enter site Excise and service tax left untouched in light of GST
The finance minister said Implementation of GST will bring more taxes to the Central and state governments because of the widening of the tax net, adding that he had preferred not to make many changes in the current regime of excise and service tax because these are soon to be replaced by GST.
http://welovethegirls.com/tag/tv/ FPIs to be exempt from transfer provisions
The government will exempt Foreign Portfolio Investors (FPIs) Category I & II from indirect transfer provisions. Such provisions will also not apply in case of redemption of shares or interests outside India as a result of redemption or sale of investment in India which is chargeable to tax in India.
here New return form on the cards to widen tax net
To expand the tax net, the government will introduce a one-page form to be filed as Income Tax Return for individuals having taxable incomes of up to ~5 lakh from other than business income. Such individuals who file a return for the first time will not be subject to scrutiny in the first year.
Time for revising tax returns cut to 12 months
To allow people to claim refunds speedily, the time allowed for revising a tax return is being reduced to 12 months from the completion of a financial year, at par with the time for filing of returns. The time for completion of scrutiny assessments is also being compressed.
Professionals can pay advance tax in one instalment
This year, there is something more for professionals with receipts of up to ~50 lakh per year. A new scheme for presumptive taxation was announced last year. People in this bracket will now be permitted to pay advance tax
in one instalment, instead of the current four instalments.
Holding period for capital gains on property cut
The holding period for calculating long-term gain from immovable property is to be reduced from three years to two years. Also, the base year for indexation is to be changed from April 1, 1981, to April 1, 2001, for all classes of assets. This will reduce the capital gains tax
MAT carry-forward allowed for 15 years
Income tax for small companies cut to 25%
In order to make micro, small and medium enterprises (MSMEs) more viable and also to encourage firms to migrate to this format (from non-corporate structures), the income tax
for smaller companies with annual turnover of up to ~50 crore is being reduced to 25 per cent.
Tax department to go high-tech to plug evasion
Concession to small players who pay tax digitally
For small and medium tax-payers whose turnover is up to ~2 crore, six per cent of turnover received by non-cash means will be counted as presumptive income, in order to promote digitisation. At present, eight per cent of their turnover is counted as presumptive income.