Budget 2017 - Page 2

Section 269ST not applies to receipt from bank or post office

Notification No.28/2017-Income Tax (05/04/2017)

CBDT notified that Section 269ST not applies to cash receipt from banking company, post office savings bank or co-operative bank....

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Central Govt completes Budget related processes before 1st April

Lok Sabha Speaker congratulates the Prime Minister, Union Finance Minister, Members of Union Cabinet, Members of Lok Sabha and Officers and Staff of Lok Sabha Secretariat, Ministry of Finance & Parliamentary Affairs for completing all the Budget related processes before 1st April;...

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Posted Under: Income Tax |

Finance Act 2017: Cash transaction compliance a must w.e.f 1-4-2017 or face heavy penalty

Section 269SST includes within its sweep all types of cash receipts from any person of whatever nature whether as donations or gifts or compensation, encashment of securities/instruments etc. A penalty equal to the amount of such receipt shall be imposed u/s 271D....

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Posted Under: Income Tax |

Cash withdrawals from bank do not attract Section 269ST Penalty

It has also been decided that the restriction on cash transaction under section 269ST shall not apply to withdrawal of cash from a bank, co­operative bank or a post office savings bank....

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Posted Under: Income Tax | ,

Capital Gain Taxability – Joint Development Agreements (JDA) – whether all issues are addressed in budget 2017?

Prior to Finance Bill 2017 in case of JDA arrangement capital gains is chargeable to tax in the year in which transfer takes place. H’ble Courts have ruled that granting possession vide execution of agreement is part performance of contract which confers developer with the right over the property & therefore tantamount to transfer u/s 2...

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Posted Under: Income Tax |

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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Posted Under: Income Tax | ,

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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Posted Under: Income Tax | ,

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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Posted Under: Income Tax | ,

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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Posted Under: Income Tax | ,
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