Income Tax : Budget 2016: In furtherance of the goal of the Government of providing 'housing for all', it is proposed to incentivise first-home...
Income Tax : In this Budget, from 1 June 2016, The transactions are sale of a motor vehicle of value exceeding Rs.10 lakh, and receipt of mone...
Income Tax : The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified r...
Income Tax : In order to reduce compliance burden, it is proposed to amend the said section 206AA so as to provide that the provisions of this ...
Income Tax : In order to ensure that the intended purpose of exemption availed by trust or institution is achieved, a specific provision in the...
Corporate Law : Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvenc...
Income Tax : The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016. Add...
Income Tax : For those having undisclosed income, the government has provided a special chance to declare it by September 30, 2016. He said by ...
Income Tax : This is to inform you that as per the Notification No. 37/2016: F.No. 370142/12/2016-TPL dated 27 May 2016 read with Finance Act, ...
Income Tax : The Finance Bill was presented in the Lok Sabha on February 29, 2016. On May 5, 2016, the Lok Sabha passed the Finance Bill, 2016 ...
Corporate Law : NCLAT Chennai held that suspension of initiation of CIRP (Corporate Insolvency Resolution Process) as per provisions of section 10...
Service Tax : Honble Gujarat High Court has vide its order dated 30th March, 2016 in the case of Percy Cawas Kavina vs. UOI in Special Civil Ap...
Custom Duty, Excise Duty, Service Tax : As you are aware, in order to reduce litigation, Government has come out with an Indirect Tax Dispute Resolution Scheme, 2016 in t...
Income Tax : Processes of uploading manual/paper Form 1 received by PCIT/CIT, generation of Form 2 for efiled/paper Form 1, viewing of Form 3 s...
Excise Duty : Time limit for taking central excise registration of an establishment by a jeweller is being extended up to 31.07.2016. However, a...
Income Tax : Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consider...
Income Tax : It is reiterated again that all out efforts are to be made to ensure that the targeted taxpayers are well-informed about the Schem...
1. Inverted duty structure in respect of various items may be given due consideration in the Union Budget as it not only effects exports but also the manufacturing sector and adversely hit Make in India.
Previously-in contravention of this section it was provided that 20% of the expenditure will be disallowed in case payment in excess of 20000/- is made otherwise than by crossed a/c payee cheque or Draft. At present it is provided that in contravention of this provision the whole expenditure I e 100% of the expenditure will be disallowed.
1. Re-introduction of Standard Deduction to Salaried / Pensioner Income Tax Payees. 2. Enhancement of deduction u/s 80C to Income Tax Payees from present Rs.1-50 lac / Rs.2.00 lac to Rs.3-00 lac, if not Rs.5-00 lac a year. 3. Enhancement of deduction u/s 24 to Income Tax Payees from present Rs.2-00 lac to Rs.3-00, if not Rs.5-00 lac a year.
The reimbursement of medical expenses upto Rs.15000/- in a F. Y. is exempted since F. Y.1997-98. Although the cost of medical treatment is increasing day by day, the Govt .has not increased the limit in 18 years.
Come February and comes in the mind of every tax professional and every Indian citizen the ‘great expectations’ from the Annual Union Budget. But the question is whether these expectations would see the light of the day or would submerge in the darkness of gloom (or would become an NPE……a non performing expectation!)
The Union Budget 2016 which shall be announced on 29th February 2016 is expected to be a reformist budget rather than a populist budget and could focus on the following aspects: a. Reduction in the tax litigation by bringing in clarity on taxation laws b. Incentivefor the ‘start-ups’ by providing tax breaks c. Rationalization of the corporate tax rates including Minimum Alternate Tax, Dividend Distribution Tax d. Deferment ofGAAR and ICDS regulations
Raising the limit for eligible deduction under Section 80C, 80CCC and 80CCD- Presently the Section 80 CCE provides for a cap of Rs. 1.50 lacs for deduction available under Section 80C, 80CCC and 80 CCD(1) taken together. The present limit of Rs. 1.50 lacs was raised from Rs. 1 lacs in the budget of 2014. The erstwhile limit of Rs. 1 lacs was fixed in 2003 for these benefits. It has been almost 14 years during which the limit has been just increased by 50% which works out to just 2.98% annually.
Suggestion For Union Budget 2016-17 For Amendment In Section 119(2)(A) To Give CBDT Specific Powers For Granting General Immunity From Penalty U/S.271B (As An Effective Alternative Remedy For Extension Of Due Date For Obtaining And Furnishing Of Tax Audit Reports)
With the budget round the corner, the Department of Ministry of Finance is flooded with the representations conveying the expectations, suggestions, amendments and clarifications in the laws to be implemented in the forthcoming budget. Although, the list of expectations and amendments needed is never ending, but this article is penned to highlight the changes expected by the assessees in indirect taxation laws which if not considered, may create difficulties in doing business in an easy manner thereby refuting the motto of ‘ease of doing business’.
