Page 23 - MASTER IN BUDGET
P. 23
# Time limit of one year for disposing petitions of the tax payers seeking waiver of
interest and penalty.
# Mandatory for the assessing oficer 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 `15 lakhs to `50 lakhs.
# 11 new benches of Customs, Excise and Service Tax Appellate Tribunal (CESTAT).
SIMPLIFICATION AND RATIONALIZATION OF TAXES
# 13 cesses, levied by various Ministries in which revenue collection is less than `50
crore in a year to be abolished.
# For non-residents providing alternative documents to PAN card, higher TDS not to apply.
# Revision of return extended to Central Excise assesses.
# Additional options to banking companies and inancial institutions, including
NBFCs, for reversal of input tax credits with respect to non-taxable services.
# Customs Act to provide for deferred payment of customs duties for importers and
exporters with proven track record.
# Customs Single Window Project to be implemented at major ports and airports
starting from beginning of next inancial year.
# Increase in free baggage allowance for international passengers. Filing of baggage
only for those carrying dutiable goods.
TECHNOLOGY FOR ACCOUNTABILITY
# Expansion in the scope of e-assessments to all assessees in 7 mega cities in the coming years.
# Interest at the rate of 9% p.a against normal rate of 6% p.a for delay in giving effect
to Appellate order beyond ninety days.
# ‘e-Sahyog’ to be expanded to reduce compliance cost, especially for small taxpayers.
WEBSITE
www.mahendras.org
www.mahendraguru.com
stportal.mahendras.org
myshop.mahendras.org
www.mahendraskills.org
@Mahendra’s 23 MASTER IN BUDGET 2016-17
interest and penalty.
# Mandatory for the assessing oficer 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 `15 lakhs to `50 lakhs.
# 11 new benches of Customs, Excise and Service Tax Appellate Tribunal (CESTAT).
SIMPLIFICATION AND RATIONALIZATION OF TAXES
# 13 cesses, levied by various Ministries in which revenue collection is less than `50
crore in a year to be abolished.
# For non-residents providing alternative documents to PAN card, higher TDS not to apply.
# Revision of return extended to Central Excise assesses.
# Additional options to banking companies and inancial institutions, including
NBFCs, for reversal of input tax credits with respect to non-taxable services.
# Customs Act to provide for deferred payment of customs duties for importers and
exporters with proven track record.
# Customs Single Window Project to be implemented at major ports and airports
starting from beginning of next inancial year.
# Increase in free baggage allowance for international passengers. Filing of baggage
only for those carrying dutiable goods.
TECHNOLOGY FOR ACCOUNTABILITY
# Expansion in the scope of e-assessments to all assessees in 7 mega cities in the coming years.
# Interest at the rate of 9% p.a against normal rate of 6% p.a for delay in giving effect
to Appellate order beyond ninety days.
# ‘e-Sahyog’ to be expanded to reduce compliance cost, especially for small taxpayers.
WEBSITE
www.mahendras.org
www.mahendraguru.com
stportal.mahendras.org
myshop.mahendras.org
www.mahendraskills.org
@Mahendra’s 23 MASTER IN BUDGET 2016-17
