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ICAI Reaction Union Budget 2016-17

Budget - Dated:- 29-2-2016 - Small Taxpayers Reducing income-tax burden by ₹ 3,000 for small tax payers by increasing rebate under section 87A; Increasing deduction for rent payment under section 80GG to ₹ 60,000/-; Introducing presumptive taxation scheme for professionals with gross receipts upto ₹ 50 lakh Increasing the limit of turnover for availing presumptive taxation under section 44AD to ₹ 2 crores are the significant benefits to small tax payers. Some of the above .....

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ndia, since not many social security schemes are in place, this provision may require reconsideration in the interest of welfare of senior citizens who may not have alternate sources of income post retirement. In a bid to rationalize NPS, the settled position relating to tax exemption of PF and superannuation funds has been disturbed. Such withdrawals would continue to be exempt only for employees participating in RPF with a monthly salary of upto ₹ 15,000, which threshold is very low. A s .....

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ore, the tax proposals in this regard are in the nature Limited Period Compliance Window , providing for reduced rate of penalty and immunity from prosecution when the payment is made within the said limited period. Formulation of a new Dispute Resolution Scheme (DRS), keeping in mind the large number of cases pending before Commissioner (Appeals), is a welcome measure proposing penalty waivers based on disputed tax limits. Reducing the stringency of penal provisions will go a long way in reduci .....

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however, does not seem to be in line in line with the Government s intention of not creating any fresh liability based on a retrospective amendment. This scheme, in effect, requires payment of the tax liability for closure of dispute. Mere waiver of interest and penalty cannot be a cure for the huge tax liability resulting out of a retrospective amendment. Introducing a graded penalty scheme in the place of a broad range of 100% to 300% of tax sought to be evaded would definitely serve the inten .....

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