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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

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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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Detailed Provisions relating to Direct taxes in Budget

01 February 2017 at 14:43

FINANCE BILL, 2017PROVISIONS RELATING TO DIRECT TAXES Please refer to the attached file for details

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Proposal to provide for grant of interest in case of refund of excess payment of TDS

01 February 2017 at 14:42

Finance 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

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Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore

01 February 2017 at 14:42

Finance 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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Tax rates reduced to 5% for individuals between 2.5 and 5 lac slab

01 February 2017 at 14:40

Finance Minister announces several measures for revenue mobilization in the General Budget 2017-18 along with a reduction in tax rates for small tax payers In a major relief to small taxpayer and to bring more people in the tax net, the Union Financ

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