Budget Common Man - Page 2

FM Relaxes Income Tax Requirements for small businesses

Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore; Threshold for maintenance of books for individuals and HUF more than doubled. Individual Insurance agents earning below taxable limit to be exempted from 5% TDS off commission after filing self-declaration...

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Posted Under: Income Tax |

Shifting base year from 1981 to 2001 for capital gain computation

In order to revise the base year for computation of capital gains, it is proposed to amend section 55 of the Act so as to provide that the cost of acquisition of an asset acquired before 01.04.2001 shall be allowed to be taken as fair market value as on 1st April, 2001 and the cost of improvement shall include only those capital expenses ...

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Posted Under: Income Tax |

Immovable property held for 2 Years to be considered Long Term capital asset

It is proposed to amend section 2 (42A) of the Act so as to reduce the period of holding from the existing 36 months to 24 months in case of immovable property, being land or building or both, to qualify as long term capital asset....

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Posted Under: Income Tax |

Income-tax Rates for income liable to tax for A.Y. 2018-19

In respect of income of all categories of assessees liable to tax for the assessment year 2017-18, the rates of income-tax have been specified in Part I of the First Schedule to the Bill. These are the same as those laid down in Part III of the First Schedule to the Finance Act, 2016 as amended by the Taxation Laws (Second Amendment) Act,...

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Posted Under: Income Tax |

Income Tax Rate Chart for Financial Year 2017-18

CA Vinay Lunkad S Is it worthwhile to continue the business as a Partnership Firm / LLP or to run as a corporate , since the later one enjoys the benefit of paying tax @ lesser rate by 5% , the intention of the Government seems to be give more benefits to a much organised […]...

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Posted Under: Income Tax |

Section 80CCG deduction to be discontinued from A.Y. 2018-19

Under the existing provisions of section 80CCG, deduction for three consecutive assessment years is allowed upto Rs. 25,000 to a resident individual for investment made in listed equity shares or listed units of an equity oriented fund subject to fulfilment of certain conditions....

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Posted Under: Income Tax |

29 Budget Glossary You must know

Union Budget is the most comprehensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next fiscal year called Budgeted Estimates....

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Posted Under: Income Tax | ,

Budget 2017-18 – Expectations of a salaried person

Yes. Its that time of the year again when the common man, the salaried person looks out to what’s in store for them – concessions, rebates. The Union Budget for the next fiscal shall be announced early this year on February 1, 2017 and the common man awaits....

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Posted Under: Income Tax |

Top 4 Expectations of Common Man from Union Budget 2017

Since common man is directly affected by the income tax provisions every budget raises expectation levels of common man on this front. What the common man is expecting from finance minister this time? ...

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Posted Under: Income Tax |

Enabling of Filing of Form 15G/15H for rental payments

The provision of sub-section 194-I of the Act, inter alia, provides for tax deduction at source (TDS) for payments in the nature of rent beyond a threshold limit. The existing provisions provide threshold of Rs. 1,80,000 per financial year for deduction of tax under this section. ...

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Posted Under: Income Tax |
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