CBDT Notifies Cost Inflation Index for AY 2019-20 at 280

The Central Board of Direct Taxes vide Notification No.26/2018/F.No.370142/3/2018 notifies Cost Inflation Index for FY 2018-19 at 280. This notification shall come into force with effect from April 1, 2019 and shall accordingly apply to AY 2019-20 and subsequent years. The notification can be downloaded by Continue Reading

India Amends Double Taxation Avoidance Agreement with Kuwait

CBDT on 4th May notified that The Government of India and Government of the State of Kuwait have Amended Double Taxation Avoidance Agreement (DTAA). The Amended Protocol can be downloaded by clicking here

CBDT Doubles Exemption Limit Conveyance Allowance

Vide Notification No. 39/2015/F. No.142/02/2015-TPL, CBDT doubled conveyance allowance from Rs. 800 per month to Rs. 1600 per month for employees to meet his expenditure for the purpose of commuting between the place of his residence and the place of his duty. Continue Reading

Draft Circular – Section 234A – INTEREST FOR DEFAULTS IN FURNISHING RETURN OF INCOME

DRAFT CIRCULAR NO. 2/2015 [F.NO.385/03/2015-IT(B), DATED 10-2-2015 Based on the Suprement Court Ruling in case of CIT v. Prannoy Roy, 309 ITR 231 (2009), CBDT has decided that interest under Section 234A shall not be levied on the Self Assessment Continue Reading

SAFE HARBOUR RULES FOR SPECIFIED DOMESTIC TRANSACTION NOTIFIED

SAFE HARBOUR RULES FOR SPECIFIED DOMESTIC TRANSACTION NOTIFIED INCOME-TAX (SECOND AMENDMENT) RULES, 2015 – AMENDMENT IN RULES 10D, 10TA AND INSERTION OF RULES 10TH, 10THA, 10THB, 10THC, 10THD AND FORM 3CEFB NOTIFICATION NO. 11/2015 [F.NO.142/7/2014-TPL]/SO 350(E), DATED 4-2-2015 In exercise of Continue Reading

Draft Income Computation and Disclosure Standards (ICDS)

Section 145 (1) of the Income-tax Act, 1961 (‘the Act’) provides that the income chargeable under the head “Profits and gain of business or profession” or “Income from other sources” shall be computed in accordance with either cash or mercantile Continue Reading