Budget 2017 featured

In-Depth Analysis of Section 269ST basic provisions as per Income Tax Act

PROVISION OF SECTION 269ST No person shall receive an amount of two lakh rupees or more (a) in aggregate from a person in a day; or (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of el...

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BAN on Cash Transactions…!!! Finance Act 2017

A new section 269ST has been introduced, no person (except banking company, Government, post office co-operative & other as may notify by Government) shall receive an amount of Rs. 2 lakh or more –...

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Direct Tax Amendments to the Finance Bill 2017

The Lok Sabha on Tuesday, 21 March 2107 has passed 40 Amendments to the Finance Bill 2017. These amendments were made mainly to make the law in sync with the proposed changes in Finance Bill 2017 as well as Finance Bill 2016....

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Significant Income Tax Changes as effected by Finance Act, 2017

The Finance Act, 2017, which has made a history of being a enacted law on 31st March, 2017 (assented by President of India on 31/03/2017), has made far-reaching changes in Direct Taxes. ...

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Income tax amendments effective from 1st April 2017

Finance Bill 2017 has been passed by both the house of parliament and after receiving the accent from President on 31st March 2017 has become Finance Act 2017. We have listed down important changes under Income Tax Act which shall be applicable from 1st April 2017 i.e. Assessment Year 2018-2019....

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Cash Transactions above Rs. 2 lakhs banned from 01.04.2017

If and when the proposed amendment to the finance bill’2017 is passed by the parliament then any person who enters into a transaction above Rs. 2 lacs in cash, will be liable to a penalty of an amount equivalent to the amount of transaction....

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Download Finance Bill 2017 as passed by Lok Sabha

Lok Sabha passes  Finance bill 2017 on 22.03.2017 with 189 Amendments to following Acts and 9 related schedules:- Income Tax Act, 1961 and Rules Custom Act,1962 Excise Duty Act, 1944 Finance Act, 1994 The Indian Trusts Act, 1882 The Indian Post Office Act, 1898 The Reserve Bank Of India Act, 1934 The Representation Of The […]...

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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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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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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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