India: REIT amendments; GST forms and review | KPMG | GLOBAL

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).

1000

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]

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit