Income-tax amendments: Finance Act 2017 consolidates rates and reforms capital gains, transfer pricing, TDS and compliance. Income-tax rates and surcharge structure are specified for various categories of taxpayers and withholding; capital gains, transfer pricing and valuation rules are amended to provide tax-neutral conversions, FMV deeming in certain share transfers, revised base year for indexation, and special computation for joint development agreements; anti-avoidance measures include secondary transfer pricing adjustments and an interest deduction limitation for related-party debt; TDS/TCS regimes expanded and simplified; cash transaction restrictions, charity corpus donation rules and procedural reforms on assessment timelines, returns, Aadhaar quoting and advance rulings are introduced or clarified.
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Income-tax amendments: Finance Act 2017 consolidates rates and reforms capital gains, transfer pricing, TDS and compliance.
Income-tax rates and surcharge structure are specified for various categories of taxpayers and withholding; capital gains, transfer pricing and valuation rules are amended to provide tax-neutral conversions, FMV deeming in certain share transfers, revised base year for indexation, and special computation for joint development agreements; anti-avoidance measures include secondary transfer pricing adjustments and an interest deduction limitation for related-party debt; TDS/TCS regimes expanded and simplified; cash transaction restrictions, charity corpus donation rules and procedural reforms on assessment timelines, returns, Aadhaar quoting and advance rulings are introduced or clarified.
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