Budget 2017

Important Amendments Applicable for Financial year 2017-18

Income Tax - It has been two month ending of Financial Year 2017-18, CA Firms and Tax Consultant has started filing of income tax return and Auditing of their clients. There is many amendment for FY 2017-18 related to Income Tax, I have summarized some important amendments....

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Countrywise Withholding tax rates / Chart as per DTAA

Income Tax - Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services as updated with amendment carried out by Finance Act, 2018...

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Fee for delay in filing of Income Tax return w.e.f A.Y 2018-19

Income Tax - Fee for delayed filing of Income Tax Return return under Section 234F of Income Tax Act, 1961 (Applicable w.e.f 01.04.2018 i.e for A.Y 2018-19)...

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Looking Back – Union Budget 2017

Income Tax - Union Budget 2017 was a watershed moment in the history of India. The Government ended the 92-year-old practice of presenting a separate railway budget and the announcement of the budget was advanced by a month to February 1, setting a new precedent....

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29 Budget Glossary You must know

Income Tax - Union Budget is the most comprehensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next fiscal year called Budgeted Estimates....

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Download Union Finance Budget 2018

Income Tax - Download Union Finance Budget 2018 as presented by Finance Minister Arun Jaitley today in Lok Sabha AS INTRODUCED IN LOK SABHA ON 1ST FEBRUARY, 2018 Bill No. 4 of 2018 THE FINANCE BILL, 2018 Download Union Finance Budget 2018...

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Invitation to Submit Articles on Union Budget 2018

Income Tax - TAXGURU invites you to be a part of ‘BUDGET 2018 Knowledge Sharing Campaign‘. The campaign has been initiated with the intent of congregating an overview on The Union Budget 2018. This would enable professionals all over the country to understand what is expected of the said budget and will enlighten them about the changes mad...

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ICAI President’s Message – May 2017 on GST, Tax Changes etc.

Income Tax - The Finance Bill, 2017 proposed an insertion of Section 271J in the Income-tax Act, 1961. Considering the undue hardships to be caused to our members, the ICAI had made various representations to the Ministry of Finance, Revenue Secretary and CBDT...

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Central Govt completes Budget related processes before 1st April

Income Tax - Lok Sabha Speaker congratulates the Prime Minister, Union Finance Minister, Members of Union Cabinet, Members of Lok Sabha and Officers and Staff of Lok Sabha Secretariat, Ministry of Finance & Parliamentary Affairs for completing all the Budget related processes before 1st April;...

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Cash withdrawals from bank do not attract Section 269ST Penalty

Income Tax - It has also been decided that the restriction on cash transaction under section 269ST shall not apply to withdrawal of cash from a bank, co­operative bank or a post office savings bank....

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Plea in Madras HC on Penalty on CAs for Filing Wrong Information- Section 271J

V. Venkata Siva Kumar Vs The Union of India (Madras High Court) - A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2017. Madras High Court has admitted the plea and issued notice to Finance Ministry.Section 271J of Income Tax imposed a penalty of Rs. 10,000 on Chartered Accountants fo...

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Analysis of all amendments applicable to FY 2017-18 / AY 2018-19

Circular No. 02/2018-Income Tax - (15/02/2018) - CBDT has issued Explanatory Notes to the Provisions of the Finance Act, 2017 vide Circular No. 02/2018 dated 15.02.2018 clarifying section wise amendments which has been passed by Finance Act, 2017 and which are applicable for Assessment Year 2018-19 or Financial Year 2017-18 in a simple language....

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CBDT notifies Form no. 26QC for payment of TDS on rent u/s 194IB and Form No.16C for TDS Certificate

Notification No. 48/2017-Income Tax - (08/06/2017) - Every person responsible for deduction of tax under section 194-IB shall furnish the certificate of deduction of tax at source in Form No.16C to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No.26QC under rule 31A after generating and downloading th...

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Part XIV of Chapter VI of Finance Act 2017 applicable from 26.05.2017

Notification No. S.O. 1696(E) - (26/05/2017) - Central Government hereby appoints the 26th day of May, 2017 as the date on which the provisions of the PART XIV of Chapter VI of the said Act shall come into force....

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Budget 2017: Amendments in Tax Laws in Maharashtra

Trade Cir No. 11T of 2017 - (20/04/2017) - The Acts and Rules, which are amended, vide budget 2017-18 in Maharashtra are as follows: 1. The Maharashtra Purchase Tax on Sugarcane Act, 1962(SCPT Act); 2. The Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 (PT Act); 3. The Maharashtra Value Added Tax Act, 2002 (...

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Section 269ST not applies to receipt from bank or post office

Notification No.28/2017-Income Tax - (05/04/2017) - CBDT notified that Section 269ST not applies to cash receipt from banking company, post office savings bank or co-operative bank....

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Recent Posts in "Budget 2017"

Important Amendments Applicable for Financial year 2017-18

It has been two month ending of Financial Year 2017-18, CA Firms and Tax Consultant has started filing of income tax return and Auditing of their clients. There is many amendment for FY 2017-18 related to Income Tax, I have summarized some important amendments....

Read More
Posted Under: Income Tax |

Countrywise Withholding tax rates / Chart as per DTAA

Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services as updated with amendment carried out by Finance Act, 2018...

Read More
Posted Under: Income Tax |

Fee for delay in filing of Income Tax return w.e.f A.Y 2018-19

Fee for delayed filing of Income Tax Return return under Section 234F of Income Tax Act, 1961 (Applicable w.e.f 01.04.2018 i.e for A.Y 2018-19)...

Read More
Posted Under: Income Tax |

Analysis of all amendments applicable to FY 2017-18 / AY 2018-19

Circular No. 02/2018-Income Tax (15/02/2018)

CBDT has issued Explanatory Notes to the Provisions of the Finance Act, 2017 vide Circular No. 02/2018 dated 15.02.2018 clarifying section wise amendments which has been passed by Finance Act, 2017 and which are applicable for Assessment Year 2018-19 or Financial Year 2017-18 in a simple language....

Read More

Looking Back – Union Budget 2017

Union Budget 2017 was a watershed moment in the history of India. The Government ended the 92-year-old practice of presenting a separate railway budget and the announcement of the budget was advanced by a month to February 1, setting a new precedent....

Read More
Posted Under: Income Tax |

Download Union Finance Budget 2018

Download Union Finance Budget 2018 as presented by Finance Minister Arun Jaitley today in Lok Sabha AS INTRODUCED IN LOK SABHA ON 1ST FEBRUARY, 2018 Bill No. 4 of 2018 THE FINANCE BILL, 2018 Download Union Finance Budget 2018...

Read More
Posted Under: Income Tax |

29 Budget Glossary You must know

Union Budget is the most comprehensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next fiscal year called Budgeted Estimates....

Read More
Posted Under: Income Tax |

Invitation to Submit Articles on Union Budget 2018

TAXGURU invites you to be a part of ‘BUDGET 2018 Knowledge Sharing Campaign‘. The campaign has been initiated with the intent of congregating an overview on The Union Budget 2018. This would enable professionals all over the country to understand what is expected of the said budget and will enlighten them about the changes mad...

Read More
Posted Under: Income Tax |

5 amendments related to Charitable / religious trusts by FA 2017

Finance Act’2017 had made some major changes relating to Charitable and religious trusts. In this Article we have discussed five major amendments which are affecting Charitable and religious trusts....

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Posted Under: Income Tax |

All New Forms 16C & 26QC under Section 194-IB

The all new section 194-IB has been inserted in Finance Act, 2017 and made effective from June 1, 2017. Under existing provisions, only individual and HUF who are liable for tax audit, only they are required to deduct tax at source. In order to widen the scope of Tax deduct at source, budget 2017 came up with the new section i.e. 194-IB. ...

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Posted Under: Income Tax |
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