Direct Taxes updates

Direct Taxes updates

•  Notification No. 06/2018 : Clarification by ITD to Banks to not to deduct TDS u/s 194A of Income Tax Act, 1961 in case of senior citizens where the amount of such income does not exceed Rupees Fifty Thousand. (Please refer to third Proviso to Sub section 3 of Section 194A) https://tinyurl.com/ycurexht

• Notification No. 86/2018 : In the case of a capital asset which became the property of the Indian subsidiary company in consequence to conversion of a branch of a foreign company referred to in subsection (1) of the section 115JG, there shall be included the period for which the asset was held by the said branch of the foreign company and by the previous owner, if any, who has acquired the capital asset by a mode of acquisition referred to in clause (i) or clause (ii) or clause (iii) or clause (iv) of sub-section (1) of section 49 or sub-section (1) of section 115JG. https://tinyurl.com/y8cl3pbh

• Notification No. 85/2018: Provisions relating to Conversion of Foreign Company engaged in the business of banking through its branch situated in India into Subsidiary Company. https://tinyurl.com/y7zlobgx