In reference of Clause 65 of Chapter III leading the cause of Direct Taxes with effect from the 1st day of April, 2017,there stands a consequential amendment and substitution of sub-section (4) of Section 139 dealing with the channel of filing belated return. A return not tabulated and indexed to the filed with the Income Tax department.
1. Seller shall collect the tax at the rate of one per cent from the purchaser on sale of motor vehicle of the value exceeding ten lakh rupees and sale in cash of any goods (other than bullion and jewellery), or providing of any services (other than payments on which tax is deducted at source […]
Overview of Budget Overall the budget is not a ground-breaking one but more of a steadying hand at the Indian fiscal wheel and an exercise in fiscal discipline. The FM as usual stuck a positive note saying that CPI inflation has come down to 5.4% from 9+ and said it is a huge relief to […]
Shri Sinha said that corruption flourishes due to three factors – Opportunities, Social Acceptance and Freedom from Risks. It is the duty of the Vigilance setup to reduce the opportunities. It is the duty of the Citizens to complain, inform and be intolerant of corruption;
S.O. 639(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the State Load Despatch Centre Unscheduled Interchange Fund–West Bengal State Electricity Transmission Company Limited (PAN AAIAS0980J), a trust constituted under the Electricity Act, 2003 (36 of 2003) in respect of the following specified income arising to that trust, namely :-
Implementation of POEM based residence rule deferred for 1 year and applicable from AY 2017‐18‐ It is proposed to defer the applicability of POEM based residence test by one year It is also proposed to provide a transition mechanism for a company which is incorporated outside India and has not earlier been assessed to tax in India.
1. Relief to small tax payers (a) Rebate under Sec 87A: With the objective of providing relief to resident individuals in the lower income slab i.e. total income not exceeding Rs. 5,00,000, section 87A is proposed to be amended so as to increase the maximum amount of rebate available from existing limit of Rs.2,000 to […]
INDIRECT TAXES CENTRAL EXCISE Amendments made effective immediately The Clean Energy cess is to be renamed as Clean Environment cess. The effective rate of Clean Energy cess proposed to be increased from Rs.200 per tonne to Rs.400 per tonne . Infrastructure cess is to be levied on motor vehicles under heading 8703 subject to certain […]
In order to provide relief to the individual tax payers, it is proposed to amend section 80GG so as to increase the maximum limit of deduction from existing Rs. 2000 per month to Rs. 5000 per month. This section allows an individual a deduction in respect of house rent paid for his own residence. Such […]
