New ITR forms notified; salary breakup, GST ID to be furnished

New ITR forms notified; salary breakup, GST ID to be furnished The new Income Tax Return (ITR) forms for the assessment year 2018-19 were notified today by the Central Board of Direct Taxes that mandated salaried class assessees to provide their salary breakup and businessmen their GST number and turnover.The policy-making body of the tax […]

Continue Reading

Start-up investors may be exempt from ‘angel tax’

Start-up investors may be exempt from ‘angel tax’ But, majority might be left out, as only those investing in entities recognised by govt could qualify The central government might exempt investments by individuals in certain start-ups from the so-called ‘angel tax’.“We are discussing retrospective exemption of Section 56 of the Income Tax Act for angel […]

Continue Reading

Government set up e-commerce think tank to encourage local players

Government set up e-commerce think tank to encourage local players The government has set up a think tank to look into ways to encourage home-grown ecommerce players and develop a domestic policy to respond to doubts raised by other countries on India’s stance on cross-border digital trade, a senior official said. “The think tank has […]

Continue Reading

Income tax department forms committee to look into tax risk of super-rich leaving India

Income tax department forms committee to look into tax risk of super-rich leaving India The income tax department has set up a committee to look into the tax implications of the super-rich leaving the country to settle abroad and also arrive at the country’s stand on such migrations. ET had reported last month that 23,000 […]

Continue Reading

RBI defers implementation of Ind AS by one year

RBI defers implementation of Ind AS by one year The Reserve Bank of India (RBI) on Thursday decided to defer implementation of Indian Accounting Standard (Ind AS) by one year for the banks.Scheduled commercial banks (SCBs), excluding regional rural banks (RRBs), were required to implement Ind AS from April 1, 2018. Necessary legislative amendments – […]

Continue Reading