Increase in deduction for provision for bad and doubtful debts The existing provisions of sub-clause (a) of section 36(1)(viia) of the Act, inter-alia provides that a scheduled bank (not being a bank incorporated by or under the laws of a country outside India) or a non-scheduled bank or a co-operative bank other than a primary… Read More »
Taxability of income from NPAs on receipt basis Extension of scope of section 43D to Co-operative Banks The existing provisions of section 43D of the Act, inter-alia, provides that interest income in relation to certain categories of bad or doubtful debts received by certain institutions or banks or corporations or companies, shall be chargeable to… Read More »
Finance Bill 2017 proposed to amend section 115JAA and 115JD of Income tax Act so as to provide that the amount of tax credit in respect of MAT/ AMT shall not be allowed to be carried forward to subsequent year to the extent such credit relates to the difference between the amount of foreign tax credit… Read More »
Time limit to carry forward MAT and AMT credit Rationalisation of Provisions relating to tax credit for Minimum Alternate Tax and Alternate Minimum Tax by Finance Bill 2017 Section 115JAA contains provisions regarding carrying forward and set off of tax credit in respect of Minimum Alternate Tax (MAT) paid by companies under section 115JB. Currently,… Read More »
Tax rate on long-term capital gains from transfer of unlisted securities by non-resident Clarification regarding the applicability of section 112 Finance Act, 2012 with effect from 1st April, 2013 amended the provisions of section 112(1)(c) to provide concessional rate of taxation of ten per cent for long-term capital gains arising from the transfer of unlisted… Read More »
Surcharge in case of individual, HUF, AOP, BOI or artificial juridical person. AY 2018-19 Currently, surcharge is levied at the rate of 15% of tax, if income exceeds Rs 1 crore in case of an individual, HUF, AOP, BOI or artificial juridical person. It is now proposed by Finance Bill 2017 to levy surcharge w.e.f… Read More »
TRANSPARENCY IN ELECTORAL FUNDING The existing provisions of section 13A of the Income Tax Act, inter-alia provides that political parties that are registered with the Election Commission of India, are exempt from paying income-tax. To avail the exemption, the political parties are required to submit a report to the Election Commission of India as mandated… Read More »
Discussion on Union Budget 2017-18 in Rajya Saba Sh. P Chidambaram’s remarks| Discussion on Union Budget( 2017-18) Sh. Prabhat Jha’s remarks| Discussion on Union Budget( 2017-18) Sh. Vishambhar Prasad Nishad’s remarks| Discussion on Union Budget( 2017-18) Sh. Sukhendu Shekhar Roy’s remarks | Discussion on Union Budget( 2017-18) Sh. Tapan Kumar Sen’s remarks| Discussion on Union… Read More »
FM Arun Jaitley reply on Budget 2017-18 in Lok Sabha 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 -New Book BDP’s Customs Law Manual (2017-18 Budget Editon with CD) -New Book Related Post on Budget 2017-18… Read More »
TCS on sale of jewellery Summary : TCS @ 1% required to be deducted on sale of Jewellery exceeding Rs 5,00,000/- in cash. However as per Finance Bill 2017 w.e.f 01.04.2017 this Provision of deduction of TCS on sale of jewellery is to be abolished. Reasons for no TCS on sale of Jewellery from 01.04.2017: As… Read More »