An Awareness Programme , Analysis of Union Budget 2017 Published on Feb 12, 2017 on 2.2.2017 by Moderators: CA. T V Mohandas Pai & CA. H. Padamchand Khincha Books on Budget 2017-18 Taxmann’s Budget 2017-18 -Book Budget 2017-18- Notifications on Central Excise , Customs and Service tax – New Book Ajit Prakashan’s Union Budget 2017-18… Read More »
Initiation of assessment in case of search and seizure beyond 6 year ( Amendment as per Finance Bill 2017 in Sections 153A and 153C – Applicable from Assessment Year 2017-18 ] Memorandum Explaining Provisions of Finance Bill 2017 Rationalisation of provisions of the Income Declaration Scheme, 2016 and consequential amendment to section 153A and 153C… Read More »
Time limits for completion of Income Tax Assessment As per Finance Bill 2017 Table of Time limits for completion of Income Tax Assessment Section Particulars Applicable from Time limit 139(5) Time limit for furnishing revised return Assessment year 2018- 19 and onwards Up to the end of the relevant assessment year or before the completion of… Read More »
Professionals allowed to pay advance tax in single installment [Section 211 and 234 of Income tax Act – Applicable from Assessment Year 2017-18 ] Relevant extract from Budget Speech on Union Budget 2017-18 on 01.02.2017 171. Last year, I had announced a new scheme for presumptive taxation for professionals with receipt upto Rs. 50 lakhs… Read More »
Exemption from TDS on insurance commission [Section 194D of Income Tax Act – Applicable from 01-06-2017] Enabling of Filing of Form 15G/15H for commission payments specified under section 194D The existing provision of sub-section 194D of the Act, inter-alia, provides for tax deduction at source (TDS) at the rate of 5% for payments in the… Read More »
Period for claiming deduction by start-ups [ Section 80-IAC – Applicable from Financial Year 2017-18 ( Assessment Year 2018-19) ] Extending the period for claiming deduction by start-ups The existing provisions of section 80-IAC, inter alia, provide that an eligible start-up shall be allowed a deduction of an amount equal to one hundred per cent… Read More »
Deduction for National Pension System [Section 80CCD – Applicable from Financial Year 2017-18 ( Assessment Year 2018-19) ] Rationalisation of deduction under section 80CCD for self-employed individual The existing provisions of section 80CCD of Income tax act provides that employee or other individuals shall be allowed a deduction for amount deposited in National Pension System trusts… Read More »
Deduction for investment made under equity savings scheme is withdrawn [Section 80CCG of Income Tax Act – Applicable from Financial Year 2017-18 ( Assessment Year 2018-19 )] Under the existing provisions of section 80CCG of Income tax Act , deduction for three consecutive assessment years is allowed upto Rs. 25,000 to a resident individual for… Read More »
Extension of Capital Gain exemption to rupee denominated bonds [Sections 47 and 48 of Income tax Act – Applicable from Assessment Year 2018-19 ( Financial Year 2017-18) ] With a view to provide relief to non-resident investor, in the wake of permission to the Indian corporates by the Reserve Bank of India (the RBI) to… Read More »
Expanding the scope of long term bonds under 54EC [Section 54EC of Income Tax Act – Applicable from Assessment Year 2018-19] The existing provision of section 54EC of Income Tax Act provides that capital gain to the extent of Rs. 50 lakhs arising from the transfer of a long-term capital asset shall be exempt if… Read More »