Download Finance Bill 2016 With Memorandum And Finance Minister’s Speech

The Finance Bill 2016, as introduced in the Lok Sabha today, 29.02.2016, is available for download together with the Memorandum explaining the Bill and the speech of the Hon’ble Finance Minister.

PROVIDING CERTAINTY IN TAXATION

 Committed to providing a stable and predictable taxation regime and reduce black money.

 Domestic taxpayers can declare undisclosed income or such income represented in the form of any asset by paying tax at 30%, and surcharge at 7.5% and penalty at 7.5%, which is a total of 45% of the undisclosed income. Declarants will have immunity from prosecution.

 Surcharge levied at 7.5% of undisclosed income will be called Krishi Kalyan surcharge to be used for agriculture and rural economy.

 New Dispute Resolution Scheme to be introduced. No penalty in respect of cases with disputed tax up to ` 10 lakh. Cases with disputed tax exceeding ` 10 lakh to be subjected to 25% of the minimum of the imposable penalty. Any pending appeal against a penalty order can also be settled by paying 25% of the minimum of the imposable penalty and tax interest on quantum addition.

 High Level Committee chaired by Revenue Secretary to oversee fresh cases where assessing officer applies the retrospective amendment.

 One-time scheme of Dispute Resolution for ongoing cases under retrospective amendment.

 Penalty rates to be 50% of tax in case of underreporting of income and 200% of tax where there is misreporting of facts.

 Disallowance will be limited to 1% of the average monthly value of investments yielding exempt income, but not exceeding the actual expenditure claimed under rule 8D of Section 14A of Income Tax Act.

 Time limit of one year for disposing petitions of the tax payers seeking waiver of interest and penalty.

 Mandatory for the assessing officer to grant stay of demand once the assesse pays 15% of the disputed demand, while the appeal is pending
before Commissioner of Income-tax (Appeals).

 Monetary limit for deciding an appeal by a single member Bench of ITAT enhanced from Rs 15 lakhs to Rs 50 lakhs.

 11 new benches of Customs, Excise and Service Tax Appellate Tribunal (CESTAT).


4 comments on “Download Finance Bill 2016 With Memorandum And Finance Minister’s Speech
  1. gopal nathani says:

    this is 2015-16 FM speech. resend 2016-17 speech.

  2. gopal nathani says:

    the web manager has sent last year budget speech. please send 2016-17 budget speech.

  3. CA Nirmal Kumar Pandey says:

    Budget 2016 has a good step towards reducing the tax dusputes, difficulties of honest and innocent of tax payers.Simultaneously it will stimulate economic growth in terms of growth in demand as a result of increased outlay for agriculture and vocation education sectors.

2 Pings/Trackbacks for "Download Finance Bill 2016 With Memorandum And Finance Minister’s Speech"
  1. […] to download the pdf copy of the publication Click here to view the publication on CITC’s website Click here to download the Finance Bill 2016 Click here to view the talk by Shri. S. E. Dastur, Senior Advocate on the Finance Bill 2016 […]

  2. […] audience of professionals and taxpayers on Friday, 4th March 2016, on the implications of the Finance Bill 2016. The function was organised by the Bombay Chartered Accountants’ Society […]

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