SyNoPSIS of the FINaNce BILL, 2017

Size: px
Start display at page:

Download "SyNoPSIS of the FINaNce BILL, 2017"

Transcription

1 SyNoPSIS of the FINaNce BILL, 2017 By PaRaS KocHaR, advocate The following changes in the finance bill has been proposed by the Hon ble Finance Minister to the Income Tax Act, 1961 from TAX - (01) The exemption limit of individual and HUF has not been changed and shall be continue to be Rs.2,50,000/-.However, in case of senior citizens, it has been raised from Rs.2,50,000/- to Rs.3,00,000/-. (02) The rate of tax for Income between Rs.2.5 Lakh to Rs.5 Lakh has been reduced to 5% from 10%. (03) The rebate u/s 87A in respect of Income Tax subject to maximum amount of Rs.2,000/- is available if the total income does not exceed Rs.5,00,000/-. However, the total income has been proposed to be restricted to Rs.3,50,000/-. (04) The domestic companies having turn over not exceeding Rs.50 Crore will pay 25% instead of 30%. (05) 10% will be imposed on income between Rs.50 Lakh to Rs.1 Crore for all types of assessee. (06) MAT credit to be carried forward to 15 Years against the present norms of 10 years. DONATION - (07) The voluntary contribution made by one Charitable Trust etc. to another Trust etc registered u/s12aa of Income Tax Act, 1961, towards corpus, shall not be treated as application of income. A controversy has been resolved. (08) No deduction will be allowed u/s 80G, if the donation is made in cash exceeding Rs.2,000/-. The previous limit was Rs.10,000/-. 1

2 CAPITAL GAINS - (09) In case of transfer of listed shares by any person, the exemption from Long Term Capital Gain u/s 10(38) of the Income Tax Act, 1961, shall be available if STT has been paid at the time of acquisition of shares where such shares have been acquired after (10) In case of Joint Development Agreement (JDA), the capital gain shall be chargeable to Income Tax in the year in which the completion certificate for the whole or part of the project is issued and the stamp duty value on the date of issue of completion certificate shall be treated as consideration amount. The agreement should be registered. However, in case the assessee has transferred his share in the project on or before the completion date, the capital gain shall deemed to be income of the previous year in which such transfer takes place. This proposal applies only to individual or HUF. (11) In case of sale of shares of a company other than quoted shares by any assessee, the fair market value of such shares shall be deemed to be consideration value for the purpose of determining capital gain as per section 48. (12) The FMV as on shall be treated as cost of acquisition in case the capital assets has been acquired prior to for determination of indexed cost of acquisition. Previously, it was (13) Holding period of immovable property has been reduced from 36 months to 24 months. BUSINESS AND PROFESSION - (14) No payment exceeding Rs.10,000/- towards any expenditure shall be made u/s40a(3). Previously, it was Rs.20,000/-. (15) If an assessee incurs any expenditure for acquisition of any asset, by paying cash exceeding Rs.10,000/-, then such expenditure shall be ignored for the purpose of determination of actual cost of such asset (Section 43). SEARCH AND SEIZURE AND SURVEY - (16) The "reason to believe" as recorded by the Income Tax Authority as mentioned in section 132(1) for the purpose of conducting search and seizure operation shall not be disclosed to any person or any authority or Appellate Tribunal. 2

3 (17) During course of search and seizure made the authorised officer may provisionally attach any property belonging to the assessee within the specified period and subject to certain conditions. However, the provisional attachment will cease to have effect after expiry period of six months from the date of such order. (18) The charitable trusts have also been brought under ambit of survey u/s 133A w.e.f (19) The block period shall consist of beyond six assessment years in place of six years. The year of search will also be included in the block period. (20) If the assessing officer reveal from the books of accounts, documents, etc. in his possession that there is an escapement of income of more than Rs.50 lakhs or more in one year or in aggregate in the assessment year beyond block period but up to 10 years in form of assets such as immovable property, shares, deposits in bank accounts, loans and advances etc., he may issue notice u/s 153A for block assessment provided the search operation is made on or after TDS/TCS - (21) The tax at source shall be deducted by any individual or HUF responsible for paying rent exceeding Rs.50,000/- per month.the rate of TDS will be 5%. (22) The Tax at Source will be deducted in case of payment by mode other than in kind, in case of Joint Development Agreement. The rate of TDS will be 10%. (23) Any person paying any sum or amount on which tax is collectible at source shall furnish the PAN to the person collecting tax at source. If the person fails to give PAN, TCS will be twice the rate applicable or 5%, whichever is higher. The collector shall mention the PAN furnished by the collectee, in all its correspondence, bills, vouchers etc. related to collectee. RETURN AND ASSESSMENT - (24) In order to ensure timely filing of returns of income for the A.Y and onwards, it is proposed to levy a fee of delay in filing of return. In case the return is filed within 31st December, the fee will be Rs.5,000/- and if filed after 31st December, the fee will be Rs.10,000/- and the said fee will be paid along with self-assessment tax. However, if the return income is below Rs.5,00,000/-, the fee will be Rs.1,000/- only. 3

4 (25) The time limit for making scrutiny assessment for the A.Y shall be and for the A.Y shall be (26) Time period of revising return has been reduced to 12 Months. (27) The Form of Return of Income will be of one page for income below Rs.5 Lakh and without business income. MISC. PROPOSED CHANGES - (28) Any money, immovable property, specified movable property such as shares and securities, jewellery, bullion, etc. received without consideration or with inadequate consideration by any person subject to certain exemption and exceptions shall be taxable if the value exceeds Rs.50,000/-. (29) In case of loss under the head House Property, the said loss shall be set-off against other head of income to the extent of Rs.2,00,000/- only and the balance loss will be allowed to be carry forward to eight assessment years. (30) The books of accounts are required to be maintained if the turnover exceeds Rs.25 Lakh or Income exceeds Rs.2.5 Lakh. (31) For Presumptive Tax, Advance Tax is required to be paid only in one instalment i.e. before 15 th March. (32) No person shall receive an amount of Rs.3,00,000/- or more in aggregate from a person in a day in cash or in respect of a single transaction in cash or in respect of transaction in cash in relation to an event or occasion from a person. However, the restriction will not apply to following:- (Section 269ST) a. Bank, Government etc, b. receipt from sale of agriculture produce by an individual or HUF claiming agricultural income in respect of said produce, c. transaction of nature covered u/s 269SS such as loans or advances. In case of violation of above provisions, a penalty equal to such amount may be levied. (Section 271DA) 4

5 (33) If an accountant, a registered valuer or a merchant banker furnishes inaccurate information in a report or certificate, a penalty of Rs.10,000/- can be imposed on him. (34) Any assessee, other than domestic company and certain funds, trusts, institutions etc., deriving income from dividend in excess of Rs.10 Lacs shall be liable to pay tax on the gross 10% u/s 115BBDA (w.e.f ). x xxx x 5

FINANCE BILL 2017-DIRECT TAX PROPOSALS AT GLANCE

FINANCE BILL 2017-DIRECT TAX PROPOSALS AT GLANCE FINANCE BILL 2017-DIRECT TAX PROPOSALS AT GLANCE COMPILED BY: CA.ARUN GUPTA ca.arungupta77@gmail.com A. Rates of Taxes: 1. It is proposed to make the following changes in tax rates: In case of Resident

More information

CHANGES IN INCOME TAX BY UNION BUDGET 2017

CHANGES IN INCOME TAX BY UNION BUDGET 2017 CHANGES IN INCOME TAX BY UNION BUDGET 2017 CA SOHRABH JINDAL The Hon ble Finance Minister has announced the Union Budget 2017 on 1-2-2017. There are various changes in Law related to Income Tax. I have

More information

Major direct tax proposals in Finance Bill, 2017

Major direct tax proposals in Finance Bill, 2017 Major direct tax proposals in Finance Bill, 2017 Member firm Individual, HUF, BOI, AOP, AJP Tax Rates There is no change in the basic exemption limit for individuals/hufs. It is proposed to reduce the

More information

UNION BUDGET

UNION BUDGET UNION BUDGET 2017-18 Hon ble Prime Minister Narendra Modi has shown his determination to come heavily on tax evaders. He has also shown his commitment to eliminate high value cash transactions from the

More information

Total turnover/ Gross receipts 30% 30% of FY > Rs 50 Cr No change in rate of Surcharge

Total turnover/ Gross receipts 30% 30% of FY > Rs 50 Cr No change in rate of Surcharge 1. Income Tax Rates: Category of Income New rate of tax Old rate Taxpayer for FY 2017-18 of tax Individuals/ Upto Rs 2.5 L Nil Nil HUF/ BOI/ Rs 2.5 to 5 L 5% 10% AOP/ Rs 5 to 10 L 20% 20% Artificial Above

More information

MAJOR Income Tax Proposals in UNION BUDGET 2017

MAJOR Income Tax Proposals in UNION BUDGET 2017 MAJOR Income Tax Proposals in UNION BUDGET 2017 LUNAWAT & CO. Chartered Accountants 3 rd February 2017, Nehru Place CA. PRAMOD JAIN FCA, FCS, FCMA, LL.B, MIMA, DISA THE CRUX TIMELY FILING OF RETURNS No

More information

INCOME TAX PROPOSALS in UNION BUDGET 2017

INCOME TAX PROPOSALS in UNION BUDGET 2017 INCOME TAX PROPOSALS in UNION BUDGET 2017 LUNAWAT & CO. Chartered Accountants 10 th February 2017, Bhiwani CA. PRAMOD JAIN FCA, FCS, FCMA, LL.B, MIMA, DISA THE CRUX TIMELY FILING OF RETURNS No exemptions

More information

Income Tax Reckoner AY:

Income Tax Reckoner AY: 1. Rates of Income Tax Individuals having income > 5 Lacs* Individuals & Charitable Trust Senior Citizen (60 to 79) Very Senior citizen (80 and above) Rates Up to ` 2.00 Lacs Up to ` 2.50 Lacs Up to `

More information

Circular The Schedule of dates for filing income-tax returns is given below:

Circular The Schedule of dates for filing income-tax returns is given below: Circular-2012 To, July 14, 2012 Dear Sir(s)/Madam, Sub: Income-tax, Wealth-tax, Service-tax and TDS returns for Assessment Year 2012-13 and payment of advance-tax for Assessment Year 2013-14 -------------------------------------------------------

More information

JAYESH SANGHRAJKA & CO. LLP CHARTERED ACCOUNTANTS

JAYESH SANGHRAJKA & CO. LLP CHARTERED ACCOUNTANTS Income Tax Rates Applicable for Financial Year 2018-19 Status of Person Rate of Income Tax 1.Individual/HUF a. Income: Upto Rs. 2,50,000 Nil b. Income: Rs. 2,50,001 to Rs. 5,00,000 5% c. Income: Rs. 5,00,001

More information

As proposed in The Finance Bill, 2017 introduced by Finance Minister of India on 1 st February, 2017.

As proposed in The Finance Bill, 2017 introduced by Finance Minister of India on 1 st February, 2017. Budget 2017-18 Highlights for Non-Residents As proposed in The Finance Bill, 2017 introduced by Finance Minister of India on 1 st February, 2017. The Indian Budget has provisions affecting the taxability

More information

Income Tax Reckoner AY:

Income Tax Reckoner AY: General* 1. Rates of Income Tax Individuals & Charitable Trust, Senior Citizen (60 to 79) Very Senior citizen (80 and above) (Amount in `) Rates Up to ` 2.00 Lacs Up to ` 2.50 Lacs Up to ` 5.00 Lacs Nil

More information

Budget 2017 Important Tax Implications on Saturday, 18th February, 2017 at WIRC, BKC. CA Pritin Kumar CA Vishal Palwe CA Utpal Doshi

Budget 2017 Important Tax Implications on Saturday, 18th February, 2017 at WIRC, BKC. CA Pritin Kumar CA Vishal Palwe CA Utpal Doshi Budget 2017 Important Tax Implications on Saturday, 18th February, 2017 at WIRC, BKC CA Pritin Kumar CA Vishal Palwe CA Utpal Doshi 1 Corporate Taxation Corporate tax rate card Corporate tax rate Proposed

More information

(60-79 YEARS) NIL up to 250,000 up to 300,000 up to 500,000 20% 500,001 10,00, ,001 10,00, ,001 10,00,000

(60-79 YEARS) NIL up to 250,000 up to 300,000 up to 500,000 20% 500,001 10,00, ,001 10,00, ,001 10,00,000 Income Tax Rates (A. Y. 2019-20) For Individual/HUF : TAX RATE INDL/HUF/WOMEN SENIOR CITIZEN (60-79 YEARS) VERY SENIOR CITIZEN (80 YEARS ABOVE) NIL up to 250,000 up to 300,000 up to 500,000 5% 250,001

More information

Rates of Taxes. Rates for deduction of Income

Rates of Taxes. Rates for deduction of Income CA Mohan S. Phadke Rates of Taxes I. Rates of Income Tax in respect of income liable to tax for the assessment year 2013-14 a) In respect of income of all categories of assessees liable to tax for the

More information

AMENDMENTS FOR A.Y

AMENDMENTS FOR A.Y AMENDMENTS FOR A.Y. 18-19 Points to be noted before studying these amendments: 1. These amendments are introduced by the Finance Act, 2017. 2. Amendments have been summarized in the order of chapters in

More information

FINANCE BILL He has proposed to revise the tax slabs upwards as under:

FINANCE BILL He has proposed to revise the tax slabs upwards as under: FINANCE BILL - 2010 The 2 nd budget of the 2 nd UPA Government for the year 2010 2011 was presented by the finance minister on 26 th February 2010. The finance minister has attempted to balance his direct

More information

Budget Highlights

Budget Highlights Budget Highlights 2018-19 DIRECT TAX PROPOSALS Chartered Accountants 1 st Floor, Sapphire Business Centre, Above SBI Vadaj Branch, Usmanpura, Ashram Road, Ahmedabad-380013 Email: apcca@apcca.com Website:

More information

CHANGES IN INCOME TAX RETURN FORMS RELEVANT FOR A.Y

CHANGES IN INCOME TAX RETURN FORMS RELEVANT FOR A.Y CHANGES IN INCOME TAX RETURN FORMS RELEVANT FOR A.Y.2018-19 Subscribe to webcast https://www.youtube.com/channel/ucbmk3daybl-6unknzthwflq ASSESSMENT YEAR 2018-19 Matters which you must understand before

More information

PROPOSED AMENDMENTS FOR INCOME TAX IN FINANCE BILL, 2018 - By PARAS KOCHAR, Advocate NO CHANGE IN PERSONAL INCOME TAX. Education Cess and Secondary and Higher Education Cess shall be discontinued and a

More information

Important provisions relating to Domestic Tax Finance Bill 2017

Important provisions relating to Domestic Tax Finance Bill 2017 Important provisions relating to Domestic Tax Finance Bill 2017 Chamber of Tax Consultants Pune CA N. C. Hegde March 4 2017 2016 Deloitte Haskins & Sells LLP Presentation title 1 [To edit, click View >

More information

VOLUNTARY DISCLOSURE SCHEME [CA P N SHAH]

VOLUNTARY DISCLOSURE SCHEME [CA P N SHAH] VOLUNTARY DISCLOSURE SCHEME [CA P N SHAH] 1 BACK GROUND In his Budget Speech on 29 th February, 2016, the Finance Minister has listed 9 objectives for his tax proposals. One of the objectives relates to

More information

A23 A24 A25 A26 B1 B2 B3 B5 In response to notice under section In response to notice under section 153A/ 153C 7 In pursuance of an order of the

A23 A24 A25 A26 B1 B2 B3 B5 In response to notice under section In response to notice under section 153A/ 153C 7 In pursuance of an order of the Every firm shall furnish the return where income from business or profession is computed in accordance with section 44AD, 44ADA or 44AE. Item by Item Instructions Item A1-A3 A4 A5 A6 A7 A8-A14 A15 A16

More information

Web:

Web: PRESENTED ON 1st FEB 2017 HIGHLIGHTS 1 A Rates of Income-tax Rates of income-tax in respect of income liable to tax for the assessment year 2017-18. Rates for deduction of income-tax at source during the

More information

TAX GUIDE F.Y (A.Y ) Further information can be obtained from: KANTILAL PATEL & CO.

TAX GUIDE F.Y (A.Y ) Further information can be obtained from: KANTILAL PATEL & CO. TAX GUIDE - 2011 F.Y. 2011-2012 (A.Y. 2012-2013) Further information can be obtained from: KANTILAL PATEL & CO. 202, Paritosh, Usmanpura (River Front) Ahmedabad 380 013 Tele. No.: 27551333 / 27752333 E-mail:

More information

Interim Union Budget 2019 & Important changes for AY CA. PRAMOD JAIN B. COM (H), FCA, FCS, FCMA, LL.B, MIMA, DISA, IP

Interim Union Budget 2019 & Important changes for AY CA. PRAMOD JAIN B. COM (H), FCA, FCS, FCMA, LL.B, MIMA, DISA, IP Interim Union Budget 2019 & Important changes for AY 2019-20 CA. PRAMOD JAIN B. COM (H), FCA, FCS, FCMA, LL.B, MIMA, DISA, IP Shared at Nehru Place CPE Study Circle of NIRC of ICAI 7 th February 2019 INCOME

More information

Key Changes In ITR Forms For Assessment Year

Key Changes In ITR Forms For Assessment Year Key Changes In ITR For Assessment Year 2017-18 Background The Central Board of Direct Taxes (CBDT) has notified revised Income-tax Returns (ITR) forms for Assessment Year (AY) 2017-18 on 31 st March 2017.

More information

ALL GUJARAT FEDERATION OF TAX CONSULTANTS

ALL GUJARAT FEDERATION OF TAX CONSULTANTS ALL GUJARAT FEDERATION OF TAX CONSULTANTS PRE-BUDGET MEMORANDUM FOR 2015-16 1. Section 2(22)(e) : Deemed Dividend As per the present provision, even if advance or loan is given to a share holder for one

More information

T. P. Ostwal & Associates (Regd.) Key Budget Proposal Budget 2012 CHARTERED ACCOUNTANTS

T. P. Ostwal & Associates (Regd.) Key Budget Proposal Budget 2012 CHARTERED ACCOUNTANTS IMPORTANT AMENDMENTS & MAJOR DIRECT TAX PROPOSALS IN FINANCE BILL, 2012 CORPORATE TAX No change in the head corporate tax. Extension of sunset date for tax holiday for power sector to 2013; Initial depreciation

More information

Tax Deduction at Source FY (AY )

Tax Deduction at Source FY (AY ) Tax Deduction at Source FY 2017-18 (AY 2018-19) CA Pranjal Joshi M.com, F.C.A., DipIFR (ACCA-UK), Cert. Business Valuation (ICAI) M/s Pranjal Joshi & Co Chartered Accountants TDS introduction - Income

More information

LATEST IN INCOME TAX. LUNAWAT & CO. Chartered Accountants CA. PRAMOD JAIN. (From Businessmen s Point of View) 3 rd June, Phagwara

LATEST IN INCOME TAX. LUNAWAT & CO. Chartered Accountants CA. PRAMOD JAIN. (From Businessmen s Point of View) 3 rd June, Phagwara LATEST IN INCOME TAX (From Businessmen s Point of View) LUNAWAT & CO. Chartered Accountants 3 rd June, Phagwara CA. PRAMOD JAIN FCA, FCS, FCMA, LL.B, MIMA, DISA AGENDA Lunawat & Co. PAN Quoting AIR Reporting

More information

2.f List of benefits available to Small Businessmen [AY ] S.N. Particulars Section Benefits/Deductions allowed

2.f List of benefits available to Small Businessmen [AY ] S.N. Particulars Section Benefits/Deductions allowed 2.f List of benefits available to Small Businessmen [AY 2017 18] S.N. Particulars Section Benefits/Deductions allowed A. Presumptive Taxation Scheme 1. Computation of income from eligible business on presumptive

More information

FB.COM/SUPERWHIZZ4U Income Tax Amendment for the Assessment

FB.COM/SUPERWHIZZ4U Income Tax Amendment for the Assessment FB.COM/SUPERWHIZZ4U Income Tax Amendment for the Assessment Year 2014-15 - SIPOY SATISH Highlights of Change in Direct Taxes in the Union Budget 2013 1. Rate of Income Tax for Individual a) Slab Rate Assessment

More information

W S & Co. Contact us FCA Shipra Walia Domestic & International Tax Advisor

W S & Co. Contact us FCA Shipra Walia Domestic & International Tax Advisor Contact us FCA Shipra Walia Domestic & International Tax Advisor www.wsco.in www.shiprawalia.in mail:info@wsco.in Individuals, HUF, AOP, BOI 1. No change in Tax Rate (a) For a resident senior citizen (who

More information

Amendment of Direct Tax Dhruv Coaching Classes Pvt. Ltd. CMA Akshay Sen Direct Tax

Amendment of Direct Tax Dhruv Coaching Classes Pvt. Ltd. CMA Akshay Sen Direct Tax 1 Direct Tax (AMENDMENTS) Finance Act, 2017 For CMA Inter & Final (June-18 & Dec-18 Exam.) By CMA AKSHAY SEN Dhruv Coaching Classes Pvt. Ltd. A1-A2,opposite Saras Dairy,Janta Store, Jaipur E-mail-dhruvcoachingclasses@gmail.com

More information

Budget Presented For: Klaus Vogel Group Presented By: Mr. Kuntal Dave Date: March 8, 2013

Budget Presented For: Klaus Vogel Group Presented By: Mr. Kuntal Dave Date: March 8, 2013 Budget 2013 Presented For: Klaus Vogel Group Presented By: Mr. Kuntal Dave Date: March 8, 2013 Index Direct Tax Proposals Implications of amendments proposed in the Finance Bill, 2013 2 Direct Tax Proposals

More information

ARTICLE. On Finance Bill (Budget) Proposals 2013 Income Tax Act, 1961 By CA. SATISH AGARWAL

ARTICLE. On Finance Bill (Budget) Proposals 2013 Income Tax Act, 1961 By CA. SATISH AGARWAL ARTICLE On Finance Bill (Budget) Proposals 0 Income Tax Act, 96 By CA. SATISH AGARWAL Mobile : +99808957 Phone : +95769 Office : 9/4, East Patel Nagar, (Near Jaypee Sidharthe Hotel) New Delhi - 0008 :

More information

Budget 2017 Synopsis Part II Analysis of Rupiya

Budget 2017 Synopsis Part II Analysis of Rupiya Budget 2017 Synopsis Part II Analysis of Rupiya Facts & Findings: Out of 125 crore Indians only 15% ie 19 crore pay income tax % of Taxpayers (Out of 19 Crore) % Contribution To Tax Revenue 01% 26% 1%

More information

Finance Bill, 2015 Direct Tax Highlights

Finance Bill, 2015 Direct Tax Highlights Finance Bill, 2015 Direct Tax Highlights Bansi S. Mehta & Co. All the following amendment are made effective from Assessment Years 2016-17, unless specifically mentioned otherwise. I - Residential Status,

More information

Instructions for filling ITR-1 SAHAJ A.Y

Instructions for filling ITR-1 SAHAJ A.Y Instructions for filling ITR-1 SAHAJ A.Y. 2018-19 General Instructions These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant

More information

Finance (No. 2) Bill 2014

Finance (No. 2) Bill 2014 Finance (No. 2) Bill 2014 Proposed Income Tax Amendments Mr. R.N. LAKHOTIA Leading Income Tax Consultant & Author The Finance Minister presented the Finance (No.2) Bill 2014 along with the Union Budget

More information

INDIA BUDGET 2016 SUMMARY OF IMPORTANT PROPOSED AMENDMENTS.

INDIA BUDGET 2016 SUMMARY OF IMPORTANT PROPOSED AMENDMENTS. INDIA BUDGET 2016 SUMMARY OF IMPORTANT PROPOSED AMENDMENTS. Income Tax Amendment - Personal SN Description Impact Author remarks 1 For Income more than one crore surcharge Negative More tax from super

More information

SURENDER KR. SINGHAL & CO

SURENDER KR. SINGHAL & CO PROPOSED TAX RATES FOR FINANCIAL YEAR 2016-17 A. Y. 2017-18 Income Tax Rates for Individuals, HUF Individuals, Hindu Undivided Families (HUF) and Artificial Jurisdictional Person: Net Income Range Income

More information

25 Penalties Introduction Penalties

25 Penalties Introduction Penalties 25 Penalties 25.1 Introduction The Income-tax Act, 1961 provides for the imposition of a penalty on an assessee who wilfully commits any offence under the provisions of the Act. Penalty is levied over

More information

Income Tax Budget Analysis

Income Tax Budget Analysis --- 2014 --- Income Tax Budget Analysis (For Private Circulation Only) Surana Maloo & Co. Chartered Accountants 2 nd Floor, Aakash Ganga Complex, Parimal Under Bridge, Nr Suvidha Shopping Center, Paldi,

More information

Instructions for filling ITR-4 SUGAM A.Y

Instructions for filling ITR-4 SUGAM A.Y Instructions for filling ITR-4 SUGAM A.Y. 2017-18 General Instructions These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant

More information

Instructions for SUGAM Income Tax Return AY

Instructions for SUGAM Income Tax Return AY Instructions for SUGAM Income Tax Return AY 2016-17 1. General Instructions These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant

More information

A GLANCE AT CA R. K. VYAS CA C.R. CHANDAK

A GLANCE AT CA R. K. VYAS CA C.R. CHANDAK FOR PRIVATE CIRCULATION ONLY A GLANCE AT BUDGET PROPOSALS 2017-2018 CA R. K. VYAS CA C.R. CHANDAK VPC & ASSOCIATES, Chartered Accountants MERCANTILE BUILDING, BLOCK E, 4 TH FLOOR 9/12, LAL BAZAR STREET,

More information

For J B Nagar Study Circle Meeting

For J B Nagar Study Circle Meeting For J B Nagar Study Circle Meeting Nature of income Individual and HUF ITR 1* (Sahaj) ITR 2 ITR 3 ITR 4 Income from salary/pension (for ordinarily resident person) Income from salary/pension (for not ordinarily

More information

For Private Circulation Only Lunawat & Co. All Rights Reserved. Disclaimer :

For Private Circulation Only Lunawat & Co. All Rights Reserved. Disclaimer : For Private Circulation Only 2017 Lunawat & Co. All Rights Reserved Disclaimer : Information in this document is intended to provide only a general outline of the subjects covered. We recommend that you

More information

DIRECT TAX PROPOSALS OF UNION BUDGET 2012

DIRECT TAX PROPOSALS OF UNION BUDGET 2012 DIRECT TAX PROPOSALS OF UNION BUDGET 2012 WWW.ITRVAULT.IN ITR VAULT is your one stop solution to store, save, extract, send and print all your important documents. Searching for the required documents

More information

Tax essentials for Individuals

Tax essentials for Individuals Tax Rates The income tax rates are: Taxable Income for Men & Rate Taxable Income for Senior Rate Women Citizen Up to Rs. 2,00,000 Nil Up to Rs. 2,50,000 Nil 2,00,001 to 5,00,000 10% 2,50,001 to 5,00,000

More information

TCS Provision at a Glance for FY

TCS Provision at a Glance for FY TCS Provision at a Glance for FY 2017-18 Who is Liable to Collect TCS As per Section 206C(1), Every Person being a seller of Goods of nature specified in table below shall, At the time of debiting to the

More information

R-2. Amendments at a glance

R-2. Amendments at a glance R-2 Amendments at a glance Effected by the Finance ACT, 2018 $ Tax rates 0.11 Tax rates for the assessment years 2018-19 and 2019-20 are given in Referencer 1. 0.11-1 Income-tax - The following are the

More information

Tax is imposition financial charge or other levy upon a taxpayer by a state or other the functional equivalent of the state.

Tax is imposition financial charge or other levy upon a taxpayer by a state or other the functional equivalent of the state. 1. What is Tax What is Tax? Tax is imposition financial charge or other levy upon a taxpayer by a state or other the functional equivalent of the state. How many Types of Taxes are there and what are they?

More information

By CA. HARANAATH BAABU A.V. Chartered Accountant Partner Haranath & Associates 7/1 Arundelpet Guntur

By CA. HARANAATH BAABU A.V. Chartered Accountant Partner Haranath & Associates 7/1 Arundelpet Guntur By CA. HARANAATH BAABU A.V. Chartered Accountant Partner Haranath & Associates 7/1 Arundelpet Guntur 9885678619 sriharipriyawithu@gmail.com 1 NAVIGATION 1) Importance for CORRECT filing of ITR 2) ITR Forms

More information

IMPORTANT AMENDMENTS OF THE FINANCE ACT, /6/2011 Lecture Meeting of BCAS - C.A.Vipul Gandhi

IMPORTANT AMENDMENTS OF THE FINANCE ACT, /6/2011 Lecture Meeting of BCAS - C.A.Vipul Gandhi IMPORTANT AMENDMENTS OF THE FINANCE ACT,2010 22/6/2011 Lecture Meeting of BCAS - C.A.Vipul Gandhi 1 TAX RATES AND SLABS OF INCOME TAX RATES FOR INDIVIDUAL,HUF,AOP & BOI, ARTIFICIAL JUDICIAL PERSON U/S

More information

As proposed in The Finance Bill, 2016 introduced by Finance Minister of India on 29th February, 2016.

As proposed in The Finance Bill, 2016 introduced by Finance Minister of India on 29th February, 2016. 1 Budget 2016-2017 Highlights for Non-Residents As proposed in The Finance Bill, 2016 introduced by Finance Minister of India on 29th February, 2016. The Indian Budget presented by the Finance Minister

More information

IMPORTANT CHANGES IN INCOME TAX RETURN (ITR) FORMS FOR AY by CA Sudin Sabnis

IMPORTANT CHANGES IN INCOME TAX RETURN (ITR) FORMS FOR AY by CA Sudin Sabnis IMPORTANT CHANGES IN INCOME TAX RETURN (ITR) FORMS FOR AY 2018-19 by CA Sudin Sabnis Why filing correct Income Tax Return is important Law of the land Losses and Tax holiday Refunds Stich in time saves

More information

RESTRICTION ON CASH TRANSACTIONS UNDER INCOME TAX ACT

RESTRICTION ON CASH TRANSACTIONS UNDER INCOME TAX ACT RESTRICTION ON CASH TRANSACTIONS UNDER INCOME TAX ACT CMA NIRANJAN SWAIN Senior General Manager (Finance), Odisha Power Generation Corporation Ltd Slowly and gradually, the Indian economy is getting digitized

More information

PAN intimation, AIR reporting & recent changes in TCS. D K Bholusaria

PAN intimation, AIR reporting & recent changes in TCS. D K Bholusaria PAN intimation, AIR reporting & recent changes in TCS D K Bholusaria dk@bholusaria.com Today s Goal! Understanding background Section 139A(5) and 285BA(1) Rule 114B~114E Changes as compared to previous

More information

SAMVIT ACADEMY IPCC MOCK EXAM

SAMVIT ACADEMY IPCC MOCK EXAM Disclaimer (Read carefully) SUGGESTED ANSWERS - Group 1 Taxation (Code GST) The answers given below are prepared by the faculty of Samvit Academy as per their views and experience. The working notes, notes

More information

Salient features of Direct Tax Proposals of Union Budget 2011

Salient features of Direct Tax Proposals of Union Budget 2011 Salient features of Direct Tax Proposals of Union Budget 2011 RATES OF INCOME-TAX FOR THE ASSESSMENT YEAR 2012-13 o Tax slab rates have been changed for individuals and HUF, which is given by way of a

More information

Key changes / amendments to take effect from June 1, 2016

Key changes / amendments to take effect from June 1, 2016 1. Equalisation Levy Section 10 Key changes / amendments to take effect from June 1, 2016 Under section 10, a new Clause 50 has been inserted that provides for exemption of income from specified services

More information

TDS Seminar for Residents Welfare Associations

TDS Seminar for Residents Welfare Associations TDS Seminar for Residents Welfare Associations 27 th July 2018 What is TDS? Mode of quick and efficient collection of taxes Tax deducted at the point of generation of income Tax deducted by the payer &

More information

Supplement Income Tax Act as Amended by the Finance Act, 2013 (As Applicable for Assessment Year )

Supplement Income Tax Act as Amended by the Finance Act, 2013 (As Applicable for Assessment Year ) INCOME TAX Supplement Income Tax Act as Amended by the Finance Act, 2013 (As Applicable for Assessment Year 2014-15) Tax Rates The for the Assessment Year 2014-15 (Previous Year 1 April 2013-31 March 14)

More information

Tax essentials for Individuals

Tax essentials for Individuals Tax Rates The income tax rates are: Taxable Income for Men Rate Taxable Income for Women Rate Up to Rs. 1,80,000 Nil Up to Rs. 1,90,000 Nil 1,80,001 to 5,00,000 10% 1,90,001 to 5,00,000 10% 5,00,001 to

More information

Failure to furnish returns, comply with notices, concealment of income, etc.

Failure to furnish returns, comply with notices, concealment of income, etc. Failure to furnish returns, comply with notices, concealment of income, etc. 271. (1) If the Assessing Officer or the Commissioner (Appeals) or the [Principal Commissioner or] Commissioner in the course

More information

PAN Quoting and AIR Reporting

PAN Quoting and AIR Reporting PAN Quoting and AIR Reporting LUNAWAT & CO. Chartered Accountants 20 th February 2016, North Campus CA. PRAMOD JAIN FCA, FCS, FCMA, LL.B, MIMA, DISA MANDATORY TO APPLY PAN Total Income exceeds maximum

More information

Income Tax Act DIVISION ONE 1 DIVISION TWO 2

Income Tax Act DIVISION ONE 1 DIVISION TWO 2 Income Tax Act SECTION DIVISION ONE 1 Income-tax Act, 1961 Arrangement of Sections I-3 Text of the Income-tax Act, 1961 as amended by the Finance (No. 2) Act, 2014 1.1 Appendix : Text of remaining provisions

More information

Marking Scheme. Session TAXATION (782) CLASS XII. Total marks: 100 Theory: 60 Marks Practical: 40 Marks. 1 Deduction From Gross Total Income

Marking Scheme. Session TAXATION (782) CLASS XII. Total marks: 100 Theory: 60 Marks Practical: 40 Marks. 1 Deduction From Gross Total Income Marking Scheme Session 2018-19 TAXATION (782) CLASS XII Total marks: 100 Theory: 60 Marks Practical: 40 Marks UNITS UNIT NAME TOTAL 1 Deduction From Gross Total Income 2 Computation Of Ta x Liability Of

More information

downloaded fromhttp://

downloaded fromhttp:// INCOME TAX Section Subject w.e.f. Changes 2(15) Charitable purpose 01-04-2009 AY 2009-10 section 2(15) would now include preservation of environment (including watersheds, forests and wildlife) and preservation

More information

CHANGES IN ITR FORMS FOR A.Y Presented by: CA. Sanjay K. Agarwal

CHANGES IN ITR FORMS FOR A.Y Presented by: CA. Sanjay K. Agarwal CHANGES IN ITR FORMS FOR A.Y. 2018-19 1 Presented by: CA. Sanjay K. Agarwal Email: agarwal.s.ca@gmail.com TYPES OF INCOME TAX FORMS: FORM(s) ITR 1 ITR 2 ITR 3 ITR 4 PARTICULAR For individuals being a resident

More information

CA Final Paper 7 Direct Tax Laws Chapter 21 CA. Subodh Shah

CA Final Paper 7 Direct Tax Laws Chapter 21 CA. Subodh Shah CA Final Paper 7 Direct Tax Laws Chapter 21 CA. Subodh Shah Filing of returns Who & When Belated returns Revised Returns Defective Returns PAN Tax Return Preparer Scheme 2 Section 139(1) Who is required

More information

2 TAXATION & INVESTMENT REGIME FOR PRADHAN MANTRI GARIB KALYAN YOJANA, 2016 (PMGKY)

2 TAXATION & INVESTMENT REGIME FOR PRADHAN MANTRI GARIB KALYAN YOJANA, 2016 (PMGKY) CONTENTS u Chapter-heads I-5 u Taxation of Deposit of Demonetized Rs. 500/- & Rs. 1000/- Notes I-25 u Tax Tables I-33 1 BACKDROP 1.1 Demonetisation of old Rs. 500/Rs. 1000 notes with effect from 9-11-2016

More information

Chapter 8 Income under the Head "Income from Other Sources"

Chapter 8 Income under the Head Income from Other Sources Chapter 8 Income under the Head "Income from Other Sources" 1. Basis of Charge Section 56(1) Income of every kind which is not exempt shall be chargeable to income-tax under the head "Income from Other

More information

ADVANCED TAX LAWS AND PRACTICE UPDATES APPLICABLE FOR JUNE 2013 EXAMINATION FOR PROFESSIONAL PROGRAMME

ADVANCED TAX LAWS AND PRACTICE UPDATES APPLICABLE FOR JUNE 2013 EXAMINATION FOR PROFESSIONAL PROGRAMME ADVANCED TAX LAWS AND PRACTICE UPDATES APPLICABLE FOR JUNE 2013 EXAMINATION FOR PROFESSIONAL PROGRAMME Disclaimer- This document has been prepared purely for academic purposes only and it does not necessarily

More information

RECENT AMENDMENTS COMPUTATION OF TAX HOW TO COMPUTE REGULAR TAX

RECENT AMENDMENTS COMPUTATION OF TAX HOW TO COMPUTE REGULAR TAX RECENT AMENDMENTS The amendments as applicable to AY 2014-15 are given below. These amendments have been incorporated at all relevant places in this book. For any clarification / suggestion, please feel

More information

Time allowed : 3 hours Maximum marks : 100. Total number of questions : 8 Total number of printed pages : 6

Time allowed : 3 hours Maximum marks : 100. Total number of questions : 8 Total number of printed pages : 6 : 1 : 223 RollNo... Time allowed : 3 hours Maximum marks : 100 Total number of questions : 8 Total number of printed pages : 6 NOTE : All references to sections mentioned in Part-A of the Question Paper

More information

Insight of Few Sections

Insight of Few Sections Insight of Few Sections Relevant for Handling Income Tax Assessments - C.A. Mehul Thakker SECTION 2(14) SECTION 2(14) CAPITAL ASSET [W.E.F A.Y.2014-15] Modification in parameters defining scope of land

More information

Assessment Year

Assessment Year Assessment Year 2016-2017 Income Income Income Income Income From Salaries from Capital Gains from Business and Profession from House Property from Other Sources Individual/HUF Firm Company Trust AOP/BOI/Co-op

More information

CHAPTER 1: BASIC CONCEPTS AND CALCULATION OF INCOME TAX

CHAPTER 1: BASIC CONCEPTS AND CALCULATION OF INCOME TAX CHAPTER 1: BASIC CONCEPTS AND CALCULATION OF INCOME TAX (1) TAX RATES FOR INDIVIDUAL, HUF, AOP, BOI AND AJP: The slabs rates for the AY 2018-2019 i.e. PY 2017-2018 are as follows: Total Income Range Basic

More information

Section - 271, Income-tax Act,

Section - 271, Income-tax Act, 1 of 7 29-Feb-16 2:37 PM Section - 271, Income-tax Act, 1961-2015 35 [Failure to furnish returns, comply with notices, concealment of income, etc. 36 271. 36a (1) If the 37 [Assessing] Officer or the 38

More information

Unit 11: COMPUTATION OF TAX

Unit 11: COMPUTATION OF TAX Unit 11: COMPUTATION OF TAX HOW TO COMPUTE TAX PAYABLE Once the net taxable income is computed, the next step is to compute the final tax payable. The final tax payable is computed as follows: (1) Taxable

More information

Area/locality; Town/City/District; State; Country. Pin code is mandatory. Tick mark the appropriate box for residential status. For non-residents cert

Area/locality; Town/City/District; State; Country. Pin code is mandatory. Tick mark the appropriate box for residential status. For non-residents cert (ii) (iii) (iv) by furnishing the return electronically under digital signature; by transmitting the data in the return electronically under electronic verification code; by transmitting the data in the

More information

Total Income 17,60, Rounded off u/s 288A 17,60, Computation of Tax Liability

Total Income 17,60, Rounded off u/s 288A 17,60, Computation of Tax Liability (iii) CORRECTION IN INCOME TAX VOLUME 2 PAGE NO. 29 & 30 As per the provisions of section 47, transfer by way of conversion of bonds into shares is not regarded as transfer for the purpose of capital gains.

More information

1

1 TAX & LEGAL & GENERAL INFORMATION A. Taxation on investing in Mutual Funds As per the taxation laws in force as at the date of this Scheme Information Document and the enactment of Finance Bill 2008,,the

More information

GLIMPSE INTO AMENDMENTS BY THE FINANCE ACT, 2015 TO INCOME TAX ACT, Amendments w.e.f

GLIMPSE INTO AMENDMENTS BY THE FINANCE ACT, 2015 TO INCOME TAX ACT, Amendments w.e.f GLIMPSE INTO AMENDMENTS BY THE FINANCE ACT, 2015 TO INCOME TAX ACT, 1961 Amendments w.e.f 1.4.2015 SN Section Provision 1 4(1) {r/w Sec. 2(4) of the Finance Act, 2015} {Surcharge} In cases in which tax

More information

A BUDGET FOR A Y From the desk of - B.L. Tulsian Advocate. R. Tulsian & Co LLP Chartered Accountants.

A BUDGET FOR A Y From the desk of - B.L. Tulsian Advocate. R. Tulsian & Co LLP Chartered Accountants. A BUDGET A N A L Y S I S FOR A Y 2020-21 From the desk of - B.L. Tulsian Advocate R. Tulsian & Co LLP Chartered Accountants www.rtulsian.com Page2 Contents Amendment of Section 16... 3 Amendment to Section

More information

Taxation Laws & Property

Taxation Laws & Property & Property Service Tax Applicable only on purchase of under construction properties w.e.f. 1.7.2010 Property is under construction till builder receives Completion Certificate (CC). Service Tax NA if full

More information

T.D.S/T.C.S AT GLANCE FOR A.Y

T.D.S/T.C.S AT GLANCE FOR A.Y T.D.S/T.C.S AT GLANCE FOR A.Y. 2012-2013 Tax Deducted at Source (TDS) was introduced to facilitate the payment of Tax while receiving the income and it follows the concept Pay as you Earn. The tax deducted

More information

UNION BUDGET 2018 AMENDMENTS

UNION BUDGET 2018 AMENDMENTS INCOME TAX RATES UNION BUDGET 2018 AMENDMENTS FOR INDUVIDUALS, HUF, AOP AND BOI Total Income up to 2,50,000 - NIL Total Income from 2,50,000 to 5,00,000-5% Total Income from 5,00,000 to 10,00,000-20% Total

More information

SUNIL CHOPRA & CO. Chartered Accountants

SUNIL CHOPRA & CO. Chartered Accountants 2016-2017 SUNIL CHOPRA & CO. Chartered Accountants 3, 1 st Floor, Mandar, 193, Turner Road, Bandra (W), Mumbai 400050 Tel: 26515394 / 95, Fax: 26515438 Email: sccoca@gmail.com UNION BUDGET 2016-17 Our

More information

A DISCUSSION PAPER ON CHAPTER III DIRECT TAXES OF FINANCE BILL, 2017 FEBRUARY 2017.

A DISCUSSION PAPER ON CHAPTER III DIRECT TAXES OF FINANCE BILL, 2017 FEBRUARY 2017. A DISCUSSION PAPER ON CHAPTER III DIRECT TAXES OF FINANCE BILL, 2017 FEBRUARY 2017. By CA. V. Vivek Rajan, B. Com, ACA Introduction- Thanking everyone for the response to our Discussion Paper of 2016 The

More information

Basics of Income Tax

Basics of Income Tax CHAPTER : Basics of Income Tax CONCEPT 1: Short Title, Extent and Commencement [Section 1] a) Short title : Income Tax Act 1961 b) Extent : Whole of India c) Commencement : 1 st April, 1962 CONCEPT 2:

More information

INCOME-TAX AND BASED ON FINANCE ACT, FINANCE ACT, 2007 WITH NOTES 49 I.T. NOTES 69 I.T. NOTES 97 I.T. NOTES I.T. NOTES 139 I.T.

INCOME-TAX AND BASED ON FINANCE ACT, FINANCE ACT, 2007 WITH NOTES 49 I.T. NOTES 69 I.T. NOTES 97 I.T. NOTES I.T. NOTES 139 I.T. EHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR VG.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA

More information

CA. PRAMOD JAIN. B. COM (H), FCA, FCS, FCMA, LL.B, MIMA, DISA Shared at Laxmi Nagar CPE Study Circle of NIRC of ICAI 16 th February 2018

CA. PRAMOD JAIN. B. COM (H), FCA, FCS, FCMA, LL.B, MIMA, DISA Shared at Laxmi Nagar CPE Study Circle of NIRC of ICAI 16 th February 2018 Union Budget 2018 CA. PRAMOD JAIN B. COM (H), FCA, FCS, FCMA, LL.B, MIMA, DISA Shared at Laxmi Nagar CPE Study Circle of NIRC of ICAI 16 th February 2018 INCOME TAX PROPOSALS TAX RATES No change in tax

More information

UNION BUDGET Santhappa & Co., Chartered Accountants

UNION BUDGET Santhappa & Co., Chartered Accountants UNION BUDGET 2018 Santhappa & Co., Chartered Accountants BUDGET 2018 INTRODUCTION ECONOMIC SURVEY DIRECT TAXES SLAB RATES FOR INDIVIDUALS/HUF AND COMPANIES INCOME FROM SALARIES INCOME FROM BUSINESS OR

More information

Appeal, Set comm., DRP Etc Mock Test IGP-CS CA Vivek Gaba

Appeal, Set comm., DRP Etc Mock Test IGP-CS CA Vivek Gaba 1. Taking full advantage of loopholes of law so as to attract least incidence of tax is known as a) Tax planning b) Tax evasion c) Tax avoidance d) Tax management 2. Which is the relevant Form No. for

More information

INCOME TAX TEST 3 SOLUTIONS

INCOME TAX TEST 3 SOLUTIONS Question 1 Computation of Total Income of Mr. Suraj Particulars Rs. Rs. Income from House Property (WN-1) Profits and gains from business or profession (WN-2) Capital gains -Short term capital loss (WN-3)

More information