Category: Budget 2017-18
TDS Rate Chart for FY 2017-18 AY 2018-19 Updated as per Union Budget Proposals 2017-18 presented in Parliament on 1st February, 2017 Section Nature of Payment Rate-HUF/Ind % Rate-Others % 192 Salaries Average rate – 192A Payment of accumulated balance due to an employee >30000/- > 50000/- (wef …
Amendment to Central Excise Provisions in Budget 2017-18. Changes in excise duty rates, additional excise duty as per Finance Bill 2017 AMENDMENTS IN THE CENTRAL EXCISE ACT, 1944 S. No. Amendment Clause of the Finance Bill, 2017 1. Clause (e) of section 23A is being amended so …
Budget 2017-18 Highlights-Income Tax. Union Budget Tax Proposals for AY 2018-19 (FY 2017-18) Budget 2017-18 Highlights-Income Tax The following are the major Highlights for Income Tax-Proposals. Personal income tax-tax rate of 5% for income in the range of Rs. 2.5 lakhs to 5 lakhs Rebate u/s 87A restricted …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
