Budget 2017 articles

Budget 2017: Taxation of trusts in context of succession planning

Amendment in Section 56 provisions would be a welcome relief for promoter groups contemplating succession planning as the transfer of shares from individual promoters to a family trust would not suffer tax even if made without any consideration....

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Posted Under: Income Tax | ,

Need for amendment in Section 206AA for non-resident investors of ‘Masala bonds’

Non-resident investors have recently shown a great deal of interest in subscribing to Masala Bonds issued by Indian corporates. Masala Bonds is the informal name of Rupee-denominated bonds (RDB) issued by Indian corporates outside India. ...

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Posted Under: Income Tax |

Govt may reduce proposed cash transaction limit of 3 Lakh to 2 Lakh

Revenue Secretary Dr Hasmukh Adhia tweeted on 21.03.2017 that In the official amendment to Finance Bill 2017 Govt has proposed that limit of 3 lakhs for cash transaction, beyond which it is illegal, be reduced to 2 lakhs. The penalty for violating this is a fine equivalent to the amount of transaction. ...

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Posted Under: Income Tax | ,

Restriction on Cash Transactions as applicable from 1st April 2017

From 1st April onward any transaction (including transactions for capital assets) above Rs. 3,00,000/- shall be strictly done only through banking channels....

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Posted Under: Income Tax |

BCAS Post-Budget Memorandum On Finance Bill – 2017

We compliment you for the focused and non populist Budget that was presented on 1st February. The idea of combining the Rail Budget and the Finance Budget is also a welcome one....

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Posted Under: Income Tax |

Reduce 3 Year limit under section 54, 54B, 54D and 54F to 2 Years

Section 2(42A) - Reduction in holding period in case of immovable property, being land or building or both, to qualify as long term capital asset - Consequential amendments to be made in sections 54, 54B, 54D and 54F...

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Posted Under: Income Tax | ,

Heavy Penalty: A measure to ensure timely Income Tax Return Filing

Where a person required to furnish a return of income under Section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of- (a) Five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; (b) Ten thousand rupees, in any oth...

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Posted Under: Income Tax | ,

Section 44AD Presumptive Income 6% / 8% -Practical Issues- Need to rationalize

Section 44AD in Income tax act is the presumptive income section under which prescribed percentage of turnover will be deemed as your income. Till AY 2016-17, prescribed percentage was 8%....

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Posted Under: Income Tax | ,

Section 80-IBA Affordable Housing Scheme: Amendments, FAQs, Relevant Case Laws and Updated with Finance Act 2017

Whether nearby cities which are in 25 km from municipality are to be considered at par with metro cities for FY 2016-17? Solution: - Yes, because same conditions are there for nearby cities which are within 25km from municipal limits of metro cities. And From FY 2017-18, nearby cities will be considered as non metro cities even though th...

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Posted Under: Income Tax |

Section 269ST- Restriction on cash transactions -Certain concerns to be addressed

In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of black money, the Finance Bill 2017 proposes to insert section 269ST in the Act to provide that no person shall receive an amount of three lakh rupees or more...

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Posted Under: Income Tax | ,
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