendment) Rules, 2015 - CBDT issues Notification

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

3. Interest u/s 234C - interest for deferment of advance tax - If on a particular due date for payment of advance tax, the facts show that there is no liability to pay...

4. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

5. Interest u/s 234B - Shortfall in payment of advance tax - TDS was not deducted on the income received by the payer - prior to the financial year 2012-13, the amount of...

6. CBDT issues another Clarifications on the Income Declaration Scheme, 2016 (IDS)

7. Undisclosed Income - unable to accept that payment of Advance Tax based on “current income” involves the disclosure of “total income” - SC

8. Income recognition - advances received from customers - the customers advances carried over year after year and it is the consolidated list of advances as on balance...

9. Adjustment of tax liability – Out of input tax credit available – dealer can adjust current year tax liability out of Input Tax Credit available in credit of dealer -...

10. Taxable income to tax u/s 44BB v/s Section 44DA read with section 9(l)(vii) - The profit from this income was estimated at 25% and offered to tax at 40% plus applicable...

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

12. CBDT notifies new Income Tax Return Forms for AY 2017-18 - Circular

13. Interest u/s 234B - the assessee was not required to pay advance tax, as the advance tax payable by the tax payer is to be calculated, by reducing the tax on current...

14. Accrual of income - method of accounting to recognize the revenue - Addition made for excess interest spread ('EIS') income earned on assignment of receivables - AO has...

15. Levy of interest u/s 234C and 234B - Estimation of income for advance tax - business of Portfolio Management Services - lower authorities had not controverted the facts...