It has been brought to the notice of the Board that the agents of non-residents, within the meaning of section 160(1) (i) of the Income tax cpu speed test professional Act, are facing difficulties in electronically furnishing the returns of non-residents.
Extract OF relevant clauses from finance bill 2015.
Donations : made in cash is not allowed as deduction if it exceeds.
Finance Bill 2012, slab rates for Individuals: Income upto Rs Income tax 2 lacs NIL 2lacs -5lacs 10 5lacs-10 lacs 20 Ø 10 lacs 30, rate of Service tax.Investment received by an enterprise from a Private financing source may be deemed as income.Investment limit a) Self Spouse and Children,.Subscription to equity shares or specified infrastructural bond or debentures of a public company or public financial institution approved by the Board.Reason for amendment: In order to promote social security, it is proposed card recovery registration key v6.00 to amend sub-section (1) of the said section so as to raise the limit of deduction under section 80CCC from one lakh rupees to one lakh and fifty thousand rupees only, within the.50,000/- in case of normal disability and.Analysis: Even after pension scheme limit in revised upwards, there may not be major benefits to individual tax payers.To save money while shopping online, use free discount coupons and offers available.Amount deposited in five years term deposit under the Post Office time Deposit.Contribution to ulip of UTI LIC Mutual Fund in the name of self, spouse and children.
Such withholding is required only if consideration exceeds.50 lakh in urban area and.20 lakh in case of property located in any other area.In case of Senior Citizens, maximum deduction allowed. Amendment to Transfer Pricing Regulations: The proposed transactions which will come under the expanded tax net would be: Payment of any expenditure related to goods, services or facilities made to related party (as defined u/s40A(2 b) ; Any transfer of goods.11) Superannuation Any contribution made by a company to superannuation fund upto.Payment by a person in respect of non-commutable deferred annuity for self, spouse and children.Maximum deduction : Rs 50,000/- 80D : .5000/- is allowed for preventive health check-up within the overall limit allowed under the section.Amendment of section 80CCC, in section 80CCC of the Income-tax Act, in sub-section (1 for the words one lakh rupees, the words one hundred and fifty thousand rupees shall be substituted with effect from the 1st day of 25 April, 2016.So, one must plan investments in these options in such a way to avail maximum tax benefit.This means income earn in previous year 2015-16 and subsequent year is eligible for higher deduction.Accordingly it has been decided by the Board that: (i) it will not be mandatory for agents of non-residents, within the meaning of section 160(1) (i) of the Income tax Act, if his or its total income exceeds ten lakh rupees, to electronically furnish the return.