Clause by Clause Discussion on Union Budget 2017
Clause by Clause Discussion on Union Budget 2017 Published on Mar 14, 2017 on 11.2.2017
Category Archives: Budget FY 2017-18
Clause by Clause Discussion on Union Budget-2017 – INDIRECT TAXES – Video Lecture
Clause by Clause Discussion on Union Budget-2017 – INDIRECT TAXES Published on Mar 14, 2017 on 11.2.2017 by CA. N Anand, CA. V Raghuraman, Adv. K. S Naveen Kumar
Post Budget Memorandum on Direct Taxes – 2017-18- BOCA
Bombay Chartered Accountants Society Date : 8th March 2017 Mr. Arun Jaitley Hon. Minister of Finance Government of India North Block New Delhi – 110 001. Respected Sir, THE FINANCE BILL – 2017 We compliment you for the focused and non populist Budget that was presented on 1st February. The idea of combining the Rail… Read More »
Reduce holding period of new asset purchased u/s 54/54B/54D & 54F to 2 years – Budget 2017-18 Suggestions
Holding period of new asset purchased Suggestion on Clause 3 of Finance Bill 2017 – Section 2(42A) – Reduction in holding period in case of immovable property, being land or building or both, to qualify as long term capital asset – Consequential amendments to be made in sections 54, 54B, 54D and 54F The Finance… Read More »
Relax Scrutiny of Indiviudal Taxpayers from Income Tax dept – Budget 2017-18 Suggestions
Relaxation from scrutiny provisions for assessees, having taxable income upto Rs.5 lakhs other than business income, filing return for the first time – Scope of relaxation to be extended In the Budget Speech, the Hon’ble Finance Minister mentioned that the assessees, having taxable income upto Rs.5 lakhs other than business income, will not be subjected… Read More »
Terms not defined in Tax Treaties – Govt should not give explanation – Budget 2017-18 Suggestions
Suggestions Clauses 39 and 40 of Finance Bill 2017– Sections 90 & 90A – Clarification with regard to interpretation of ‘terms’ used in tax treaties under Section 90/90A but not defined in such treaties – Concern to be addressed Under the existing provisions of Section 90 of the Act, power has been conferred upon the… Read More »
Withdrawa ICDS – Budget 2017-18 Suggestions -ICAI
Income Computation and Disclosure Standards introduced under section 145 vide Finance Act (No.2), 2014 – ICDSs may be withdrawn Section 145 of the Income-tax Act, 1961 provides for the method of accounting. Section 145(1) requires income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” to be computed… Read More »
Section 94B- Limitation of interest of overseas loans – Issues – Budget 2017-18 Suggestions
Suggestions on Clauses 43 of Finance Bill 2017 – Section 94B- Limitation of interest benefit provisions introduced – certain concerns to be addressed The Finance Bill, 2017 proposes limitation of interest benefit (deduction) where an Indian company, or a permanent establishment of a foreign company in India, being the borrower, pays interest exceeding rupees one crore… Read More »
269ST – Burning Issues on ban on Cash receipts of Rs 3 Lakh or above -Budget 2017-18 Suggestions
Suggestions on Clause 83 of Finance Bill 2017- Section 269ST- Restriction on cash transactions –Certain concerns to be addressed In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of black money, the Finance Bill 2017 proposes to insert section 269ST in the Act… Read More »
Foreign Tax Credit Dispute settlement – Clarify rectification time limit & documents – Budget 2017-18 Suggestions
Suggestion on Clause 62 of Finance Bill 2017– Claim of Foreign Tax Credit (FTC) pertaining to taxes which are under dispute in the foreign country – Clarification required on certain issues relating to period of limitation and documents which shall constitute evidence of settlement Section 155(14A) proposes to provide that where the payment of foreign… Read More »