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 »
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 »
Suggestions on Clause 32 of Finance Bill / Budget 2017- Section 79- Carry forward and set off of loss in case of eligible start-ups – Condition to be further relaxed The Finance Bill 2017 proposes to amend section 79 to provide that where a change in shareholding has taken place in a previous year in… Read More »
Suggestions on Clause 71 of Finance Bill 2017 – Section 206C(1D) – Exclusion of specific reference to sale of jewellery, cash consideration exceeding Rs.5 lakhs -Consequent implication Section 206C(1D) provides for TCS obligation on sale of jewellery, sale of bullion, and residuary limb being any other goods (other than bullion or jewellery) ,if the value of… Read More »
Suggestions on Clause 45 of Finance Bill / Budget 2017- Insertion of section 115BBG – Income from transfer of carbon credits to be taxed@10% – Inclusion in definition of income under section 2(24) and clarification regarding tax treatment for prior assessment years. The proposed introduction of section 115BBG providing for a 10 percent tax on… Read More »
Suggestions on Clause 29 of Finance Bill 2017 – Section 56- Insertion of new clause (x) in section 56(2) – Reference to be included in the definition of income under section 2(24) The Finance Bill 2017 proposes to insert a new clause (x) in sub-section (2) of section 56 so as to provide that receipt of… Read More »
Suggestions on Clause 22 of Finance Bill 2017 – Section 45(5A) – Special provision for computation of capital gain in case of joint development agreement (JDA) -Certain concerns to be addressed and scope to be enlarged The Finance Bill 2017 proposes to insert sub-section (5A) in the existing section 45 to provide that the capital… Read More »
Suggestions on Clause 26 and 29 of Finance Bill 2017 – Section 50CA and section 56(2)(x)(c)- Fair Market Value to be full value of consideration in case of transfer of unquoted shares –Amendment required in view of double taxation in the hands of seller as well as buyer The Finance Bill 2017 proposes to insert new… Read More »