Budget 2017 featured

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 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 | ,

ICAI suggests withdrawal of ICDSs

It is suggested that the Income Computation Disclosure Standards may be withdrawn and necessary amendments be proposed under the Income Tax Act, 1961 itself....

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Posted Under: Income Tax | ,

Relax Scrutiny provisions for Individual Tax Payers: ICAI

In order to encourage more people to file income tax returns, necessary provisions may be introduced, such as: Individuals having taxable income upto Rs. 10 lakhs may not be subjected to scrutiny for 3 Assessment Years unless there is specific information available with the Department regarding his high value transaction....

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Posted Under: Income Tax | ,

Remove proposed restriction on carry forward of MAT/ AMT credit: ICAI

Section 115JAA(2A) - Restriction on carry forward of MAT/AMT credit and claim of FTC in relation to taxes under dispute - Restriction to be removed...

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Posted Under: Income Tax | ,

Remove proposed Restriction on set-off of loss from House property: ICAI

The Finance Bill 2017 proposes 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....

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Posted Under: Income Tax | ,

Section 194IB TDS: What if rent less than Rs. 50000 PM for few months

Whether the tax needs to be deducted on the rent paid during that previous year although the rent per month for some of the months is less than Rs.50,000 p.m or the rent needs to be deducted on the aggregate amount of rent for the months where rent has exceeded Rs.50,000 pm....

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Posted Under: Income Tax | ,

Budget 2017: Delete of section 44AD(2) to cause hardship to taxpayers

Suppose a partnership firm makes turnover of Rs 25 lakhs. As per sec 44 AD presumptive rate of 8% net profit amounts to Rs. 2 lakhs. Upto last year out of Rs 2 lakhs there was provision for deducting partners salary, remuneration and interest in this amount upto a maximum of 90% as per sec44 AD(2)....

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Posted Under: Income Tax | ,
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