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Four-month window for domestic black money holders to come clean

Government on Monday came out with one time four-month compliance window for domestic black money holders to come clean by paying tax and penalty of 45% per cent. “I want to give an opportunity to earlier non-complaint to move to the category of complaint. I propose a limited period compliance window for domestic tax payers to declare undisclosed income represented in any form of assets and clear up past transgression by paying tax at 30%, a surcharge at 7.5%, a penalty at 7.5% which is total of 45% of undisclosed income,” Finance Minister Arun Jaitley

Tax sops for small I-T payers, hike in super-rich surcharge

The Union Budget for 2016-17 on Monday has offered sops for small and marginal income tax payers It has hiked the surcharge by 3% on earnings above Rs 1 crore, levied a pollution cess on petrol, diesel cars and Sports Utility Vehicles (SUVs) and has offered a one-time compliance window for domestic black money holders slapping a tax and penalty of 45%. Presenting his third Budget, Finance Minister Arun Jaitley has also proposed a ‘Krishi Kalyan’ cess of 0.5% on all taxable services to improve agriculture and reduction of duties on project imports for the cold room for cold chain, refrigerated containers and a number of other more click link

Raise Income Tax Exemption Limit to Rs. 4 Lakh

Industry body Assocham has asked the government to increase the personal income tax exemption limit in budget to Rs. 4 lakh from Rs. 2.5 lakh for all individual taxpayers. The industry body also demanded additional incentives for savings and higher tax allowance for expenditure on education and health, quoting findings from its survey. “Over 87 per cent respondents in the poll said increasing the basic tax exemption limit from the present Rs. 2.5 lakh to Rs. 4 lakh should be the minimum that the Finance Minister should announce in the 2016-17 budget,” Assocham

RBI asks income tax assesses to pay dues in advance

The Reserve Bank today appealed to the income tax assesses to pay dues in advance of the due date as well use alternate channels of authorised banks to avoid the rush during end of March. “Pay I-T dues in advance at RBI or at authorised bank branches. Appeal to income tax assesses to remit their income tax dues sufficiently in advance of the due date “, RBI said in a release. “It is observed that the rush for remitting Income-Tax dues through the RBI has been far too heavy towards the end of March every year and it becomes difficult for the RBI to cope with the pressure of issuing receipts although additional counters to the maximum extent possible are provided for the purpose”, it said. read more click above link

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