"02 February 2017" Archive - Page 5

Budget 2017 proposes penalty on cash receipt exceeding Rs. 3 Lakh

In India, the quantum of domestic black money is huge which adversely affects the revenue of the Government creating a resource crunch for its various welfare programmes. Black money is generally transacted in cash and large amount of unaccounted wealth is stored and used in form of cash....

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Posted Under: Income Tax |

DVAT: Complete CST Form-9 assessment for Year 2012-13 by 31.03.2017

Circulars No. 22/2016-17 (02/02/2017)

The reconciliation return in CST form 9 relating to declaration of sales against statutory forms are required to be filed by all such dealers who had effected interstate sale against any statutory form like C, F, H, E-I, E-II, I & J....

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No Section 80G deduction if cash deonation exceeds Rs. 2000

Under existing provisions of section 80G, deduction is not allowed in respect of donation made of any sum exceeding Rs.10,000, if the same is not paid by any mode other than cash....

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Posted Under: Income Tax |

Union Budget 2017: Key Changes in Excise Duty

Article discusses Legislative changes vide union budget 2017 regarding Authority for Advance Ruling/ Settlement of Cases, Amendments involving change in the duty rates, applicability of Section 5A of the Excise Act in respect of inputs imported or exported by EOU, Amendment in the Central Excise Rules, 2002, Changes in duty rates regardin...

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Posted Under: Income Tax | ,

Union Budget 2017: Key Changes in Custom Duty

Article disusses amendment in Custom duty carried out /; Proposed by union budget 2017 related to Amendments in Customs Act, 1962 / Customs Tariff Act, 1975, Legislative changes regarding Authority for Advance Ruling/ Settlement of Cases, Amendments affecting rates of BCD etc....

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Posted Under: Income Tax | ,

Union Budget 2017-Important Changes in direct taxes

Changes in Tax rates & Surcharge: Existing Income Tax rates for Individual or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person having income of Rs. 2.5 lakhs to Rs. 5 lakhs is reduced to 5% from the present rate of 10%....

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Posted Under: Income Tax | ,

Political Parties to File Return; cash donation limit reduced to Rs. 2000

In order to discourage the cash transactions and to bring transparency in the source of funding to political parties , it is proposed to amend the provisions of section 13A to provide for additional conditions for availing the benefit of the said section which are as under:...

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Posted Under: Income Tax |

Section 44AD Presumptive Income is to be 6% of Non Cash Turnover

It is proposed to amend section 44AD of the Act to reduce the existing rate of deemed total income of eight per cent. to six per cent in respect of the amount of such total turnover or gross receipts received by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account during the previ...

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Posted Under: Income Tax |

Section 40A(3) Limit to pay cash expenses reduced to Rs.10000

Budget 2017 proposes ro reduce existing threshold of cash payment to a person from twenty thousand rupees to ten thousand rupees in a single day; i.e any payment in cash above ten thousand rupees to a person in a day, shall not be allowed as deduction in computation of Income from Profits and gains of business or profession...

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Posted Under: Income Tax | ,

Disallowance of depreciation & capital expenditure on cash payment

Under the existing provisions of the Act, revenue expenditure incurred in cash exceeding certain monetary threshold is not allowable as per sub-section (3) of section 40A of the Act except in specified circumstances as referred to in Rule 6DD of the Income-tax Rules, 1962....

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Posted Under: Income Tax | ,