FINANCE BILL 2016 : PASSED ON MAY 5,2016
Finance Bill 2016 : Changes in the Finance Bill 2016 as passed by the Lok Sabha on May 5, 2016:
# LLPs is now ‘Eligible start-ups’
# Unlisted shares held for 24 months or less would be treated as short-term capital asset
# Employer Contribution in excess of 12% of salary to the recognized provident fund shall be deemed as income of employee
# Processing of ITR is not necessary before the expiry of one year from the end of financial year in which return is furnished, where a notice is issued for scrutiny assessment U/s 143(2).
# A new Section 270A has been inserted to provide for levy of penalty in cases of underreporting and misreporting of income
# Under reporting of income shall be punishable as willful attempt to evade tax liable to prosecution U/s 276C
# TCS U/s 206C to be collected at the time of receipt only in specific cases
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