Guide to Taxation and Legal Concern |Simplified Laws http://www.simplifiedlaws.com Simplified Laws is not just about tax Laws. but about ‘Laws of Life’. Sun, 19 Feb 2017 16:14:15 +0000 en-US hourly 1 Budget 2017: How it impact your tax liabilityhttp://www.simplifiedlaws.com/budget-2017-how-it-impact-your-tax-liability/ http://www.simplifiedlaws.com/budget-2017-how-it-impact-your-tax-liability/#comments Thu, 02 Feb 2017 00:43:50 +0000 http://www.simplifiedlaws.com/?p=7319 Point 1 – Is there any tax impact on my income of Rs.55 Lakhs per year? Yes! Till FY 2016-17, on your income, the approximate tax works out to Rs.14 lakhs. After this budget (means from 1st April 2017), the tax payable will go up by Rs.1.40 Lakhs (10% on the tax payable as surcharge, ...

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Budget 2017: Restriction on set off of loss from House property to Rs. 200000http://www.simplifiedlaws.com/budget-2017-restriction-on-set-off-of-loss-from-house-property-to-rs-200000/ http://www.simplifiedlaws.com/budget-2017-restriction-on-set-off-of-loss-from-house-property-to-rs-200000/#comments Wed, 01 Feb 2017 16:42:19 +0000 http://www.simplifiedlaws.com/?p=7317 Indirect restriction on claiming Housing Loan Interest on let out property: Section 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 ...

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Budget 2017: Rs.10000 penalty on professionals for issue of incorrect certificatehttp://www.simplifiedlaws.com/budget-2017-rs-10000-penalty-on-professional-for-issue-of-incorrect-certificate/ http://www.simplifiedlaws.com/budget-2017-rs-10000-penalty-on-professional-for-issue-of-incorrect-certificate/#comments Wed, 01 Feb 2017 16:30:30 +0000 http://www.simplifiedlaws.com/?p=7315 The 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 provisions of the Act is correct. Various provisions exist under the Act to penalise the defaulting ...

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Budget 2017: Additional fee is applicable if you file return after due datehttp://www.simplifiedlaws.com/budget-2017-additional-fee-is-applicable-if-you-file-return-after-due-date/ http://www.simplifiedlaws.com/budget-2017-additional-fee-is-applicable-if-you-file-return-after-due-date/#comments Wed, 01 Feb 2017 16:24:13 +0000 http://www.simplifiedlaws.com/?p=7313 In 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, the reduced time limits proposed for making of assessment are also based on pre-requisite that returns are filed on ...

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Budget 2017: Dis-allowance for non deduction of TDS extended to income from other sourceshttp://www.simplifiedlaws.com/budget-2017-dis-allowance-for-non-deduction-of-tds-extended-to-income-from-other-sources/ http://www.simplifiedlaws.com/budget-2017-dis-allowance-for-non-deduction-of-tds-extended-to-income-from-other-sources/#comments Wed, 01 Feb 2017 16:17:30 +0000 http://www.simplifiedlaws.com/?p=7310 Existing provisions of section 58 of the Act, specify the amounts which are not deductible in computing the income under the head “Income from other sources” which include certain disallowances made in computation of income under the head “Profits and gains of business or profession”. These disallowances include disallowances such as disallowance of cash expenditure, ...

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Budget 2017: Reducing time limit for filing revised return and completion of assessmenthttp://www.simplifiedlaws.com/budget-2017-reducing-time-limit-for-filing-revised-return-and-completion-of-assessment/ http://www.simplifiedlaws.com/budget-2017-reducing-time-limit-for-filing-revised-return-and-completion-of-assessment/#comments Wed, 01 Feb 2017 16:08:17 +0000 http://www.simplifiedlaws.com/?p=7308 The existing provisions of section 153 specify time limit for completion of assessment, reassessment and re-computation of cases mentioned therein. In the effort to minimise human interface and move towards technology, massive computerisation has been carried out in the Department, which has translated into overall enhanced efficiency in the functioning of the Department. In view ...

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Budget 2017: Enabling claim of foreign tax credit paid in cases of disputehttp://www.simplifiedlaws.com/budget-2017-enabling-claim-of-foreign-tax-credit-paid-in-cases-of-dispute/ http://www.simplifiedlaws.com/budget-2017-enabling-claim-of-foreign-tax-credit-paid-in-cases-of-dispute/#comments Wed, 01 Feb 2017 15:58:03 +0000 http://www.simplifiedlaws.com/?p=7305 The existing provisions of section 155 of the Act provide for procedure for amendment of assessment order in case of certain specified errors. In view of rule 128 of the Income-tax Rules, 1962, which provides a mechanism for claim of foreign tax credit, it is proposed to insert sub-section (14A) in section 155 to provide ...

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Budget 2017: 6% interest is payable if refund due to TDS deductorhttp://www.simplifiedlaws.com/budget-2017-6-interest-payable-refund-due-tds-deductor/ http://www.simplifiedlaws.com/budget-2017-6-interest-payable-refund-due-tds-deductor/#comments Wed, 01 Feb 2017 15:52:58 +0000 http://www.simplifiedlaws.com/?p=7303 The existing section 244A of the Act provides that an assessee is entitled to receive interest on refund arising out of excess payment of advance tax, tax deducted or collected at source, etc. It is proposed to insert a new sub-section (1B) in the said section to provide that where refund of any amount becomes ...

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Budget 2017: Issue of income tax refund in case of scrutiny caseshttp://www.simplifiedlaws.com/budget-2017-issue-of-income-tax-refund-in-case-of-scrutiny-cases/ http://www.simplifiedlaws.com/budget-2017-issue-of-income-tax-refund-in-case-of-scrutiny-cases/#comments Wed, 01 Feb 2017 15:42:56 +0000 http://www.simplifiedlaws.com/?p=7301 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 processing of a return shall not be necessary, where a notice has been issued to the assessee under sub-section (2) of the said section. Amendment to the said sub-section ...

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Budget 2017: Increasing the threshold limit for maintenance of books of accountshttp://www.simplifiedlaws.com/budget-2017-increasing-threshold-limit-maintenance-books-accounts/ http://www.simplifiedlaws.com/budget-2017-increasing-threshold-limit-maintenance-books-accounts/#comments Wed, 01 Feb 2017 15:35:07 +0000 http://www.simplifiedlaws.com/?p=7299 Increasing the threshold limit for maintenance of books of accounts in case of Individuals and Hindu undivided family The existing provisions of clause (i) and clause (ii) of sub-section (2) of section 44AA of the Act cast an obligation on every person carrying on business or profession [other than those mentioned in sub-section (1) such ...

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