Category: Income Tax
Interest on refund due to deductor at the rate of one-half per cent for every month or part of a month. Sub-section (1B) inserted in Section 244A Budget 2017-18 Interest on refund due to deductor The existing section 244A of the Act provides that an assessee is entitled …
ITR Processing within prescribed time and withholding refund. Section 143(1D)not to apply to return filed for AY 2017-18 onwards Budget 2017-18 : Processing of return within the prescribed time and enable withholding of refund in certain cases The provisions of sub-section (1D) of section 143 provide that the …
TDS Rate us 194J reduced to 2 percent for call centre. Being payment to a person engaged only in the business of operation of call center Budget 2017-18 : Simplification of tax deduction at source in case Fees for professional or technical services under section 194J The existing provisions of …
Increase in threshold limit-books of accounts maintenance us 44AA for Individuals and HUF. New threshold for income 2.5 lakhs and for turnover Rs. 25 lakhs Budget 2017-18 : Increase in threshold limit for maintenance of books of accounts for Individuals and HUF The existing provisions of clause (i) and …
Political Parties not to accept cash donations of Rs 2000 or more. Amendment to section 13A made by Budget 2017-18 Provisions TRANSPARENCY IN ELECTORAL FUNDING The existing provisions of section 13A of the Act, inter-alia provides that political parties that are registered with the Election Commission of India, are …
Restriction on Cash Transaction of Rs 3 Lakhs or more in aggregate from a person in a day, in single transaction or one event or occasion from a person Budget 2017-18 Provisions : Restriction on cash transactions In India, the quantum of domestic black money is huge which …
Presumptive tax six percent us 44AD for non cash sales. 8% rate to continue for turnover or gross receipts received in any other mode. Measures for promoting digital payments in case of small unorganized businesses The existing provisions of section 44AD of the Act, inter-alia, provides for a …
Cash payment disallowance us 40A3 reduced to Rs 10000 in place of existing limit of Rs. 20000/- to a person in a day Budget 2017-18 : Measures to discourage cash transactions The existing provision of sub-section (3) of Section 40A of the Act, provides that any expenditure in …
No 80G Deduction for cash donation exceeding Rs 2000 to provide cash less economy and transparency. Budget 2017-18 provisions from AY 2018-19 Restricting cash donations Under the existing provisions of section 80G, deduction is not allowed in respect of donation made of any sum exceeding Rs.10,000, if the same …
No notional income for house property held as stock-in-trade u/s 23 till the certificate of completion of construction of the property is obtained No notional income for house property held as stock-in-trade Section 23 of the Act provides for the manner of determination of annual value of house …
