Community & General News
Rebate reduced to Rs 2500 under Section 87A
02 February 2017 at 11:20The existing provisions of section 87A provide for a rebate up to Rs. 5000 from the income-tax payable to a resident individual if this total income does not exceed Rs. 5,00,000.�In view of proposed rationalisation of tax rates for individuals in the
Limits reduced to Rs 10000 from 20000 for cash expenses u/s 40A(3)
02 February 2017 at 11:19Measures to discourage cash transactionsThe existing provision of sub-section (3) of Section 40A of the Act, provides that any expenditure in respect of which payment or aggregate of payments made to a person in a day, otherwise than by an account pa
Penalty on CA and professionals for furnishing incorrect information in statutory report or certificate
02 February 2017 at 11:14The thrust of the Government in recent past is on voluntary compliance. Certification of various reports and certificates by a qualified professional has been provided in the Act to ensure that the information furnished by an assessee under the provi
ICAI reaction on Budget 2017
01 February 2017 at 18:43February 1, 2017ICAI Press Release-Union Budget 2017Elimination of Black MoneyThe Finance Minister Mr. Arun Jaitley in his Budget Speech underlined that one of the main priorities of the Government is to eliminate black money component from the econo
Maximum Rs 2000 cash donation allowed to political party
01 February 2017 at 15:13Budget's thrust on stimulating growth, relief to Middle Class, Affordable Housing, Curbing Black Money, promoting Digital Economy, transparency of Political Funding and simplification of Tax Administration Government committed to eliminate
Changes proposed in Service tax by Budget 2017
01 February 2017 at 15:12F. No.334/7/2017-TRUGovernment of IndiaMinistry of FinanceDepartment of Revenue(Tax Research Unit)***Amitabh KumarJoint Secretary (Tax Research Unit)Tel: 011-23093027; Fax: 011-23093037E-mail: amitabh.kumar@nic.inD.O.F. No. 334/7/2017-TRUNew Delhi, d
MAT allowed to be carry forward to 15 years instead of 10
01 February 2017 at 14:44In order to make ,MSME companies more viable, income tax for smaller companies with annual turnover upto Rs. 50 Crore is reduced to 25% Government allows carry forward of minimum alternate tax (mat) upto a period of 15 years instead of 10 years To gi
Detailed Provisions relating to Direct taxes in Budget
01 February 2017 at 14:43FINANCE BILL, 2017PROVISIONS RELATING TO DIRECT TAXES Please refer to the attached file for details
Proposal to provide for grant of interest in case of refund of excess payment of TDS
01 February 2017 at 14:42Finance Minister announces several anti graft and rationalisation measures in the field of Income tax Accountants or merchant bankers furnishing incorrect information to face penalty Income of the Chief Minister’s Relief Fund and the Lieutenant
Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore
01 February 2017 at 14:42Finance Minister unveils string of measures towards Ease of Doing Business Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore; Threshold for maintenance of books for individuals and HUF more than doubled Individual
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