Community & General News
Income tax rates in respect of income liable to tax for AY 2017-18
02 February 2017 at 12:16DIRECT 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
Base year shifted to 2001 from 1981 for computation of capital gains
02 February 2017 at 12:16Shifting 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
TDS rates reduced to 2% u/s 194J for call center business
02 February 2017 at 11:32Simplification 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
Restriction of Rs 2 lac on set-off of loss from House property
02 February 2017 at 11:27Section 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
Exemption for audit of accounts u/s 44AB increased to Rs 2 crore
02 February 2017 at 11:26The 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
Fee for delayed filing of income tax return
02 February 2017 at 11:23In 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
Deemed income reduced to 6% u/s 44AD
02 February 2017 at 11:21The 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
Rebate reduced to Rs 2500 under Section 87A
02 February 2017 at 11:20The 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
Limits reduced to Rs 10000 from 20000 for cash expenses u/s 40A(3)
02 February 2017 at 11:19Measures 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
Penalty on CA and professionals for furnishing incorrect information in statutory report or certificate
02 February 2017 at 11:14The 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
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