Budget Common Man - Page 2

No adjustment if variation between stamp duty value & sale consideration not exceeds 5%

Rationalization of section 43CA, section 50C and section 56. At present, while taxing income from capital gains (section 50C), business profits (section 43CA) and other sources (section 56) arising out of transactions in immovable property, the sale consideration or stamp duty value, whichever is higher is adopted. The difference is taxed...

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Posted Under: Income Tax |

Section 54EC only on Land & Building Transfer: Investment period 5 Years

It is proposed to amend the section 54EC so as to provide that capital gain arising from the transfer of a long-term capital asset, being land or building or both, invested in the long-term specified asset at any time within a period of six months after the date of such transfer, the capital gain shall not be charged to tax subject to cer...

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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....

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Posted Under: Income Tax |

Budget Highlights: Aam Adami Perspective

Rate of tax for all assessee Individual reduced from 10% to 5% in slab of Rs. 2,50,000 to Rs. 5,00,000. Introduction of Surcharge at 10% for assessee having income between Rs. 50 lacs to Rs. 1 Crore. Simplified form for filing income tax return to be announced which will be a one-page form only....

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Posted Under: Income Tax |

Budget 2017- New Benefits announced for NPS Subscribers

Existing provision of section 10(12A)of the Income Tax Act, 1961 provides that payment from National Pension System (NPS) to a subscriber on closurer of his account or opting out shall be exempt up to 40% of total corpus at time of withdrawal . ...

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Posted Under: Income Tax |

Threshold limit for maintaining books of accounts for Individual / HUF

It is proposed to amend the provisions of section 44AA to increase monetary limits of income and total sales or turn over or gross receipts, etc specified in said clauses for maintenance of books of accounts from one lakh twenty thousand rupees to two lakh fifty thousand rupees and from ten lakh rupees to twenty-five lakh rupees...

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Posted Under: Income Tax | ,

5 Budget 2017 Amendments you should know

This may affect very severely to jewelers, builders, purchase of agricultural produce. Unless, some categories are specifically exempted by Government by Notification. One important point being ‘one event or one occasion’ is covered. Thus, for marriage function, if payment is made in parts also to e.g. Caterer, exceeding Rs 3 lacs, it...

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Posted Under: Income Tax |

Budget 2017 proposes penalty on cash receipt exceeding Rs. 3 Lakh

In India, the quantum of domestic black money is huge which adversely affects the revenue of the Government creating a resource crunch for its various welfare programmes. Black money is generally transacted in cash and large amount of unaccounted wealth is stored and used in form of cash....

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Posted Under: Income Tax |

Tax Rate 5% for individual income between Rs 2.5 to Rs 5 lakh

FM reduced rate of taxation from existing 10 per cent to 5 per cent for individual assesses between income of Rs 2.5 lakhs to Rs 5 lakhs. This would reduce tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50 per cent of their existing liability....

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Posted Under: Income Tax | ,

Rebate allowable under Section 87A reduced to Rs. 2500

It is proposed to amend section 87A so as to reduce the maximum amount of rebate available under this section from existing Rs. 5000 to Rs. 2500. It is also proposed to provide that this rebate shall be available to only resident individuals whose total income does not exceed Rs. 3,50,000....

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Posted Under: Income Tax | ,

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