"01 February 2017" Archive - Page 3

Short and easy to understand analysis of Union Budget 2017

New section 50CA has been introduced to make deemed sale of equity shares inline with deemed sale consideration in case of Immovable property. As per new section 50CA Fair value of unlisted shares to be taken as deemed sale value for the purpose of calculation of Capital Gain tax....

Posted Under: Income Tax |

Bill to be tabled in Parliament soon to crack down on ponzy schemes

To check bank NPAs and enhance capital flows into the securitisation industry, Shri Jaitley said that the listing and trading of Security Receipts issued by a securitisation company or a reconstruction company under the SARFAESI Act will be permitted in SEBI registered stock exchanges....

Posted Under: Income Tax |

GST Council finalised recommendations on almost all issues

GST Council has finalised its recommendations on almost all the issues based on consensus, says Finance Minister in his Budget Speech.Extensive reach-out efforts to trade & industry for GST to start from 1st April, 2017...

Posted Under: Income Tax |

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...

Posted Under: Income Tax |

GST to spur growth, competitiveness, and greater transparency

Finance Minister said, the advantages of GST for the economy in terms of spurring growth, competitiveness, indirect tax simplification and greater transparency have already been extensively discussed in both the Houses of Parliament....

Posted Under: Income Tax |

Budget 2017 proposes to ban Cash Transaction above Rs 3 lakh

Shri Arun Jaitley in his Budget Speech today said that the Government has decided that no transaction above Rs 3 lakh will be permitted in cash. Accepting a suggestion by Special Investigation Team on Black Money to ban cash transactions above Rs 3 lakhs, the Finance Minister has proposed an amendment to the Income-tax Act in the Finance ...

Posted Under: Income Tax |

Budget 2017: Reduction in duty on Renewable Energy Sector and Cashless Transaction Devices

In a bid to incentivize domestic value addition under Make in India initiative of the Government, the Finance Minister has proposed to reduce Customs and Excise duties on several items related to the Renewable Energy Sector. ...

Posted Under: Income Tax |

No notional income for house property held as stock-in-trade

Considering the business exigencies in case of real estate developers, it is proposed to amend the said section so as to provide that where the house property consisting of any building and land appurtenant thereto is held as stock-in-trade and the property or any part of the property is not let during the whole or any part of the previou...

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 ...

Posted Under: Income Tax |

Govt may notify more bonds eligible for section 54EC exemption

In order to widen the scope of the section for sectors which may raise fund by issue of bonds eligible for exemption under section 54EC, it is proposed to amend section 54EC so as to provide that investment in any bond redeemable after three years which has been notified by the Central Government in this behalf shall also be eligible for ...

Posted Under: Income Tax |

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