Community & General News
Disallowance of depreciation on capital expenditure made in cash
02 February 2017 at 13:05Under the existing provisions of the Act, revenue expenditure incurred in cash exceeding certain monetary threshold is not allowable as per sub-section (3) of section 40A of the Act except in specified circumstances as referred to in Rule 6DD of the
Strengthening of PAN quoting mechanism in the TCS regime
02 February 2017 at 12:47Statuary provisions for deduction of tax at source (TDS) at higher rate of 20% or the applicable rate whichever is higher) in case of non-quoting of Permanent Account Number (PAN) is provided under section 206AA of the Act and it exist since April, 2
Rationalisation of section 211 and 234C relating to advance tax for professionals
02 February 2017 at 12:33Rationalisation of section 211 and section 234C relating to advance taxSection 211 of the Act provides for instalments of advance tax and due dates for depositing the same. Clause (b) of sub-section (1) of the said section provides that an eligible a
Threshold limit increased for maintenance of books of accounts of Individuals and HUF
02 February 2017 at 12:16Increasing the threshold limit for maintenance of books of accounts in case of Individuals and Hindu undivided family The existing provisions of clause (i) and clause (ii) of sub-section (2) of section 44AA of the Act cast an obligation on every pers
Startups can claim deduction within 7 years now u/s 80-IAC
02 February 2017 at 12:16Extending the period for claiming deduction by start-upsThe existing provisions of section 80-IAC, inter alia, provide that an eligible start-up shall be allowed a deduction of an amount equal to one hundred per cent of the profits and gains derived
Base year shifted to 2001 from 1981 for computation of capital gains
02 February 2017 at 12:16Shifting base year from 1981 to 2001 for computation of capital gainsThe existing provisions of section 55 provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of imp
Income tax rates in respect of income liable to tax for AY 2017-18
02 February 2017 at 12:16DIRECT TAXESA. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for the assessment year 2017-18. In respect of income of all categories of assessees liable to tax for the assessment year 2017-18, the rates of income-tax h
TDS rates reduced to 2% u/s 194J for call center business
02 February 2017 at 11:32Simplification of the provisions of tax deduction at source in case Fees for professional or technical services under section 194JThe existing provisions of sub-section (1) of section 194J of the Act, inter-alia provides that a specified person is re
Restriction of Rs 2 lac on set-off of loss from House property
02 February 2017 at 11:27Section 71 of the Act relates to set-off of loss from one head against income from another. In line with the international best practices it is proposed to insert sub-section (3A) in the said section to provide that set-off of loss under the head "In
Exemption for audit of accounts u/s 44AB increased to Rs 2 crore
02 February 2017 at 11:26The existing provision of section 44AB of the Act, inter-alia provides that every person carrying on the business is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceeds one crore rupees. Th
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