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Finance Minister announces several anti graft and rationalisation measures in the field of Income tax

Budget - Dated:- 1-2-2017 - Accountants or merchant bankers furnishing incorrect information to face penalty Income of the Chief Minister s Relief Fund and the Lieutenant Governor s Relief Fund to be exempt from tax Concessional tax rate of 10 per cent in case of income arising from sale of carbon credit Proposal to provide for grant of interest in case of refund of excess payment of TDS The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2 .....

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isted below- (i) Continuing the Government s crackdown against the dishonest and the corrupt, the Budget proposed that if an accountant or a merchant banker or a registered valuer, furnishes incorrect information in a report or certificate, he shall be liable to a penalty of ₹ 10000 for each such default. (ii) To promote green growth, the Finance Minister has proposed to provide a concessional tax rate of 10 per cent in case of income arising from sale of carbon credit. (iii) In line with .....

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n case of refund of excess payment of TDS. At the same time, to ensure timely filing of returns of income, a fee will be levied in case of delay in filing the return. (vi) It is proposed to authorise the Central Board of Direct Taxes (CBDT), to issue directions or instructions in order to remove hardships faced by the taxpayers in connection with imposition of penalty relating to tax deduction or collection at source. (vii) The Budget also clarifies that provisions relating to tax deduction at s .....

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