Pankaj Kumar Agrawal: "Acche Din Aane Wale Hai?" "How They Prepared For Acche Din ?"
Pankaj Kumar Agrawal: "Acche Din Aane Wale Hai?" "How They Prepared For Acche Din ?"
Pankaj Kumar Agrawal: "Acche Din Aane Wale Hai?" "How They Prepared For Acche Din ?"
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PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
Personal Income-tax exemption limit raised by ` 50,000/- that is, from ` 2 lakh
to ` 2.5 lakh in the case of individual taxpayers, below the age of 60 years.
Exemption limit raised from ` 2.5 lakh to ` 3 lakh in the case of senior citizens
Note:-
i) No change in the rate of surcharge either for the corporates or the individuals, HUFs,
firms etc.
Investment limit under section 80C of the Income-tax Act raised from ` 1 lakh to
` 1.5 lakh.
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PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
it is hereby declared that for the purposes of section 37(1), any expenditure
incurred by an assessee on the activities relating to corporate social
responsibility referred to in section 135 of the Companies Act, 2013 shall not be
deemed to be an expenditure incurred by the assessee for the purposes of the
business or profession.”
However, the CSR expenditure which is of the nature described in section 30 to
section 36 of the Act shall be allowed deduction under those sections subject to
fulfillment of conditions, if any, specified therein.
Period of holding of unlisted security and a unit of a mutual fund (other than an
equity oriented mutual fund) for short term capital assets has been defined as
less than 3 years [Section 2 (42A)]
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
Section 140 of the Act relates to return by whom to be signed and verified. It is
proposed to amend section 140 of the Act, so as to dispense with the condition
of signing the income-tax return and accordingly to omit the statutory
requirement of signing such return. With this amendment, only the condition of
verifying of the income-tax return will apply
Central Government may notify in the Official Gazette from time to time
income computation and disclosure standards to be followed by any class of
assessees or in respect of any class of income
To remove tax arbitrage, rate of tax on long term capital gains increased from
10 percent to 20 percent on transfer of units of Mutual Funds, other than
equity oriented funds.
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
Revised monetary limits for filing of appeals by the Department before Income Tax
Appellate Tribunal, High Courts and Supreme Court
Henceforth appeals shall not be filed in cases where the tax effect does not
exceed the monetary limits given hereunder: -
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
Chapter XVII-B of the Act mandates deduction of tax from certain other
payments such as salary directors fee, which are currently not specified under
section 40(a)(ia) of the Act. Therefore, in order to improve the TDS compliance
in respect of payments to residents which are currently not specified in section
40(a)(ia), it is proposed that the disallowance under section 40(a)(ia) of the Act
shall extend to all expenditure on which tax is deductible under Chapter XVII-B
of the Act.
A uniform amount of presumptive income of ` 7,500 for every month (or part
of a month) for all types of goods carriage without any distinction between
HGV and vehicle other than HGV.
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
With a view to enable an assessee who has paid alternate minimum tax in any
earlier previous year to claim credit of the same, in any subsequent year, it is
proposed to amend this section so as to provide that the credit for tax paid
under section 115JC shall be allowed in accordance with the provisions of
section 115JD, notwithstanding the conditions mentioned in sub-section(1) or
(2) of section 115JEE.
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
To allow use of multiple year data for comparability analysis under transfer
pricing regulations.
Powers given to transfer pricing officer to levy penalty for failure to furnish
transfer pricing documentation.
Government to review the DTC in its present shape and take a view in the
whole matter.
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
MF, ST and VCC/VCF shall now be required to file a tax return instead of
existing requirement for filing of the prescribed statement.
Any trust or institution registered under section 12AA, can no longer claim
exemption under section 10.
Registration under section 12AA can be used for claiming tax exemption in
earlier years. Computation of tax on anonymous donation rationalized.
Further, the period of retention of books of accounts has been increased from
10 to 15 days.
Finance Act 2013 had introduced a new provision to provide rebate of INR
2,000 or actual tax payable whichever is less for resident individuals with total
income up to INR 500,000. This provision is still applicable.
60 more Ayakar Seva Kendras to be opened during the current financial year to
promote excellence in service delivery.
Net Effect of the direct tax proposals to result in revenue loss of Rs. 22,200 crore
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
Custom
Steps taken to boost domestic production of electronic items and reduce our
dependence on imports. These include imposition of basic customs duty on
certain items falling outside the purview of IT Agreement, exemption from SAD
on inputs/ components for PC manufacturing, imposition of education cess on
imported electronic products for parity etc.
Colour picture tubes exempted from basic customs duty to make cathode ray
TVs cheaper and more affordable to weaker sections.
To encourage production of LCD and LED TVs below 19 inches in India, basic
customs duty on LCD and LED TV panels of below 19 inches reduced from 10
percent to Nil.
Specified inputs for use in the manufacture of EVA sheets and back sheets and
flat copper wire for the manufacture of PV ribbons exempted from basic
customs duty.
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
Anthracite coal, bituminous coal, coking coal, steam coal and other coal to
attract 2.5 per cent basic customs duty and 2 per cent CVD to eliminate all
assessment disputes and transaction costs associated with testing of various
parameters of coal.
Basic customs duty on metallurgical coke increased from Nil to 2.5 percent in
line with the duty on coking coal.
Duty on ship breaking scrap and melting scrap of iron or steel rationalized by
reducing the basic customs duty on ships imported for breaking up from 5
percent to 2.5 percent.
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PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
ii) Passengers above 10 years and returning within three days or less:
INR 15,000 to INR 17,500
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
Excise
No change in the basic Excise duty rate of 12.36%.
Applicants can approach Settlement Commission even if they have not filed
returns.
Specific rates of excise duty increased on cigrettes in the range of 11 per cent
to 72 per cent.
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
Excise Valuation Rules have been amended to prescribe that the sale price shall
be deemed to be the transaction value even if goods are being sold below cost
(if no additional consideration flows from the buyer), effectively nullifying the
decision of the Supreme Court in case of Fiat India Private Limited effective
from 11 July 2014.
Penalty of 1% per month to be levied in case duty declared as per return is not
paid within one month from the due date (effective from 1 October 2014).
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
Service Tax
No change in effective Service tax rate of 12.36%.
To broaden the tax base in Service Tax, sale of space or time for advertisements
in broadcast media, extended to cover such sales on other segments like online
and mobile advertising. Sale of space for advertisements in print media
however would remain excluded from service tax. Service provided by radio-
taxis brought under service tax.
Services provided by the Employees’ State Insurance Corporation for the period
prior to 1st July 2012 exempted, from service tax.
For safe disposal of medical and clinical wastes, services provided by common
biomedical waste treatment facilities exempted.
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
50% penalty imposable in cases where Service tax has not been levied, not paid
or short levied or short paid on account of suppression of facts or wilful
misstatement even if the assessee proves that there was reasonable cause for
such failure by way of details of such transactions being available in specified
records.
Value of service portion for works contracts other than original works
rationalized to 70%.
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
Change in rate of interest on delayed payment of service tax with effect from
1 October 2014:
Point of taxation for reverse charge payments rationalized (for invoices issued
after 1 October 2014):
i) Date of payment; or
ii) First day after three months from the date of invoice
(i.e. where the payment has not been made).
Cenvat
Cenvat credit on inputs and input services should be availed within a period of
six months from the date of issuance of invoice, bill, challan etc. (effective 1
September 2014)
Condition to pay invoice value to the service provider for availing credit of tax
paid, to be omitted on services under full reverse charge
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Email: agrawalpankaj2008@gmail.com
PANKAJ KUMAR AGRAWAL Ph No. +91 8927430451
ACA, B.COM (H)
CST
GST
Tax proposals on the indirect taxes side are estimated to yield Rs 7525 crore.
iii) In the PPF Scheme, annual ceiling has been enhanced to ` 1.5 lakh
p.a. from ` 1 lakh at present.
Complied by:-
Disclaimer:
Information in this publication is intended to provide only a general outline of the subjects covered. It should neither be regarded as
comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. Pankaj Kumar Agrawal
accepts no responsibility for loss arising from any action taken or not taken by anyone using this publication
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