"01 February 2017" Archive - Page 4

Section 80IBA conditions relaxed to promote Affordable Housing

In order to promote the development of affordable housing sector, it is proposed to amend section 80-IBA so as to provide the following relaxations:—(i) The size of residential unit shall be measured by taking into account thecarpet area as defined in Real Estate (Regulation and Development) Act, 2016 and not built-up area...

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....

Posted Under: Income Tax |

TDS on rent made applicable to Individual / HUF even if no Tax Audit

The existing provisions of section 194-I of the Act, inter alia, provide for deduction of tax at source at the time of credit or payment of rent to the account of the payee beyond a threshold limit....

Posted Under: Income Tax |

Budget 2017 rationalises taxation of income by way of dividend

Under the existing provisions of section 115BBDA, income by way of dividend in excess of Rs. 10 lakh is chargeable to tax at the rate of 10% on gross basis in case of a resident individual, Hindu undivided family or firm....

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,...

Posted Under: Income Tax |

Consolidation of plans within a scheme of mutual fund

Finance Act,201 6 amended section 47 of the Act so as to provide tax neutrality to the transfer of units in a consolidating plan of mutual fund scheme made in consideration of the allotment of units in the consolidated plan of that mutual fund scheme....

Posted Under: Income Tax |

Tabular Analysis of Service Tax Amendments vide Budget 2017

Article Discusses Proposed Amendment in Service Tax Provisions related to Legislative changes, Changes regarding Authority for Advance Ruling, New Exemptions and Rationalisation measure under Union Budget 2017. A. Legislative changes Existing Proposed 1. The Negative List entry in respect of “services by way of carrying out any proce...

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 […]...

Posted Under: Income Tax |

Capital assets acquisition cost in case of tax levy on accreted income

Where the capital gain arises from the transfer of an asset, being the asset held by a trust or an institution in respect of which accreted income has been computed, and the tax has been paid thereon in accordance with the provisions of Chapter XII-EB,...

Posted Under: Income Tax |

Budget 2017 Strengthens PAN quoting mechanism in TCS regime

In order to strengthen the PAN mechanism, it is proposed to insert new section 206CC to provide the following: i. any person paying any sum or amount, on which tax is collectable at source under Chapter XVII BB (hereafter referred to as collectee) shall furnish his Permanent Account Number to the person responsible for collecting such tax...

Posted Under: Income Tax |

Search Posts by Date

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