Archive | Budget 2017

ITR forms for FY 2016-17(AY 2017-18) income tax return forms for e-filing

The Income Tax Department has released the  ITR (Income Tax Return) Forms for Financial Year 2016-2017 (i.e. Assessment Year 2017-2018). These ITR forms will be applicable for your income tax return for income earned from 1st April 2016 to 31st March 2017. FY 2016-17 (AY 2017-18). The due date of submission of these ITR Forms will […]

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No TDS on insurance commission if total income is not taxable

Budget 2017 came as a great relief for Insurance Agents, in case their taxable income is less than Rs2.5 Lakhs. This is because now TDS will not be deducted from their insurance commission income. This amendment will be effective from 1st June, 2017. To avail this benefit, Agent is required to furnish Form 15G and […]

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high value cash transactions

Ban on High Value Cash Transactions

In India, tax evasion has become the norm for many people. The amount of domestic black money is huge which adversely affects the revenue of the Government creating a crunch for various welfare programmes. It creates undue pressure on the honest tax payers. Black money is generally transacted in high value cash transactions. A large amount […]

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Time period extended for 100% tax benefit for Startups

In January 2016 the government launched the ‘Startup India’ initiative. Many benefits including tax benefits were proposed for businesses recognized under Startup India. In his Budget 2017, Finance Minister Arun Jaitley stated that the thrust of his tax proposal policy is to stimulate growth among others. He has focused on SMEs and startups stating these […]

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Budget 2017: Set off benefits of loss from house property restricted to Rs 2 lakhs.

In Union Budget 2017 the government has restricted the set off of loss from house property against other heads of income to Rs 2 lakhs. This amendment will majorly affect taxpayers who have availed a loan for a property which they have rented out, resulting in a significant tax outgo.  Let us see how. Impact for interest […]

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