"01 February 2017" Archive

Political Parties cannot receive cash donation above Rs. 2000 from one person

In a significant step to cleanse the system of funding of political parties, Shri Jaitley said that donations to political parties can soon be made by purchasing electoral bonds from authorized banks. The Finance Minister said that the Government will soon frame a Scheme in this regard and an amendment is being proposed to the Reserve Ban...

Read More
Posted Under: Income Tax |

S.194J TDS rate proposed at 2% on Call Center business Income

In order to promote ease of doing business, it is proposed to amend section 194J to reduce the rate of deduction of tax at source to two per cent. from ten per cent. in case of payments received or credited to a payee, being a person engaged only in the business of operation of call center....

Read More
Posted Under: Income Tax |

Rebate allowable under Section 87A reduced to Rs. 2500

It is proposed to amend section 87A so as to reduce the maximum amount of rebate available under this section from existing Rs. 5000 to Rs. 2500. It is also proposed to provide that this rebate shall be available to only resident individuals whose total income does not exceed Rs. 3,50,000....

Read More
Posted Under: Income Tax | ,

Budget restricts set-off of loss from House property to Rs. 2 Lakh

It is proposed to insert sub-section (3A) in section 71 to provide that set-off of loss under the head Income from house property"against any other head of income shall be restricted to two lakh rupees for any assessment year....

Read More
Posted Under: Income Tax | ,

Penalty on CA & professionals for incorrect report or certificate

It is proposed to insert a new section 271J so as to provide that if an accountant or a merchant banker or a registered valuer, furnishes incorrect information in a report or certificate under any provisions of the Act or the rules made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct him to pay a sum of ten thou...

Read More
Posted Under: Income Tax |

Budget proposes Fee for delay in filing of Income Tax return

The proposed fee structure is as follows:—(i) a fee of five thousand rupees shall be payable, if the return is furnished after the due date but on or before the 31stday of December of the assessment year; (ii) a fee of ten thousand rupees shall be payable in any other case....

Read More
Posted Under: Income Tax | ,

Mandatory furnishing of return by certain exempt entities

The existing provisions of sub-section (4C) of section 139 mandate filing of return by certain entities which are exempt from the levy of income-tax....

Read More
Posted Under: Income Tax |

No exemption on corpus donation by exempt entity to other exempt entity

As per the existing provisions of the Act, donations made by a trust to any other trust or institution registered under section 1 2AA or to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or ...

Read More
Posted Under: Income Tax |

Secondary adjustments provisions in Transfer Pricing cases

Secondary adjustment means an adjustment in the books of accounts of the assessee and its associated enterprise to reflect that the actual allocation of profits between the assessee and its associated enterprise are consistent with the transfer price determined as a result of primary adjustment...

Read More
Posted Under: Income Tax |

Limit on Interest deduction to counter cross-border profit shifting

Country's tax administrations often introduce rules that place a limit on the amount of interest that can be deducted in computing a company's profit for tax purposes. Such rules are designed to counter cross-border shifting of profit through excessive interest payments, and thus aim to protect a country's tax base....

Read More
Posted Under: Income Tax |
Page 1 of 812345...Last »