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Economy-related news, Articles, informations

Budget 2017: Good news for insurance commission agent

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Enabling of Filing of Form 15G/15H for commission payments specified under section 194D The existing provision of sub-section 194D of the Act, inter-alia, provides for tax deduction at source (TDS) at the rate of 5% for payments in the nature of insurance commission beyond a threshold limit of Rs. 15,000 ...

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Budget 2017: extension of time limit to claim MAT credit

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Section 115JAA contains provisions regarding carrying forward and set off of tax credit in respect of Minimum Alternate T ax (MAT) paid by companies under section 115JB. Currently, the tax credit can be carried forward upto tenth assessment years. With a view to provide relief to the assessees paying MAT, ...

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Budget 2017: Tax exemptions to start up

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The existing provisions of section 80-IAC, inter alia, provide that an eligible start-up shall be allowed a deduction of an amount equal to one hundred per cent of the profits and gains derived from eligible business for three consecutive assessment years out of five years beginning from the year in ...

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Budget 2017: Expanding the scope of 54EC bond

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The existing provision of section 54EC provides that capital gain to the extent of Rs. 50 lakhs arising from the transfer of a long-term capital asset shall be exempt if the assessee invests the whole or any part of capital gains in certain specified bonds, within the specified time. Currently, ...

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