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of <h1>Finance Bill 2017: New Tax Rules Tackle Capital Gains, Unquoted Shares, Gift Taxes, Transfer Pricing & More</h1> The Finance Bill, 2017 introduces several anti-abuse measures in direct taxes. Amendments to Section 10(38) aim to prevent misuse of long-term capital gains tax exemptions by ensuring transactions are chargeable to Securities Transaction Tax. Section 50CA introduces fair market value as the consideration for unquoted shares. Section 56(2)(vii) expands the scope of taxable income from gifts and inadequate consideration. Section 58 aligns disallowances for non-deduction of tax with business income rules. Section 94B limits interest deductions to 30% of EBITDA for associated enterprises. Section 92CE mandates secondary adjustments for transfer pricing. New rules restrict corpus donations between exempt entities and mandate returns for certain exempt entities. Section 234F imposes fees for late return filing, and Section 271J penalizes professionals for incorrect statutory reports. These amendments apply from April 1, 2018, affecting the 2018-19 assessment year onwards.
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