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, 2016
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.
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,
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 (hereafter referred to as collector), failing which tax shall be collected at the twice the rate mentioned in the relevant section under Chapter XVII BB or at the rate of five per cent. whichever is higher.
Under the existing provisions of section 80CCG, deduction for three consecutive assessment years is allowed upto Rs. 25,000 to a resident individual for investment made in listed equity shares or listed units of an equity oriented fund subject to fulfilment of certain conditions.
Union Finance Minister, Shri Arun Jaitley has tabled the Finance Bill, 2017 in Lok Sabha today. As the Government is determined to introduce Goods and Services Tax (GST), the biggest ever indirect tax reform of Independent India, the Finance Bill,2017 amendments with respect to Service Tax is kept at minimum.
As per section 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2014, the specified compensation received by the landowner in lieu of acquisition of land is exempt from income tax.
In the last two and half years administration has moved from discretionary, favouritism based to system and transparency based Inflation brought under control. CPI-based inflation declined from 6% in July 2016 to 3.4% in December, 2016
The list of Budget documents presented to the Parliament, besides the Finance Ministers Budget Speech, are the following
Once the shares of the beneficiaries are found to be determinable, the income is to be taxed of that respective sharer or the beneficiaries in the hands of the beneficiary and not in the hands of the Trustees which has already been shown in the present case.
