LAW DECODED

1. No change in the Tax rate for Individuals, but for the salaried taxpayer: standard deduction: Rs. 40000/- in lieu of conveyance & medical. 2. Tax exemption for farmer producer companies. 3. Real Estate: 50C/43CA: Hardship minimized 5% difference allowed. 4. Domestic Companies having a total turnover or gross receipts not exceeding 250 Cr during the FY 2016-17 shall be liable to pay tax @ 25% 5. Education cess is being increased from 3 to 4% and now known as Education and Health Cess 6. LTCG exemption u/s 10(38) in respect of listed STT paid shares being withdrawn. However, capital gain up to 31.01.2018 shall not be taxed. Further, the said LTCG shall be exempt up to 1 Lakh, beyond 1 lakh there shall be tax @ 10%. 7. Std deduction of Rs. 40,000 for salaried persons. However, Transport allowance and Medical reimbursement have been withdrawn.

Normally, the procedure to register or update DSC is given on MCA (Ministry of Corporate Affairs) site still, you can adopt following tips which may help you: 1. Use Java 8 update 45 or Java 8 update 92 : To check what Java version is stalled in your system, open Java configuration. 2. Use Internet Explorer 11 or above . Then restart your system. It will work. Else, I will help you. just mail me.

Most of us are aware about National Anti-profiteering Authority (“Authority”) under GST but the question is why there is need for this Authority? Its main function is to see whether the benefits of reduction in rates reach to final consumers. It means whenever there is a reduction in rates of Taxes of any commodity/service under GST, the supplier has to reduce the prices of the commodity/service and as a result, thereof their profit remains the same. But the point is in the era of cut-throat competition; price reduction can be automatically decided or determined by the market forces, then why there is need of this new Authority in GST regime. The question as to reduce price or not is more related to the commercial decision of Suppliers. Let me tell you there is already an authority which is Competition Commission of India (“CCI”) which ensure the healthy competition and curb the malpractice such as cartelization, abuse of dominant position or any activity which disturb th

INTRODUCTION Securities market always engages the attention of not only of the government but the general public as well. The Securities market is flooded with so many participants such as brokers, members, merchant bankers, and the general public, of course. Involvements of such large participants are also due to the significant role of share market in the economy, and therefore Securities market is also considered as a barometer of the economy’s financial health. Having said, one must know that the Indices in the Securities market such as Nifty or Sensex which comprises of most of the blue chip companies, which only represent shares which are active in trading, meaning thereby those shares having buy order or sell order (In technical terms, this is called high trading volume). These kinds of shares provide more liquidity to their investors. “Liquidity of stock means you can easily sell your stock because of large by order” Unfortunately, it is seen that despite having

Stamp duty is a kind of tax which is levied when the shares are transferred from one person to another. Stamp duty on transfer of shares is @ the rate of 0.25% of the consideration i.e. amount to be paid Rs. 25 paise for a share transfer of Rs 100.( as per 62 of Schedule I ). Stamp duty can be paid through adhesive stamp.  Under 8A of the Indian Stamp Act, securities issued in electronic form need not be stamped provided the issuer pays stamp duty on the total amount of securities issued. Also, the transfer of registered ownership of share from a person to a depository or from a depository to a beneficial owner shall not be liable to any stamp duty.

Which ITR form you should opt for? Every year CBDT notifies new income-tax return (ITR) forms. In 2016 the CBDT had notified the ITR Forms at the end of March, 2016 and it deviated from its past practice of notifying ITR Forms in the month of May or June. This time also the CBDT has notified the ITR forms in the month of March, 2017. As per the assurance given by the Finance Minister in his Budget Speech the CBDT had finally prescribed simplified ITR 1 Form with fewer columns. However, such ITR 1 is applicable only for individuals having income up to Rs 50 lakhs. Further, Individual taxpayers either having dividend income above 10 lakhs or having unexplained credit (taxable at 60% under Section 115BBE) can't opt for ITR-1. The CBDT has scrapped ITR- 2A. Now all assessees (other than those earning salary income and business income) would be required to file ITR-2 only. Earlier taxpayers opting for presumptive taxation were required to file ITR-4S. But now they are r

Form 16 is important document which you must have at the time filing your Income Tax Return because it contains all your income details which your employer pay you during the financial year and how much TDS is deducted. Form 16 : Form -16 is a kind of statement which is issued by the employer. It is the proof of TDS (Tax Deducted at Source) from your salary income. Form 16 contains the details of tax deduction which is made by your employer out of your salary. Sometimes, it is also called salary TDS certificate. Therefore, it is a prerequisite to cross-check the amount deducted by your employer with form 16 so as to know whether properly deducted tax has been deposited by the employer with the government. If your employer doesn’t give Form 16: Sometimes, the payer deducts the tax and tells you that he has deposited the tax to the Income Tax department. So, should you trust him or not? No way, because payer sometimes doesn’t deposit the deducted tax and as a