Daily Archive: Wednesday, February 1, 2017

Tax exemption-Partial withdrawal from NPS not exceeding 25% of the contribution made by an employee from assessment year 2018-19

Author: | Categories: Budget 2017-18, Income Tax No comments
Tax exemption-Partial withdrawal from NPS not exceeding 25% of the contribution made by an employee from assessment year 2018-19 Budget 2017-18 : Tax-exemption to partial withdrawal from National Pension System (NPS) The existing provision of section 10(12A) provides that payment from National Pension System (NPS) trust to an employee on

Power to survey to charitable institutions u/s 133A. Till now expression “business or profession” was used in the section

Author: | Categories: Budget 2017-18, Income Tax No comments
Power to survey to charitable institutions u/s 133A Extension of the power to survey to charitable institutions The existing provisions of section 133A empower an income-tax authority to enter any place, at which a business or profession is carried on, or at which any books of account or other documents

Power to call information us 133(6) by Investigation authorities can be exercised by the Joint-Deputy and the Assistant Director.

Author: | Categories: Budget 2017-18, Income Tax No comments
Power to call information us 133(6) by Investigation authorities can be exercised by the Joint Director, the Deputy Director and the Assistant Director. Budget 2017-18 : Rationalisation of the provisions in respect of power to call for information The existing provisions of section 133 empower certain income-tax authorities to

Reason to believe to conduct search not to be disclosed to to any person or any authority or the Appellate Tribunal.

Author: | Categories: Budget 2017-18, Income Tax No comments
Reason to believe to conduct search not to be disclosed to to any person or any authority or the Appellate Tribunal. Explanation added to section 132, 132A Budget 2017-18 : Reason to believe to conduct a search, etc. not to be disclosed Sub-section (1) and (1A) of section 132

House property loss set-off against other income head limit of Rs. two lakh for any assessment year.

Author: | Categories: Budget 2017-18, Income Tax No comments
House property loss set-off against other income head limit of Rs. two lakh for any assessment year. New sub section (3A) to Section 71 Budget 2017-18 : Restriction on set-off of loss from House property Section 71 of the Act relates to set-off of loss from one head against

PAN quoting requirement in TCS Provisions-Section 206CC. Failure to quote PAN to invite deduction at twice the rate or 5% whichever is higher

Author: | Categories: Budget 2017-18, Income Tax No comments
PAN quoting requirement in TCS Provisions-Section 206CC. Failure to quote PAN to invite deduction at the twice the rate or 5% whichever is higher Budget 2017-18 : Strengthening of PAN quoting mechanism in the TCS regime Statuary provisions for deduction of tax at source (TDS) at higher rate of

Fresh registration us 12AA for change in objects which do not conform to the conditions of registration granted

Author: | Categories: Budget 2017-18, Income Tax No comments
Fresh registration us 12AA for change in objects which do not conform to the conditions of registration granted Budget 2017-18 : Clarity of procedure in respect of change or modifications of object and filing of return of income in case of entities exempt under sections 11 and 12 The existing
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