"04 February 2017" Archive

Budget 2017: Section 10AA deduction to be allowed from total income of assessee

Under the existing provisions of the section 10AA, deduction is allowed from the total income of an assessee, in respect of profits and gains from his Unit operating in SEZ, subject to fulfilment of certain conditions....

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Posted Under: Income Tax |

Budget 2017: Interpretation of ‘terms’ used in agreement entered U/s. 90 and 90A

Under the existing provisions of Section 90 of the Act, power has been conferred upon the Central Government to enter into agreement with the Government of any country outside India for granting relief in respect of income on which income-tax has been paid both under the said Act and income-tax Act in that foreign country...

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Posted Under: Income Tax |

Budget 2017: Section 80CCD limit for self-employed individual increased to 20%

Section 80CCD provides that employee or other individuals shall be allowed a deduction for amount deposited in National Pension System trusts (NPS). The deduction under section 80CCD (1) cannot exceed 10% of salary in case of an employee or 10% of gross total income in case of other individuals. ...

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Posted Under: Income Tax |

Budget 2017: Actual cost of asset in case of withdrawal of deduction in terms of Sub-section (7B) of section 35AD

Existing provisions of Section 35AD of the Act, inter alia provides for investment linked deduction on amount of capital expenditure incurred, wholly or exclusively, the purposes of business, during the previous year for a specified business excluding capital expenditure incurred for acquisition of any land or goodwill or financial instru...

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Posted Under: Income Tax |

Budget 2017: Order passed U/s. 10(23(C)(iv) & (v) can be appealed before ITAT

Budget 2017-Orders passed by the prescribed authority under sub-clauses (iv) and (v) of sub-section (23C) of section 10 shall also be appealable before the Appellate Tribunal....

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Posted Under: Income Tax |

Budget 2017-Changes in capital gain computation- joint development agreement

Under the existing provisions of section 45, capital gain is chargeable to tax in the year in which transfer takes place except in certain cases. The definition of transfer, inter alia, includes any arrangement or transaction where any rights are handed over in execution of part performance of contract...

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Posted Under: Income Tax |

Budget 2017: Tax-exemption to partial withdrawal from National Pension System (NPS)

In order to provide further relief to an employee subscriber of NPS, it is proposed to amend the section 10 so as to provide exemption to partial withdrawal not exceeding 25% of the contribution made by an employee in accordance with the terms and conditions specified under Pension Fund Regulatory and Development Authority Act, 2013 and r...

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Posted Under: Income Tax |

Budget 2017 Corrects reference to FEMA instead of FERA

Existing sub-clause (ii) of clause 4 of section 10 refers to any income of an individual by way of interest on moneys standing to his credit in a Non-Resident (External) Account in any bank in India in accordance with the Foreign Exchange Management Act, 1999 (42 of 1999), and the rules made thereunder. ...

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Posted Under: Income Tax |

Budget 2017: Modifications of object & filing of return by entities exempt U/s. 11 & 12

The existing provisions of section 1 2A of the Act provide for conditions for applicability of sections 11 and 12 in relation to the benefit of exemption in respect of income of any trust or institution....

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Posted Under: Income Tax |

Exemption of income of Chief Minister’s / Lieutenant Governor’s Relief Fund

The Chief Minister's Relief Fund or the Lieutenant Governor's Relief Fund, referred at sub-clause (iiihf) of clause (a) of sub-section (2) of section 80G, which is of the same nature at the level of state or the Union Territory as is the Prime Minister's National Relief Fund at the national level, is not exempted under the said clause. ...

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Posted Under: Income Tax |
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