Article disusses amendment in Custom duty carried out /; Proposed by union budget 2017 related to Amendments in Customs Act, 1962 / Customs Tariff Act, 1975, Legislative changes regarding Authority for Advance Ruling/ Settlement of Cases, Amendments affecting rates of BCD etc.
Changes in Tax rates & Surcharge: Existing Income Tax rates for Individual or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person having income of Rs. 2.5 lakhs to Rs. 5 lakhs is reduced to 5% from the present rate of 10%.
Budget 2017 proposes ro reduce existing threshold of cash payment to a person from twenty thousand rupees to ten thousand rupees in a single day; i.e any payment in cash above ten thousand rupees to a person in a day, shall not be allowed as deduction in computation of Income from Profits and gains of business or profession
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.
It is proposed to insert sub-section (3A) in section 71 to provide that set-off of loss under the head Income from house property”against any other head of income shall be restricted to two lakh rupees for any assessment year.
Clauses 120 to 128 of the Bill cover the amendments made to,- • Chapters V and VA of the Finance Act, 1994;• the Service Tax (Determination of Value) Rules, 2006; Other changes are being given effect to by inserting new entries, and amending/omitting existing entries in notification No. 25/2012-ST dated 20.6.2012 and by amending the CENVAT Credit Rules, 2004.
This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals) – 13, Chennai dated 15.09.2016 and pertains to the assessment year 2012-13.
Amidst expectation of this Budget to be the last Budget for present Indirect tax regime and July 1, 2017 marking GST advent, gist of the key anticipations which could be addressed are as follows:
Finance Minister Mr. Arun Jetley will be declaring the Finance Budget of 2017-18 on 1st February in the Loksabha. Every citizen of this country is curiously waiting for the Budget. The Budget has to face the problems like Elections, Demonetarization of currency etc. while it is presented.
ELSS is a type of diversified equity mutual fund (MF), which is qualified for tax exemption under section 80C of the Income Tax Act. Since it is an equity fund, returns from an ELSS fund reflect returns from the equity markets.
