Budget 2017 - 2. page

Concessional tax rate : Domestic companies whose turnover was less than Rs. 50 crore in financial year 2015-16 was liable to pay corporate tax @25% in FY 2017-18. Proposed amendment: […]

INCOME COMPUTATION DISCLOSURE STANDARDS (ICDSs) : The central government has notified ten ICDSs effective from A.Y. 2017-18.These are applicable to all assesses (other than an individual or a Hindu undivided […]

Deduction under section 54EC : Deduction under section 54EC is available in respect of capital gain, arising from the transfer of a long-term capital asset, invested in the long-term specified […]

Transfer of immovable property : At present, while taxing income from capital gains (section 50C), business profits (section 43CA) and other sources (section 56) arising out of transactions in immovable […]

Conversion of stock-in-trade into Capital Asset: Section 45 of the Act, inter alia, provides that capital gains arising from a conversion of capital asset into stock-intrade shall be chargeable to […]

Short-term Capital Gains under section 111A : Short-term capital gains taxable under section 111A would continue to be taxable @15%.

Taxability of Long-term Capital Gains on sale of listed equity shares etc.   Long term capital gains(LTCG) arising from transfer of long term capital assets, being equity shares of a […]

Extending the benefit of exemption of withdrawal from NPS to non-employee subscribers : The existing provisions of the clause (12A) of section 10 of the Act provides an exemption of […]

Enhanced deduction to senior citizens for medical treatment of specified diseases : Section 80DDB, inter-alia, provide that a deduction shall be available to an individual and Hindu undivided family in […]

Deductions available to senior citizens in respect of health insurance premium and medical treatment : Section 80D, inter-alia, provides that a deduction upto Rs 30,000 to an assessee, being an […]