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Budget 2016 - Direct taxes

Budget - Dated:- 29-2-2016 - 1. No change in basic corporate tax rates for existing companies with turnover exceeding INR 5 crores (in Financial Year 2014-15). For companies with turnover less than INR 5 crores (in Financial Year 2014-15), basic corporate tax rate reduced from 30% to 29%. 2. For domestic companies set up after March 1, 2016 and engaged in the business of manufacture of article or thing, basic corporate tax rate of 25% proposed to be made applicable subject to this company not av .....

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s of non-residents to non-residents where the aggregate amount of consideration exceeds INR 1 lac. Levy to be collected by way of deduction by Indian residents/Indian PE s from the payments to non-residents. Disallowance of the consideration paid/payable by Indian residents/Indian PE s for failure to deduct and deposit equalization levy to Government. Income of non-residents proposed to be exempt under Section 10. 5. Buyback of shares - Section 115QA proposed to be amended to cover any type of .....

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urcharge and cess) in the hands of registered Indian patent holder. 7. Sunset clause for Section 10AA introduced. No deduction available to new SEZ units commencing operations after March 31, 2020. 8. Deduction under Section 80JJAA relating to deduction of 30% of additional wages paid to new regular workmen presently available only for manufacturing sector now proposed to be extended to all sectors provided the total CTC to company of such new regular workmen is less than INR 25 per month and th .....

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from the rigors of Section 206AA i.e withholding at the higher rate of 20% where PAN of non-resident not available subject to non-resident furnishing an alternate document. 11. Non applicability of MAT to foreign companies (not having PE in India) proposed to be clarified by legislative amendment to Section 115JB of the Act. 12. Direct Tax Dispute Resolution Scheme, 2016 proposed to be introduced allowing assessees to settle the pending appellate matters before CIT(A) by paying tax on assessed i .....

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provided under Section 194C for withholding taxes on contractual payments proposed to be increased to aggregate annual consideration of INR 1 lac as against existing threshold of INR 75 thosand 16. Section 47(xiiib) of the Act (dealing with tax neutral conversion of private company into LLP) proposed to be amended to include additional condition that the total book value of assets in the books of account of the Company should not exceed INR 5 crores in any of the three previous years preceding t .....

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143(3) of the Act. 19. Time limit for completion of regular assessment under Section 143(3) proposed to be reduced to 21 months from the end of relevant assessment year as against the existing time limit of 24 months. For TP referred cases the time limit proposed to be reduced to 33 months from the end of relevant assessment year as against the existing time limit of 36 months. 20. Interest @ 9% (as against existing rate of 6%) proposed to be granted under Section 244A where the appeal effect o .....

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he tax payable on under-reported income to be levied subject to certain exceptions. No penalty on under-reporting on account of TP additions if assesse had maintained documentation prescribed under Section 92D and declared the international transaction under Chapter X and disclosed all material facts relating to that transaction; ·Penalty @200% of the tax payable on under-reported income where under-reporting is on account of misreporting of income by assessee. Misreporting of facts speci .....

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