Income Tax : The Bill retains corporate tax rates while rationalising MAT and offering targeted incentives for IT, cloud services, and global i...
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 ...
Corporate Law : The IBBI has proposed a new regulation to cap the total number of assignments for Insolvency Professionals (IPs) at 10, including ...
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, ...
Corporate Law : NCLT Delhi held that non-payment of outstanding lease rent falls under the ambit of ‘Operational Debt’ as defined under sectio...
Company Law : The view that NCLT had no jurisdiction to entertain Section 95 Application filed by the Financial Creditor and the Application oug...
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...
Corporate Law : Jitender Kumar Jain's RTI appeal for details on a show cause notice was dismissed as personal information, with no larger public i...
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...
Theme of the Budget Overcoming challenges – Reorganize, Restructure Rejuvenate Indian Railways: ‘Chalo, Milkar Kuch Naya Karen’ Three pillars of the strategy i.e. Nav Arjan – New revenues, Nav Manak – New norms, Nav Sanrachna – New Structures. Financial Performance 2015-16- Savings of Rs. 8,720 crore neutralizing most of the revenue shortfall, expected OR 90%; […]
65,000 Additional Berths and 17,000 Bio Toilets to be Installed. Operations Audit to Improve Punctuality of trains Proposed. Wi Fi Facilities in 400 more Stations. Stations to be Developed Under PPP Mode
Re-look at the amended penalty provisions contained in section 78 of the Finance Act, 1994/Section 11AC of the Central Excise Act, 1944:-The provision distinguishing the quantum of penalties in section 11AC in cases where short-payment or non-payments have arisen for reasons other than fraud and restricting penalties upto 10% of the tax or Rs. 5000 whichever is higher was appreciated.
Though Budget is not the only policy initiative available with the Government for making major contributions to economic progress, it has over the years assumed great importance as most comprehensive single declaration from the government every year about its policy intentions.
Krishna, Honorable Finance Minister Mr. Arun Jaitley will declare Finance Budget of 2016-17 on 29th February in the Loksabha. As it is 2nd budget in the tenure of P. M. Modi, everyone is excited for the Budget. What’s there in Magician Jaitley’s Potli (Bag) this year?
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!)
