Updates on Income Tax

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Notification 47/2017

Bonds issued by Power Finance Corporation Limited issued after 15th June 2017 and redeemable in 3 years are considered as ‘long term specified asset’ for the purposes of Section 54EC for availing benefit of exemption under capital gains. Read More

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Notification 45/2017

1. Rule 31A of Income Tax Rules, 1962 have been amended, and a provision has been inserted to verify the tds statement by electronic mode in addition to verification by digital signatures.

2. In case of refund of tax deducted at source on sale of property under section 194IA and where form 26QB has been issued by the deductor, deductee can claim  refund of tds by filing PAN instead of TAN in income tax return.

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