⁂    CBDT issues Explanatory Notes to the Provisions of the Finance Act, 2017.        ⁂    Delhi HC: Human errors and mistakes could not and should not nullify proceedings which were otherwise valid.        ⁂   ⁂    AAR: Where Applicant is not resident in India and rendering services outside India, the salary relating to period of services rendered outside India is not taxable in India.        ⁂    AAR: Where foreign tax credit was available, tax payable by employee is lowered to extent of foreign tax credit available.        ⁂   ⁂    AAR: The provisions of section 115JB shall not be applicable to foreign companies, as per the retrospective amendment to section 115JB by Finance Act, 2016, and the clarification issued by the CBDT dated 24 September 2015        ⁂   ⁂    Union Cabinet approves signing of a protocol to amend the India-China DTAA to incorporate changes required to implement treaty related minimum standards under the action reports of BEPS Project.        ⁂    Direct Tax Collections for F.Y. 2017-2018 show Growth of 19.3% up to January, 2018.        ⁂    3. CBDT entered into five Unilateral Advance Pricing Agreements (UAPA) and two Bilateral Advance Pricing Agreements (BAPA) during the month of January, 2018.        ⁂    No coercive action to be taken against ‘Start Up' companies to recover outstanding demand, if addition made by AO u/s 56(2)(viib) after modifying/rejecting the valuation so furnished under Rule l1UA(2)       ⁂    SC: Rule 8D has a prospective operation       ⁂    CBDT releases FAQs regarding taxation of long-term capital gains proposed in Finance Bill, 2018.        ⁂    IT department clarifies that Long-term Capital Gains on listed equities arising upto 31.01.2018 grandfathered for resident & non-resident assessees(incl. Foreign Institutional Investors).        ⁂    National Health Protection Scheme will cover 10 crore poor families in the country and Rs 5 lakh allocated per family per year.        ⁂    Government will establish a dedicated affordable housing fund under National Housing Bank. 51 lakh houses to be built in rural areas by end of FY18-19.        ⁂    The contribution of Women to EPF reduced to 8% from 12 % of salary without any change in employer's contribution        ⁂    Income Tax Act to be amended to introduce E-assessment.        ⁂    Income Tax slabs not changed.        ⁂    Standard deduction of Rs. 40,000 for salaried employees in lieu of transport and medical expenses.        ⁂    For senior citizens, exemption on interest income on bank deposits raised to Rs 50,000/- from Rs. 10,000/-. No TDS to be deducted u/s 194A on such income.        ⁂    For senior citizens, deduction u/s 80D for health insurance and medical expenses increased from Rs. 30,000/- to Rs. 50,000/-.        ⁂    For senior citizens and senior citizens, deduction for critical illness expenses to Rs. 1,00,000/- u/s 80DDB.        ⁂    Corporate tax reduced to 25% for Companies with turnover of up to Rs 250 crore.        ⁂    For real estate, no adjustment where circle rate value does not exceed 5%.        ⁂    100% deduction for cooperative societies engaged in agricultural activities having turnover of 100 crores.        ⁂    Liberalized Presumptive income calculation for companies having annual turnover of less than 2 crore and for professional having less than 50 lakhs.        ⁂    In case of charitable trusts, payments exceeding Rs. 10,000/- in cash to be disallowed. In case of non-deduction of TDS, 30% to be disallowed.        ⁂    LTCG exceeding Rs. 1 lakh on investments in equities to be taxed at 10% without indexation.        ⁂    Gains from equity held upto 1 year will be STCG and taxed at 15%.        ⁂    Tax on distributive income by equity oriented mutual funds at 10%.        ⁂    Education cess increased to 4% from 3%.        ⁂    For Ease of doing business, Govt identified 372 basic business reforms.        ⁂    Rs 3 lakh crore allocated for MUDRA.        ⁂    Prime Minister's Research Fellow Scheme to be launched.        ⁂    Government to contribute 12% of the wages of new employees in EPF in all sectors for the next 3 years.        ⁂    Government to evolve a scheme to assign a Unique ID for companies.        ⁂    Government to take steps to eliminate use of cryptocurrencies.        ⁂    Emoluments for President set at Rs 5 lakh, for Vice President at Rs 4 lakh, and for governors at Rs 3.5 lakh.        ⁂    Revision of emoluments of Parliamentarians to be done every five years, indexed to inflation.       

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