Community & General News

Fee for delayed filing of income tax return

02 February 2017 at 11:23

In view of the non-intrusive information-driven approach for improving tax compliance and effective utilization of information in tax administration, it is important that the returns are filed within the due dates specified in section 139(1). Further

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Deemed income reduced to 6% u/s 44AD

02 February 2017 at 11:21

The existing provisions of section 44AD of the Act, inter-alia, provides for a presumptive income scheme in case of eligible assesses carrying out eligible businesses. Under this scheme, in case of an eligible assessee engaged in eligible business ha

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Rebate reduced to Rs 2500 under Section 87A

02 February 2017 at 11:20

The 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

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Limits reduced to Rs 10000 from 20000 for cash expenses u/s 40A(3)

02 February 2017 at 11:19

Measures 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

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Penalty on CA and professionals for furnishing incorrect information in statutory report or certificate

02 February 2017 at 11:14

The 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

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ICAI reaction on Budget 2017

01 February 2017 at 18:43

February 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

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Maximum Rs 2000 cash donation allowed to political party

01 February 2017 at 15:13

Budget'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

Posted in Community & General | 2523 Views

Changes proposed in Service tax by Budget 2017

01 February 2017 at 15:12

F. 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

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MAT allowed to be carry forward to 15 years instead of 10

01 February 2017 at 14:44

In 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

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