India: REIT amendments; GST forms and review - KPMG Global
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India: REIT amendments; GST forms and review

India: REIT amendments; GST forms and review

The KPMG member firm in India prepared reports about the following tax developments (read more at the hyperlinks provided below).


Related content

  • REITs and infrastructure investment trusts: The Securities and Exchange Board of India approved amendments to regulations that are intended to foster the growth of real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). Read a September 2017 report [PDF 109 KB]

  • Share premiums added to taxpayer income: The Ahmedabad Bench of the Income-tax Appellate Tribunal confirmed an addition on account of share premiums under section 68 of the Income-tax Act, 1961 because the taxpayer failed to discharge its duty to provide the identity, genuineness, and credit-worthiness of the applicants paying such share premiums to the taxpayer. The case is: Umiya Pipes Pvt. Ltd. Read a September 2017 report [PDF 411 KB]

  • Self-reporting estimate of income and tax liability for tax audit: The Central Board of Direct Taxes (CBDT) issued a draft notification proposing a mechanism for self-reporting estimates of current income, tax payments, and advance tax liability by companies and persons to whom the tax audit rules are applicable, on a voluntary compliance basis. Read a September 2017 report [PDF 282 KB]

  • Goods and services tax (GST) form: The GST Council made recommendations for additional time for filing Form GST TRAN-1 and an opportunity to revise previously filed TRAN-1 forms. The government has also asked tax officers to review those high-value TRAN-1 forms filed thus far. Read a September 2017 report [PDF 588 KB]

  • Tax withheld at source, deceased depositors: The CBDT issued guidance clarifying tax withheld at source on interest income earned in case of deceased depositors under the Capital Gains Accounts Scheme, 1988. Read a September 2017 report [PDF 310 KB]

  • GST Council decisions on trade and industry: The GST Council announced certain key decisions concerning trade and industry. Read a September 2017 report [PDF 388 KB]

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