The Income Tax department will investigate over 60,000 individuals under the second phase of the ‘Operation Clean Money’ which was launched on Friday with an aim to detect black money generation post demonetisation.
All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page income tax return (ITR) form. The tax department a few days back notified new ITR forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17).
As per rule 114E of the income tax rules 1962, for an from 2016-17, all companies have to be furnish SFT in respect of certain transactions. ACFSFTtoIncomeTaxDepartment.pdf
Under the indirect transfer provisions contained in section 9(1)(i) of the Income Tax Act, 1961 (‘Act’), all income accruing or arising, whether directly or indirectly, through or from any business connection in India, or through or from any property in India, or through or from any asset or source of income in India or through … Continue reading “Clarifications on Indirect Transfer provisions under the lncome Tax Act. 1961”