Ten most important changes in Income tax which will apply from 1st April 2017 With the passage of the Finance Bill on Wednesday, the Lok Sabha has completed the budgetary exercise for 2017-18. The Income tax proposals in the Budget 2017 have now become law.
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Section 80P (4) of Income Tax Act 1961 A lot of misunderstanding among the ITATs,Income tax authorities,legal practitioners and Chartered accountants on the applicability of the provisions of Section 80P of Income Tax Act 1961. The Section deals with deduction in respect of income of Co-operative Societies which is as follows:-
Restrictions imposed u/s 269ST on Cash Receipts The Finance Bill 2017 introduced a new Section 269ST in the Income Tax Act. The new section will impose restriction on receipt of any amount exceeding Rs.3 lakhs through modes other than the modes prescribed in that section.
How to pay less income tax post Budget 2017 and beyond It is said that nothing in this world is certain except for death and taxes. However, you can soften the blow from the latter, legally of course.It starts with knowing the difference between your salary income and total income and includes minimizing tax on […]
How to Prepare Statement of Financial Transactions Section 285BA of the IT Act 1961 requires specific reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished […]