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Act Rules GST
What is the location of supplier of Goods for determination place of supply of goods under GST / IGS...
Show AI Summary
Location of supplier: treat the supplier's place of business as the determining factor for place of supply under GST.
Location of supplier of goods is not defined in the GST/IGST Acts; it should be treated as the place where the supplier was located immediately before or at the time of supply and before movement of goods. A CBIC flier treats the supplier's place of business as the relevant location, supporting use of the supplier's business location for determining place of supply under Section 10 and inter state rules.
Act Rules GST
What is the location of supplier of services for determination place of supply of services under GST...
Show AI Summary
Location of supplier of services determines place of supply under GST-prioritise place of business, fixed establishment, then residence.
Location of the supplier of services determines place of supply under GST/IGST by a hierarchical rule: (a) location of the registered place of business; (b) location of the fixed establishment when supply is made from another place; (c) location of the establishment most directly concerned where multiple establishments are involved; and (d) otherwise the usual place of residence of the supplier.
Act Rules GST
What is the location of the recipient of services for determination place of supply of services unde...
Show AI Summary
Location of recipient of services determines place of supply; prioritise registered business, fixed establishment, most concerned establishment, then residence.
The location of the recipient of services is determined hierarchically: (a) the location of the registered place of business where the supply is received; (b) if received at a place other than the registered place, the location of the fixed establishment elsewhere; (c) where received at multiple establishments, the establishment most directly concerned with receipt; and (d) if none of these exist, the usual place of residence of the recipient. The IGST Act contains the same hierarchical definition.
Act Rules Bills
Income from other sources - tax on gifts and receipt of any money or immovable property or specified...
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Taxability of gifts expanded to all assessees; assets received without adequate consideration treated as taxable income.
The amendment inserts a new clause in subsection (2) of section 56 to tax assets received without or for inadequate consideration across all categories of assessees, subsuming earlier clause-based provisions that applied only to individuals, HUFs or certain share receipts, and rationalises the exceptions by revising and adding specified carve-outs while sunsetting the earlier clauses.
Act Rules Bills
Capital Gains - meaning of "adjusted", "cost of improvement" and "cost of acquisition" u/s 55 - refe...
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Cost of acquisition rules: cutoff date advanced, altering use of prior fair market value for long-term capital assets.
Amendment to section 55 advances the statutory cut-off date used to compute cost of acquisition and cost of improvement for long-term capital assets: where an asset was acquired before the new cut-off date, its cost of acquisition is to be treated as the asset's value on that cut-off date and cost of improvement is recognised only if incurred after that date, with fair market value at the cut-off date available as the basis. The amendment is effective from 1st April, 2018 and applies to the assessment year 2018-2019 onwards.
Act Rules Bills
Exemption from Capital Gains tax u/s 54EC on investments in bonds - specified bonds shall include an...
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Capital gains exemption expanded to include government notified bonds, widening eligible investments for deferring tax on long term gains.
Amendment to section 54EC broadens the definition of qualifying instruments by allowing the Central Government to notify additional specified bonds beyond the previously listed redeemable bonds, thereby expanding the range of investments that can be used to claim the capital gains exemption; the amendment takes effect from the stated commencement and applies to the indicated assessment year and subsequent years.
Act Rules Bills
New section 50CA - the fair market value of such shares determined in the prescribed manner shall b...
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Fair market value deemed consideration for unquoted share transfers, altering capital gains valuation under prescribed rules.
The fair market value of unquoted company shares, determined in the prescribed manner, is to be deemed the full value of consideration for computing capital gains on transfer; a statutory definition of "quoted share" is to be provided and the rule applies prospectively from the stated effective date.
Act Rules Bills
Determination of cost of specified transfers u/s 49 - the transfer of an asset, being the asset held...
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Deemed cost of acquisition set as fair market value where accreted income is taxed under Chapter XIIEB.
Where capital gain arises from transfer of an asset held by a trust or institution for which accreted income has been computed and tax paid under Chapter XIIEB, the cost of acquisition of that asset shall be deemed to be the fair market value taken into account for computing accreted income as on the specified date referred to in sub section (2) of section 115TD.
Act Rules Bills
Determination of cost of specified transfers u/s 49 - Transfer in casa of Land Pooling Scheme cover...
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Cost of acquisition tied to stamp duty value for land pooling allotments determining capital gains computation.
Where capital gains arise from transfer of a specified capital asset received under the Andhra Pradesh Capital City Land Pooling Scheme and transferred after two years from the end of the financial year in which possession was handed over, the cost of acquisition shall be deemed to be the stamp duty value of the asset as on the last day of the second financial year after the end of the financial year when possession was handed over; the amendment also defines "stamp duty value."
Act Rules Bills
Determination of cost of specified transfers u/s 49 - transfer of land or building under a specified...
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Cost of acquisition set as deemed full value of consideration for project-share transfers under development agreements, effective 2018-19.
The amendment provides that the cost of acquisition of a share in a project consisting of land or building, given as consideration under specified agreements (for example, joint development agreements), shall be the amount deemed as the full value of consideration under the related provision, subject to the proviso excluding certain capital assets, and applies prospectively from the effective date for subsequent assessment years.
Act Rules Bills
Determination of cost of specified transfers u/s 49 - in case of conversion of preference shares of ...
Show AI Summary
Deemed cost of acquisition: equity received on conversion of preference shares treated as costing the original preference shares.
A new deeming provision treats the cost of acquisition of equity shares received in consideration of a transfer under clause (xb) of section 47 as the cost of the preference shares in relation to which those equity shares are acquired, thereby carrying over the preference share cost for computing capital gains.
Act Rules Bills
Determination of cost of specified transfers u/s 49 - in case of any transfer by a unit holder of a ...
Show AI Summary
Cost of acquisition rule: consolidated-plan unit transfers deemed to carry forward cost from consolidating-plan units, affecting capital gains.
The amendment deems the cost of acquisition of a capital asset comprising unit(s) in a consolidated mutual fund plan to be the cost of acquisition of the corresponding unit(s) in the consolidating plan when the consolidated units were obtained by a specified transfer, thereby fixing the cost basis for capital gains computation.
Act Rules Bills
Determination of cost of specified transfers u/s 49 - any transfer in a demerger, of a capital asset...
Show AI Summary
Cost basis for demerger transfers: previous owner's acquisition cost to determine transferee's cost for share transfers.
Where shares in an Indian company are transferred in a demerger, the transferee's cost of acquisition shall be the cost for which the previous owner acquired those shares, increased by any cost of improvements, by virtue of the Clause 25 amendment; the change takes effect from 1 April 2018 and applies to assessment year 2018-19 onward.
Act Rules Bills
Mode of computation Capital Gains u/s 48 - Indexed Cost - Cost Inflation Index - reference of 1st d...
Show AI Summary
Indexed cost base changed for capital gains computation, altering base-year reference and effective assessment period.
Amendment revises the benchmark year used in the computation of the indexed cost of acquisition by replacing the earlier base-year reference with a more recent base year, with consequential changes to the mode of computation and prospective application to the stated assessment year and subsequent years, thereby altering the use of the Cost Inflation Index in proportionately adjusting cost of acquisition for capital gains.
Act Rules Bills
Mode of computation Capital Gains u/s 48 - full value of consideration - in case of an assessee bein...
Show AI Summary
Capital gains computation: rupee appreciation on redemption of rupee bonds held by non-residents excluded from full value.
Amendment clarifies that for a non-resident holder of a rupee-denominated bond of an Indian company, any gain arising from appreciation of the rupee against a foreign currency at redemption shall be ignored in computing the full value of consideration for capital gains; the change substitutes "held by" for "subscribed by" and operates prospectively from the notified effective date.
Act Rules Bills
Capital Gains - conversion of preference shares of a company into equity shares of that company shal...
Show AI Summary
Conversion of preference shares into equity not treated as transfer, changing capital gains treatment from assessment year 2018-19.
The Finance Bill, 2017 adds a new clause excluding conversion of preference shares into equity of the same company from the definition of transfer for capital gains purposes. This amendment, aligning preference-share conversion with existing non-transfer treatment for bond or debenture conversions, takes effect from 1 April 2018 and applies to assessment year 2018-19 onward.
Act Rules Bills
Capital Gains - transfer made outside India of a capital asset being rupee denominated bond of India...
Show AI Summary
Capital gains exemption for non resident rupee bonds: transfers outside India between non residents not treated as transfer.
The Bill inserts a provision that any transfer made outside India of a capital asset consisting of a rupee denominated bond of an Indian company issued outside India, where both transferor and transferee are non residents, shall not be regarded as transfer for capital gains purposes; this change complements existing non recognition for conversion of bonds into shares and applies prospectively from the operative year specified in the Bill.
Act Rules Bills
Capital Gain - date of transfer of land or building under a specified agreement (e.f. Joint Developm...
Show AI Summary
Capital gains timing under specified development agreements: tax charged when project completion certificate is issued, using stamp duty value.
Section 45 is amended by inserting section 45(5A) to tax capital gains of individuals and HUFs from transfers of land or building under specified agreements in the previous year when the competent authority issues the project completion certificate; the stamp duty value of the assessee's share on that date, increased by any cash consideration, is deemed the full value of consideration. If the assessee transfers the share on or before that certificate date, capital gains are taxable in the year of that transfer and general provisions (excluding section 45(5A)) apply to determine full value. The amendment defines key terms and takes effect from 1 April 2018.
Act Rules Bills
Deemed profit u/s 44AD - existing rate of deemed total income of 8% reduced to 6% in case of total t...
Show AI Summary
Deemed profit rule change - lower presumptive rate for receipts received through banking channels, other receipts remain at higher rate.
Amendment inserts a proviso reducing the deemed total income rate under the presumptive taxation regime for the portion of turnover or gross receipts received by account payee cheque, account payee bank draft or electronic clearing through a bank account during the previous year or by the return due date; the original rate continues to apply to receipts received by other modes. The change takes effect from the fiscal start date and applies to the specified assessment year and subsequent years.
Act Rules Bills
Threshold limit for getting books of accounts audited u/s 44AB - Limit enhanced from 1 Crore Rupees ...
Show AI Summary
Audit threshold increase for presumptive taxation reduces audit applicability where turnover does not exceed prescribed limit.
A proviso to the tax audit requirement exempts persons who declare profits under the presumptive taxation scheme and whose total sales, turnover or gross receipts do not exceed the revised turnover ceiling, thereby narrowing the class required to obtain an audit when they comply with sub section (1) of the presumptive taxation provision. The amendment is effective from 1 April 2017 for the relevant assessment year and subsequent years.

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Income Tax

Modes of filing of ITR: Amendments to Rule 12 of the Income Tax Rules 1962

1 February, 2024

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Notification No. 19/2024 - Dated: 31-1-2024 - Income-tax (Amendment ) Rules, 2024

The notification outlines amendments to the Income-tax Rules 1962, specifically relating to rule 12 in sub-rule (3), detailing the conditions and manners for individuals and Hindu Undivided Families (HUFs) to furnish their income tax returns. Key points include:

  • Mandatory Electronic Filing: Individuals or HUFs whose accounts require auditing under section 44AB must file their returns electronically, either with a (A) digital signature or (B) through electronic verification.
  • Special Provisions for Seniors: Individuals aged 80 years or more can file returns in specific forms (SAHAJ or SUGAM) either with (A) digital signature or (B) through electronically with verification code or (C) through electronically and thereafter submitting the
    verification of the return in Form ITR-V; or (D) in paper form.
  • General Filing Options: Other cases allow for electronic filing with (A) digital signatures, (B) electronic data transmission with verification code, or (C) through electronically and thereafter submitting the verification of the return in Form ITR-V.

This amendment aims to streamline tax return processes, enhancing security and efficiency through digital means while accommodating seniors with flexible filing options.

Further this notification has substituted the Forms for filing of income tax return namely ITR-1, ITR-3 and ITR-5.

 

Full Text:

Notification No. 19/2024 - Dated: 31-1-2024 - Income-tax (Amendment ) Rules, 2024

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Acts Income Tax
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