Thursday, November 28, 2019
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Highlights of Budget Proposal

Today, Hon'ble Finance Minister presented the interim budget. The highlights of the proposal in the context of direct tax are discussed

Relaxation in Section 50C, 56 and 43CA regarding Taxing Circle Value

At present, while taxing income from capital gains (sec. 50C), business profits (sec. 43CA) and other sources (sec. 56) arising out of transactions in immovable property, the sale consideration or stamp duty value, whichever is higher is adopted.
Goods Carriage

Amendment in Presumptive Income u/s 44AE in case of goods carriage

The legislative intent of introducing sec. 44AE was to give benefit to small transporters in order to reduce their compliance burden. Even though the profit margins of large capacity goods carriages are higher than small capacity goods carriages
Senior Citizen

Benefits through Tax Proposal to Senior Citizen

Several changes have also been introduced to improve the horizontal equity of the tax system by providing relief to certain section of the society, in particular, senior citizens, keeping in view their personal circumstances like health, fixed source of income. These changes are discussed

Standard Deduction of ₹ 40,000: Actual Benefit or Eye Wash?

In the Budget Speech, Hon'ble Finance Minster has shown his sympathy towards salaried individual and proposed the standard deduction of Rs. 40,000/- Please check the actual benefit of this proposal before joy
Bull of Stock Exchange

Is it the beginning of the end of the glorious story of bull?

In order to minimize economic distortions and curb erosion of tax base, it is proposed to withdraw the exemption u/s 10(38) and to introduce a new sec. 112A to provide tax @ 10% on long term capital gains

Business connection to include Significant Economic presence

The oranges upon the trees in California are not acquired wealth until they are picked, not even at that stage until they are packed, and not even at that stage until they are transported to the place where demand exists and until they are put where the consumer can use them

Beware: Finance Bill Proposal could affect your business

Once the proposal is assented, the payee is also liable for penal action against the receipt of his dues in cash. Thus, care should be taken to avoid unwanted penal action
Arun Jaitley

Highlights of Tax Proposal in Budget 2017

Today, Hon'ble Finance Minister Shri Arun Jaitley presents the Budget 2017. The highlights of tax proposal are

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