Details analysis of budget 2017-18 avaiable on blog: Income tax clauses are dissected

Dear Readers,
Please click on below link to get PPT Presentation on Budget 

CA Nitin Pathak : Budget 2017-18 

We have made presentation on the budget .
In depth analysis by slides and presentation
We have specifically covered following:-
1. 269ST cash transaction above RS. 3 lakh is restricted and its consequences
2. Cash transaction above Rs.10K is not allowable as revenue and capital expenditure
3. National Pension scheme and its extension of benefits
4. LTCG (long term capital gain) benefit for land & building 
5. Start up business & its benefits
6. Affordable housing scheme and its extension for builder
7.  Joint development agreement between builder and land owner(specific benefits)
8. Changes in search & seizure provision
9. Many changes in time limit for filing return & etc
10. Late filing fees for not filing return on due date and mandatory fees to be paid
11. Changes in Charitable Trust/Political parties provision

The same is share with you on this blog:-
Regards,
CA Nitin Pathak
PS: Any question/queries/ Sharing by others/feedback are welcome
M. +91 9825804094
E- Mail: nitinmpathak@gmail.com

NRI: Having old currency: Can deposit in RBI( Designated places only) Upto June,2017 : Old Notes 500@1000 Notes of demonetization

Dear Readers,

                     

                               With reference to the above subject, NRI can deposit the currency at RBI office at Mumbai, New Delhi, Calcutta, Chennai and Nagpur.

 Tender Form 2 at RBI which is attach herewith .
Tender Form 2 

You can deposit the currency in person only with Valid ID proof/Copy of passport(Passport original to be presented/Copy of Aadhar Card.

The second requirement is PAN Card or Form No 60

Third is optional, if you have currency in India, not required, otherwise Certificate issued by Indian Customs Evidencing Import of SBNs.

The details of  bank account in which you want your credit of admissible amount.

The counterfeit currency, if any found, will not be paid and Police complaint may be filled.

The same can be deposited by 30^th June, 2017.

For further details sms/whatsapp 09825804094 or

E- mail nitinmpathak@gmail.com

Visit blog in canitinmpathak.blogspot.in

Thanking you,

CA Nitin Pathak

Encls:  Form  Annexure -2

CTC PLANNING

CTC Planning PPT
Dear Readers,
The CTC Planning and new form no. 12AA is available in PPT format.
Please enter the link above.
for further details or question or query email : nitinmpathak@gmail.com 
or Whatsapp or sms @ 9825804094
Regards,
CA Nitin Pathak

Verification of your cash deposit: Online submission : Caution and care: When to use amnesty PMGKY

 Dear Friends,

The cash deposition of old currency during demonetization has been collated by revenue department and issued notice through E-mail/SMS. 
They will pursue the same through physical media also.
The purpose of government is to pursue PMGKY and pay the tax and put the money fixed deposit for four years by tax evaders. 
The genuine depositor need not worry. This will eliminate direct contact between assessee and tax officials.
As per circular no. 2/2017 49.9% of the cash deposition(which one can not substantiate or pursue as there valid money ) will pay  tax by Challan NO. 283 before 31/03/2017 and  not less than 25% of money deposited in PMGKY(Pradhan Mantri Garib Kalayan Deposi Scheme) in BLA(Bond Ledger Account ) for a period of 4 years with non interest bearing and non transferable. 
Form-V for reporting needs to be E-filled.
 This is an amnesty scheme for cash deposition only. 
This does not apply to BENAMI Property  or any other assets/income
The answer to the cash deposition  question needs  to be filled online. 
There are many duplicate entries or entries of other wrongly punched.
The information provided at website
 www. incometaxindiaefiling.gov.in.

      The answer is in following  format .The B.8 needs to be 0.Otherwise answer is incomplete. The total is done automatically.

The detail explanation for Colum-wise  is attached.

               Note:1   A4-  Cash deposited as per information including bank account no is true needs to be confirmed  from your bank account details as mentioned in the site.

Note:2  If the information is incorrect, mention the amount  as per  assessee. In remark colum you can write that figure mention in the site is excess/duplicate/triplicate/less.

Note:3 They want figures as per following Table:

 

                                           Comprehensive budget is under preparation and put on the blog: canitinmpathak.blogspot.in

 For further details Whatsapp/SMS/E-mail +91 9825804094, nitinmpathak@gmail.com

CA Nitin Pathak:BUDGET 2017 HIGHLIGHTS: Finance Bill, Budget Highlights, FM's Speech & Key Highlights

Finance Bill
Budget Highlights
Key Highlights
Finance Speech

 Dear Friends,

BUDGET 2017 HIGHLIGHTS

• War against Black Money
• The information gather for cash deposition during demonization period is going to be used to enhance the Tax Collection
• There will be  accountability of tax official for omission or mistake
• Individual Tax:  from Rs. 2.5 lakhs-Rs 5 Lakhs Tax @ 5%
• Rebate U/s 87A of Rs.2500 only till Rs. 3.5 Lakhs Income
• To levy surcharge of 10% on income between Rs 50 lakh-1crore
• Companies whose annual turnover is below 50 crore  & Startup Company : Income tax @ 25%
• Capital gains for long term for immovable property is reduced to 2 years from 3 years 
• Base Year for Capital Gain shifted to 2001 from 1981
• Cash donation limit to charitable trust reduced to ₹2000 from ₹10000
• MAT credit to be carried forward to 15 years from current 10 years 
• Presumptive tax for Small traders u/s 44AD :Turnover increased from ₹1 crore to ₹2crore. There will be two type of receipt: 1.Banking channel rate 6 % 2. Other than banking channel 8  %/ 
• 44AA: limit of turover increased from 10Lakh to 25Lakhs, Limit of profit from 1.2 Lakhs profit to 2.5 lakhs
• Allowability of Cash expenditure per day is reduced to 10K from 20K u/s 40A(3)
• No Political Donation More than  ₹2000 qua each party. Income tax Return by Political party is compulsory ,otherwise exemption will be loss.
• RBI Bond for Political Party will be floated shortly
• Domestic Transfer Pricing is applicable for "Relative party Transaction" Only
• Revised IT Return time is reduce to 12 Month from filing of original return
• Scrutiny completion period is reduce to 12 Month
• No cash transaction to be allowed above ₹3 lakh 
• Upto 50 lakhs professional receipt only one installment of advance tax
• Single page form for income below Rs.5.00 lakh
• GST finalization done. 
• CBEC to facilitate GST implementation on time. 
• No change in current excise ST and custom & other rates as GST to be set in soon from 1st July. 

 Regards,
CA Nitin Pathak
E-mail Id: nitinmpathak@gmail.com