1. The document outlines income tax rates for individuals, HUFs, AOPs, BOIs, and AJPs in India for the fiscal year 2017-18. It provides tax slabs and rates for residents below 60 years of age, residents aged 60 or more, and residents aged 80 or more.
2. Key highlights from the tax rates include a rebate of Rs. 2,500 for resident individuals with income up to Rs. 3.5 lakh and tax rates ranging from nil to 30% depending on the income slab. Surcharge of 10-15% is applicable if total income exceeds Rs. 50 lakh or Rs. 1 crore respectively.
3. The
The document provides an overview of the real estate business in India and discusses various accounting, taxation, and legal aspects. Some key points:
1) The real estate sector is a major contributor to the Indian economy but faces challenges like high costs, regulatory hurdles, and delays.
2) Revenue from real estate development can be recognized using the percentage of completion method or completed contract method under AS-7.
3) Presumptive taxation schemes like section 44AD provide relief for small builders from maintaining books but require following the scheme for 5 years.
4) Conversion of capital assets into stock attracts capital gains tax based on fair market value on the date of conversion, while the difference on sale
Overview of Real Estate (Regulation & Development) ActAdmin SBS
The document discusses the Real Estate (Regulation & Development) Act and its provisions regarding construction approvals, RERA implementation across states, and objectives of the Act. It provides details on the key authorities under RERA including the Real Estate Regulatory Authority and Appellate Tribunal. It summarizes the promoter's mandatory registration requirements, functions of RERA, monitoring of projects, functions and duties of promoters, and rights of allottees as established by RERA.
- Section 68 of the Income Tax Act allows the tax authority to treat any unexplained sum appearing in the books of an assessee as income if the assessee cannot provide a satisfactory explanation of its nature and source.
- Key questions around Section 68 include whether the sum is considered income, the tax rate applied, and whether losses can be set off against such income.
- Penny stocks are sometimes used to convert unaccounted money into accounted money using tax exemptions, but recent amendments aim to restrict this.
- The "peak credit theory" examines cash deposits and withdrawals to determine the maximum unexplained sum taxable under Section 68.
The document discusses various transitional provisions under GST relating to carry forward of credits from existing tax laws to GST. It addresses questions around treatment of closing balances, stock credits, capital goods credits, input tax credits for inputs in transit, and treatment of registered persons engaged in both taxable and exempted activities. Key provisions covered include migration of existing taxpayers to GST, availment of input tax credit on closing balances as per last returns, deemed credit for inputs in stock, and carry forward of unavailed capital goods credit. Conditions, timelines and clarifications relating to these transitional measures are also provided.
Topics to be covered:
Introduction of ICDS
Applicability of ICDS
Scope
Identification of tangible assets
Components of Actual cost
Special cases
Inclusions and Exclusions
Self-constructed tangible fixed asset
Non-monetary consideration
Improvements and Repairs
Joint ownership and Joint cost
Transitional provisions
Differences between ICDS V, AS-10 and Ind-AS-16
The document summarizes key amendments made to various sections of the CGST Act, 2018 through the CGST (Amendment) Act, 2018. Some of the key amendments include expanding the scope of supply, allowing input tax credit for goods/services received by the registered person even if not physically received, increasing the threshold for composition scheme to Rs. 1.5 crores, and clarifying the treatment of input tax credit for motor vehicles and vessels/aircrafts used for transportation.
The document provides an overview of the real estate business in India and discusses various accounting, taxation, and legal aspects. Some key points:
1) The real estate sector is a major contributor to the Indian economy but faces challenges like high costs, regulatory hurdles, and delays.
2) Revenue from real estate development can be recognized using the percentage of completion method or completed contract method under AS-7.
3) Presumptive taxation schemes like section 44AD provide relief for small builders from maintaining books but require following the scheme for 5 years.
4) Conversion of capital assets into stock attracts capital gains tax based on fair market value on the date of conversion, while the difference on sale
Overview of Real Estate (Regulation & Development) ActAdmin SBS
The document discusses the Real Estate (Regulation & Development) Act and its provisions regarding construction approvals, RERA implementation across states, and objectives of the Act. It provides details on the key authorities under RERA including the Real Estate Regulatory Authority and Appellate Tribunal. It summarizes the promoter's mandatory registration requirements, functions of RERA, monitoring of projects, functions and duties of promoters, and rights of allottees as established by RERA.
- Section 68 of the Income Tax Act allows the tax authority to treat any unexplained sum appearing in the books of an assessee as income if the assessee cannot provide a satisfactory explanation of its nature and source.
- Key questions around Section 68 include whether the sum is considered income, the tax rate applied, and whether losses can be set off against such income.
- Penny stocks are sometimes used to convert unaccounted money into accounted money using tax exemptions, but recent amendments aim to restrict this.
- The "peak credit theory" examines cash deposits and withdrawals to determine the maximum unexplained sum taxable under Section 68.
The document discusses various transitional provisions under GST relating to carry forward of credits from existing tax laws to GST. It addresses questions around treatment of closing balances, stock credits, capital goods credits, input tax credits for inputs in transit, and treatment of registered persons engaged in both taxable and exempted activities. Key provisions covered include migration of existing taxpayers to GST, availment of input tax credit on closing balances as per last returns, deemed credit for inputs in stock, and carry forward of unavailed capital goods credit. Conditions, timelines and clarifications relating to these transitional measures are also provided.
Topics to be covered:
Introduction of ICDS
Applicability of ICDS
Scope
Identification of tangible assets
Components of Actual cost
Special cases
Inclusions and Exclusions
Self-constructed tangible fixed asset
Non-monetary consideration
Improvements and Repairs
Joint ownership and Joint cost
Transitional provisions
Differences between ICDS V, AS-10 and Ind-AS-16
The document summarizes key amendments made to various sections of the CGST Act, 2018 through the CGST (Amendment) Act, 2018. Some of the key amendments include expanding the scope of supply, allowing input tax credit for goods/services received by the registered person even if not physically received, increasing the threshold for composition scheme to Rs. 1.5 crores, and clarifying the treatment of input tax credit for motor vehicles and vessels/aircrafts used for transportation.
Rationale behind the Act
Effective date of new Act
Applicability of the Act
Its size and nature
49 Sections
6 Rules
25 Regulations
Other related matters
The document discusses provisions around place of supply under the Integrated Goods and Services Tax (IGST) Act. It explains that IGST is levied on inter-state supplies of goods or services. It outlines the key provisions to determine whether a supply is inter-state or intra-state, including looking at the location of the supplier and place of supply. It also summarizes the relevant sections that govern place of supply of goods (Section 10), imports/exports of goods (Section 11), and place of supply of services (Section 12).
This document provides an overview of the statutory requirements for annual returns and audits under the Goods and Services Tax (GST) in India. It discusses key provisions regarding the requirement for audits based on annual turnover thresholds, the types of annual returns to be filed by different registered taxpayers, and the reconciliation statement that must be submitted along with audited annual accounts. The reconciliation statement aims to reconcile the turnover and tax amounts declared in the annual return with the audited financial statements. The document also clarifies differences in the turnover thresholds referenced in the GST law versus rules.
Objectives
Introduction
What is Remittance???
Who are Non-residents???
Relevant Notifications and Circulars
Which assets can be remitted?
How are assets remitted?
Legal Compliances (In special cases)
The document provides an overview of External Commercial Borrowings (ECB) regulations in India. It defines ECB as bank loans, trade credits beyond 3 years, bonds/debentures without convertibility, financial leases, and borrowings from multilateral institutions, among others. The regulator is the Government of India with support from the Reserve Bank of India. Indian companies can access foreign funds through ECB, FCCBs, preference shares/FCEB, and rupee denominated bonds overseas. Eligible borrowers include entities eligible for FDI, port trusts, SEZ units, SIDBI, oil marketing companies, and microfinance organizations. Recognized lenders must be residents of FAFT or IOSCO
This document provides an overview of the key aspects of the Foreign Exchange Management Act (FEMA). It begins with a brief introduction to FEMA and outlines the rationale behind its enactment. It then discusses the various rules, regulations, directives and circulars issued under FEMA. Key definitions from the Act are also summarized. The document provides a schematic flow of the legal framework under FEMA and highlights some important sections of the Act. It concludes with a tabular representation of the various regulations issued by the Reserve Bank of India under FEMA. In summary, the document gives a high-level overview of the structure and content of FEMA and the legal and regulatory framework governing foreign exchange transactions in India.
This document provides an overview of tax deduction at source (TDS) and tax collection at source (TCS) provisions under the GST law in India. It explains that certain categories of persons are mandated to deduct TDS at 1% of the payment when a contract exceeds Rs. 2.5 lakhs. It also explains that e-commerce operators are required to collect TCS at a maximum of 1% of net taxable supplies through their platform. Key details covered include due dates for payment, certificates/statements to be provided, credit claims, penalties for non-compliance, and rectification of errors.
Taxation of pm garib kalyan yojana 2016 Team Asija
The document provides an overview of the Pradhan Mantri Garib Kalyan Yojana 2016 scheme, which allows holders of black money to declare undisclosed income and pay taxes. Key points include:
1) Declarants must pay a total of 49.9% of the undisclosed income as tax, surcharge, and penalty.
2) They must also deposit 25% of the undisclosed income in a 4-year, interest-free government scheme.
3) This provides an opportunity for black money holders to avoid higher penalties by coming clean, but the effective tax rate after considering inflation is estimated at 57%.
The document provides an overview of export refunds under GST. It discusses key concepts like zero rated supplies, which include exports and supplies to SEZ. It outlines the different types of export refunds available under GST such as export of goods/services upon payment of IGST or under bond/LUT. The document then analyzes section 54 of the CGST Act regarding refund procedures. It discusses refund eligibility for zero rated supplies and supplies with an inverted tax structure. Key points like time limits for refund claims and restrictions are also summarized.
The document provides an overview of the Real Estate (Regulation and Development) Act in India. It discusses the objectives of establishing transparency and protecting consumer interests. It also defines key terms like promoter, real estate project, allottee. The important authorities under the act are the Real Estate Regulatory Authority and Real Estate Appellate Tribunal. Registration of real estate projects with RERA is mandatory, except for certain exempted projects. The process of registration and required documents are also outlined.
This document provides an overview of accounting, reporting, and taxation aspects related to futures, options, and other derivatives in India. It discusses relevant accounting standards from the Institute of Chartered Accountants of India and draft tax accounting standards. It also covers key taxation issues around whether derivative transactions are speculative, how profits are taxed (as business income or capital gains), and whether losses can be set off. The document provides guidance on determining turnover for tax audit purposes and outlines provisions around speculative transactions in Section 43(5) of the Income Tax Act.
Introduction:
Section 11 deals with Income from property held for “Charitable or Religious purposes.”
The income shall be subjected to the provisions of
Section 60 - Transfer of Income where there is no transfer of assets
Section 61 - Revocable Transfer of Assets
Section 62 - Transfer irrevocable for a specified period
The document provides an overview of the framework of GST laws in India. It discusses key concepts such as the types of GST (CGST, SGST, IGST), taxes subsumed under GST, exclusions from GST, laws governing GST, and the GST council. It also explains important aspects like the administration of GST, levy and collection of tax, the concept of supply which is the taxable event, and import of services under GST.
The document summarizes key changes to the Indian Income Tax law. Some of the major changes include:
- The corporate tax rate has been reduced to 25% for domestic companies with turnover less than 250 crores in FY 2016-17.
- Long term capital gains from equity shares exceeding 1 lakh will be taxed at 10%.
- Deductions have been increased for medical expenditures for senior citizens to Rs. 50,000 and Rs. 1 lakh for very senior citizens.
- Benefits have been extended to startups including a 100% deduction for 3 years for eligible startups incorporated between April 1, 2019 to March 31, 2021 with turnover less than 25 crores.
This document summarizes key provisions related to tax deducted at source (TDS) under the Indian Income Tax Act, including:
1) Sections related to TDS for salary (192), interest (193), dividends (194), rent (194I), professional fees (194J), and payments to contractors (194C).
2) The document outlines thresholds and exceptions for when TDS applies. For example, no TDS is required for dividends under Rs. 2,500 or interest under Rs. 5,000.
3) It discusses how the recipient can obtain a certificate for lower TDS rates under Section 197.
Introduction of ICDS
Applicability of ICDS
Scope
Terms covered
Classification of Items
Recognition and Measurement
Initial Recognition
Subsequent Recognition
Exchange Differences
Differences between AS-11 and ICDS – VI
This document provides an overview of Persistent's proposed approach to implementing ICT in MSMEs. It will focus on the pharmaceutical/chemicals and textiles/clothing sectors. Key areas of ICT that could boost competitiveness for these industries include R&D databases, supply chain management, e-learning, and customer relationship management. The project will involve sensitizing MSMEs in selected clusters to the benefits of ICT adoption and developing reference implementation plans for interested firms. Persistent brings expertise in cloud computing, software development, and a history of work with SMEs to provide strategic recommendations and technical solutions.
Graduate Aptitude Test in Engineering (GATE) is basically an examination on the comprehensive understanding of the candidates in various undergraduate subjects in Engineering/Technology/Architecture and post-graduate level subjects in Science.
Rationale behind the Act
Effective date of new Act
Applicability of the Act
Its size and nature
49 Sections
6 Rules
25 Regulations
Other related matters
The document discusses provisions around place of supply under the Integrated Goods and Services Tax (IGST) Act. It explains that IGST is levied on inter-state supplies of goods or services. It outlines the key provisions to determine whether a supply is inter-state or intra-state, including looking at the location of the supplier and place of supply. It also summarizes the relevant sections that govern place of supply of goods (Section 10), imports/exports of goods (Section 11), and place of supply of services (Section 12).
This document provides an overview of the statutory requirements for annual returns and audits under the Goods and Services Tax (GST) in India. It discusses key provisions regarding the requirement for audits based on annual turnover thresholds, the types of annual returns to be filed by different registered taxpayers, and the reconciliation statement that must be submitted along with audited annual accounts. The reconciliation statement aims to reconcile the turnover and tax amounts declared in the annual return with the audited financial statements. The document also clarifies differences in the turnover thresholds referenced in the GST law versus rules.
Objectives
Introduction
What is Remittance???
Who are Non-residents???
Relevant Notifications and Circulars
Which assets can be remitted?
How are assets remitted?
Legal Compliances (In special cases)
The document provides an overview of External Commercial Borrowings (ECB) regulations in India. It defines ECB as bank loans, trade credits beyond 3 years, bonds/debentures without convertibility, financial leases, and borrowings from multilateral institutions, among others. The regulator is the Government of India with support from the Reserve Bank of India. Indian companies can access foreign funds through ECB, FCCBs, preference shares/FCEB, and rupee denominated bonds overseas. Eligible borrowers include entities eligible for FDI, port trusts, SEZ units, SIDBI, oil marketing companies, and microfinance organizations. Recognized lenders must be residents of FAFT or IOSCO
This document provides an overview of the key aspects of the Foreign Exchange Management Act (FEMA). It begins with a brief introduction to FEMA and outlines the rationale behind its enactment. It then discusses the various rules, regulations, directives and circulars issued under FEMA. Key definitions from the Act are also summarized. The document provides a schematic flow of the legal framework under FEMA and highlights some important sections of the Act. It concludes with a tabular representation of the various regulations issued by the Reserve Bank of India under FEMA. In summary, the document gives a high-level overview of the structure and content of FEMA and the legal and regulatory framework governing foreign exchange transactions in India.
This document provides an overview of tax deduction at source (TDS) and tax collection at source (TCS) provisions under the GST law in India. It explains that certain categories of persons are mandated to deduct TDS at 1% of the payment when a contract exceeds Rs. 2.5 lakhs. It also explains that e-commerce operators are required to collect TCS at a maximum of 1% of net taxable supplies through their platform. Key details covered include due dates for payment, certificates/statements to be provided, credit claims, penalties for non-compliance, and rectification of errors.
Taxation of pm garib kalyan yojana 2016 Team Asija
The document provides an overview of the Pradhan Mantri Garib Kalyan Yojana 2016 scheme, which allows holders of black money to declare undisclosed income and pay taxes. Key points include:
1) Declarants must pay a total of 49.9% of the undisclosed income as tax, surcharge, and penalty.
2) They must also deposit 25% of the undisclosed income in a 4-year, interest-free government scheme.
3) This provides an opportunity for black money holders to avoid higher penalties by coming clean, but the effective tax rate after considering inflation is estimated at 57%.
The document provides an overview of export refunds under GST. It discusses key concepts like zero rated supplies, which include exports and supplies to SEZ. It outlines the different types of export refunds available under GST such as export of goods/services upon payment of IGST or under bond/LUT. The document then analyzes section 54 of the CGST Act regarding refund procedures. It discusses refund eligibility for zero rated supplies and supplies with an inverted tax structure. Key points like time limits for refund claims and restrictions are also summarized.
The document provides an overview of the Real Estate (Regulation and Development) Act in India. It discusses the objectives of establishing transparency and protecting consumer interests. It also defines key terms like promoter, real estate project, allottee. The important authorities under the act are the Real Estate Regulatory Authority and Real Estate Appellate Tribunal. Registration of real estate projects with RERA is mandatory, except for certain exempted projects. The process of registration and required documents are also outlined.
This document provides an overview of accounting, reporting, and taxation aspects related to futures, options, and other derivatives in India. It discusses relevant accounting standards from the Institute of Chartered Accountants of India and draft tax accounting standards. It also covers key taxation issues around whether derivative transactions are speculative, how profits are taxed (as business income or capital gains), and whether losses can be set off. The document provides guidance on determining turnover for tax audit purposes and outlines provisions around speculative transactions in Section 43(5) of the Income Tax Act.
Introduction:
Section 11 deals with Income from property held for “Charitable or Religious purposes.”
The income shall be subjected to the provisions of
Section 60 - Transfer of Income where there is no transfer of assets
Section 61 - Revocable Transfer of Assets
Section 62 - Transfer irrevocable for a specified period
The document provides an overview of the framework of GST laws in India. It discusses key concepts such as the types of GST (CGST, SGST, IGST), taxes subsumed under GST, exclusions from GST, laws governing GST, and the GST council. It also explains important aspects like the administration of GST, levy and collection of tax, the concept of supply which is the taxable event, and import of services under GST.
The document summarizes key changes to the Indian Income Tax law. Some of the major changes include:
- The corporate tax rate has been reduced to 25% for domestic companies with turnover less than 250 crores in FY 2016-17.
- Long term capital gains from equity shares exceeding 1 lakh will be taxed at 10%.
- Deductions have been increased for medical expenditures for senior citizens to Rs. 50,000 and Rs. 1 lakh for very senior citizens.
- Benefits have been extended to startups including a 100% deduction for 3 years for eligible startups incorporated between April 1, 2019 to March 31, 2021 with turnover less than 25 crores.
This document summarizes key provisions related to tax deducted at source (TDS) under the Indian Income Tax Act, including:
1) Sections related to TDS for salary (192), interest (193), dividends (194), rent (194I), professional fees (194J), and payments to contractors (194C).
2) The document outlines thresholds and exceptions for when TDS applies. For example, no TDS is required for dividends under Rs. 2,500 or interest under Rs. 5,000.
3) It discusses how the recipient can obtain a certificate for lower TDS rates under Section 197.
Introduction of ICDS
Applicability of ICDS
Scope
Terms covered
Classification of Items
Recognition and Measurement
Initial Recognition
Subsequent Recognition
Exchange Differences
Differences between AS-11 and ICDS – VI
This document provides an overview of Persistent's proposed approach to implementing ICT in MSMEs. It will focus on the pharmaceutical/chemicals and textiles/clothing sectors. Key areas of ICT that could boost competitiveness for these industries include R&D databases, supply chain management, e-learning, and customer relationship management. The project will involve sensitizing MSMEs in selected clusters to the benefits of ICT adoption and developing reference implementation plans for interested firms. Persistent brings expertise in cloud computing, software development, and a history of work with SMEs to provide strategic recommendations and technical solutions.
Graduate Aptitude Test in Engineering (GATE) is basically an examination on the comprehensive understanding of the candidates in various undergraduate subjects in Engineering/Technology/Architecture and post-graduate level subjects in Science.
Mechanical Simulations for Electronic ProductsAnsys
As electronic devices become smaller and more ubiquitous, the printed circuit boards and components that drive them face increasing power densities and evermore complexity. To ensure product reliability and performance, accurate and detailed analysis methodologies are necessary.
Last year by end of the lecture Dr Medinna gave cases to solve for Fluid and electrolytes....
He had a seperate slide for the cases..
Lecture slides are taken from Schwartz Textbook of surgery....
This document discusses India's Ministry of Micro, Small and Medium Enterprises' cluster development approach and various schemes to support MSMEs. It notes that MSMEs employ over 59 million people and contribute significantly to manufacturing output, exports, and GDP. The document defines micro, small, and medium enterprises based on investment levels and describes the Ministry's major credit, skill development, and cluster development schemes. It provides details on the cluster development program, including objectives, strategies, scope of support, costs, and examples of cluster improvements in manufacturing productivity and efficiency.
Ray Chanmugam is a mechanical engineer currently working in research and development designing various machinery including a fully automated boat gangway, a retrofit low inertia gin machine, and drainage for a vacuum road tanker. He has over 5 years of experience in the plastics extrusion and conversion industry and 11 years of experience working in marine engineering across various roles on ships ranging from 5th engineer to chief engineer. Ray also completed a 4 year special apprenticeship in marine engineering and holds an honors engineering degree and marine engineering qualifications.
SPICEsim is unique within the Engineering Services Outsourcing (ESO) industry with more than 25 years experience in turning customer\'s concepts into world-class products through our unique set of value-added CAD or CAE solutions. These solutions include electronic and mechanical design, printed circuit board development, electronic circuit simulation and modeling, signal integrity analysis and finally, mechanical simulation.
Role of msme in indian economic developmentKushal Kumar
This document discusses the role of micro, small, and medium enterprises (MSMEs) in India's economic development. Some key points:
1) MSMEs are a major source of employment in India, providing millions of jobs and playing an important role in reducing poverty.
2) They account for about 45% of manufacturing output and 40% of exports in India. MSMEs employ over 60 million people across more than 26 million units.
3) The number of MSMEs, production, employment, exports, and investments have all steadily increased over the past few decades, demonstrating their significant contributions to India's economic growth.
The department aims to provide world-class mechanical engineering education through quality teaching that stimulates creativity and intellectual curiosity. It has highly qualified faculty across all mechanical engineering disciplines. The department has modern, well-furnished labs and workshops along with necessary design software to provide hands-on learning experiences. It aims to produce engineers who can work in diverse roles across many industries.
The document discusses a presentation on VLSI design given by students after an industrial training. It provides an introduction to VLSI, describes software used in VLSI design like DSCH, Xilinx, Altera and Microwind. It explains VLSI design hierarchy, basic VHDL code structure and Verilog code structure. It also discusses programmable logic device and the downloading process on a PLD using Xilinx. The conclusion states that VLSI design has significant scope as a career.
This document provides an overview of inflammation and its mediators. It begins with introductions to the history and definitions of inflammation. The causes and cardinal signs of inflammation are then discussed. The document outlines the types of inflammatory reactions including acute and chronic inflammation. It then provides details on the vascular and cellular events in acute inflammation. The remainder of the document focuses on the various chemical mediators involved in inflammation, including vasoactive amines, arachidonic acid metabolites, cytokines, chemokines, lysosomal constituents, and other mediators. It also discusses inflammatory cells and the outcomes and resolution of inflammation.
1) MSME stands for micro, small, and medium enterprises and plays an important role in India's economic development through high employment potential at low capital costs.
2) The MSMED Act of 2006 classifies enterprises based on investment in plant/machinery for manufacturing and equipment for services.
3) MSMEs are a major part of the Indian economy, with over 12.5 million units employing 30 million people and contributing approximately 50% of industrial production and 45% of exports. The government aims to support MSME development through credit, legislation, and fiscal policies.
The document discusses the fundamentals of mechanical seals used in pumps. It describes how mechanical seals work to prevent leaks by creating a close fit between a stationary and rotating seal surface. It covers the basic components of mechanical seals including primary sealing elements, secondary sealing elements, and hardware. It also discusses seal face materials, designs, installation, operation, and ways to control the seal environment through flushing, cooling, and heating.
ppt on micro small and medium enterprisesShreya Sharma
This document provides an overview of micro, small, and medium enterprises (MSMEs) in India. Some key points:
1. MSMEs are the backbone of India's industrial development, contributing nearly 8% of GDP, 40% of manufacturing output, and 45% of exports. They also provide the largest share of employment after agriculture.
2. MSMEs can be classified as micro, small, or medium based on the number of employees and amount invested in plant and machinery. Micro enterprises have less than 10 employees and investments under Rs. 25 lakh. Small enterprises have less than 50 employees and investments under Rs. 5 crore.
3. MSMEs play an important role in
Mechanical Design Concepts for Non-mechanical EngineersLiving Online
Mechanical engineering in simple terms deals with any equipment that moves; this is what makes it perhaps the most broad and diverse of engineering disciplines. The mechanical discipline essentially derives its breadth from the need to design and manufacture everything from small, even nano, individual devices, such as measuring instruments, to large systems such as machine tools and power plants. Easy installation and serviceability are critical to the success of a mechanical system as is operational and design flexibility.
Understanding parameters governing the selection and design of mechanical systems is essential for identifying suitable systems for a particular application. In order to place all these issues in context, a good working knowledge of mechanical principles combined with a solid understanding of key concepts such as force, energy and heat is important.
Mechanical power transmission is discussed from the point of view of gears, couplings and bearings. Proper selection and sizing of these critical mechanical components is vital to ensuring optimum performance and improved efficiency of a mechanical system.
Recently, fluid engineering has undergone significant change and therefore a detailed overview of the underlying principles of fluid power and its applications is vital. The theory behind heat transfer, the various heat transfer mechanisms and the design of heat-exchangers is also examined.
Any study of mechanical systems would be incomplete without including a review of mechanical vibrations. This will help you in monitoring, controlling and analysing vibrations and in conducting fault diagnoses in mechanical systems.
The field of maintenance has evolved into a separate and highly specialised function. An effective maintenance regime helps identify failure symptoms and enables initiation of corrective measures, for preventing unscheduled and sometimes catastrophic failures. Lastly, a discussion on the numerous standards, codes and regulations governing mechanical systems, helps put the whole workshop into perspective.
Mechanical engineering involves understanding core concepts in mechanics, kinematics, thermodynamics, materials science, and structural analysis. Mechanical engineers design and analyze machines, manufacturing plants, engines, transport systems, medical devices, and more. Examples of mechanical engineering include bicycles, CD players, video game consoles, snowmobiles, microelectromechanical systems, robotics, composite materials, biomechanics, aerospace engineering, and careers in automotive, manufacturing, utilities, HVAC, and space research industries.
This document discusses Micro, Small, and Medium Enterprises (MSMEs) in India. It defines MSMEs based on the number of employees and investment levels. In India, MSMEs are defined by investment levels in plant/machinery or equipment, with micro enterprises having less than 25 lakh investment, small between 25 lakh to 5 crore, and medium more than 5 crore to 10 crore. MSMEs make up 13 million units employing over 42 million people and contribute significantly to manufacturing, exports, and GDP. The government supports MSMEs through various schemes for credit, technology, marketing, exports, and cluster development.
Porsche has traditionally positioned itself as an exclusive, high-performance sports car brand. However, several factors in recent years impacted Porsche's business performance, including the 2008 recession, increased costs, and stringent emission standards. In response, Porsche introduced new models like the Cayenne SUV and Panamera to broaden its appeal. It also formed a strategic alliance with Volkswagen to share technology and innovation. Porsche's marketing strategy shifted to target younger consumers and emphasize the practical aspects and fuel efficiency of its vehicles to better align with changing American consumer values. This led to increased sales success in the North American market. The recommendation proposes further targeting younger demographics, increasing product placement, and highlighting Porsche's fuel efficiency to
SlideShare is a global platform for sharing presentations, infographics, videos and documents. It has over 18 million pieces of professional content uploaded by experts like Eric Schmidt and Guy Kawasaki. The document provides tips for setting up an account on SlideShare, uploading content, optimizing it for searchability, and sharing it on social media to build an audience and reputation as a subject matter expert.
This document provides a summary of fundraising rounds for AI and data startups in Europe in 2016. Some key findings include:
- Over 270 startups raised $774 million in 2016, up from $583 million in 2015.
- The average funding round was $3.7 million.
- France and the UK led fundraising totals, with 108 startups in the UK raising $188 million and 37 startups in France raising $118 million.
- Early stage investments boomed, with $215 million invested in 170 early stage startups.
- In 2016, focus shifted from marketing applications to technologies using natural language processing, speech recognition and other AI techniques, as well as applications in healthcare, agriculture and other industries
Important Changes in Income Tax Provisions w.e.f. 1st April 2017Anuj Sharma
Simple and easy to understand Summary of important changes in Income Tax Act applicable from 1st April 2017 with special reference to cash transactions.
Please note that this is not an exhaustive list of changes. I have included only those changes which I believe are applicable to all of us in general and especially to Small & Medium Scale Businesses.
1. The document discusses new provisions introduced in Sections 269ST and 271J of the Income Tax Act regarding restrictions on cash transactions over Rs. 2 lacs and penalties for accountants/professionals providing incorrect information.
2. Section 269ST prohibits the receipt of cash over Rs. 2 lacs and imposes penalties equal to the amount received, while Section 271J allows authorities to impose a Rs. 10,000 penalty on accountants/professionals for each incorrect report or certificate filed.
3. Exceptions to Section 269ST include receipts by government entities and banks, while reasonable cause can exempt penalties under Section 271J.
Changes made by Finance Act 2017 and TCS related provisionsLokesh Bachchani
1. The document discusses key amendments made in the Income Tax Act relating to tax collection at source (TCS), tax deducted at source (TDS), rates of income tax, and capital gains tax.
2. Notable changes include a reduction in TCS rates for certain goods and services, an increase in the threshold for TCS on sale of motor vehicles, and restrictions on cash transactions exceeding Rs. 10,000.
3. Income tax rates were reduced for individuals with income up to Rs. 5 lakhs and the surcharge threshold was increased. The holding period for assets to qualify as long-term was reduced to 24 months.
Section 269ST and 271J of the Income Tax Act 1961 place limitations on cash transactions and introduce penalties for professionals who provide incorrect information.
Section 269ST bans the receipt of more than Rs. 2 lacs in cash per day or transaction from a person. It also prohibits the receipt of over Rs. 2 lacs in cash for a single event or occasion from a person. Anyone who receives funds in violation of these rules will be penalized an equivalent amount.
Section 271J introduces a penalty of Rs. 10,000 for accountants, merchant bankers, or registered valuers who furnish incorrect information in any report or certificate provided under the Income Tax Act. It aims to ensure professionals conduct proper due diligence before
Taxation of-cooperative-societies-ca krishan-dev_sindhuKrishan Dev
The document discusses various tax compliance requirements for cooperative housing societies under the Income Tax Act and GST laws in India. Some key points:
1) A cooperative housing society is treated as an Association of Persons (AOP) for tax purposes. It is required to file tax returns and may be liable for tax audit if gross receipts exceed Rs. 1 crore.
2) The society needs to comply with TDS provisions like depositing TDS, issuing Form 16A, and filing returns. Failure to comply can attract penalties.
3) Under GST, transactions between a society and its members are taxable. The society needs to register if aggregate turnover exceeds Rs. 20 lakhs
- Section 269ST of the Income Tax Act aims to reduce cash transactions and move towards a less cash economy. It prohibits receiving cash amounts of Rs. 200,000 or more from a person in a day, for a single transaction, or related to one event from a person.
- Cash receipts are prohibited if they aggregate to over Rs. 200,000 from a single person in a day, for a single transaction over multiple days, or related to one event from multiple people. Exceptions are made for government entities and transactions covered under other sections.
- Issues around cash withdrawals from bank accounts and e-wallet transactions are discussed, as the section's intent is not to restrict normal business or individual cash needs from
The document discusses money laundering and related laws and concepts. It defines money laundering as transforming proceeds from criminal acts like drug trafficking into legitimate assets. It summarizes that money laundering typically involves 3 steps: 1) introducing illegally obtained money into the financial system, 2) transferring or concealing the source through complex transactions, 3) making the money appear legitimate. The key anti-money laundering laws and Prevention of Money Laundering Act 2002 in India are also summarized along with common money laundering techniques and objectives of criminalizing such acts.
IT PPT for F.Y 2023-24 (2).pptx FOR PREPARE INag728509
This document provides an overview of key income tax provisions for the financial year 2023-24 in India, including:
1) Calculation of taxable salary income under the old and new tax regimes.
2) Computation of gross total income and allowable deductions from different sources.
3) Tax slabs and rates under the old and new tax regimes.
4) Key deductions allowable under the new tax regime including standard deduction.
5) Surcharge rates and health and education cess.
6) Rebate and marginal relief provisions.
7) TDS rates and due dates for various payments.
The document compares taxation of salary income and overall tax liability
Budget 2017 takes Steps to discourage Cash transactions & curb Black MoneyKaran Puri
The document summarizes steps taken in the Budget 2017 to discourage cash transactions and curb black money in India. Key points include:
1) New sections 269ST and 271DA were introduced to restrict cash transactions over Rs. 2 lakhs and impose penalties for violations.
2) Capital expenditures over Rs. 10,000 and revenue expenditures over Rs. 10,000 made in cash will not be eligible for tax deductions or investment benefits.
3) The presumptive tax rate was reduced to 6% for small businesses receiving payments through digital modes to promote cashless transactions.
7TH DAY NEXT MONTH
7TH DAY NEXT MONTH
1) The document outlines income tax rates and rules for the financial year 2013-2014 as per the Finance Act of 2013.
2) Tax rates for individuals vary based on total income and age - the normal rates are 10-30% and lower rates apply for those over age 60 or 80. Surcharge of 10% applies if income exceeds 1 crore.
3) Employers must deduct tax from salaries based on estimated annual income and prescribed rates, and have options to pay tax on some non-monetary perks instead of deducting from employee salaries.
The document discusses various topics related to the real estate business in India including:
1. An overview of the real estate sector in India, noting it is the second largest contributor to India's GDP and economy.
2. Key operational challenges facing real estate businesses like high funding costs and slow infrastructure projects.
3. Types of real estate business models including owning land, joint development agreements, and renting or leasing constructed property.
4. Accounting and tax compliance challenges real estate businesses face related to approvals, taxation, audits, and other regulations.
5. Recent updates to tax laws impacting the sector like presumptive taxation schemes, deemed transfer provisions, and cash receipt/
The recent move of the Indian government to demonetise the currency notes of Rs. 500 & Rs. 1000 denominations has resulted in a huge furore throughout India. It has thrown up a large number of tax related issues. Some of these are covered in this presentation that was prepared on 20th November.
This document summarizes provisions related to tax deduction at source (TDS) on salaries in India.
It outlines that the Income Tax Act requires employers to deduct tax from salaries paid to employees at the time of payment, if the salary exceeds the maximum amount not chargeable to tax. The deducted tax amount is then deposited with the government and the employer issues Form 16 to the employee. Employers must also file quarterly TDS statements. The document specifies tax rates for TDS on salaries and defines who qualifies as an employer responsible for deducting tax for different entity types.
The document provides information on the impacts of demonetization in India. It discusses how demonetization aims to tackle black money, eliminate fake currency, and lower cash transactions. It outlines tax impacts for honest taxpayers versus dishonest taxpayers. It details the process of depositing cash in banks, potential inquiries by tax departments, and requirements to explain cash sources. It also covers proposed penalties for unexplained cash deposits, impacts of benami transactions, and details of the Pradhan Mantri Garib Kalyan Yojana tax amnesty scheme.
section 269ss of income tax act video conent.pptxGangam Rajender
Section 269SS of the Income Tax Act specifies restrictions on accepting loans, deposits or specified sums exceeding Rs. 20,000 in cash. It states that no person shall take or accept from any other person loans, deposits or specified sums exceeding Rs. 20,000 through means other than account payee cheque, bank draft, electronic clearing or specified digital payment modes. The section also considers aggregate amounts from the same person on the same day or unpaid amounts from earlier loans/deposits. Exceptions include transactions with government bodies, relatives during emergencies, and loans between family members given for support rather than tax evasion. Violations are punishable under Section 271D with penalty equal to the amount accepted in cash.
The document provides an overview of the history and framework of income tax in India. It discusses key definitions such as assessment year, previous year, assessee, person, income types. It outlines the principles (canons) of taxation including equality, certainty, convenience, economy, productivity, elasticity, simplicity and diversity. The document also describes the different tax authorities in India and their roles. It provides details on calculating agricultural income and the tax schemes for individual, firms, companies and local authorities for the assessment year 2020-21. Finally, it discusses the differences between capital vs revenue receipts/expenditure/losses.
The document discusses India's 2016 demonetization scheme in which Rs. 500 and Rs. 1000 banknotes ceased to be legal tender. It aims to curb black money and counterfeit currency. Higher denominations are more likely to be used for unaccounted transactions. There is no threshold for depositing old notes in banks, but deposits over Rs. 2.5 lakh will be reported. Depositing unreported cash may lead to tax investigations and penalties depending on the source and justification provided. The document provides details on relevant tax laws and potential consequences.
The document summarizes key income tax implications in India for the financial year 2022-23 based on amendments made in the Finance Act 2022.
It outlines that income tax rates, health and education cess rates, and surcharge rates remain unchanged for FY2022-23. It introduces provisions for taxation of virtual digital assets at 30% and mandatory TDS of 1% on transfer of such assets. It also allows individuals to file an updated income tax return within 24 months of the assessment year on payment of additional tax. The document provides details of various deductions available under Chapter VI-A of the Income Tax Act.
Similar to Presentation on MSME - Cash Less Economy - Relevant to Direct Taxes (20)
Why to determine Residential Status?
Categorization of Residential Status.
Rules for determining the Residential Status :
Section 6(1) - Rule for determining the Residential Status of an Individual
Section 6(2) - Rule for determining the Residential Status of an HUF, Firm, AOP, BOI
Section 6(3) - Rule for determining the Residential Status of Company
Section 6(4) - Rule for determining the Residential Status of any other person
Glance on Incidence of Tax
In general, Export trade is regulated by the Directorate General of Foreign Trade (DGFT) functioning under the Ministry of Commerce and Industry (MCI) and the exporters are required to follow the policies and procedures announced by the DGFT, from time to time.
Though DGFT is the regulator for Foreign trade in India, RBI being the financial market regulator is responsible for management of foreign exchange, regulator for payment & settlement systems while continuously working towards the development of Indian financial markets.
RBI regulates the foreign exchange markets through Foreign Exchange Management Act, 1999 (herein after referred as FEMA Act)
In exercise of powers conferred by section 7(1)(a), 7(3) & 47(2) of FEMA Act, 1999, RBI has notified Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 (also known as “Export Regulations, 2000”) by notification number 23/2000-RB dated 3rd May 2000 which came into force from 1st June, 2000.
Sa260 communication-with-those-charged-with-governanceAdmin SBS
Meaning
Scope of SA
Role of communication between TCWG and Auditor
Applicability
Auditor’s responsibilities
Matters to be communicated to TCWG
Objectives
Factors affecting forms of communication
Documentation
Section 148 of the Income Tax Act allows the tax authorities to issue a notice to assess or reassess income that has escaped assessment for a particular year. If the Assessing Officer has reason to believe that income has escaped assessment, they may assess such income by serving a notice on the assessee within 4-16 years from the end of the relevant assessment year, depending on the amount of income escaped. Upon receiving the notice, the assessee must file a return. If the assessment is completed, the assessee will be liable to pay tax on the escaped income along with interest and potential penalties.
This document discusses audit procedures for trade receivables. It defines trade receivables and explains their importance for business cash flow and credit relationships. It then covers trade receivable management processes, aging reports, internal audit checklists, external confirmation procedures, and audit procedures to ensure completeness, occurrence, existence, classification, and proper presentation and disclosure of trade receivables.
The document outlines the agenda for a two-day training event on financial auditing hosted by Palmetto IT Solutions from March 12-13, 2019. The event will cover various topics through a series of presentations and speakers, including an inaugural speech, sessions on compliance requirements under taxation laws, audit documentation, and soft skills. It will take place at Palmetto IT Solutions' office in Hyderabad, India. The document provides the detailed schedule listing the session topics and speakers for each time slot on both days of the event.
The document discusses various aspects of income taxable under Section 56 of the Income Tax Act 1961 relating to "Income from Other Sources". It summarizes taxation of gifts, winnings, share premium in excess of fair market value, dividends, and other miscellaneous incomes. Specific items discussed include the taxability of gifts based on various limits and exceptions. Winnings from lotteries, races and other games are taxed at a flat 30% rate. Share premium received in excess of a company's fair market value may be taxed. Dividends from foreign companies and domestic companies over Rs. 10 lakhs are included.
This document summarizes key aspects of Section 112A of the Indian Income Tax Act, 1961 related to taxation of long-term capital gains (LTCG) from listed equity shares and units. It defines LTCG and short-term capital gains, and explains that LTCG from listed shares is now taxed at 10% if securities transaction tax is paid. It also discusses the cost of acquisition and exemptions available, including the option to reinvest gains in a residential property.
This document provides an overview of bank guarantees. It defines what a bank guarantee is, noting that it is a written contract issued by a bank on behalf of a customer to take responsibility for payment if the customer does not pay. It discusses the key parties involved, types of bank guarantees, advantages and disadvantages, procedures for applying, and audit and disclosure requirements. The document aims to cover these topics at a high level for providing an overview of bank guarantees.
This document summarizes a presentation on shell companies in India. It begins by outlining reasons why regulators are cracking down on shell companies, such as their use for tax evasion, money laundering, and fraudulent schemes. It then defines shell companies as firms that exist on paper without real business operations or assets. Several methods used by shell companies are described, including creating layers of companies to hide owners and conducting fake transactions. The laws often violated by illegal shell companies in India are also listed. Government task forces have been established to investigate shell companies and several actions have been taken, like striking inactive companies from registration records.
Overview on-procedure-for-setting-up-of-sez-unitAdmin SBS
This document provides an overview of the procedure for setting up a unit in a Special Economic Zone (SEZ) in India. It discusses what an SEZ is, how SEZs evolved in India, the administrative setup for SEZs, defines an SEZ unit, compares SEZs and units, outlines who can set up a unit, and details the 8 step procedure for setting up a unit including application submission, approval process, and post-approval requirements. It also addresses the validity, extension, and cancellation of the Letter of Approval (LOA) granted to SEZ units.
Income tax-return-of-income-and-assessment-proceduresAdmin SBS
- Return of Income must be filed by certain persons and entities like companies, firms, individuals with income above exemption limit, residents with foreign assets/accounts, charitable trusts, political parties, and research/educational institutions.
- There are different ITR forms for individuals, HUFs, companies, and other persons to file ROI depending on income sources.
- The due date for filing ROI varies depending on the type of assessee but is typically July 31 or September 30. Late or belated returns can be filed within 1 year with penalties. Revised returns can also be filed to correct omissions or mistakes.
- The income tax department undertakes assessment in two stages - intimation issued after automated
Icds vi effects of changes in foreign exchange ratesAdmin SBS
Introduction of ICDS
Applicability of ICDS
Scope
Terms covered
Classification of Items
Recognition and Measurement
Initial Recognition
Subsequent Recognition
Exchange Differences
Differences between AS-11 and ICDS – VI
This document provides an overview of IND AS 41 - Agriculture. It discusses the objective, scope, key definitions, recognition, measurement and disclosure requirements of the standard. The standard relates to accounting for agricultural activity, including biological assets and agricultural produce. It requires biological assets and agricultural produce to be measured at fair value less costs to sell, except when fair value cannot be measured reliably. The document provides examples of biological assets and the resulting agricultural produce, and outlines the recognition criteria and disclosures required by the standard.
Income Computation and Disclosure StandardICDS IX – Borrowing CostsAdmin SBS
Introduction and Applicability of ICDS
Scope of ICDS – IX Borrowings Costs
Definitions
Recognition of Borrowing Costs
Eligibility for Capitalization of Borrowing Costs
Commencement of Capitalization of Borrowing Costs
Cessation of Capitalization of Borrowing Costs
Disclosures in Tax Audit Report
Basis of Differences
Conclusion
TAX AUDIT REPORT U/s 44AB of Income Tax Act, 1961Admin SBS
Tax audit is applicable to every person i.e. i.e. individual, HUF, Company, Partnership firm,
AOP/BOI, Local authority, Co-operative society/Trust, AJP based on the below mentioned
OBJECTIVES:
Introduction
Implementation
Requirement to generate an E-Waybill
Persons required to generate E-Way bill
Registration
Generation
Other clarifications
OBJECTIVES:
Definition
Position under Service Tax and VAT
Position under GST
Composite supply
Taxability of Works contract
Provisions relating to Input tax credit
IBC code – overview:
Insolvency precedes bankruptcy and liquidation follows bankruptcy.
Insolvency warnings:
drop in sales
delay in payments
Increasing reliance on credit
Cash flow test:
when cash flow IN s less than cash flow OUT flow.
OBJECTIVES:
Definition
Job work Procedure u/s 143 of CGST Act, 2017.
Input tax credit as per Section 16 and 19 of the CGST Act, 2017.
Other clarifications relating to Job work as per Circular No. 38/12/2017 – Central Tax dated 26th of March 2018.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Presentation on MSME - Cash Less Economy - Relevant to Direct Taxes
1. Presentation on MSME – Cash Less Economy -Relevant to
Direct Taxes
by
CA Suresh Babu S
Managing Partner
M/s SBS and Company LLP
suresh@sbsandco.com
9440883366
SBS EVENTS HALL
On 02nd June, 2017
At
2. 2
RATES OF INCOME TAX
2
Individual
(Less than 60 years of
age)/HUF/AOP/BOI/AJP)
Resident Individual
(Age of 60 or more)
Resident Individual
(Age of 80 or more)
Income Rates
Upto2,50,000 NIL
Rs2,50,000 –
Rs5,00000
5% of(total
income-2,50,000
Rs5,00,000 –
Rs10,00,000
Rs12,500+20%of
(total income-
5,00,000)
Above
10,00,000
Rs 1,12,500+30%
of(total income-
10,00,000)
Income Rates
Upto3,00,000 NIL
Rs3,00,000 –
Rs5,00000
5% of (total
income-3,00,000)
Rs5,00,000 –
Rs10,00,000
Rs10,000+20%of
(total income-
5,00,000)
Above
10,00,000
Rs 1,10,000+30%
of(total income-
10,00,000)
Income Rates
Upto5,00,000 NIL
Rs5,00,000 –
Rs10,00,000
20% of (total
income-5,00,000)
Above
Rs10,00,000
1,00,000+30%of
(totalincome-
5,00,000)
Rebate U/s 87A has been reduced
to Rs. 2500/- . It is available if total
income of resident individual does
not exceed Rs.3,50,000
www.sbsandco.com
3. 3
Companies with Annual Turnover up to Rs.50 Crore – 25% (Earlier 30%)
Firms (Partnership or LLP) – 30%
Surcharge:- In case of every INDIVIDUAL or HUF or AOP or BOI or AJP
having total income exceeding Rs. 50,00,000/- but not exceeding Rs. 1
Crore is liable to surcharge @10%. Surcharge @15% will apply if total
income exceeds Rs. 1 Crore.
Company & Firm Tax Rates
www.sbsandco.com
5. 5
No person shall receive an amount of Rs.2,00,000 or more, by cash
a) In aggregate from a person in a day; or
b) In respect of a single transaction; or
c) In respect of transitions relating one event or occasion
Applicable from 1 April 2017
The penalty for violation of above is to be a sum equal to the amount of such receipt.
Note – 1: The provisions of Sec 269 ST are not applicable in case of Cash withdrawal from Bank.
Note - 2: Hence Cash can be withdrawn from Bank without limit.
Cash Receipts(269ST)
www.sbsandco.com
6. 6
a) In aggregate from a person in a day:
Mr. A sells goods worth Rs.3,00,000 to Mr. B and generates 3 different bills of Rs.1,00,000 each and
accepts cash in a single day at different times then Mr. A shall be found guilty of violation of
Section 269ST(a) of Income Tax Act.
b) In respect of a single transaction:
Mr. A sells goods worth Rs.3,00,000 to Mr. B and generates one single bill for Rs.3,00,000. He then
receives cash Rs.1,50,000 on Day 1 and Rs.1,50,000 on Day 2 then Mr. A shall be found guilty of
violation of Section 269ST(b) of Income Tax Act.
c) In respect of transitions relating one event or occasion:
Mr. A books a wedding party at a Hotel & the Hotel makes a bill of Rs.1,50,000 for Food and
Rs.1,00,000 for Hall Charges and accepts cash Rs.2,50,000 from Mr. A then the hotel shall be found
guilty of violation of Section 269ST(c) of Income Tax Act.
Even if they are 2 different types of expense, but they are for the same wedding.
Cash Receipts(269ST)
www.sbsandco.com
7. 7
Applicable to all persons.
Mode of acceptance of Loans, Deposits or Specified sum should be through account payee
cheque or account payee bank draft or use of electronic clearing system through a bank
account if the amount is Rs. 20,000 or more in the following cases:
a) The amount or aggregate amount of such loan, deposit or specified sum; or
b) The amount or aggregate amount of loan, deposit or specified sum remaining unpaid; or
c) The amount specified in (a) and (b) above.
Specified Sum- Any sum of money, whether advance or otherwise in relation to transfer of
immovable property whether or not transfer takes place.- W E F 01-06-2015
Cash Receipts(269SS)
www.sbsandco.com
8. 8
The provisions of this Section shall not be applicable if loan, deposit or specified sum is accepted
from or accepted by:
The Government;
Any banking company, post office savings bank or co-operative bank;
Any corporation established by a Central, State or Provincial Act;
Any Government Company (as defined under the Companies Act);
Such other institutions as may be notified by Central Government in this behalf.
Penalty:
Section 271D: In the case of failure to comply with the provisions of Section 269SS, a penalty of
100% of the amount of loan, deposit or specified sum is levied.
Cash Receipts(269SS)
www.sbsandco.com
10. 10
Limits for expenses paid in cash (both capital and revenue) has been reduced from Rs.20,000 to
Rs.10,000 per day in aggregate per person(Sec 40A(3))
Capital Expenses paid in cash beyond Rs.10,000 will not be allowed for Depreciation purposes(Sec
32/43(1))
Revenues Expenses paid in cash beyond Rs.10,000 will not be allowed as business expense while
calculating profit
Cash payment limit for LORRY FREIGHT remains same at Rs.35,000
Salary or Bonus payments exceeding Rs.10,000 have to be done by Cheque Compulsorily.
Limits for Expenses Paid in Cash
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11. 11
Mode of repayment of Loans, Deposits or Specified advance should be through account payee
cheque or account payee bank draft or use of electronic clearing system through a bank
account if the amount is Rs. 20,000 or more in the following cases:
a) The amount of loan, deposit or specified advance, along with interest payable (if any); or
b) The aggregate amount of the loans or deposits, either in his own name or jointly with any
other person on the date of such repayment together with the interest, if any, payable on
such loans or deposits; or
c) The aggregate amount of specified advances received by such person either in his own
name or jointly with any other person on the date of such repayment together with the
interest, if any, payable on such specified advances.
Cash Payments(269T)
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12. 12
Exceptions:
Government;
Any banking company, post office savings bank or co-operative bank;
Any corporation established by a Central, State or Provincial Act;
Any Government Company 11 as defined in section 617 of the Companies Act, 1956 (1 of 1956);
Such other institution, association or body or class of institutions, associations or bodies which
the Central Government may, for reasons to be recorded in writing, notify in this behalf in the
Official Gazette.
Penalty:
Section 271E: In the case of failure to comply with the provisions of Section 269T, a penalty of
100% of the amount of loan, deposit or specified advance is levied.
Cash Payments(269T)
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13. 13
Earlier – 1 % TCS on cash sales exceeding Rs.2 Lakhs (Rs.5 Lakhs in case of jewellery)
Now – No need to collect TCS.
Cash Sales exceeding Rs.2 Lakhs will Straightaway attract Penalty of Equivalent amount as
previously explained.
TCS Abolished
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14. 14
Earlier: No TDS on Rent Payments by Individuals or HUFs
Now: Individuals & HUFs paying Rent more than Rs.50,000 per month have to deduct TDS @ 5%
TDS on Rent Payments
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15. 15
Cash Donations exceeding Rs.2,000 – Not Eligible for deduction U/s 80G
Bank/Digital or any mode other than cash – No limit
Trusts accepting 80G donations Have To Advise their donors to give donations
exceeding Rs.2,000 vide cheque / RTGS / digital modes.
Donations – 80G
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16. 16
IT Return not filed within Due Date (31st July for Individuals & 30th September for Non-
Individual Assessee’s)
Up To 31st December – Rs.5,000/-
After 31st December – Rs.10,000/-
Note:- 1. If the total income of the person does not exceed Rs. 5 Lakhs, the fee payable
under this section shall not exceed Rs. 1,000/-
Note:- 2. Self-assessment tax to include the fees for delay in filing the return of income.
Note:- 3. Revised return can be filed before the end of the relevant assessment year or
before the completion of assessment, whichever is earlier.
Fee For Late Return Filing
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17. 17
Every person eligible to obtain Aadhar has to quote Aadhar number in IT Return.
Every person who has PAN Card must intimate Aadhar number to IT Dept. failing which
pan shall be deemed invalid.
Aadhar – PAN cannot be linked if name doesn’t match perfectly in both the documents.
New facility introduced in profile tab to link Aadhar on efiling site
Aadhaar to be linked with PAN
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19
Individual or HUF is required to maintain books of accounts
if income from business or profession, other than referred
U/s 44AA(1), exceeds Rs. 2,50,000/- or total sales, turnover,
gross receipts exceeds Rs. 25,00,000/-.
20. 20
NORMAL PROVISIONS
Person engaged in business or
profession are
required to maintain regular
books of account and
get accounts audited
if their gross turnover or income
exceeds the prescribed limit
Meaning of Presumptive Taxation:
Relief to small
tax payers
PRESUMPTIVE TAXATION
To get relief to from this tedious
work of maintenance of Books of
accounts, a small taxpayer
can opt for presumptive taxation
under section 44AD, 44AE or
44ADA
Upon satisfaction of the prescribed
conditions
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21. 21
In case of Assessee being an Individual, or an HUF or a Partnership Firm (other than LLP and
Company) carrying on any business having a turnover of Rs 2 Crore or less.
May not maintain any Books of Accounts.
Earlier Deemed Net Profit was 8 % of Total Turnover as per section 44AD of IT Act
Now Deemed net profit will be as under:
Non Cash Sales (Receipts through Online Transfer, Account Payee Cheque/ Draft, NEFT, RTGS)
– Deemed Net Profit shall be 6% of Total Turnover or Gross Receipts.
Cash Sales – Deemed Profit shall be 8% of Total Turnover or Gross Receipts.
To encourage non-cash payments through bank or digital channels.
Deemed Profit for Small Business(Sec 44AD)
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22. 23
Consequences if assessee opt 44AD:
If an assessee opts for presumptive taxation under this section, then he is require to follow the
same scheme for next 5 years
If assessee failed to do so, then presumptive taxation scheme will not be available for next 5
years
Presumptive taxation scheme under Sec 44AD shall not apply to the following business:
person carrying on profession as referred in section 44AA(1)
a person earning income in the nature of commission or brokerage or
a person carrying on any agency business.
Consequences if assessee opt 44AD
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23. 24
Any person opting for presumptive taxation scheme under section 44AD or 44ADA is liable to
pay whole amount of advance tax on or before 15th March of the previous year
Failure to pay the advance tax attracts interest as per section 234B & 234C
Any amount paid by way of advance tax on or before 31st day of March shall also be treated as
advance tax paid during the financial year.
Consequences if assessee opt 44AD
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25. 30
PARTICULARS SEC 54 SEC 54EC SEC 54F
Exemption Claimed Individual/ HUF Any Person Individual/ HUF
POH of Capital asset Long Term Long Term Long Term
Eligible Specific asset A residential house
property
Any LTC asset Any LTC asset (other than
a residential house
property) provided*
Type of asset should be
acquire to get the benefit
of exemption
Purchase within 1 year
before transfer or 2 years
after transfer.
Construction within 3
years after the date of
transfer.
Within 6 months after
transfer.
Purchase within 1 year
before transfer or 2 years
after transfer
Construction within 3
years after the date of
transfer
Amount Exempted Investment in new asset
or capital gain which ever
is lower
Investment in new asset
or capital gain which ever
is lower
Capital Gain*Amount
invested/ Net sale
consideration
TRANSFER OF RESIDENTIAL PROPERTY (SEC 54)
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26. 31
PARTICULARS SEC 54 SEC 54EC SEC 54F
Exemption revoke in a
subsequent year
If the new asset is
transferred within 3 years
of its acquisition.
If the new asset is
transferred or it is
converted in to money or
a loan is taken on security
of the new asset within 3
years of its acquisition.
a) Within one year of
transfer of original
asset, there shall not
be purchase of other
residential house
property other than
new asset
b) Within three years of
transfer of original
asset, assessee shall
not constructs
residential property
other than new asset
Exemption revoked-
taxable as LTCG/STCG
STCG LTCG LTCG
Scheme of deposit is
applicable
Yes No Yes
TRANSFER OF RESIDENTIAL PROPERTY (SEC 54)
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27. 35
Gift in cash exceeding Rs.50,000/- is taxable. However there are exceptions u/s 56 of the act,
where if gift is received from following persons shall not be taxable. They are
Relative
On occasion of marriage of individual
Under will
In contemplation of death of payer or donor
Local Authority
Trust or Institution registered U/s12AA
Dividend income is exclusively chargeable under Income from other sources
The cost of acquisition of immovable property received as gift and subject to tax U/S 56 will be
the stamp duty value which has been taken into consideration for sec 56.
INCOME FROM OTHER SOURCES:
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28. 36
Sec 115BB:
Section 115BB covers winnings from lotteries, crossword puzzles, horse races, card
games, betting, gambling and other games of this nature;
The incomes under this section is chargeable to flat tax rate of 30% including
Education cess
The expenditure incurred while engaging in the above activities will be disallowed
Deduction under Chapter VI A (i.e., From 80C to 80U) cannot be claimed under this
section
Adjustment of unexhausted basic exemption limit is also not permitted.
INCOME FROM OTHER SOURCES:
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30. 38
S.NO SECTION NATURE OF DEDUCTION AMOUNT ELIGIBLE FOR
DEDUCTION
1. 80C Life insurance policy (10% 0f Capital sum assured),House loan
principle repayment , Tuition fees (2 children), Infrastructure
Bonds ,NABARD rural bonds PPF, NSC ,ULIP , Subscription to
equity shares or debentures ,5-year bank fixed deposits, Post
office saving scheme ,Any contribution to Senior citizen saving
scheme AND
Sukanya Samriddhi Yojana : Documents required are
Birth documents of girl child
Address proof and identity proof of guardian
3 photos of Guardian and 3 photos of the child
PAN card and Aadhar card of guardian
Maximum deduction
available (under this
section) is Rs.1,50,000
CHAPTER VI-A DEDUCTIONS (1/7)
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31. 39
S.NO SECTION NATURE OF DEDUCTION AMOUNT ELIGIBLE FOR DEDUCTION
2.
3.
80CCD
80CCE
Contribution to pension
schemes of Central
Government
Additional Benefit towards
contribution to NPS.
Limit on deductions u/s
80C, 80CCC, 80CCD
`
Rs.50,000 (over and above all the limits)
Rs.1,50,000
In case of employee
• 10 % 0f his salary or
• 20 % of GTI- FA 17
In case employer
• 10 % of salary of employee
CHAPTER VI-A DEDUCTIONS (2/7)
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32. 40
S.NO SECTION NATURE OF DEDUCTION AMOUNT ELIGIBLE FOR
DEDUCTION
4. 80D Any amount paid towards health insurance
premia,CGHS in any made other than cash to effect or
keep in force insurance on health of
Assesse or his family (Spouse , dependent children)
and
Parents of the assesse
In respect of medical expenditure for very senior
citizens(provided no health insurance is paid).
Preventive health checkup : Can be paid even in cash.
(sub limit under Sec 80D)
Rs.25,000
(Rs.30,000 in case
of senior citizen)
Rs.30,000
Rs.5,000 (This is included in
above said limits)
CHAPTER VI-A DEDUCTIONS (3/7)
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33. 41
S.NO SECTION NATURE OF DEDUCTION AMOUNT ELIGIBLE
FOR
DEDUCTION
5.
6.
80 DD
80DDB
• Any expenditure for Medical, Nursing & Rehabilitation
incurred on dependent suffering from permanent disability
OR Amount paid or deposited under LIC policy or any other
insurer
• Disability or Severe disability : Persons with Autism, Cerebral
Palsy, Mental Retardation and Multiple Disabilities
Amount paid for the medical treatment for such disease for
himself or a dependant
Rs.75,000
(Rs.1,25,000 in case
of severe disability)
Rs.40,000
Rs.60,000(> 60 years)
Rs.80,000(>80 years)
CHAPTER VI-A DEDUCTIONS (4/7)
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34. 42
S.NO SECTION NATURE OF DEDUCTION AMOUNT ELIGIBLE FOR
DEDUCTION
7.
8.
80 E
80EE
Any Interest on loan taken from Financial/Charitable
Institutions for Self/Spouse/Children for pursuing Higher
Education (for a max. period of 8 years)
Any Interest on loan taken from any financial institution for
the purpose of acquisition of a residential property.
Conditions:
• Loan sanctioned during 1.04.2016 – 31.03.2017
• Amount of loan should not exceed Rs35,00,000;
• Value of house property does not exceed Rs 50,00,000
• Assessee does not own any residential house property on
the date of sanction of loan.
Actual
Interest repaid
Rs.50,000 for
A.Y beginning on
1.04.2017 and
subsequent assessment
years
CHAPTER VI-A DEDUCTIONS (5/7)
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35. 43
S.NO SECTION NATURE OF DEDUCTION AMOUNT ELIGIBLE FOR
DEDUCTION
9. 80 G Any amount donated towards :
a) Swachh Bharat Kosh, Clean Ganga Fund ,
National Trust for welfare of Persons suffering
from Multiple Disabilities etc.
b) Jawaharlal Nehru Memorial Fund ,P.MDrought
Relief Fund etc.
c) For promotion of family planning , Indian Olympic
Association
d) For repair or renovation of any temple, mosque,
church, gurudwara or other place of historic or
national Importance.
Prohibition of cash donations in
excess of two thousand rupees.
(W.E.F A.Y. 2018-19 onwards)
CHAPTER VI-A DEDUCTIONS (6/7)
100 % of donation
50 % of donation
100% of donation with
qualifying limit
50%of donation with qualifying
limit
b
c
d
a
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36. 44
S.NO SECTION NATURE OF DEDUCTION AMOUNT ELIGIBLE
FOR
DEDUCTION
10.
11.
12.
80GGC
80TTA
80U
• Amount contributed to any political party or an electoral
trust. However no CASH deduction shall be allowed .
Any interest on deposits (not being time deposits) in a savings
account with a banking company, a co-operative society, a Post
Office
• Amount paid towards person suffering from disability
• Disability or Severe disability : Persons with Autism, Cerebral
Palsy, Mental Retardation and Multiple Disabilities
100 % of deduction
Rs.10,000
Rs.75,000
(Rs.1,25,000 in case
of severe disability)
CHAPTER VI-A DEDUCTIONS (7/7)
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38. 46
To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax
Law has framed the concept of statement of financial transaction or reportable
account [previously called as ‘Annual Information Return (AIR)’].
With the help of the statement the tax authorities will collect information on certain
prescribed high value transactions undertaken by a person during the year.
There could a amendment to IT Act to provide for taxation of past unaccounted cash
now deposited. (May be around 60% of the amount)
Section 285BA of IT Act, 1961
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39. www.sbsandco.com47
S.No Nature and value of transaction Reporting person
1 (a) Payment made in cash for purchase of bank drafts or
pay orders or banker's cheque of an amount aggregating
to Rs. 10 lakh or more in a financial year.
(b) Payments made in cash aggregating to Rs. 10 lakh or
more during the financial year for purchase of pre-paid
instruments issued by Reserve Bank of India.
(c) Cash deposits or cash withdrawals (including through
bearer's cheque) aggregating to Rs. 50 lakh or more in a
financial year, in or from one or more current account of
a person
A banking company or a
cooperative bank
2 Cash deposits aggregating to Rs. 10 lakh or more in a
financial year, in one or more Savings accounts of a person.
(i) A banking company or a
cooperative bank
(ii) Post Master General
3 One or more time deposits (other than a time deposit made
through renewal of another time deposit) of a person
aggregating to Rs. 10 lakh or more in a financial year of a
person.
(i) A banking company or a
cooperative bank (ii) Post Master
General (iii) Nidhi Company (iv)
Non-banking financial company
Transactions to be reported (1/4)
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40. 48
S.No Nature and value of transaction Class of person (reporting person)
4 Payments made by any person of an amount aggregating
to—
(i) Rs. 1 lakh or more in cash; or
(ii) Rs. 10 lakh or more by any other mode, against bills
raised in respect of one or more credit cards issued to that
person, in a financial year
A banking company or a
cooperative bank or any other
company or institution issuing
credit card.
5 Receipt from any person of an amount aggregating to Rs.
10 lakh or more in a financial year for acquiring bonds or
debentures issued by the company or institution (other
than the amount received on account of renewal of the
bond or debenture issued by that company).
A company or institution issuing
bonds or debentures.
6 Receipt from any person of an amount aggregating to Rs.
10 lakh or more in a financial year for acquiring shares
(including share application money) issued by the company.
A company issuing shares.
Transactions to be reported (2/4)
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S.No Nature and value of transaction Class of person (reporting person)
7 Buy back of shares from any person (other than the shares
bought in the open market) for an amount or value
aggregating to Rs. 10 lakh or more in a financial year.
A company listed on a recognised
stock exchange purchasing its own
securities under section 68 of the
Companies Act, 2013
8 Receipt from any person of an amount aggregating to Rs. 10
lakh or more in a financial year for acquiring units of one or
more schemes of a Mutual Fund (other than the amount
received on account of transfer from one scheme to
another scheme of that Mutual Fund)
A trustee of a Mutual Fund or such
other person managing the affairs
of the Mutual Fund
9 Receipt from any person for sale of foreign currency
including any credit of such currency to foreign exchange
card or expense in such currency through a debit or credit
card or through issue of travellers cheque or draft or any
other instrument of an amount aggregating to Rs. 10 lakh
or more during a financial year.
Authorised person under Foreign
Exchange Management Act, 1999
Transactions to be reported (3/4)
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S.No Nature and value of transaction Class of person (reporting person)
10 Purchase or sale by any person of immovable property for
an amount of Rs. 10 lakh or more or valued by the stamp
valuation authority referred to in section 50C of the Act at
Rs. 30 lakh or more
Inspector-General or Registrar or
Sub-Registrar appointed under the
Registration Act, 1908
11 Receipt of cash payment exceeding Rs. 2 lakh for sale, by
any person, of goods or services of any nature (other than
those specified at Sl. Nos. 1 to 10 of this rule, if any.)
Any person who is liable for audit
under section 44AB of the Act.
12 Cash deposits during the period 09th November, 2016 to
30th December, 2016 aggregating to—
(i) Rs 12,50,000 or more in one or more current account
of a person; or
(ii) Rs 2,50,000 or more, in one or more accounts (other
than a current account)
(i) A banking company or a co-
operative bank to which the
Banking Regulation Act, 1949
(10 of 1949) applies
(ii) Post Master General as
referred to in clause (j) of
section 2 of the Indian Post
Office Act, 1898 (6 of 1898).
Transactions to be reported (4/4)
44. 52
Furnishing of statement of financial transaction [Rule 114E]
• With effect from 1 April 2016, every person who has undertaken the specified transaction will
file the statement for detail of such transaction in Form 61 annually.
Form 61A shall be furnished to department on or before 31st May, immediately following the
financial year in which the transaction is registered or recorded.
Further, we have identified some transactions given under Rule 114E, which generally impacts
the Company and person other than company who are subject to audit under section 44AB of
the Act. The following class of persons is required to furnish a statement of financial
transactions under Form 61A for the transactions given below (Applicable for transactions
entered on or after 01 April 2016):
Here is the list of transactions where quoting of PAN will be mandatory from Jan 1, 2016:
PAN
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45. 53
S.No NATURE OF TRANSACTION MANDATORY QUOTING OF PAN (RULE 114B)
Existing requirement New requirement
1. Immovable property Sale/ purchase valued at Rs.5 lakh or more i. Sale/ purchase exceeding Rs.10 lakh;
ii. Properties valued by Stamp Valuation authority at
amount exceeding Rs.10 lakh will also need PAN.
2 Motor vehicle (other than two wheeler) All sales/purchases No change
3. Time deposit Time deposit exceeding Rs.50,000/- with a
banking company
i. Deposits with Co-op banks, Post Office, Nidhi,
NBFC companies will also need PAN;
ii. Deposits aggregating to more than Rs.5
lakh during the year will also need PAN
4. Deposit with Post Office Savings Bank Exceeding Rs.50,000/- Discontinued
5. Sale or purchase of securities Contract for sale/purchase of a value
exceeding Rs.1 lakh
No change
6. Opening an account (other than time
deposit) with a banking company.
All new accounts. i. Basic Savings Bank Deposit Account excluded (no
PAN requirement for opening these accounts);
ii. Co-operative banks also to comply
7. Installation of telephone/ cellphone
connections
All instances Discontinued
8. Hotel/restaurant bill(s) Exceeding Rs.25,000/- at any one time (by any
mode of payment)
Cash payment exceeding Rs.50,000/-.
9. Cash purchase of bank drafts/ pay
orders/ banker's cheques
Amount aggregating to Rs.50,000/- or more
during any one day
Exceeding Rs.50,000/- on any one day.
10. Cash deposit with banking company Cash aggregating to Rs.50,000/- or more
during any one day
Cash deposit exceeding Rs.50,000/- in a day.
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46. 54
11. Foreign travel Cash payment in connection with foreign
travel of an amount exceeding Rs.25,000/- at any
one time (including fare, payment to travel agent,
purchase of forex)
Cash payment in connection with foreign travel
or purchase of foreign currency of an amount
exceeding Rs.50,000/- at any one time
(including fare, payment to travel agent)
12. Credit card Application to banking company/ any other
company/institution for credit card
No change.
Co-operative banks also to comply.
13. Mutual fund units Payment of Rs.50,000/- or more for purchase Payment exceeding Rs.50,000/- for purchase.
14. Shares of company Payment of Rs.50,000/- or more to a company for
acquiring its shares
i. Opening a demat account;
ii. Purchase or sale of shares of an unlisted
company for an amount exceeding Rs.1 lakh
per transaction.
15. Debentures/ bonds Payment of Rs.50,000/- or more to a company/
institution for acquiring its debentures/ bonds
Payment exceeding Rs.50,000/-.
16. RBI bonds Payment of Rs.50,000/-or more to RBI for
acquiring its bonds
Payment exceeding Rs.50,000/-.
17. Life insurance premium Payment of Rs.50,000/- or more in a year as
premium to an insurer
Payment exceeding Rs.50,000/- in a year.
18. Purchase of jewellery/bullion Payment of Rs.5 lakh or more at any one time or
against a bill
Deleted and merged with next item in this
table
19. Purchases or sales of goods or
services
No requirement Purchase/ sale of any goods or services
exceeding Rs.2 lakh per transaction.
20. Cash cards/ prepaid instruments
issued under Payment & Settlement
Act
No requirement Cash payment aggregating to more than
Rs.50,000 in a year.
S. No. NATURE OF TRANSACTION MANDATORY QUOTING OF PAN (RULE 114B)
Existing requirement New requirement
47. 55
Minor: Where a person, entering into any transaction referred above, is a minor and who does
not have any income chargeable to income-tax, he shall quote the permanent account number
(PAN) of his father or mother or guardian, as the case may be, in the document pertaining to
the said transaction.
No PAN: Further, where any person who does not have a PAN and who enters into any
transaction specified above, he shall make a declaration in Form 60 giving therein the
particulars of such transaction.
Form 15G/15H should invariably contain PAN of the declarant.
Penalty for non-quoting of PAN (Section 272B) – If a person fails to comply with the
requirement of quoting the PAN or furnish incorrect PAN then Assessing Officer may levy the
penalty of Rs. 10,000.
PAN
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48. 56
Any person who sells an immovable property exceeding Rs. 10L or motor vehicle of any value
shall either obtain and verify the PAN of the buyer at the time of sale or shall obtain Form 60 in
case buyer does not have PAN.
Any person, being a person raising bills referred to at S. No. 5 (hotel or restaurant) or 6 (foreign
travel) or 18 (sale of goods or services exceeding Rs. 2,00,000) of rule 114B, who, in relation to a
transaction specified in the said S. No., has issued any document shall ensure after verification
that permanent account number has been correctly furnished and the same shall be mentioned
in such document, or as the case may be, a declaration in Form 60 has been duly furnished with
complete particulars.
Therefore a person who is raising invoices in the above said transactions S. No. 5 (hotel or
restaurant) or 6 (foreign travel) or 18 (sale of goods or services exceeding Rs. 2,00,000) shall
mention the PAN of buyer/service receiver on the invoice or document issued.
Verification of PAN
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49. 57
It is a Form for declaration to be filed by an individual or a person (not being a company or firm)
who does not have a permanent account number (PAN) and who enters into any transaction
specified in rule 114B (mentioned in above table),
It requires the estimated total income (including income of spouse, minor child etc. as per
section 64 of Income-tax Act, 1961) for the financial year in which the said transaction is held,
The person accepting the declaration shall not accept the declaration where the amount of
income of the nature [estimated total income (other than agricultural income)] exceeds the
maximum amount which is not chargeable to tax, unless PAN is applied for and its
acknowledgement number is duly filled.
Form 60
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50. 58
Before signing the declaration, the declarant should satisfy himself that the information
furnished in this form is true, correct and complete in all respects. Any person making a false
statement in the declaration shall be liable to prosecution under section 277 of the Income‐tax
Act, 1961 and on conviction be punishable. 1. in a case where tax sought to be evaded exceeds
25 lakh rupees, with rigorous imprisonment which shall not be less than six months but which
may extend to seven years and with fine; 2. in any other case, with rigorous imprisonment
which shall not be less than three months but which may extend to two years and with fine.
Reporting requirements of Form 60 details received: [Rule 114D]
Every person who have received Form 60 on or after 01 January 2016 in relation to transactions
specified in above table, shall be required to file Form 61 to the Director of Income-tax
(Intelligence and Criminal Investigation) or the Joint Director of Income-tax (Intelligence and
Criminal Investigation) through online transmission of electronic data to a server designated for
this purpose and obtain an acknowledgement number and retain Form No. 60 for a period of six
years from the end of the financial year in which the transaction was undertaken.
Form 60
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51. 59
Any building or land appurtenant thereto is held as stock in trade which is not let during the
whole of or any part of previous year for a period up to one year from the end of financial year
in which certificate of completion of construction is obtained shall be nil.
Loss Provisions:-
Loss under the head house property can be set off against income of the assesse under any
other head of income to the extent of Rs. 2,00,000/-. Unabsorbed loss can be carried forward;
House Property
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52. 60
Income from transfer of a capital asset being land or building or both under Joint Development
Agreement of an individual or HUF be taxable in the year in which certificate of completion for
the whole of project or part of project is issued by the competent authority and the stamp duty
value of his share on the date of issue of said certificate and any amount received in cash shall
deemed to be full value consideration;
Any person responsible for paying to a resident any sum by way of monetary consideration
under JDA shall deduct tax @10 %;( W E F 01-06-2017)- Sec 194-IC
Normal provisions will apply in case where individual or HUF transfer his share in the project
before issue of completion certificate by competent authority;
Cost of acquisition of capital asset being share in the project shall be the amount of deemed full
value consideration;
Capital Gains
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53. 61
Period of holding is reduced from 36 months to 24 months in case of immovable property, being
land or building or both to treat it as short term capital asset;
MAT/AMT credit carry forward up to 15 AY immediately succeeding the AY in which such credit
becomes allowable;
Periodicity for LTCG reduced from 3 years to 2 years.
Base Year shifted from 1st April 1981 to 1st April 2001 for all assets including immovable
property.
Base Year Shift helps the investor as now prices are more realistically calculated accounting for
inflation.
Capital Gains
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CA Suresh Babu S
Managing Partner
M/s SBS and Company LLP
suresh@sbsandco.com
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SBS EVENTS HALL
On 02nd June, 2017
At
Editor's Notes
*Provided following conditions are satisfied
on the date of transfer the tax payer do not own more than one residential house property.