The threshold limit for audit of business entities who opt for presumptive income scheme proposed to be increased from Rs. 1 crore to Rs. 2 crore. This is a clarificatory amendment. The threshold limit for maintenance of books for individuals and HUF proposed to be increased from turnover of Rs. 10 lakhs to Rs. 25 lakhs or income from Rs. 1.2 lakhs to Rs. 2.5 lakhs.
ASSOCHAM congratulated PM and FM for giving a truly workman and business-like Budget, with a great focus on rural economy, small and medium enterprises, small income tax payers and importantly bringing reforms in political funding.
Union Budget 2017-18 will strengthen the economic muscle of the country It is directionally correct, fiscally prudent and strengthens the governance fabric of the nation
CS (Dr.) Shyam Agrawal, President, ICSI welcomes Union Budget 2017-18 with a focus on stimulating growth, providing relief to middle class, affordable housing, curbing black money, promoting digital economy, transparency in electoral funding and simplification of tax administration. The Budget marks a major shift owing to the preponed presentation of the Budget for the first […]
Changes in Capital Gain taxation for immovable properties: (a) Holding period reduce for computation of long term capital gain from three years to two years (b) Base year for counting the cost of property shifted from 1.4.1981 to 1.4.2001 for all classes of assets including immovable property.
Section 198 lays down the manner of calculation of Net Profit of a company in any financial year for the purpose of both CSR and Managerial Remuneration. It is the duty of company secretaries to assist in these calculations and easy out the understand of section to the board and other professionals.
1) Capital Gain in respect of Land & Building – Periodicity for long term Capital Gain is 3 years ,now it is reduced to 2 years.- Base year shifted form 01.04.1981 to 01.04.2001 for all assets including Immovable property, this will surely reduce the Capital Gain tax.
It is also proposed to insert new section 271DA in the Act to provide for levy of penalty on a person who receives a sum in contravention of the provisions of the proposed section 269ST. The penalty is proposed to be a sum equal to the amount of such receipt. The said penalty shall however not be levied if the person proves that there were good and sufficient reasons for such contravention. It is also proposed that any such penalty shall be levied by the Joint Commissioner.
Central Government has taken various steps to strengthen Central Bureau of Investigation so as to reduce pendency of cases, which are as under:- (i) Approval for appointment of 66 Public Prosecutors has been conveyed to CBI.
where the goods so imported are sought to be disposed of, the importer or the transferee, as the case may be, may pay the duty of customs which would have been payable but for the exemption contained herein, on the depreciated value of such goods subject to the condition that the importer or the transferee, as the case may be, produces before the Assistant Commissioner of Customs or Deputy Commissioner of Customs, as the case may be, having jurisdiction over the port of import, a certificate from a duly authorised officer of the Directorate General of Hydro Carbons in the Ministry of Petroleum and Natural Gas, Government of India, to the effect that the said goods are no longer required for the petroleum operations or coal bed methane operations, and the depreciated value of the goods shall be equal to the original value of the goods at the time of import reduced by the percentage points calculated by straight line method as specified below for each quarter of a year or part thereof from the date of clearance of the goods, namely
