May 6, 2016 - India ITR

Government decides to do away with the Landing Certificates

Misc. ItemsBy Himanshi May 6, 2016

As part of ease of doing business and reduction of Transaction Cost of the exporters, the Government decides to do away with the Landing Certificates required under Merchandise Export from India Scheme (MEIS) with effect from 4th May, 2015. Government with the approval of the Minister of State (I/C), Ministry of Commerce and Industry…

Taxability of Income/Loss arising from Transfer of Unlisted Shares

Income TaxBy Himanshi May 6, 2016

Central Board of Direct Taxes (CBDT) vide its Order dated 2nd May, 2016 has given direction to its field formations, with a view to avoid disputes/Litigation and to maintain uniform approach that the income arising from transfer of unlisted shares, irrespective of period of holding, would be taxable under the head ‘Capital Gain’ except in…