Wednesday, March 29, 2017

Amendments made by the Fin Act, 2016; Through Circulars and Notifications - Relevant for May 2017 CA Final Examinations

Dear All,

Pl find the Amendments made by the Fin Act, 2016 and Amendments introduced through Circulars and Notifications which are relevant for May 2017 CA Final Examinations.

  • Link for Amendments made through Circulars and Notifications during 1st Jan 2016 to 31st Dec 2016:

All the very best.


Wednesday, February 1, 2017

Top 15 snippets from Budget, 2017

  1. Affordable Housing Project Schemes – Rationalized to give more benefit;
  2. Capital Gains – Immovable Property [Period of Holding reduced from 3 years to 2 years];
  3. Base Year for the purpose of capital gains moved from 1st April 1981 to 1st April 2001;
  4. Joint Development Agreements – Tax to be suffered based on Project Completion rather than at the time of entering into JDA and handing over the possession;
  5. Exemption to transfer of Immovable Properties in the case of the state of AP announced;
  6. MAT Credit – From 10 Years to 15 Years;
  7. Presumptive Tax Scheme – Reduced from 8% to 6% if the transactions are non-cash based;
  8. Cash donations to be only up to Rs 2,000 rather than Rs 10,000/- [Sec 80G / Charitable Purpose];
  9. Political Parties – Return is a must; Cash donations from any single source to be only up to Rs 2,000/-;
  10. Domestic TP provisions – Only for those who are claiming profit linked incentives and not to others;
  11. FPIs – Category 1 and 2 are exempted from Indirect Transfers;
  12. Professionals – Advance tax shall be by March 15th when opted for presumptive tax scheme;
  13. Personal Taxes – Relief given w.r.t those falling in Rs 2.5 lakhs to 5.00 lakhs: The rate of tax would be 5% but not 10%.
  14. Rate of taxes for SMEs would be 25% if the turnover is up to Rs 50 Crores;
  15. Time limits for scrutiny gradually reduced 21 months – to 18 months – 12 months.