Budget 2017 - Page 2

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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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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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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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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Budget 2017: Budget of Tax Terrorism; Makes Tax Law more Complicated

Income-Tax Law Has Been Made More and More Complicated In Every Budget Mr. Modi Govt. in Budget 2017 has made the Income-Tax law more complicated. On One side Income-Tax Deptt. says that only assesses e-mail address should be provided to enable them to file returns voluntarily. On the other hand, CBDT amending Income-Tax law in […]...

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Withdraw proposed amendments to Section 90 & 90A: ICAI

The Finance Bill 2017 proposes to amend sections 90 and 90A of the Act, to provide that where any 'term' used in an agreement entered into under sub-section (1) of Section 90 and 90A of the Act, is defined under the said agreement,...

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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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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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Section 94B- Limitation of interest benefit provisions – certain concerns

It is suggested that the restrictions proposed to be imposed on the interest benefits on overseas borrowings may be done away with entirely or at least deferred for 5-10 years to give India a chance to achieve high growth and achieve significant infrastructural development and maturity....

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Section 92CE- Introduction of secondary adjustment- Suggestions

The Finance Bill, 2017 has introduced the concept of secondary adjustment on Transfer Pricing (TP) adjustments. A taxpayer is required to make a secondary adjustment, where the primary adjustment to transfer price has been made in the following situations...

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