BUDGET HIGHLIGHTS
-Corporate Tax Rate reduced to 25% for over next four years
-Exemptions For Individual Tax Players To Continue
-Yoga to be included as Charitable Purpose
-To Enact New Law For Black Money
-Concealment of income will attract 10 yrs of rigorous imprisonment
-Stringent penalties and jail for Black Money holders and evaders
-Benami property transaction bill to tackle black money transaction in real estate soon
-Foreign Exchange Management Act To Allow For Seizure Of Foreign Assets
-FEMA Act to be amended to incorporate Black Money provisions: Finance Minister
-To Allow Tax Pass-through For Alternative Investment Funds
-To Tighten Reporting Of Cash Transactions
-To Have Benami Transaction Prohibition Bill For Domestic Black Money
-Quoting PAN a must for all purchases above One Lakh
-100% deduction allowed for all contributions in Swachh Bharat Abhiyan [except contribution in CSR]
-Proposes to rationalise capital gains tax regime for real estate investment trusts
-To defer GAAR by 2 years
-Tax pass through to be allowed in alternative investment funds to boost small firms, startups
-Propose To Rationalise Capital Gains Regime For REITs/InvITs
-TO reduce Custom Duty on 22 items
-Rental Income from REITS to have pass through facility
-Income Tax On Royalty Fees For Technical Reduced To 10%
-To abolish Wealth Tax;
2% Addl. Surcharge on Super Rich.
-Reduced taxes on Technical Services to 10% from 25%
-Tax reduce for foot wear above 1k per pair
-Service Tax increased to 14%
-80D Health insurance 15000 to 25000
For senior citizens 30000
-80DDB increased to 80000
-Wealth Tax abolished
-Tax on royalty income decrease from 25% to 10%
-Transport Allowance exemption increased to 1600 pm
-Domestic Transfer Pricing limit increased from 5crores to 20 crores more
-Exemptions For Individual Tax Players To Continue
-Yoga to be included as Charitable Purpose
-To Enact New Law For Black Money
-Concealment of income will attract 10 yrs of rigorous imprisonment
-Stringent penalties and jail for Black Money holders and evaders
-Benami property transaction bill to tackle black money transaction in real estate soon
-Foreign Exchange Management Act To Allow For Seizure Of Foreign Assets
-FEMA Act to be amended to incorporate Black Money provisions: Finance Minister
-To Allow Tax Pass-through For Alternative Investment Funds
-To Tighten Reporting Of Cash Transactions
-To Have Benami Transaction Prohibition Bill For Domestic Black Money
-Quoting PAN a must for all purchases above One Lakh
-100% deduction allowed for all contributions in Swachh Bharat Abhiyan [except contribution in CSR]
-Proposes to rationalise capital gains tax regime for real estate investment trusts
-To defer GAAR by 2 years
-Tax pass through to be allowed in alternative investment funds to boost small firms, startups
-Propose To Rationalise Capital Gains Regime For REITs/InvITs
-TO reduce Custom Duty on 22 items
-Rental Income from REITS to have pass through facility
-Income Tax On Royalty Fees For Technical Reduced To 10%
-To abolish Wealth Tax;
2% Addl. Surcharge on Super Rich.
-Reduced taxes on Technical Services to 10% from 25%
-Tax reduce for foot wear above 1k per pair
-Service Tax increased to 14%
-80D Health insurance 15000 to 25000
For senior citizens 30000
-80DDB increased to 80000
-Wealth Tax abolished
-Tax on royalty income decrease from 25% to 10%
-Transport Allowance exemption increased to 1600 pm
-Domestic Transfer Pricing limit increased from 5crores to 20 crores more
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Thanks Mr. T.R. Walia Jee. You and your friends are most welcome on any issue and problem. more
Mar 05
Domestic Transfer Pricing : Domestic Transfer Pricing net: As per the newly-inserted section 92BA of the IT Act, “Specified Domestic Transaction” in case of an assessee means any of the following transactions (the aggregate of which exceeds INR 5 crore in previous year and which is not an international transaction), namely:— (1) any expenditure incurred between related parties referred to in section 40A(2)(b); (2) any transaction referred to in section 80A; (3) any transfer of goods or services referred to in section 80-IA(8); (4) any business transacted between the assessee and other person as referred to in section 80-IA(10); (5) any transaction, referred to in any other section under Chapter VI-A or section 10AA, to which section 80-IA(8) or section 80-IA(10) are applicable; or (6) any other transaction as may be prescribed, If a transaction is an International Transaction, then the same will not be a Specified Domestic Transaction - See more at: http://taxguru.in/income-tax/analysis-domestic-transfer-pricing-provisions-india.html#sthash.FidUbvWT.dpuf more
Mar 04
