{"id":6685,"date":"2016-02-29T14:05:08","date_gmt":"2016-02-29T08:35:08","guid":{"rendered":"http:\/\/www.itatonline.org\/info\/?p=6685"},"modified":"2016-03-02T16:05:11","modified_gmt":"2016-03-02T10:35:11","slug":"download-finance-bill-2016-with-memorandum-and-finance-ministers-speech","status":"publish","type":"post","link":"https:\/\/itatonline.org\/info\/download-finance-bill-2016-with-memorandum-and-finance-ministers-speech\/","title":{"rendered":"Download Finance Bill 2016 With Memorandum And Finance Minister&#8217;s Speech"},"content":{"rendered":"<p>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&#8217;ble Finance Minister.<\/p>\n<div class=\"journal2\"><a href=\"https:\/\/www.itatonline.org\/info\/index.php\/download-finance-bill-2016-with-memorandum-and-finance-ministers-speech\/finance-bill-2016\/#dlcenter\"rel=\"attachment wp-att-6687\">Click here to download the Finance Bill 2016<\/a><\/div>\n<div class=\"journal2\"><a href=\"https:\/\/www.itatonline.org\/info\/index.php\/download-finance-bill-2016-with-memorandum-and-finance-ministers-speech\/finance-bill-memo-2016\/#dlcenter\"rel=\"attachment wp-att-6688\">Click here to download the Memorandum explaining the provisions of the Finance Bill 2016 <\/a><\/div>\n<div class=\"journal2\"><a href=\"https:\/\/www.itatonline.org\/info\/index.php\/download-finance-bill-2016-with-memorandum-and-finance-ministers-speech\/finance-bill-2016-fm-speech\/#dlcenter\"rel=\"attachment wp-att-6749\">Click here to download Budget Speech of the Hon\u2019ble Finance Minister<\/a><\/div>\n<p>PROVIDING CERTAINTY IN TAXATION<\/p>\n<p>\uf0a7 Committed to providing a stable and predictable taxation regime and reduce black money.<\/p>\n<p>\uf0a7 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.<\/p>\n<p>\uf0a7 Surcharge levied at 7.5% of undisclosed income will be called Krishi Kalyan surcharge to be used for agriculture and rural economy.<\/p>\n<p>\uf0a7 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.<\/p>\n<p>\uf0a7 High Level Committee chaired by Revenue Secretary to oversee fresh cases where assessing officer applies the retrospective amendment.<\/p>\n<p>\uf0a7 One-time scheme of Dispute Resolution for ongoing cases under retrospective amendment.<\/p>\n<p>\uf0a7 Penalty rates to be 50% of tax in case of underreporting of income and 200% of tax where there is misreporting of facts.<\/p>\n<p>\uf0a7 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.<\/p>\n<p>\uf0a7 Time limit of one year for disposing petitions of the tax payers seeking waiver of interest and penalty.<\/p>\n<p>\uf0a7 Mandatory for the assessing officer to grant stay of demand once the assesse pays 15% of the disputed demand, while the appeal is pending<br \/>\nbefore Commissioner of Income-tax (Appeals).<\/p>\n<p>\uf0a7 Monetary limit for deciding an appeal by a single member Bench of ITAT enhanced from Rs 15 lakhs to Rs 50 lakhs.<\/p>\n<p>\uf0a7 11 new benches of Customs, Excise and Service Tax Appellate Tribunal (CESTAT).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;ble Finance Minister.<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/itatonline.org\/info\/download-finance-bill-2016-with-memorandum-and-finance-ministers-speech\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,7],"tags":[],"class_list":["post-6685","post","type-post","status-publish","format-standard","hentry","category-all-information","category-others"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/6685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/comments?post=6685"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/6685\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/media?parent=6685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/categories?post=6685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/tags?post=6685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}