"01 February 2017" Archive - Page 2

FM announces 9 measures for revenue mobilization

In order to address the issue of thin capitalisation, a proposal has been made that the interest paid by an Indian company or permanent establishment of a foreign company, shall not be allowed as deduction in computing its taxable profit subject to certain conditions....

Posted Under: Income Tax |

No Section 10(38) exemption in case of no STT on acquisition

With a view to prevent this abuse, it is proposed to amend section 10(38) to provide that exemption under this section for income arising on transfer of equity share acquired or on after 1st day of October, 2004 shall be available only if the acquisition of share is chargeable to Securities Transactions Tax under Chapter VII of the Financ...

Posted Under: Income Tax |

Increase in deduction limit in respect of provision for bad debts

The existing provisions of sub-clause (a) of section 36(1 )(viia) of the Act, inter-alia provides that a scheduled bank (not being a bank incorporated by or under the laws of a country outside India) or a non-scheduled bank or a co-operative bank other than a primary agricultural credit society...

Posted Under: Income Tax |

Budget 2017 extends scope of section 43D to Co-operative Banks

The existing provisions of section 43D of the Act, inter-alia, provides that interest income in relation to certain categories of bad or doubtful debts received by certain institutions or banks or corporations or companies, shall be chargeable to tax in the previous year in which it is credited to its profit and loss account for that year...

Posted Under: Income Tax |

Budget proposes carry forward of MAT / AMT credit for 15 Years

With a view to provide relief to the assessees paying MAT, it is proposed to amend section 115JAA to provide that the tax credit determined under this section can be carried forward up to fifteenth assessment years immediately succeeding the assessment years in which such tax credit becomes allowable....

Posted Under: Income Tax |

Budget 2017 extends period for claiming tax deduction by start-ups

In view the fact that start-ups may take time to derive profit out of their business, it is proposed to provide that deduction under section 80-IAC can be claimed by an eligible start-up for any three consecutive assessment years out of seven years beginning from the year in which such eligible start-up is incorporated....

Posted Under: Income Tax |

Extension of eligible period of concessional tax rate U/s. 194LD- Budget 2017

It is proposed to amend section 194LD to provide that concessional rate of five per cent. TDS on interest will now be available on interest payable before 1st July, 2020....

Posted Under: Income Tax |

Extension of period of concessional tax rate on interest on ECB

The existing provisions of section 1 94LC of Act provide that interest payable to a non-resident by a specified company on borrowings made by it in foreign currency from sources outside India under a loan agreement or by way of issue of any long-term bond including long-term infrastructure bond shall be eligible for concessional TDS of fi...

Posted Under: Income Tax |

Measures for Promoting Affordable Housing and Real Estate Sector

For the new capital for State of Andhra Pradesh which is being constructed by innovative land-pooling mechanism without use of the Land Acquisition Act, the Union Finance Minister proposed to exempt from capital gains tax all persons who were holding land on 2.6.2014 - the date on which the State of Andhra Pradesh was re-organised - and w...

Posted Under: Income Tax |

First combined Budget including Railways, presented

Regarding Metro Rail, the Finance Minister informed that a new Metro Rail Policy will be announced with focus on innovative models of implementation and financing, as well as standardization and indigenization of hardware and software. This will open-up new job opportunities for our youth. A new Metro Rail Act will be enacted by rationali...

Posted Under: Income Tax |

Search Posts by Date

February 2024
M T W T F S S
 1234
567891011
12131415161718
19202122232425
26272829