Income Tax Amendments Applicable from 01.04.2017

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Key amendment in Income Tax Act applicable from from 01.04.2017 (1) Limit for Cash Expenditure (both, capital and revenue expenditure)  reduced to Rs 10k per day in aggregate per person, earlier same was Rs 20k . Capital expenses paid in cash

Penalty on professionals for furnishing incorrect information in reports

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Penalty on professionals for furnishing incorrect information in statutory report or certificate   The thrust of the Government in recent past is on voluntary compliance. Certification of various reports and certificates by a qualified professional has been provided in the

CBDT issues clarification regarding amendment in Section 206C

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The board in order to clarify the applicability of TCS where sales consideration was partly received in cash and partly in cheque issued circular 23/2016 on dated 24th june 2016 in the form of Question and Answers as under: Question