Suggestions on Clause 4 of Finance Bill 2017 – Section 9(1)(i)- Benefit of non-applicability of indirect transfer provisions in case of Category I and II FPIs – Benefit to be extended to Category III FPIs and provisions for avoidance of double taxation in case of such indirect transfer provisions, where direct transfer has already been… Read More »
Suggestions on Clause 86 of Finance Bill 2017- Section 271J- Penalty imposable on chartered accountant for furnishing incorrect information in reports or certificates – Penalty may be removed In order to ensure that the person furnishing report or certificate undertakes due diligence before making such certification, new section 271J is proposed to be inserted so… Read More »
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 »
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 »