Daily Archives: March 2, 2017

Indian Railways Freight and Passenger Business Action Plan -2017-18 launched

By | March 2, 2017

Minister for Railways inaugurates key freight sector initiatives of Indian Railways. Indian Railways Freight and Passenger Business Action Plan -2017-18 was launched today Minister of Railways Shri Suresh Prabhakar Prabhu inaugurated following key freight sector initiatives today i.e. 02-03-17 at National Rail Museum, New Delhi:- Policy of ‘Long Term Contracts’ with major customers. Indian Railways… Read More »

Shri Ajay Tyagi takes charge as Chairman, SEBI

By | March 2, 2017

Securities and Exchange Board of India PR No. 15/2017 Shri Ajay Tyagi takes charge as Chairman, SEBI Shri Ajay Tyagi took charge as Chairman, Securities and Exchange Board of India, today. Prior to this, Shri Tyagi was Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, handling the portfolios of Capital Market… Read More »

E-Flash-Union Budget 2017-18 -ICAI

By | March 2, 2017

The Institute of Chartered Accountants of India (ICAI) has released E-Flash on amendment proposed by Finance Bill, 2017  i.e. Union Budget 2017-18. It Contains 5 Sections below- 1. ICAI Press Release—Union Budget 2017 2. Direct Tax Proposals—Highlights 3. International Tax Proposals—Highlights 4. Indirect Tax Proposals—Highlights 5. State Of The Economy—Major Highlights ICAI Press Release— Union Budget 2017… Read More »

Withdraw Surcharge@10% for total income between Rs.50 lakhs to Rs. 1 crore -Budget 2017-18 Suggestions

By | March 2, 2017

Paragraph A of Part III to the First Schedule – Proposed Surcharge @ 10% for income exceeding Rs 50 lakhs – Removal of surcharge to ensure parity in effective tax rates vis-à-vis small and medium companies Surcharge @ 10% is proposed in cases where total income of an individual/HUF/AOP/BOI exceeds Rs.50 lakhs but do not… Read More »

Reduce Tax to @ 25% on LLP, Firms, Firms Coverted into Companies, New companies – Budget 2017-18 Suggestions

By | March 2, 2017

Suggestions on Paragraph E of Part III to the First Schedule of Finance Bill 2017- Reduction in corporate tax rate – Reduced corporate tax rate to be applicable for erstwhile firms recently converted into companies and also LLPs and companies which were set up subsequent to F.Y.2015-16 The Finance Bill, 2017  proposes a concessional rate… Read More »

Partly Cash Expenditure on Asset – entire amount Disallowed ? Budget 2017-18 Suggestions

By | March 2, 2017

Suggestions on Clauses 13 and 16 of Finance Bill 2017- Section 35AD and 43(1) – Cash payment exceeding Rs 10,000 to be disallowed – Exceptions contained in Rule 6DD may be extended to section 35AD and 43(1) also In order to discourage cash transactions even for capital expenditure, the Finance Bill, 2017 proposes to amend section… Read More »

Rs 2 Lakh Interest deduction for house property held as stock-in-trade by builders? – Budget 2017-18 Suggestions

By | March 2, 2017

Suggestions on Clause 12 of Finance Bill 2017- Section 23(5) – Deemed Taxability of unsold stock of house property after 1 year of lying vacant – Non-applicability of restriction contained in proposed section 71(3A) The Finance Bill, 2017  proposes to insert sub-section (5) in existing section 23 to provide that where the house property consisting… Read More »

Exclude pooling vehicles like Mutual funds, AIP’s from section 115BBDA- Dividend Taxation– Budget 2017-18 Suggestion

By | March 2, 2017

Suggestions on Clause 44 of Finance Bill / Budget 2017- Section 115BBDA – Scope of section 115BBDA, initially restricted to individuals, HUFs and Firms, expanded –Certain pooling vehicles like Mutual funds, AIFs etc. to be exempted The Finance Act, 2016 had inserted new Section 115BBDA to tax dividend income in excess of Rs. 10 lacs… Read More »