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Budget 2016

Latest Articles


Additional Deduction For Home Loan Interest

Income Tax : Budget 2016: In furtherance of the goal of the Government of providing 'housing for all', it is proposed to incentivise first-home...

August 6, 2020 100531 Views 22 comments Print

TCS on Motor Vehicles wef 01.06.2016

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...

March 21, 2020 405166 Views 17 comments Print

TCS on sale of Motor Vehicles and goods or services

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...

March 15, 2020 147271 Views 10 comments Print

Exemption from PAN furnishing U/s. 206AA to non-resident

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 ...

March 15, 2020 23632 Views 0 comment Print

Exit tax where charitable institution converts into non-charitable

Income Tax : In order to ensure that the intended purpose of exemption availed by trust or institution is achieved, a specific provision in the...

March 15, 2020 20986 Views 1 comment Print


Latest News


IBBI guideline on online Education by IPAs & RVOs

Corporate Law : Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvenc...

July 12, 2020 783 Views 0 comment Print

Income Declaration Scheme: Govt assures complete confidentiality

Income Tax : The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016. Add...

July 1, 2016 1834 Views 0 comment Print

PM warns Tax Evaders to disclose income before 30.09.2016

Income Tax : For those having undisclosed income, the government has provided a special chance to declare it by September 30, 2016. He said by ...

June 27, 2016 4216 Views 0 comment Print

Google Payments: Notification regarding Equalisation Levy

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, ...

June 11, 2016 5305 Views 3 comments Print

Download Finance Act, 2016 as assented by President

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 ...

May 14, 2016 78868 Views 2 comments Print


Latest Judiciary


Suspension of initiation of CIRP applies to date of default

Corporate Law : NCLAT Chennai held that suspension of initiation of CIRP (Corporate Insolvency Resolution Process) as per provisions of section 10...

August 31, 2023 606 Views 0 comment Print

Gujarat HC Stays Service Tax on Senior Advocates

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...

March 30, 2016 5950 Views 0 comment Print


Latest Notifications


Personal Details of Public Servants Exempt from Disclosure Under RTI if Not in Public Interest

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...

September 19, 2024 165 Views 0 comment Print

Make Indirect Taxes Dispute Resolution Scheme a Success: CBEC

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...

July 22, 2016 21469 Views 0 comment Print

Step by Step-Instructions to Forms of Income Declaration Scheme, 2016

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...

July 1, 2016 13402 Views 0 comment Print

Excise registration/Payment date for jewellers extended to 31.07.2016

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...

July 1, 2016 2380 Views 0 comment Print

TCS on Sale of good/Services only if Cash Receipt exceeds 2 Lakh

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...

June 24, 2016 26632 Views 0 comment Print


Budget 2016: “Jaitley” ki “Potli” mein kya hai?

February 21, 2016 4048 Views 0 comment Print

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?

FIEO’s 9 Budget Proposals for Union Budget 2016-17

February 21, 2016 1806 Views 0 comment Print

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.

100% expense disallowance for Cash Payment should go

February 21, 2016 8272 Views 1 comment Print

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.

Top 10 Wishes of Common Man from Budget 2016

February 19, 2016 4340 Views 2 comments Print

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.

6 Expectation of Salaried Class from Union Budget 2016

February 16, 2016 4728 Views 1 comment Print

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.

Union Budget 2016: Great Expectations

February 14, 2016 1830 Views 3 comments Print

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!)

Budget Expectations 2016– Corporate Taxes

February 12, 2016 2055 Views 0 comment Print

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

Budget 2016: Expectations from the Finance Minister

February 9, 2016 2547 Views 2 comments Print

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.

Give CBDT Powers to Grant Immunity From Penalty U/S.271B

February 7, 2016 3738 Views 0 comment Print

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)

Budget 2016: Recapitulation Of Errors That Need Instant Rectification!

February 7, 2016 1263 Views 0 comment Print

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’.

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