{"id":2038,"date":"2016-05-28T09:26:14","date_gmt":"2016-05-28T09:26:14","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2038"},"modified":"2016-10-11T11:32:31","modified_gmt":"2016-10-11T11:32:31","slug":"finance-bill-2016-passed-on-may-52016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/finance-bill-2016-passed-on-may-52016\/","title":{"rendered":"FINANCE BILL 2016 : PASSED ON MAY 5,2016"},"content":{"rendered":"<p class=\"yiv6826453992msolistparagraph\" style=\"text-align: justify; text-justify: inter-ideograph; line-height: 150%; background: white; margin: 0in 0in 3.0pt 0in;\"><b><span style=\"color: black;\">Finance Bill 2016 : Changes in the Finance Bill 2016 as passed by the Lok Sabha on May 5, 2016:<\/span><\/b><\/p>\n<p class=\"yiv6826453992msolistparagraph\" style=\"text-align: justify; text-justify: inter-ideograph; line-height: 150%; background: white; margin: 0in 0in 3.0pt 0in;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"http:\/\/www.d2c-consultancy.com\/wp-content\/uploads\/2016\/03\/Budget-2016_logo-620x330.jpg\" alt=\"\" width=\"604\" height=\"322\" \/><\/p>\n<p class=\"yiv6826453992msolistparagraph\" style=\"line-height: 150%; margin: 0in 0in 3pt 0.5in; text-align: justify; background: white;\"><span style=\"color: black;\"># LLPs is now &#8216;Eligible start-ups&#8217;<\/span><\/p>\n<p class=\"yiv6826453992msolistparagraph\" style=\"line-height: 150%; margin: 0in 0in 3pt 0.5in; text-align: justify; background: white;\"><span style=\"color: black;\"># Unlisted shares held for 24 months or less would be treated as short-term capital asset<\/span><\/p>\n<p class=\"yiv6826453992msolistparagraph\" style=\"line-height: 150%; margin: 0in 0in 3pt 0.5in; text-align: justify; background: white;\"><span style=\"color: black;\"># Employer Contribution in excess of 12% of salary to the recognized provident fund shall be deemed as income of employee<\/span><\/p>\n<p class=\"yiv6826453992msolistparagraph\" style=\"line-height: 150%; margin: 0in 0in 3pt 0.5in; text-align: justify; background: white;\"><span style=\"color: black;\"># P<span style=\"background: white;\">rocessing 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).<\/span><\/span><\/p>\n<p class=\"yiv6826453992msolistparagraph\" style=\"line-height: 150%; margin: 0in 0in 3pt 0.5in; text-align: justify; background: white;\"><span style=\"color: black;\"># A new Section 270A has been inserted to provide for levy of penalty in cases of underreporting and misreporting of income<\/span><\/p>\n<p class=\"yiv6826453992msolistparagraph\" style=\"line-height: 150%; margin: 0in 0in 3pt 0.5in; text-align: justify; background: white;\"><span style=\"color: black; background: white;\">#<span class=\"apple-converted-space\">\u00a0<\/span><\/span><span style=\"color: black;\">Under reporting of income shall be punishable as willful attempt to evade tax<span class=\"apple-converted-space\">\u00a0<\/span>liable to prosecution U\/s 276C<\/span><\/p>\n<p class=\"yiv6826453992msolistparagraph\" style=\"line-height: 150%; margin: 0in 0in 3pt 0.5in; text-align: justify; background: white;\"><span style=\"color: black;\"># TCS U\/s 206C to be collected at the time of receipt only in specific cases<!--more--><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Bill 2016 : Changes in the Finance Bill 2016 as passed by the Lok Sabha on May 5, 2016: # LLPs is now &#8216;Eligible start-ups&#8217; # 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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[215],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2038"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=2038"}],"version-history":[{"count":3,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2038\/revisions"}],"predecessor-version":[{"id":2504,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2038\/revisions\/2504"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}