The document summarizes key changes to India's income tax rates and policies introduced in the 2017 Union Budget. Some highlights include:
- Income tax slab rates were reduced for individual taxpayers with annual income up to Rs. 250,000 taxed at 5% instead of 10%.
- Corporate tax rates were lowered to 25% for domestic companies from 29% previously.
- Cash transaction limits for tax deductibility were set at Rs. 10,000 and tax rebates were increased for individual taxpayers.
- Presumptive income rates were reduced to 6% for small businesses with annual turnover up to Rs. 2 crore.
- Tax audit limits were increased to Rs. 2 crore annual turnover.
Missed out on the Union Budget 2017 Presentation?
Indian Finance Minister, Mr. Arun Jaitely has once again taken the nation by wave with his pro-poor, pro-growth, pro-middle class, pro-youth & paradigm shifting Budget. Read the highlights of the Budget here.
Budget Analysis of Union Budget 2017 in relation to amendments made in Income Tax Act, 1961 and Service Tax. A comprehensive and detailed analysis in simple language for better understanding of every class of readers.
Missed out on the Union Budget 2017 Presentation?
Indian Finance Minister, Mr. Arun Jaitely has once again taken the nation by wave with his pro-poor, pro-growth, pro-middle class, pro-youth & paradigm shifting Budget. Read the highlights of the Budget here.
Budget Analysis of Union Budget 2017 in relation to amendments made in Income Tax Act, 1961 and Service Tax. A comprehensive and detailed analysis in simple language for better understanding of every class of readers.
A budget is a quantitative expression of a financial plan, we all know that but, not everyone understands the whole of Budget. For this reason alone, the budget views are presented in a PPT format for your reference.
A presentation by CA Manish Hingar
For Salient Features of Union Budget 2017 created by Lunawat Team click at - http://lunawat.com/Uploaded_Files/Attachments/F_3558.pdf
Regards
CA Pramod Jain
To discuss the ongoing changes in the Indian Economy, Laws and Policies which are catalyzing the process of India becoming an attractive investment destination and to walk through the process of "Doing Business in India”.
This presentation has been prepared to give a glimpse of Union Budget 2017-18. It will come handy for management students who have Finance as one of their subjects.
Latest Key Features of Budget 2017-2018 on each topics discussed in Union Bud...Youth Apps
Latest Key Features of Budget 2017-2018 on each topics discussed in Union Budget 2017.
INTRODUCTION
CHALLENGES IN 2017-18
DEMONITISATION
ROADMAP & PRIORITIES
FARMERS
RURAL POPULATION
YOUTH
INFRASTRUCTURE
FINANCIAL SECTOR
DIGITAL ECONOMY
PUBLIC SERVICE
PRUDENT FISCAL MANAGEMENT
PROMOTING AFFORDABLE HOUSING AND REAL ESTATE SECTOR
PROMOTING DIGITAL ECONOMY
EASE OF DOING BUSINESS
GOODS AND SERVICES TAX
RAPID (Revenue, Accountability, Probity, Information and Digitisation)
The Union Budget for 2017-18 pledged relief for rural India, middle class taxpayers and small and medium-sized companies in the Union Budget 2017-18, saying the government would spend thousands of crores to double farmers' incomes, upgrade infrastructure and provide affordable housing. While unveiling the budget the Hon’ble Finance Minister emphasised that the budget is built on three pillars “Transform, Energise and Clean India”, that is, TEC India. This agenda of TEC India seeks to transform the quality of governance and quality of life of the citizens of India, energise various sections of society, especially the youth and the vulnerable sections of the society and enable them to unleash their true potential. The emphasis of TEC India is also to clean the country from the evils of corruption, black money, and non-transparent political funding. The main focus of the Budget has been to boost government expenditure in order to increase growth, and to muster employment generation.
The Finance Minister said the Indian economy was doing well despite global trends of slowing growth in other emerging economies. He also delivered a big relief to foreign portfolio investors by exempting them from indirect transfer provisions. The centre’s budget size has been pegged at Rs. 21.47 lakh crore, with an increase of 25.47 per cent in capital expenditure. As regards fiscal consolidation, the FM has targeted fiscal deficit of 3.2 per cent for 2017-18 as against earlier target of 3 per cent. For agriculture and rural sector, Mr Jaitley has increased the allocation by 24 per cent to Rs. 1.87 lakh crore for 2017-18. In the case of infrastructure, the planned public investment stood at massive Rs. 3.96 lakh crore.
We have developed an analysis of the budget, which includes opinion pieces from eminent economists and experts.
A budget is a quantitative expression of a financial plan, we all know that but, not everyone understands the whole of Budget. For this reason alone, the budget views are presented in a PPT format for your reference.
A presentation by CA Manish Hingar
For Salient Features of Union Budget 2017 created by Lunawat Team click at - http://lunawat.com/Uploaded_Files/Attachments/F_3558.pdf
Regards
CA Pramod Jain
To discuss the ongoing changes in the Indian Economy, Laws and Policies which are catalyzing the process of India becoming an attractive investment destination and to walk through the process of "Doing Business in India”.
This presentation has been prepared to give a glimpse of Union Budget 2017-18. It will come handy for management students who have Finance as one of their subjects.
Latest Key Features of Budget 2017-2018 on each topics discussed in Union Bud...Youth Apps
Latest Key Features of Budget 2017-2018 on each topics discussed in Union Budget 2017.
INTRODUCTION
CHALLENGES IN 2017-18
DEMONITISATION
ROADMAP & PRIORITIES
FARMERS
RURAL POPULATION
YOUTH
INFRASTRUCTURE
FINANCIAL SECTOR
DIGITAL ECONOMY
PUBLIC SERVICE
PRUDENT FISCAL MANAGEMENT
PROMOTING AFFORDABLE HOUSING AND REAL ESTATE SECTOR
PROMOTING DIGITAL ECONOMY
EASE OF DOING BUSINESS
GOODS AND SERVICES TAX
RAPID (Revenue, Accountability, Probity, Information and Digitisation)
The Union Budget for 2017-18 pledged relief for rural India, middle class taxpayers and small and medium-sized companies in the Union Budget 2017-18, saying the government would spend thousands of crores to double farmers' incomes, upgrade infrastructure and provide affordable housing. While unveiling the budget the Hon’ble Finance Minister emphasised that the budget is built on three pillars “Transform, Energise and Clean India”, that is, TEC India. This agenda of TEC India seeks to transform the quality of governance and quality of life of the citizens of India, energise various sections of society, especially the youth and the vulnerable sections of the society and enable them to unleash their true potential. The emphasis of TEC India is also to clean the country from the evils of corruption, black money, and non-transparent political funding. The main focus of the Budget has been to boost government expenditure in order to increase growth, and to muster employment generation.
The Finance Minister said the Indian economy was doing well despite global trends of slowing growth in other emerging economies. He also delivered a big relief to foreign portfolio investors by exempting them from indirect transfer provisions. The centre’s budget size has been pegged at Rs. 21.47 lakh crore, with an increase of 25.47 per cent in capital expenditure. As regards fiscal consolidation, the FM has targeted fiscal deficit of 3.2 per cent for 2017-18 as against earlier target of 3 per cent. For agriculture and rural sector, Mr Jaitley has increased the allocation by 24 per cent to Rs. 1.87 lakh crore for 2017-18. In the case of infrastructure, the planned public investment stood at massive Rs. 3.96 lakh crore.
We have developed an analysis of the budget, which includes opinion pieces from eminent economists and experts.
This report cover New Industrial Policy of Gujarat, 2015. it cover various Incentive Schemes like Incentives for SMEs, Scheme for Plastic Industry, Innovative Start Ups, Industrial Infrastructure, Labour Generating Industries and Research & Development.
Conceptual Estimating Technology helps the Texas Army National Guard Stay in ...Beck Technology, Ltd.
http://www.beck-technology.com - This article, published in Constructech magazine highlights the role of macro BIM technology DProfiler in saving a federal project from cancellation due to budget issues. The federal government can be one of the most unforgiving of owners when it comes to project budgets. Projects that fall within its jurisdiction are monitored with a scrupulous eye, and those that don’t stay within the allocated resources run the risk of being
terminated. Of course the key to keeping an eye on the budget is properly managing the estimating
phases. The problem with the traditional estimating methods, however, is they do not provide the level of detail needed to keep all parties involved on the project—particularly, the owner—on the same page.
SBI Mutual Fund provides you with the complete overview of the Union Budget 2017-18.
This presentation mainly focuses on the equity market and fixed income market conditions post the Budget.
Visit https://www.sbimf.com to learn more!
SBI Dual Advantage Fund - Series XIX - Feb 2017SBI Mutual Fund
SBI Dual Advantage Fund - Series XIX is a 1150 Days close-ended hybrid scheme. The primary investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the maturity of the scheme. The secondary objective is to generate capital appreciation by investing a portion of the scheme corpus in equity & equity related instruments. However, there can be no assurance that the investment objective of the Scheme will be realized.
Learn more at -https://www.sbimf.com/en-us/pages/sbi-dual-advantage-fund-series-xix.aspx
Income Tax Planning for financial Year 2016-17 & Expected Slab and deduction ...Vivek Kumar
Income Tax Slab and Tax Planning for F.Y-2016-17, Assessment Year 2017-18 and Expected Tax slab for financial year 2017-18, Keeping all the burden on government in mind like OROP (16000Crore), 7th Pay Commission(1.2Lakh Crore) etc.
Tax Rates for Assessment Year 2021 22 | CA Sana BaqaiSana Baqai
For the assessment year 2021-22 i.e. for Financial year 2020-21 the tax rates for individuals, partnership firms, LLP, Indian Companies, Foreign Companies are defined in this document.
The tax rates may vary from year to year and changes in tax rates take place every year through Unio Budget announced by Finance Minister in the month of February.
Publication - RSM India Budget 2016 Key AspectsRSM India
We are pleased to enclose herewith our publication viz. 'India Budget 2016 – Key Aspects'which provides a broad overview of the Union Budget 2016-17 presented on 29thFebruary 2016. While we have largely covered direct and indirect tax proposal of the Indian Government for the fiscal year 2016-17, other major policy initiatives having significant impact on the business in general, have been briefly dealt with.
In the midst of an uncertain global economic outlook, India is emerging as the new ‘global economic hotspot’. The Indian economy is estimated to grow at 7.6% in FY 2015-16 and is expected to grow at 7% to 7.75% in FY 2016-17, making it the fastest growing major economy in the world. The Union Budget 2016 is primarily driven with the objective of accelerating investment in infrastructural sector, fiscal consolidation and reducing litigation.
In our budget publication, we have analysed the significant budget proposals and have additionally included the following reference chapters:
• G20 Countries - Comparative Corporate and Personal Tax Rates
• DTAA Rates
• Tax Incentives for Businesses
• Direct Taxes and Service Tax Compliance Calendar
• TDS Chart
We trust you will find the same useful.
Dear Professional Friends,
Please find attached the "RJR Budget Bulletin 2019" containing summary of amendments made by Interim and Full Finance Bill, 2019.
Hope you find the same in order.
Details of filing of income tax return for the financial year 2017-18 ( (the assessment year 2018-19) covering details of tax rates payable and advance tax instalments
Compliance manual for the the financial year 2020-21 (A.Y. 201-22). This covers basic compliance of Income Tax , GST , Covid 19 relaxation , Companies and Limited liability partnership .
Income Tax Ready and quick Referencer for FY 2017-18 and AY 2018-19. Complete coverage with latest ammendments and cash limits specified by the Hon'ble Prime Minister in Budget 2017. Revised penalties, limits and changes income tax rates included
We all welcome the Union Budget 2016-17 and consider it reformist budget aimed at creating strong base for economic growth.
The budgetary proposals are built on transformative agenda standing on nine (9) pillars, which could be regarded as facilitators to the various programs of national importance (7 programs) like Start-up India, Digital India, Make in India, Smart India, Stand-up India, Skill India and Clean India.
Assignment on Factor affecting avoidance of Income Tax in Bangladesh
Tax experience in practical life
How pay tax
Recent Tax payment system
Problem Face in paying Tax
Recommendation
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
3. • New Income Tax Rates for A.Y. 2017-18 are below
For Individual/ HUF/ AOP/BOI/ Every Artificial Judicial person upto Age
60 Years
Income Slab Limit Income Tax Rate Surcharge
Rate
Education
Cess and
SHEC
Upto Rs. 2,50,000 NIL NIL 3 %
Rs. 2,50,001 to Rs.
5,00,000
5 % NIL 3 %
Rs. 5,00,001 to
Rs.10,00,000
Rs. 12500 +20% NIL 3 %
Rs.10,00,00 to
Rs.50,00,000
Rs.112500+30% NIL 3%
Rs. 50,00,001 to Rs.
1,00,00,000
30% 10% of Income
tax
3%
Above Rs.1,00,00,000 30%
15% of Income
tax 3%
4. • New Income Tax Rates for A.Y. 2017-18 are below
For Individual/ HUF/ AOP/BOI/ Every Artificial Judicial person Above
Age 60 Years to 80 Years
Income Slab Limit Income Tax Rate Surcharge
Rate
Education Cess and
SHEC
Upto Rs. 3,00,000 NIL NIL 3 %
Rs. 3,00,001 to Rs.
5,00,000
5 % NIL 3 %
Rs. 5,00,001 to
Rs.10,00,000
Rs. 12500 +20% NIL 3 %
Rs.10,00,00 to
Rs.50,00,000
Rs.112500+30% NIL 3%
Rs. 50,00,001 to Rs.
1,00,00,000
30% 10% of
Income tax
3%
Above Rs.1,00,00,000 30%
15% of
Income tax 3%
5. • New Income Tax Rates for A.Y. 2017-18 are below
For Individual/ HUF/ AOP/BOI/ Every Artificial Judicial person Above
Age 80 Years
Income Slab Limit Income Tax Rate Surcharge
Rate
Education Cess and
SHEC
Upto Rs. 5,00,000 NIL NIL 3 %
Rs. 5,00,001 to
Rs.10,00,000
20% NIL 3 %
Rs.10,00,00 to
Rs.50,00,000
Rs.112500+30% NIL 3 %
Rs. 50,00,001 to Rs.
1,00,00,000
30% 10% of
Income tax
3%
Above Rs.1,00,00,000 30%
15% of
Income tax 3%
6. New Income Tax Rates for A.Y. 2017-18 are below
For Partnership Firms and LLP
Nature of Entity Income Slab
Limit
Income Tax
Rate
Surcharge
Rate*
Education Cess
and SHEC
Partnership Firm Upto
Rs.1,00,00,000
30% NIL 3 %
Above
Rs.1,00,00,000
30% 12% of
Income
tax
3 %
Limited Liability
Partnership
Upto
Rs.1,00,00,000
30% NIL 3 %
Above
Rs.1,00,00,000
30% 12% of
Income
tax
3%
* Subject To Maximum Marginal Relief Rate
7. New Income Tax Rates for A.Y. 2017-18 are below
For Co-Operative Societies
Income Slab Limit Income Tax Rate Surcharge
Rate
Education Cess and
SHEC
Upto Rs. 10,000 10% NIL 3 %
Rs. 10,001 to
Rs.20,000
Rs.1000+20% NIL 3 %
Rs. 20,001 to
Rs.1,00,00,000
Rs.3000+30% NIL 3 %
Above Rs.1,00,00,000 30%
12% of
Income tax 3%
8. New Income Tax Rates for A.Y. 2017-18 are below
For Domestic Companies
Turnover Slab Limit Income Tax
Rate
Surcharge Rate Education Cess and
SHEC
Turnover Upto Rs.50
Crore of Previous year
2015-16
25% Note : 1 3 %
Above Rs. 50 Crore 30% Note: 1 3 %
Note : 1 Surcharge Rate for Domestic Comapnies
Income Slab Limit Surcharge Rate*
Total Income upto Rs. 1 Crore NIL
From Rs. 1 Crore to Rs. 10 Crore 7%
Above Rs. 10 Crore 12%
* Subject to Maximum Marginal Relief Rate
9. New Income Tax Rates for A.Y. 2017-18 are below
For Foreign Companies (Other than Domestic Co.)
Income Nature Income Tax
Rate
Surcharge
Rate Education Cess and
SHEC
(a) royalties received from Government or
an Indian concern in pursuance of an
agreement made by it with the Government
or the Indian concern after the 31st day of
March, 1961 but before the 1st day of
April, 1976
50%
2% if
Income>1
Crore.
5% if
Income
>10 Crore
3 %
(b) fees for rendering technical services
received from Government or an Indian
concern in pursuance of an agreement
made by it with the Government or the
Indian concern after the 29th day of
February, 1964 but before the 1st day of
April, 1976, and where such agreement
has, in either case, been approved by the
Central Government.
50%
2% if
Income>1
Crore.
5% if
Income
>10 Crore
3 %
( c ) Other Income 40% As Above 3%
10. An Analysis of Income Tax Rates Proposed in
Union Budget 2017-18
• For Individual Income tax slab rate is reduced from 10% to 5% that
will reduce tax burden of Rs. 12500/-
• For Domestic Companies Income tax rates is reduced from 29% to
25% for all companies while Income tax rate is still 30% for
Partnership Firm and LLP.
TAX REBATE U/S 87A :
Assessment Year Income Limit Tax Rebate
Amount
A. Y. 2016-17 5,00,000 Rs. 2000/-
A.Y. 2017-18 5,00,000 Rs. 5000/-
A.Y. 2018-19 3,50,000 Rs. 2500/-
11. W.e.f. 1st April 2018, i.e. from A.Y. 2018-19,
where the assessee incurs any expenditure in
respect of which a payment or aggregate of
payments made to a person in a day, otherwise
than by an account payee cheque drawn on a bank
or account payee bank draft, exceeds Rs. 10000/-
no deduction shall be allowed in respect of such
expenditure.
12. W.e.f.1st April 2018, Cash expenses
exceeding Rs.10000/- shall not be
considered for deduction under section
35AD.
Any cash paid for purchase of assests worth
Rs.10000/- shall not be considered for
Depreciation as well. So Please do not pay
cash exceeding Rs.10000/- for any assets
also otherwise Depreciation shall not be
allowed on these expenditure.
13. W.e.f. 1st June 2017 every Individual or HUF
(other than those covered in section 44AB) is
required to deduct TDS @ 5% on payment of
rent if rent exceeds Rs.50000/- per month.
Tenant is required to deduct TDS from last
month of previous year payment.
Tenant is not required to obtain TAN.
Tenant is required to deduct TDS only once in
a year and to be deposited to central
government.
14. W.e.f. 1st April 2017 Section 269ST introduced
Provides that :
No person shall receive an amount of three
lakh rupees or more in cash –
in aggregate from a person in a day.
In respect of a single transaction or
In respect of transaction relating to one event
or occasion from a person.
15. W.e.f. 1st April 2017 from A.Y. 2017-18, For
Small business having turnover upto Rs. 2
Crore Presumptive Income rate has been
reduced to 6% from 8% of Gross receipts or
Turnover.
6% Income rate will be applicable for amount
received through digital transaction mode.
6% Income rate will be applicable on amount
received in bank before due date of filing
Income tax return.
16. W.e.f. A.Y. 2017-18, Tax audit limit under
section 44AB has been increased to Rs.2
Crore.
If assessee having gross receipts or turnover
upto Rs.2 Crore declares income under
section 44AD, then he is not required to get
Tax Audit under section 44AB.
Section 44AD prescribe to declare income
@6% on turnover or gross receipts if
payments received through digital transaction
mode.
17. W.e.f. A.Y. 2018-19, MAT (Minimum
Alternate Tax for Corporate Assessee) and
AMT (Alternate Minimum Tax for Non
Corporate Assessee) Credit carry forward
limit has been increased to 15 years from 10
years i.e. Credit can be carry forward for 15
years succeeding the year in which credit
become allowable.