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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 ce .....

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017-18 in Parliament today said that the present burden of taxation is mainly on honest tax payers and salaried employees who are showing their income correctly. He said that the Government is trying to bring within tax-net more people who are evadin .....

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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 .....

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exemption available to the Prime Minister s Relief Fund, now the income of the Chief Minister s Relief Fund or the Lieutenant Governor s Relief Fund shall be exempt from tax. (iv) To boost the growth of call center industry and increase employment op .....

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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 .....

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ource shall not apply to exempt compensation received under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. (viii) In order to strengthen the TCS regime, it is proposed to provide that t .....

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rson in a day, or in respect of a single transaction, or in respect of transactions relating to one event or occasion, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account. .....

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e Finance Act, 2016 which provided for assessment of undisclosed income relating to any period prior to commencement of the Income Declaration Scheme, 2016. However, in search cases, it is proposed to provide that in case tangible evidence is found d .....

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