Community & General News

No proposal to levy 5% service tax on healthcare services says Govt

14 February 2017 at 10:45

Central Government clarifies that there is no proposal in the Union Budget 2017-18 to levy 5% service tax on healthcare services The Central Government has clarified that there is NO proposal in the Union Budget 2017-18 to levy 5% Service Tax on Heal

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First Part of Budget Session 2017 of Parliament concludes

10 February 2017 at 10:39

The Budget Session, 2017 of Parliament commenced on Tuesday, 31st January, 2017 and subject to exigencies of government business, will be adjourned sine die on Wednesday, 12th April, 2017. Both the Houses have been adjourned for recess for a period o

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ICSI welcomes Union Budget 2017-18

03 February 2017 at 10:34

CS (Dr.) Shyam Agrawal, President, ICSI welcomes Union Budget 2017-18 with a focus on stimulating growth, providing relief to middle class, affordable housing, curbing black money, promoting digital economy, transparency in electoral funding and simp

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New Benefits announced for NPS Subscribers in Union Budget 2017-18

03 February 2017 at 10:34

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

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Disallowance of depreciation on capital expenditure made in cash

02 February 2017 at 13:05

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

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Strengthening of PAN quoting mechanism in the TCS regime

02 February 2017 at 12:47

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

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Rationalisation of section 211 and 234C relating to advance tax for professionals

02 February 2017 at 12:33

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

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Startups can claim deduction within 7 years now u/s 80-IAC

02 February 2017 at 12:16

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

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Threshold limit increased for maintenance of books of accounts of Individuals and HUF

02 February 2017 at 12:16

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

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Income tax rates in respect of income liable to tax for AY 2017-18

02 February 2017 at 12:16

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

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