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Finance Act 2017

RBI Announces the Constitution of the Payments Regulatory Board [Read Announcement]

Avinash Kurungot

The Reserve Bank ofIndia (RBI) has formally announced the constitution of the Payments Regulatory Board (PRB) with effect from May 9, 2025, following...

ITAT quashes addition made on account of determination of Annual Letting Value in respect of Unsold...

ITAT - accommodation - house rent allowance - Service Rules - Taxscan

ITAT’s VPs, President, Chairperson to either avail Accommodation or claim House Rent Allowance:...

Assessment Order can’t erroneous merely for reason that PCIT doesn’t agree with view taken by AO:...

PIL in SC challenges the Provisions of Finance Acts for Supporting Political Funding [Read Petition]

SC Confirms Block Assessment since ‘Reasons to believe’ shall not be disclosed for Search Proceedings [Read Order]

A two-judge bench of the Supreme Court, by relying on the recent amendment in section 132/132A of the Income Tax Act held that the authorities shall not disclose the ‘reason to believe’ or ‘reason to...

Ban on Cash Receipts Upto Rs. 2 Lakh: CBDT says Ban shall not apply on One Installment for Loan for NBFCs [Read Circular]

The Central Board of Direct Taxes (CBDT) today clarified that the prohibition on cash transactions upto Rupees 2 lakhs under section 269ST of the Income Tax Act does not applies to one installment for...

Aadhaar Mandatory for PAN application Form from July 1 [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified that Aadhaar Number must quoted in PAN application in 49A from 1st July 2017. The Government, vide Finance Act, 2017 had inserted Section 139AA...

Rule regarding Secondary Adjustments: Time limit of 90 days begin only When Primary Adjustment attains Finality, says CBDT

Recently, Finance Act, 2017 inserted a new section 92CE, which permits secondary adjustments in situations enumerated there under, with effect from April 1, 2018. In connection with this, the Central...

CBDT notifies Rule for Computing Interest Income for Secondary Adjustments under Transfer Pricing

The Central Board of Direct Taxes (CBDT) has amended the Income Tax Rules, 1962 and inserted Rule 10CB for computing interest income for secondary adjustments under Transfer Pricing. In transfer...

Provision Mandating Quoting of Aadhaar for IT Returns & PAN is valid: SC stays S. 139AA of IT Act till decision of Constitution Bench [Read Judgment]

Aadhaar Holders must link it with PAN, Non-Aadhaar Card Holders need not apply Aadhaar, says Supreme Court. A two-judge bench of the Supreme Court today stayed the application of Section 139AA of...

CBDT notifies List of Transaction Exempted from LTCG u/s 10(38) of Income Tax Act [Read Notification]

The Central Board of Direct Taxes (CBDT) today released the final Notification on section 10(38) of the Income Tax Act which exempts exempt specified deals from long-term Capital Gains Tax in cases...