Quick Mail

Please enter your name

Please type your message


Your captcha code looks wrong

 
Home Articles Taxation         Share :

Budget 2017 – Direct Tax Provisions

 

 

Budget Note - 2017
Budget 2017 - Chapters
 
A. Anti-Avoidance measures
B. BEPS – Base Erosion & Profit Shifting
C. International Taxation and Transfer Pricing
13. Foreign Tax Credit Rules (FTC) [S. 295(2)(ha), Rule 128]
14. Indirect Transfer – Capital Gain [S. 9(1)(i), Explanation 5A]
15. Thin capitalisation – disallowance of interest expenditure [S. 94B]
16. Secondary adjustment in case of Transfer Pricing [S. 92CE]
17. Tax on Capital Gain on shares of a Private Company earned by a non-resident [S. 112(1)(c)(iii), Clause 43 of Finance Act 2012]
D. Encouraging Digital Economy; Discouraging Cash transactions
18. Disallowance of Capital and Revenue Expenditure in cash [S. 35AD & 40A(3)]
19. Restriction on receipt of income in cash [S. 269ST, 271DA]
20. Other concerns
E. Business transactions
21. Minimum Tax and credit for Minimum Tax [S. 115JAA & 115JD]
22. Rationalisation of provisions of MAT in line with Indian Accounting Standard (Ind-AS)
23. Real Estate Joint Development Agreement (JDA) [S. 45(5A), 49(7) & 194-IC]
24. Restriction on set off of loss against income of units in Special Economic Zones [S. 10AA]
25. Domestic Transfer Pricing [S. 40A(2)(b), 92BA]
26. Increase in limits for maintenance books of accounts [S. 44AA
27. Increase in limit for audit for businessmen opting for presumptive taxation scheme [S. 44AB]
F. Specific Anti-Avoidance Measures
28. Anti-avoidance rule for Penny Stock scams [Section 10(38)]
29. Tax on receipt of money and certain specified assets without consideration or for insufficient consideration [Section 56(2)(x)]
G Capital gain
30. Reduction in the time period for holding of Immovable Property for Long Term Capital Gain [S. 2(42A)]
31. Consideration for sale of unquoted shares at lesser than fair market value [Sec 50CA]
32. Conversion of Preference Shares into Equity Shares [S. 2(42A), 47(xb) & 49(2AE)]
33. Shifting of base year from 1981 to 2001 for Computation of Capital Gains [S. 48 & 55]
34. Consolidation of plans within a scheme of Mutual Fund [S. 2(42A), 47(xix) & 49]
35. Expanding the list of long-term bonds for Capital Gain tax relief [S. 54EC]
H. Other changes
36. Advance tax related amendments
37. Taxation of dividend [S. 115BBDA]
38. Deduction of tax at source from rent payments in case of Individuals and HUFs [S.194-I]
39. Restriction on set-off of loss from house property [S. 71]
40. Rates of Income tax