Federal budget 2016-17 tax changes (AKA Tax White Paper)

Direct Taxes Only the aggregate of all the payments by a person to the credit card company is required to be reported as one transaction and date of transaction is to be the

Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to 8% of

May be brought to tax net under this section.. AO may assess or reassess an income which is chargeable to tax and escaped assessment other than incomes.. involving matters which

• Time Limit : (a) Within 4 years from the end of financial year in which order sought to be rectified is passed (b) when application made by assessee - within 6months from the

Therfore a deferred Tax Asset will be created for such timing diff which will be realised in the Future period when tax savings as per tax laws will be more.. Similarly another

 Loss of sale of business capital assets to be treated as intangible assets on which depreciation will be allowed ... 28.

Capital gains arising from sale of units of an equity-oriented fund, which are held for more than one year, shall be computed after allowing a deduction at a specified percentage

 The income from letting of any house property owned by any person shall be computed under the head “Income from house property”..  *Subsection 1 of section