Daily Archives: February 2, 2017

271J- Penalty on professionals for furnishing incorrect information to income tax dept w.e.f 01.04.2017

By | February 2, 2017

Penalty on professionals for furnishing incorrect information in statutory report or certificate -section 271J of Income tax Act Summary: As per Finance Bill 2017  w.e.f 01.04.2017 i.e FY 2017-18 (AY 2018-19) , if an accountant or a merchant banker or a registered valuer, furnishes incorrect information in a report or certificate under any provisions of the… Read More »

Disallowance for Non Deduction of TDS of Residents -Income from Other Sources

By | February 2, 2017

Disallowance for non-deduction of tax from payment to resident Summary :As per Finance Bill 2017 w.e.f 01.04.2017 FY 2017-18 (AY 2018-19)  Disallowance u/s Section 40(a)(ia) for non-deduction of tax from payment to resident will now also apply under the head “income from other sources”. Existing provisions of section 58 of income tax the Act, specify the amounts… Read More »

Tax on Transfer of Property without/Inadequate consideration w.e.f 01.04.2017 by any person Exceeding Rs 50000

By | February 2, 2017

Tax on Transfer of Property without/Inadequate consideration w.e.f 01.04.2017 by any person Exceeding Rs 50000 Summary  w.e.f 01.04.2017, Finance Bill 2017 proposed to insert a new clause (x) in sub-section (2) of section 56 so as to provide that receipt of the sum of money or the property by any person without consideration or for… Read More »

TDS u/s 194J @ 2% if Payee is Call Center w.e.f 01.06.2017

By | February 2, 2017

TDS u/s 194J @ 2% if Payee is Call Center  w.e.f 01.06.2017 Summary :- section 194J   Amendment – Finance Bill 2017  w.e.f 01.06.2017 reduced the rate of deduction of tax at source to two per cent. from ten per cent. in case of payments received or credited to a payee, being a person engaged only in… Read More »

No Person can receive cash of Rs 3 Lakh or more w.e.f 01.04.2017 – Section 269ST

By | February 2, 2017

Restriction on cash transactions in India -Section 269ST of Income Tax Act [ Section 269ST of Income Tax Act  proposed by Finance Bill 2017 w.e.f 01.04.2017] Commentary on Section 269ST – Cash Receipt of Rs 3 Lakh or More  w.e.f 01.04.2017 Read  Analysis of Section 269ST – Cash Receipt Rs 2 Lakh or more Banned w.e.f… Read More »

Restrictions on cash Payments w.e.f 01.04.2017 by Businessmen – section 40A(3) Amended

By | February 2, 2017

Restrictions on cash Payments w.e.f 01.04.2017 Summary –Amendment in Section 40A(3): As per Finance Act 2017  w.e.f 01.04.2017 i.e FY 2017-18 (AY 2018-19) reduced threshold of cash payment to a person from twenty thousand rupees to ten thousand rupees in a single day; i.e any payment in cash above ten thousand rupees to a person in… Read More »

Restriction on cash donations w.e.f 01.04.2017

By | February 2, 2017

Restriction on cash donations Summary : As per Finance Bill 2017  w.e.f 01.04.2017 i.e FY 2017-18 (AY 2018-19) no deduction shall be allowed under the section 80G in respect of donation of any sum exceeding two thousand rupees unless such sum is paid by any mode other than cash. Under the existing provisions of section 80G of… Read More »