Category Archives: Direct Tax

CBDT releases SOP for dealing with demonetisation related cases where Sec. 142(1) notices remained non-complied

Posted on March 8, 2019

CBDT has issued Standard Operating Procedure (SOP) to senior IRS officers for handling of cases related to substantial cash deposit during demonetisation period in which Sec.142(1) notices have remained non-complied.

Posted in Direct Tax |

CBDT withdraws Circular on 56(2)(viia) applicability to fresh issuance of shares; Cites subjudice matters

Posted on January 9, 2019

CBDT withdraws Circular no. 10 dated 31st Dec 2018 clarifying that Section 56(2)(viia) of the Income-tax Act, 1961 (‘the Act’) shall not be applicable in cases of receipt of shares by a closely held company (specified company) or a firm … Continue reading →

Posted in Direct Tax |

CBDT: Sec. 56(2)(viia) not applicable to receipt of ‘freshly issued shares’ by closely held co.

Posted on January 3, 2019

CBDT clarifies that Sec. 56(2)(viia) shall not apply to receipt of shares by a closely held company (specified co.) or a firm on fresh issuance of shares; Takes note of representations that the term ‘receives’ used in 56(2)(viia), being of … Continue reading →

Posted in Direct Tax |

CBDT has notified Non-Securities Transaction Tax scenarios for 10% LTCG under section 112A

Posted on October 5, 2018

CBDT has issued Final Notification under section 112A(4) specifying nature of equity share acquisitions in respect of which requirement of payment of Securities Transaction Tax would not apply for 10% LTCG tax, no major changes vis-à-vis the draft notification;

Posted in Direct Tax |

Exemption on interest income on specified off-shore Rupee Denominated Bonds

Posted on September 18, 2018

CBDT issue press release dated 17.09.2018 announcing tax exemption for interest payable by an Indian company or a business trust to a non-resident or foreign company in respect of rupee denominated bond issued outside India during September 17th, 2018 to … Continue reading →

Posted in Direct Tax |