Budget 2017

E-Assessments: A tax-payer friendly measure : The budget proposal to notify an electronic mode for assessment across the country will significantly reduce harassment of tax payers by the tax authorities […]

Rationalisation of prima-facie adjustments during processing of return of income : Section 143(1) provides for processing of return of income made under section 139, or in response to a notice […]

Prosecution for failure to furnish return : Section 276CC provides that if a person willfully fails to furnish in due time the return of income which he is required to […]

Entities to apply for Permanent Account Number in certain cases : Section 139A, inter-alia, provides that every person specified therein and who has not been allotted a permanent account number […]

Mandatory filing of return to claim deduction under the heading C in Chapter VIA Section 80AC provides that no deduction would be admissible under section 80-IA or section 80-IAB or […]

Expanding scope of accumulated profits for deeming dividend Accumulated profits for deeming dividend has been provided in section 2(22) as all profits of the company upto the date of distribution […]

Dividend Distribution tax on deemed dividend : Dividend distributed by a domestic company is subject to dividend distribution tax payable by such company. However, deemed dividend under section of 2(22)(e) […]

Deduction in respect of income of Farm Producer Companies Section 80P provides for 100 percent deduction in respect of profit of cooperative society which provide assistance to its members engaged […]

Deduction in respect of employment of new employees : A deduction of 30% is allowed in addition to normal deduction of 100% in respect of emoluments paid to eligible new […]

Charitable Trusts: To go digital for claiming exemption : Last year, the post demonetisation Union Budget witnessed changes in tax laws denying benefit of deductions from business income in respect […]