Budget

Why Rates of Income tax announced in February 2017 budget is applicable for Income Earned in Financial Year (F.Y.) 2017-18 and not for F.Y. 2016-17?

Income Tax - For a leman it is difficult to understand that on which rate the Income Tax is calculated on the Income Earned in the F.Y. 2016-17, whether the rates which are announced in Budget 2017 or on the rates announced in Budget 2016. Even if someone would know which rates would be applicable, but would not know the reason for the same....

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Let’s build the Gudi of Income tax in new Financial year

Income Tax - Tomorrow is the festival of Gudi Padwa i.e start of New Year. And it's the last week of financial year 2017. New financial year will be starting from 1st April. According to budget, what are the changes made in income tax which will be applicable from new financial year and which will increase the prosperity of tax payers?...

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Budget 2017: Taxation of trusts in context of succession planning

Income Tax - Amendment in Section 56 provisions would be a welcome relief for promoter groups contemplating succession planning as the transfer of shares from individual promoters to a family trust would not suffer tax even if made without any consideration....

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Need for amendment in Section 206AA for non-resident investors of ‘Masala bonds’

Income Tax - Non-resident investors have recently shown a great deal of interest in subscribing to Masala Bonds issued by Indian corporates. Masala Bonds is the informal name of Rupee-denominated bonds (RDB) issued by Indian corporates outside India. ...

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Govt may reduce proposed cash transaction limit of 3 Lakh to 2 Lakh

Income Tax - 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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Download Finance Bill 2017 as passed by Lok Sabha

Income Tax - 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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Download Amendments to Finance Bill 2017 As Introduced In Lok Sabha

Income Tax - Union Government has proposed several amendments to Finance Bill 2017 presented in Lok Sabha on 01.02.2017 by introducing notice of amendment to finance bill 2017 Lok Sabha on 01.02.2017. Some of the important amendment proposed are as follows :- 1. Appointment of, and remuneration to, the ITAT Member 2. Make Aadhar card mandatory for fil...

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ICSI Invites Suggestions for Post-Budget Memorandum 2017-18

Income Tax - As you all are aware that the Union Budget 2017-18 presented in the Parliament on 1st February, 2017 contains various proposed changes in the Finance Bill, 2017. The Institute has submitted the Pre-Budget Memorandum 2017-18 to the Ministry of Finance on 31st October, 2016. ...

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ICAI submits Post-Budget Memorandum-2017

Income Tax - In this memorandum, suggestions on the specific clauses of the Finance Bill, 2017 relating to Income-tax Act have been given in detail....

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No proposal to levy 5% service tax on healthcare services

Income Tax - Central Government has clarified that there is NO proposal in the Union Budget 2017-18 to levy 5% Service Tax on Healthcare Services, as reported in certain Social Media circles....

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In all cases where additional evidence is admitted, the CIT (A) should be considered to have exercised his powers u/s 250(4) is not acceptable

U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has the right to ask for the admission of additional evidence. If the CIT (A) exercises his powers u/s 250(4) to call for additional evidence, the AO need not be given an opp...

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Budget 2017: Amendment in Section 46, 47 & 27 of Customs Act

D.O.F. No.450/10/2017-CusIV - (03/02/2017) - Sub-section (3) of section 46 is being substituted so as to make it mandatory to file a Bill of Entry before the end of the next day following the day (excluding holidays) on which the vessel or aircraft or vehicle carrying the goods arrives at a customs station at which such goods are to be cleared...

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Custom Duty Notification to carry out Budgetary changes

Notification No. 6/2017-Customs - (02/02/2017) - where the goods so imported are sought to be disposed of, the importer or the transferee, as the case may be, may pay the duty of customs which would have been payable but for the exemption contained herein, on the depreciated value of such goods subject to the condition that the importer or the tr...

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Notification reducing custom duty on certain machinery

Notification No. 5/2017–Customs - (02/02/2017) - the importer furnishes an undertaking to the Deputy Commissioner of Customs or the Assistant Commissioner of Customs, as the case may be, that such imported items shall be used for the purposes as specified above and, if the importer fails to comply with this condition, he shall be liable to pay, in...

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SAD exemption on Catalyst for use in manufacture of cast components of WOEG

Notification No. 4/2017-Customs - (02/02/2017) - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in th...

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Budget 2017 imposes 15% Export duty on ‘Other aluminium ores, including laterite’

Notification No. 3/2017-Customs - (02/02/2017) - -In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in t...

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Recent Posts in "Budget"

Why Rates of Income tax announced in February 2017 budget is applicable for Income Earned in Financial Year (F.Y.) 2017-18 and not for F.Y. 2016-17?

For a leman it is difficult to understand that on which rate the Income Tax is calculated on the Income Earned in the F.Y. 2016-17, whether the rates which are announced in Budget 2017 or on the rates announced in Budget 2016. Even if someone would know which rates would be applicable, but would not know the reason for the same....

Read More
Posted Under: Income Tax |

Let’s build the Gudi of Income tax in new Financial year

Tomorrow is the festival of Gudi Padwa i.e start of New Year. And it's the last week of financial year 2017. New financial year will be starting from 1st April. According to budget, what are the changes made in income tax which will be applicable from new financial year and which will increase the prosperity of tax payers?...

Read More
Posted Under: Income Tax |

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 […]...

Read More

Budget 2017: Taxation of trusts in context of succession planning

Amendment in Section 56 provisions would be a welcome relief for promoter groups contemplating succession planning as the transfer of shares from individual promoters to a family trust would not suffer tax even if made without any consideration....

Read More
Posted Under: Income Tax | ,

Need for amendment in Section 206AA for non-resident investors of ‘Masala bonds’

Non-resident investors have recently shown a great deal of interest in subscribing to Masala Bonds issued by Indian corporates. Masala Bonds is the informal name of Rupee-denominated bonds (RDB) issued by Indian corporates outside India. ...

Read More
Posted Under: Income Tax |

Download Amendments to Finance Bill 2017 As Introduced In Lok Sabha

Union Government has proposed several amendments to Finance Bill 2017 presented in Lok Sabha on 01.02.2017 by introducing notice of amendment to finance bill 2017 Lok Sabha on 01.02.2017. Some of the important amendment proposed are as follows :- 1. Appointment of, and remuneration to, the ITAT Member 2. Make Aadhar card mandatory for fil...

Read More
Posted Under: Income Tax | ,

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. ...

Read More
Posted Under: Income Tax | ,

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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Posted Under: Income Tax |

BCAS Post-Budget Memorandum On Finance Bill – 2017

We compliment you for the focused and non populist Budget that was presented on 1st February. The idea of combining the Rail Budget and the Finance Budget is also a welcome one....

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Posted Under: Income Tax |

ICSI Invites Suggestions for Post-Budget Memorandum 2017-18

As you all are aware that the Union Budget 2017-18 presented in the Parliament on 1st February, 2017 contains various proposed changes in the Finance Bill, 2017. The Institute has submitted the Pre-Budget Memorandum 2017-18 to the Ministry of Finance on 31st October, 2016. ...

Read More
Posted Under: Income Tax |
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