New ITR forms notified, details of cash deposits above Rs2.

The periodicity and due date of furnishing statement of financial transaction: The statement of financial transactions (online return in Form No. 61A with digital signature) shall be furnished on or before the 31st May, immediately following the financial year in which the transaction is registered or recorded.

Budget 2017 Changes in Income Tax and TDS.

Due date of filing income tax return for fy 2016-17 (ay 2017-18) Due date of filing income tax return for FY 2016-17(AY 2017-18) is. 31st July 2017 for Individuals. 30th September 2017 for Businesses (This is income tax return for the financial year 2016-17. Applicable for income earned from April 1st, 2016 to March 31st, 2017). at July 16, 2017. Email This BlogThis! Share to Twitter Share to.Therefore under section 285BA of the income tax act, 1961 it is mandatory for “specified persons” to report transactions as prescribed under rule 114E of the income tax. These specified persons are also referred as Annual Information Return Filers. All these high-value transactions are captured in Annual Information Return of an income.Around 37 million people filed their income-tax returns in 2015-16, of which 9.9 million reported annual income below the exemption limit of Rs2.5 lakh, 19.5 million reported an annual income.


Let’s look at list of important proposals made during the budget which might affect either positive or negative ways in your personal finance for the AY 2017-18 (FY 2016-17). But it is to be noted that, the announcements are proposals only, but lot of clarities to come out when fine prints are read and discussed and also these are not final things until the 2 Houses pass the Finance bill.A made credit sale of Rs. 2,00,000 to B and two cash payments of RS. 1,00,000 per day are made by B to A on two different dates. Section 269ST is attracted as Rs.2,00,000 cash limit is reached “in respect of a single transaction”. Example: 3.

Cash transaction limit in fy 2016-17

In Budget 2017 new restrictions on cash transactions has been imposed. New section 269ST has been added in this regard and is applicable from 1st April 2017. A person should not receive cash of Rs. 2,00,000 or more. in aggregate from a person in a day; or; in respect of a single transaction; or.

Cash transaction limit in fy 2016-17

However, clarity is still awaited on whether the tax benefit would accrue to the new companies which set up business in 2016-17 or in 2017-18. As per data of Assessment Year 2015-16, there are 6.94 lakh companies filing returns of which 6.67 lakh companies have turnover of less than Rs 50 crore and, therefore, percentage-wise 96 percent of companies will get this benefit of lower taxation.

Cash transaction limit in fy 2016-17

Frequently Asked Questions. Liberalised Remittance Scheme (Updated as on February 13, 2019) The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Under the Foreign Exchange Management Act, 1999 (FEMA), which came into force with effect from June 1, 2000, all transactions involving foreign exchange have been.

Cash transaction limit in fy 2016-17

Finance Act 2019 contains provisions to introduce a requirement for UK residents to make a payment on account of Capital Gains Tax following the completion of a UK residential property disposal. From April 2020 the payment window will be 30 days from completion of the disposal transaction. Capital Gains Tax reliefs: Disposal of business assets.

Cash transaction limit in fy 2016-17

Below are copies of the Mendocino County Financial Transaction Reports that were submitted to the California State Controller's Office. If you have any questions about these reports email us. Financial Transaction Report FY 2017-18; Financial Transaction Report FY 2016-17; Financial Transaction Report FY 2015-16; Financial Transaction Report FY.

Misconceptions on TDS (Tax Deducted at Source).

Cash transaction limit in fy 2016-17

For a transaction to be covered under the definition of Specified Domestic Transaction, the aggregate value of all the specified transactions under various limbs of Section 92BA should exceed threshold limit of INR 20 crores with effect from Assessment year 2016-17. The stated threshold ensures that taxpayers having minimal transactions with related parties are not burdened by the compliance.

Cash transaction limit in fy 2016-17

Any banking cash transaction tax paid during the previous year on taxable banking transaction entered into by the assessee: All assessees: 36(1) Contribution to notified credit guarantee trust fund for small industries: Public financial institution: 36(1) Securities Transaction Tax paid if corresponding income is included as income under the head 'Profits and gains of business or profession.

Cash transaction limit in fy 2016-17

Income Tax Calculator for financial year 2016-17 (136.5 KiB, 39,347 hits) FY 2015-16 (AY 2016-17): Income Tax Calculator for financial year 2015-16 (263.0 KiB, 52,974 hits).

Cash transaction limit in fy 2016-17

The gazette notification states that the same rates as were applicable during the last three financial years, i.e., FY 2016-17 to FY 2018-19, would be applicable for FY 2019-20, as well. Unlike earlier safe harbour notifications by the CBDT in 2013 and 2017, which gave safe harbour rates for 5 years and 3 years, respectively, the current notification provides safe harbour rates for only one.

Cash transaction limit in fy 2016-17

Increase in the limit from Rs 800 per month to Rs 1,600 per month was announced in Union Budget 2015 and the same is effective April 2015 (i.e. FY 2015-16 corresponding to AY 2016-17). Also note that previously transport allowance granted to physically disabled employee had higher exemption limit of Rs 1,600 per month compared to Rs 800 per month for others.

Your Income Tax Exemption Guide For The Financial Year 2016-17.

Cash transaction limit in fy 2016-17

Cash Transaction 2016 (Frequently Asked Questions) Page 4 Adopting other sequence may result in case being selected for verification based on risk criteria. 15. If the cash deposit is out of cash in hand as on 8th November 2016, where do I enter that? Ans: If cash is claimed to be out of cash in hand, the source of cash may be assigned.

Cash transaction limit in fy 2016-17

Advance tax for the FY 2014-15 and FY 2015-16 is free for the taxpayers opting for presumptive taxation scheme. However, starting from FY 2016-17, the advance tax has to be paid in one single instalment by such taxpayers on or before 15th March.

Cash transaction limit in fy 2016-17

However, in terms of the quantum of cash looted, there has been a slight improvement. From a high of Rs 65.3 crore in 2016-17, the amount of cash lost in ATM heists went down to Rs 44.49 in 2017-18.

Cash transaction limit in fy 2016-17

While upfront cash discounts are determinable on the date of transaction, an entity offering volume discounts and early settlement rebates should estimate the amount of expected cash flows at the time of sale. For example, if a customer buys a certain value of goods, then a refund of a specified percentage will be granted. In such a case, if it is probable that the rebate will be granted and.