Planning, Informed Decisions and Compliance

The Income Tax Act 1961 (the Act) read with the recently enacted Finance Act 2017 provides many beneficial provisions to various categories of taxable persons (Assessees) who comply with the prescribed conditions (if any) thereunder by undertaking transparent practices and employing appropriate income tax planning measures or strategies.

  • The said Acts also contain provisions which impose limitations, obligations and prohibitions on various persons, which would similarly require a thorough understanding, in order to lawfully mitigate their impact.
  • The gradual shift of the Indian economy towards increased use of digital payments, e-compliance/disclosure requirements under the Act as well as increasingly potent penal provisions there under, now require an even more an astute understanding of the above said taxation provisions and their application to relevant facts to ensure compliance and avoidance of liabilities.


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Financial Year 2017-18

Financial Year 2017-18 is expected to be significant year from a taxation standpoint due to many reasons, some of which are —

  • Important new provisions and amendments to the Act by the Finance Act 2017
  • Expected ‘roll-out’ of  the Goods and Services Tax Acts (GST)
  • Changes to criteria for determining Company residency for Income Tax (POEM)
  • Implementation of GAAR
  • Penalty provision under section 270A to replace section 271
  • Immovable property valuation on date of agreement as potential deemed full value of consideration for computing Capital Gain on transfer under section 50C etc.

 

The Finance Act 2017 (the Finance Act) of the Indian Parliament has received the assent of the Hon’ble President on 31 March 2017 to give effect to the financial proposals of the Central Government of India (GoI) for the financial year 2017-2018. The said Finance Act has introduced some new provisions to the Income Tax Act 1961 (the Act) whilst amending a few existing provisions thereunder, some of which are quite significant.

> Read more on the provisions of the Finance Act 2017

 


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The financial year 2017-2018 is a significant period, especially from an Indian taxation point of view. Along with Goods and Services Tax (GST) (expected to revolutionise the Indirect Taxation field of law, application and administration), some core principles applicable to Direct Taxation (Income Tax) are also being redefined, one of which is the ‘tax residency’ (residential status) determination for Companies under section 6(3) of the Income Tax Act 1961 (the Act) through the implementation of ‘Place of Effective Management’ (POEM) criterion.

> Read more on ‘POEM’


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Under the ‘presumptive taxation scheme’, newly established and/or small scale businesses or professions, sections 44AD and 44ADA of the Income Tax Act 1961 (the Act) may be entitled to comply with Income Tax obligations by declaring ‘profits and gains of business or profession’ at a pre-determined (‘presumptive’) rate and pay the said tax thereupon.

> Read more on ‘Presumptive Taxation Scheme – Small Business and Profession’

 

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Administrative Help

For administrative assistance and general queries, please feel free to contact via —
Telephone: +91 8800 38 1950
Email: contact@minustax.com

Alternatively, please contact for an appointment and visit our representational office in DLF Phase IV, Gurgaon (click for Google Map directions).

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