In a bid to provide further impetus to the National Pension System (NPS), the following provisions have been introduced in the Finance Bill 2017 laid down in the Parliament today. Tax-exemption to partial withdrawal from National Pension System (NPS
Under the existing provisions of the Act, revenue expenditure incurred in cash exceeding certain monetary threshold is not allowable as per sub-section (3) of section 40A of the Act except in specified circumstances as referred to in Rule 6DD of the
Statuary provisions for deduction of tax at source (TDS) at higher rate of 20% or the applicable rate whichever is higher) in case of non-quoting of Permanent Account Number (PAN) is provided under section 206AA of the Act and it exist since April, 2
Rationalisation of section 211 and section 234C relating to advance taxSection 211 of the Act provides for instalments of advance tax and due dates for depositing the same. Clause (b) of sub-section (1) of the said section provides that an eligible a
Extending the period for claiming deduction by start-upsThe existing provisions of section 80-IAC, inter alia, provide that an eligible start-up shall be allowed a deduction of an amount equal to one hundred per cent of the profits and gains derived
Increasing the threshold limit for maintenance of books of accounts in case of Individuals and Hindu undivided family The existing provisions of clause (i) and clause (ii) of sub-section (2) of section 44AA of the Act cast an obligation on every pers
DIRECT TAXESA. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for the assessment year 2017-18. In respect of income of all categories of assessees liable to tax for the assessment year 2017-18, the rates of income-tax h
Shifting base year from 1981 to 2001 for computation of capital gainsThe existing provisions of section 55 provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of imp
Simplification of the provisions of tax deduction at source in case Fees for professional or technical services under section 194JThe existing provisions of sub-section (1) of section 194J of the Act, inter-alia provides that a specified person is re
Section 71 of the Act relates to set-off of loss from one head against income from another. In line with the international best practices it is proposed to insert sub-section (3A) in the said section to provide that set-off of loss under the head "In
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
