Budget 2017

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

Income Tax - 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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Analysis of amendment in Section 10(38) by Finance Act, 2017 & Notification No. 43/2017

Income Tax - Finance Act, 2017 amended section 10(38) of the Income-tax Act, 1961 (the Act) stating that long term capital gains from transfer of listed equity shares acquired on or after 01 October, 2004, would be exempt from tax under section 10(38) of the Act only if the Securities transaction Tax (STT) was paid at the time of acquisition of such s...

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Limit on Interest deduction- Section 94B wef 01.04.2017

Income Tax - As per the newly inserted section 94B through Finance Act 2017, there shall be a limit on the amount of interest deduction in certain specified cases. Provisions have been explained in this tax alert....

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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, 2017...

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Section 50CA: Implications of double taxation

Income Tax - The recently introduced Section 50CA of the Finance Act 2017 provides for adoption of the value to be determined as per the Rules, (for convenience sake referred to by me as FMV ) as the consideration for transfer of shares of a company which are not being quoted , where the actual consideration is lower than that....

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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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Download Taxation Laws (Amendment) Bill, 2017 As introduced in Lok Sabha

Income Tax - THE TAXATION LAWS (AMENDMENT) BILL, 2017 A BILL further to amend the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise Act, 1944, the Finance Act, 2001 and the Finance Act, 2005 and to repeal certain enactments....

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Download Finance Bill 2017 as passed by Lok Sabha

Income Tax - Lok Sabha passes  Finance bill 2017 on 22.03.2017 with 189 Amendments to following Acts and 9 related schedules:- Income Tax Act, 1961 and Rules Custom Act,1962 Excise Duty Act, 1944 Finance Act, 1994 The Indian Trusts Act, 1882 The Indian Post Office Act, 1898 The Reserve Bank Of India Act, 1934 The Representation Of The […]...

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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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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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Changes in Customs Act, 1962 – Proposed in Finance Bill, 2017

Circular No. 12/2017- Customs - (31/03/2017) - Kind reference is invited to proposals in the Finance Bill, 2017 relating to amendments in sections 46 and 47 of the Customs Act, 1962.These changes would come into effect upon enactment of the said Finance Bill....

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Recent Posts in "Budget 2017"

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. ...

Read More
Posted Under: Corporate Law |

Analysis of amendment in Section 10(38) by Finance Act, 2017 & Notification No. 43/2017

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Finance Act, 2017 amended section 10(38) of the Income-tax Act, 1961 (the Act) stating that long term capital gains from transfer of listed equity shares acquired on or after 01 October, 2004, would be exempt from tax under section 10(38) of the Act only if the Securities transaction Tax (STT) was paid at the time of acquisition of such s...

Read More
Posted Under: Corporate Law |

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 the same from the web portal specified by ...

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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....

Read More

Limit on Interest deduction- Section 94B wef 01.04.2017

As per the newly inserted section 94B through Finance Act 2017, there shall be a limit on the amount of interest deduction in certain specified cases. Provisions have been explained in this tax alert....

Read More
Posted Under: Corporate Law |

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 for each wrong certification or report....

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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, 2017...

Read More
Posted Under: Corporate Law |

Section 50CA: Implications of double taxation

The recently introduced Section 50CA of the Finance Act 2017 provides for adoption of the value to be determined as per the Rules, (for convenience sake referred to by me as FMV ) as the consideration for transfer of shares of a company which are not being quoted , where the actual consideration is lower than that....

Read More
Posted Under: Corporate Law |

Income Tax Compliance / Information at A Glance

I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Sch...

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

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...

Read More
Posted Under: Corporate Law |
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