{"id":6758,"date":"2021-12-17T04:31:07","date_gmt":"2021-12-17T04:31:07","guid":{"rendered":"https:\/\/msassociates.pro\/articles\/?p=6758"},"modified":"2022-09-08T09:17:28","modified_gmt":"2022-09-08T09:17:28","slug":"major-amendments-made-by-income-tax-finance-act-2017","status":"publish","type":"post","link":"https:\/\/www.msassociates.pro\/articles\/major-amendments-made-by-income-tax-finance-act-2017\/","title":{"rendered":"Major amendments made by income tax\u2013finance act, 2017"},"content":{"rendered":"<p style=\"font-weight:600;\" dir=\"ltr\">There have been major amendments in Income Tax\u2013Finance Act, 2017. To help you understand properly, we have broken it down in this article.<\/p>\n<h3 dir=\"ltr\">RESTRICTION ON CASH TRANSACTIONS SEC 40 A (3)<\/h3>\n<ol>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">Disallowances of Business expenditures\u00a0made in cash is reduced from Rs. 20,000 to\u00a0Rs. 10,000\u00a0made to a person per day.<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">\u00a0Disallowance is extended on capital expenditure also by restricting and capital expenditure on Research and Development.<\/p>\n<\/li>\n<\/ol>\n<p>Example: If\u00a0 computer is bought for Rs 50,000 and paid Rs 20,000 cash and remaining Rs 30,000 paid by cheque then only on Rs 30,000 depreciation will be allowed<\/p>\n<h3 dir=\"ltr\">80G DEDUCTIONS<\/h3>\n<p style=\"font-weight:600;\" dir=\"ltr\">No deduction shall be allowed u\/s 80G if payment exceeds Rs. 2,000 in cash<\/p>\n<h3 dir=\"ltr\"><\/h3>\n<h3 dir=\"ltr\">SEC 269ST<\/h3>\n<p style=\"font-weight:600;\" dir=\"ltr\">No person shall receive an amount of\u00a0Two Lakhs Rupees\u00a0(Rs 2,00,000) or more\u2014<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p style=\"font-weight:600;\" dir=\"ltr\">(a)<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\n<\/td>\n<td>\n<p style=\"font-weight:600;\" dir=\"ltr\">in aggregate from a person in a day; or<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"font-weight:600;\" dir=\"ltr\">(b)<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\n<\/td>\n<td>\n<p style=\"font-weight:600;\" dir=\"ltr\">in respect of a single transaction; or<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"font-weight:600;\" dir=\"ltr\">(c)<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\n<\/td>\n<td>\n<p style=\"font-weight:600;\" dir=\"ltr\">in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:<\/p>\n<p style=\"font-weight:600;\" dir=\"ltr\">Provided\u00a0that the provisions of this section shall not apply to \u2014<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p style=\"font-weight:600;\" dir=\"ltr\">(i)<\/p>\n<\/td>\n<td><\/td>\n<td>\n<p style=\"font-weight:600;\" dir=\"ltr\">Any receipt by;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">government<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">any banking company, post office savings bank or co-operative bank;<\/p>\n<\/li>\n<\/ul>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table>\n<tbody>\n<tr>\n<td>\n<p style=\"font-weight:600;\" dir=\"ltr\">(ii)<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\n<\/td>\n<td>\n<p style=\"font-weight:600;\" dir=\"ltr\">Transactions of the nature referred to in section 269SS;<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"font-weight:600;\" dir=\"ltr\">(iii)<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\n<\/td>\n<td>\n<p style=\"font-weight:600;\" dir=\"ltr\">Such other persons or class of persons or receipts<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"font-weight:600;\" dir=\"ltr\">\u00a0From the bare reading of section\u00a0269ST, this section impacts the payee and not the payer. It is the payee or recipient who is made liable for violation of section\u00a0269ST\u00a0in the form of penalty u\/s\u00a0271D.\u00a0A penalty equal to the amount of such receipt shall be imposed u\/s 271D<\/p>\n<p style=\"font-weight:600;\" dir=\"ltr\">Example: If Mr. A buys Car From Y \u00a0by paying of Rs 5,00,000\/- here Y is liable for violation of section\u00a0269ST\u00a0in the form of penalty u\/s 271D of Rs 5,00,000\/-<\/p>\n<h3 dir=\"ltr\">HOUSE PROPERTY INCOME<\/h3>\n<p style=\"font-weight:600;\" dir=\"ltr\">House Property loss can be set off against other head of income only up to Rs 2,00,000 in the same year. Balance loss has to be carried forward to 8 Assessment Years for set off against house property income only.<img decoding=\"async\" src=\"https:\/\/msassociates.pro\/articles\/admin\/photos\/major%20amendements%201.png\" \/><\/p>\n<h3 dir=\"ltr\">CAPITAL GAIN<\/h3>\n<ol>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">\u00a0In case of immovable properties holding period reduced from 36 months to 24 months to qualify as long term capital asset (Movable Assets like Jewellery holding period should be 3 years to consider long term asset)<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">Shift in the base year from 1981 to 2001 for computation of Long Term Capital Gain. If assets purchased prior to 01.04.2001 indexation benefit will be available on Cost or FMV whichever is higher as on 01.04.2001<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">Tax Exemption will be available on reinvestment of capital gains in any other notified redeemable bonds in addition to investment in NHAI and REC to the maximum of Rs 50 Lakhs<\/p>\n<\/li>\n<\/ol>\n<h3 dir=\"ltr\">DEPRECIATION<\/h3>\n<p style=\"font-weight:600;\" dir=\"ltr\">Highest Rate of Depreciation has been restricted to 40 % with effect from financial 2017-18<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/msassociates.pro\/articles\/admin\/photos\/major%20amendements%202.png\" \/><\/p>\n<h3 dir=\"ltr\">OTHER SOURCES<\/h3>\n<ol>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">Dividend received\u00a0 from domestic company by all resident assessees ( Other than Domestic Company and Charitable Trust ) in excess of Rs 10 Lakhs chargeable to tax at 10% in the hands of receiver<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">\u00a0Disallowance of expenditure such as rent, interest, etc. is extended to \u201cIncome From Other Source\u201d also if TDS is not deducted from payments made to residents<\/p>\n<\/li>\n<\/ol>\n<h3 dir=\"ltr\">TDS<\/h3>\n<ol>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">\u00a0Non Tax Audit Individuals \/HUF assesses paying rent exceeding Rs 50,000 \/- to deduct TDS at the rate 5%<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">Any person paying consideration (other than in kind) under Joint Development Agreement shall deduct tax @10%.<\/p>\n<\/li>\n<\/ol>\n<h3 dir=\"ltr\">SEC 234F<\/h3>\n<p style=\"font-weight:600;\" dir=\"ltr\">Fees for late filing of Income Tax Return Introduced<\/p>\n<p style=\"font-weight:600;\" dir=\"ltr\">Fees has to be paid under self assessment mandatorily irrespective of cause<\/p>\n<ol>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">Where Total Income is less than 5 Lakhs \u2013 Rs 1,000\/-<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">Where Total Income is more than 5 lakhs and Income Tax Return filed after due date but before December of Assessment Year \u2013 Rs 5,000\/-<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">In\u00a0 all other cases \u2013 Rs 10,000\/-<\/p>\n<\/li>\n<\/ol>\n<h3 dir=\"ltr\">TAX SLABS FOR INDIVIDUALS<\/h3>\n<p><img decoding=\"async\" src=\"https:\/\/msassociates.pro\/articles\/admin\/photos\/major%20amendements%203.png\" \/><\/p>\n<p style=\"font-weight:600;\" dir=\"ltr\">\u00a0Tax Rates For Firms \/ LLP\u2019s \u2013 30%+surcharge at 12% for Total Income in excess of 1 Crore<\/p>\n<h3 dir=\"ltr\">TAX RATES FOR DOMESTIC COMPANIES<\/h3>\n<ol>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">25% if Turnover or Gross Receipts is less than 50 Crores in 2015-16<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">30% if Turnover or Gross Receipts is more than 50 Crores in 2015-16<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">Surcharge of 7% in case of Total Income in excess of 1 Crores but less than 10 Crores, at 12% in \u00a0\u00a0\u00a0case of Total Income exceeds 10 Crores.<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p style=\"font-weight:600;\" dir=\"ltr\">MAT Rate constitutes at 18.5% but tax credit for MAT is extended from 10 to 15 years.<\/p>\n<\/li>\n<\/ol>\n<p style=\"font-weight:600;\" dir=\"ltr\">Those were all about the major amendments from Income Tax\u2013Finance Act, 2017, please visit\u00a0<a style=\"font-weight:600;\"href=\"https:\/\/msassociates.pro\/articles\/contact.php\">us<\/a>\u00a0for any queries.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There have been major amendments in Income Tax\u2013Finance Act, 2017. To help you understand properly, we have broken it down in this article. RESTRICTION ON CASH TRANSACTIONS SEC 40 A (3) Disallowances of Business expenditures\u00a0made in cash is reduced from Rs. 20,000 to\u00a0Rs. 10,000\u00a0made to a person per day. \u00a0Disallowance is extended on capital expenditure [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-6758","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Major amendments made by income tax\u2013finance act, 2017<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.msassociates.pro\/articles\/major-amendments-made-by-income-tax-finance-act-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Major amendments made by income tax\u2013finance act, 2017\" \/>\n<meta property=\"og:description\" content=\"There have been major amendments in Income Tax\u2013Finance Act, 2017. 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