Monthly Archives: March 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 »

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 »

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 »

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 »

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 »