Others News

TDS rates reduced to 2% u/s 194J for call center business

02 February 2017 at 11:32

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

Posted in Others | 4284 Views

Restriction of Rs 2 lac on set-off of loss from House property

02 February 2017 at 11:27

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

Posted in Others | 3576 Views

Exemption for audit of accounts u/s 44AB increased to Rs 2 crore

02 February 2017 at 11:26

The existing provision of section 44AB of the Act, inter-alia provides that every person carrying on the business is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceeds one crore rupees. Th

Posted in Others | 5130 Views

Fee for delayed filing of income tax return

02 February 2017 at 11:23

In view of the non-intrusive information-driven approach for improving tax compliance and effective utilization of information in tax administration, it is important that the returns are filed within the due dates specified in section 139(1). Further

Posted in Others | 7 comments | 5346 Views

Deemed income reduced to 6% u/s 44AD

02 February 2017 at 11:21

The existing provisions of section 44AD of the Act, inter-alia, provides for a presumptive income scheme in case of eligible assesses carrying out eligible businesses. Under this scheme, in case of an eligible assessee engaged in eligible business ha

Posted in Others | 1 comments | 4002 Views

Rebate reduced to Rs 2500 under Section 87A

02 February 2017 at 11:20

The existing provisions of section 87A provide for a rebate up to Rs. 5000 from the income-tax payable to a resident individual if this total income does not exceed Rs. 5,00,000.�In view of proposed rationalisation of tax rates for individuals in the

Posted in Others | 2 comments | 3675 Views

Limits reduced to Rs 10000 from 20000 for cash expenses u/s 40A(3)

02 February 2017 at 11:19

Measures to discourage cash transactionsThe existing provision of sub-section (3) of Section 40A of the Act, provides that any expenditure in respect of which payment or aggregate of payments made to a person in a day, otherwise than by an account pa

Posted in Others | 6 comments | 21309 Views

Penalty on CA and professionals for furnishing incorrect information in statutory report or certificate

02 February 2017 at 11:14

The thrust of the Government in recent past is on voluntary compliance. Certification of various reports and certificates by a qualified professional has been provided in the Act to ensure that the information furnished by an assessee under the provi

Posted in Others | 1 comments | 5700 Views

ICAI reaction on Budget 2017

01 February 2017 at 18:43

February 1, 2017ICAI Press Release-Union Budget 2017Elimination of Black MoneyThe Finance Minister Mr. Arun Jaitley in his Budget Speech underlined that one of the main priorities of the Government is to eliminate black money component from the econo

Posted in Others | 6159 Views

Maximum Rs 2000 cash donation allowed to political party

01 February 2017 at 15:13

Budget's thrust on stimulating growth, relief to Middle Class, Affordable Housing, Curbing Black Money, promoting Digital Economy, transparency of Political Funding and simplification of Tax Administration Government committed to eliminate

Posted in Others | 2421 Views