Tuesday, 5 February 2019

CA Intermediate November, 2018 Result

On 31st January, 2019 The Institute of Chartered Accountant of India (ICAI) issued a notification of declare the CA Intermediate (Old Course & New Course) result, which examination was held in November, 2018 are expected to Declare on 8th February, 2019 may be around 6.00 p.m.

CA students check their result on following link easily,  

ICAI will publish the merit list upto 50th Rank, ICAI also provide some other facility to their students to get result faster like through E-mail, students may register their request at the website of icaiexam.icai.org from 4th February, 2019, after registering their requests, results will be providing on their E-mail ID. 

Further more facility provided by ICAI through SMS, CA students also knowing their results by SMS on the mobile, this services will be available through India Times. Students those desirous to know the result through SMS should types this are as follows :

For Old Course Intermediate Examination -
CAIPCOLD (space) XXXXXX (where XXXXXX is the six digit intermediate examination roll number of the student) for example- CAIPCOLD123456

For New Course Intermediate Examination -
CAIPCNEW (space) XXXXXX (where XXXXXX is the six digit intermediate examination roll number of the student) for example- CAIPCNEW123456

& send this message to 58888. 

Friday, 1 February 2019

Budget 2019 Key Points & Highlights

On Friday, 1st February 2019 Finance Minister CA Piyush Goyal has presented the Interim Budget, on behalf of Arun Jaitley. Its a first time in history that any CA minister has presented any Union Budget in Parliament, In this Budget NDA Government taking many good moves in favour of  Agriculture sector, Education sector, Medical & Hospitality Sector and specially for middle class to provide big relief in Income Tax. 

Government runs many Healthcare Programme like Ayushman Bharat Medical under which around 50 crore people get the treatment, reduced in the cost of medicine. In his speech they mention Economy on Track, Around 5.45 lakh rural village under sanitation coverage & Saubhagya Scheme its also benefits to people. 

In this Budget, Government try to provide additional benefit to Framers & according to that Government will provide Rs. 6,000 p.a. to farmers who holding not more than land of 2 hectares, but that amount of Rs. 6,000 paid in three equal installment of Rs 2,000, this amount directly transfer into farmer's Bank account. Farmers will get 2 % interest subvention to those are busy in pursuing animal husbandry & fisheries. Government announced some more benefits to farmers if crops are affected to due natural calamities than on crop loan 2 % interest subvention & additional 3% interest subvention if they pay the loan installment timely.

FM proposes to open 22nd AIIMS in Haryana very soon, already 21 AIIMS run in India, its massive move to provide good facility to everyone & everywhere. Government proposes to start a Mega Pension Yojna, In this scheme beneficiaries will get assured pension of Rs 3,000 per month after the age of 60 yrs but subject to condition to contribute Rs 100 per month in this scheme & same amount will be contribute by Government, this Scheme called as Pradhan Mantri Shram Yogi Mandhan. This Scheme is applicable to unorganized sector workers whose salary or income less than Rs 15,000 per month & One more benefits, Specially to workers whose monthly Salary Or Wages Rs 21,000, Bonus will be applicable to them.

In last 5 yrs under NDA Government, 6 crore Free LPG connection has been provided under the Ujjawala Scheme. To provide 60,000 crore to Manrega scheme, most successful yojana of UPA Government. Rs 1.7 lakh crore for ensure food to all under this everyone to get food on time. FM also proposes Rs 750 crore for National Kamdhenu Ayog for Cows.

In this Budget Government also focus on there Defence Sector, this time Defence Budget enhanced beyond the limit after so many years of Rs 3 lakh crore & Fiscal Deficit of Country in this year is 3.3% which will be increased in next year around 3.4%  of GDP.

Now Most Awaited announcement regarding Taxation by FM as follow :

FM proposes to increases the Tax free Gratuity limit upto Rs 30 lakh, Its means no Tax on it but it should be covered under Gratuity Act, 1972. Standard Deduction under section 16(ia) for Salaried or Pensioners to be increased from 40k to 50k, this two major changes for Salaried/Pensioner in this budget. In his speech FM said under GST, Rs 97,000 crore average monthly collection in current year. Its more than what actually government expected from taxpayer, its shows belief on the government.

Now, very Important Topic of Income Tax Slab rate, there is No Change in slab rate, old slab rate will continue as it is, but it should be clear for all taxpayer the FM proposes to Increases Income Tax Rebate under section 87A from Rs 2,500 to Rs 12,500(its a tax amount). It means upto Rs 5 lakh Taxable Income after considering all deduction there will be No Tax. Section 80IB being extended for one more year, under this all housing project those approved till end of F.Y. 2019-20 get the deduction under this section, its good initiative taken by the Government.

FM proposes No more Tax on Notional Income on House property under section 23(4), Earlier If any assesse has more than One House Property than One Property should be DLO(Deemed to be let out) & other one should be SO(Self Occupied), In that on DLO to declare Notional rent but in this budget to big relief. On Second house there will be No more Tax on DLO Property & related to House Property under section 54 Capital gain benefit limit increased up to Rs 2 crore but this limit will be available once in a Life from Investment in One residential property to Two residential property & One massive Benefit given to Builders, On unsold House as inventory in their book is to be increased from One year to Two Years to maintain in their stock.

Now, to discuss on TDS issues, No more TDS under Section 194A  interest on FD, Post Office up to Rs 40,000 p.a. earlier it was Rs 10,000 p.a. only & under Section 194I, Rent paid earlier to deduct TDS if rent more than Rs 1,80,000 p.a. but in this budget this limit increases up to Rs 2,40,000 p.a.

In this Budget Government simultaneously focus on Digital India, Due to Digitization Assessee will get Income Tax refund within 24 hrs & to reduced the Scrutiny period up to 2 yrs, but scrutiny will be done through digital way, no need to go personally.

FM said due to note ban in 2016, there is tremendous growth in taxpayer more than 1 crore New IT return file & Rs. 3 lakh crore has been recovered from Bank Loan Defaulters, this Defaulters are mainly from Corporate Sector. Under GST government proposes 2% Interest relief on loan but subject to registered under MSME.

I think entire Budget, presented in House mainly focus on Farmers & Middle Class, this budget may be change the result of Election, but overall Budget is Good one because its a only Interim Budget, final Budget will be presented after election. FM Piyush Goyal first time presented Union Budget & Last Budget Of the NDA government. If all proposes are consider it may be change the entire scenario of middle class.

Now, Every one Can download from below, Interim Budget 2019 Speech & Finance Bill 2019
Interim Budget Speech 2019 FM/CA Piyush Goyal
Finance Bill 2019

Friday, 25 May 2018

Income Computation and Disclosure Standards (ICDS)

              Draft of 14 Tax Accounting Standards were first issued in August 2012. However, these were revised further and 12 drafts Income Computation and Disclosure Standards (ICDSs) were issued in January 2015 for public comments. From above notification, 10 ICDSs were finalized excluding the standards on ‘Leases’ and ‘Intangible Assets’. However, in January 2016, Income-tax Simplification Committee recommended deferment of ICDS. Section 145(2) – the Central Government has power to notify “ICDS”. CBDT vide Notification dated March 31, 2015 introduced 10 ICDS to be effective from April 1, 2015 and thus, the same was applicable from AY 2016-17 onwards. On September 29, 2016 revised ICDS notified effective from AY 2017-18 and Form 3CD was amended. Recently, on March 23, 2017, CBDT has issued certain clarifications by way of FAQs. The Finance Ministry had notified ten Income Computation and Disclosure Standards (ICDS) from assessment year (AY) 2016-17 [financial year (FY) 2015-16] (hereinafter referred to as “old ICDS”). 

              Subsequent to various representations from taxpayers seeking guidance and clarifications for implementation of ICDS, the Finance Ministry, vide a Press Release 2, deferred the implementation of ICDS by one year to AY 2017-18 [FY 2016-17]. That Press Release had stated that revision of ICDS and tax audit report was also under consideration. The extent to which the new ICDS has been aligned with Indian Accounting Standards (Ind AS) also needs to be evaluated. In the wake of implementation of Ind AS from FY 2016-17, taxpayers are already engaged in configuring migration from IGAAP to Ind AS.

           The introduction of the new ICDS is a welcome step as it addresses some issues voiced by businesses. ICDS are applicable to an assessee following mercantile system of accounting. ICDS will apply for computation of taxable income under the head Profit & Gains of Business under the Income Tax Act. This is irrespective of the accounting standards i.e. either Accounting Standards or Ind-AS. It is clarified that if the tax assessee has been following standard costing method on regular basis then tax payer may continue to follow the same. ICDS is applicable to those sources of incomes which are assessable on net basis and does not apply to incomes liable to tax on gross/presumptive basis. This is because specific provisions of the Act shall prevail over ICDS. Let’s have a look on ICDS.

                                                                                                                     Prepared By
                                                                                                                     Tushar G Agrawal
                                                                                                                     (CA Student)

Monday, 30 April 2018

What is TDS ? & TDS Rate F.Y. 2018-19 & A.Y. 2019-20

In this article, we will try to know the actual concept of TDS, it’s role, importance. Why & how it is carried out in the country will be the main perspective of today’s article.

Introduction :

TDS is tax deducted at source. This is nothing but a way to collect an income tax in India. It is managed by the Central Board for Direct Taxes (CBDT). Amount covered under this criteria is paid after deduction of recommended percentage or portion. Income Tax Act of 1961 controls all this. CBDT is a part of Indian revenue system which is managed by Indian Revenue Department. It is an important while conducting Tax Audits regarding disallow the some specific amount.

To collect tax from the active & enormous source of income is the actual aim of Tax Deducted at Source (TDS). This was obviously introduced under the Income Tax Act of 1961. This concept or you can use word TDS system says the person (Deductor) who is accountable for making payment of another person (Deductee) has an authority to to deduct a precise amount meaning tax at source and  credit the same into the central government account or into the account of the concerned one. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.

How to pay deducted or collected tax at source ?

It is done in a very easy way.Whatever tax deducted or collected at source is deposited to the credit of the central government account by Electronic way. Actually E mode is mandatory for corporate level and those to whom provisions of section 44AB of the Income Tax Act, 1961 is applied. Second way is physical mode. It can be done with Challan 281 in the authorized bank branch. 

Main Objectives Of TDS

To avoid lump sum amount and making salaried people to pay tax in an installments. This is done to enable them to pay the tax because they earn. Collection of the tax at the time of payment of income to various professionals such as contractors. Government also requires funds each year, thus various taxes help them to get funds throughout the year. And run government easily.

Specified Rates for TDS

Specific rates are decided in the relevant provision of the Act or First Schedule to Finance Act, so taxes shall be deducted accordingly. Such a case where payment to non resident persons, ‘double taxation avoidance agreements’ are needed to withhold tax rates. This is specified under rules.

Due Date Of TDS Submission

 Quarter                                    Government Deductor                    Non-Government Deductor

    Q-1                                               15th August                                         30th July

    Q-2                                              15th November                                    30th October

   Q-3                                               15th February                                     30th January

  Q-4                                                 30th May                                              30th May

Late Fees
If TDS return is nor submitted within due date given prescribed by Finance Act, than 200/- per day late fees will be levy but subject to Maximum amount Of TDS Deduction but Deductor 

Interest will be levied at the rate of 1% per month due to delay in deduction of TDS & If the Deductor deduct the TDS but not remitted to Government than Interest will be levied at 1.5% per month till date of payment.

Note- Both Interest & Late Fees will be paid before filing the TDS return. 

Click here to Download TDS Chart for F.Y. 2018-19 & A.Y. 2019-20

Thursday, 29 March 2018

Deadline, File Income Tax Return On or Before 31st March 2018

Income tax return is a document you file with the Internal revenue service or the state tax board reporting your tax board reporting your income, profit and losses of your business and other deductions as well as details about your tax refund or tax liability. If you are earning more than Rs.2,50,000/- per year then you are liable to file income tax return. 

The process is no more flexible from this year to file tax return. You are required to file return On or before 31st March 2018, its last date to file your previous return also after that return cannot be filed, but there is a option to file the return, for that to pay fix penalty or late fees of Rs 5,000/-

If you are among those taxpayers who have not yet filed their income tax return (ITR) for the financial year 2016-17, assessment year (AY) 2017-18, you must have received emails and messages from the income-tax department reminding you to file the tax return by 31 March 2018. You must remember that if you had income that was above the exempted limit during F.Y. 2015-16 & 2016-17, then it is mandatory for you to file a tax return. If you had income that was less than the threshold limit for taxes to apply, but you deposited a considerable amount of cash in your bank accounts during the demonetization period, you should file a tax return.

There is a concept called as a late tax return. The last date to file a tax return is usually 31st July of each assessment year (AY). This is the year in which income is assessed properly, tax is paid and return tax is filed for the previous year means financial year. So, for  the financial year 2016-2017 assessment year is 2017-2018. 31st July 2017 was the last date to file tax return for financial year 2016-2017. This date was later changed to 5th August 2017.  If someone has filed the tax tax return after the concerned date, then that is considered as "Belated return."

Belated returns can be filed before the end of the relevant assessment year, that is by 31st march 2018, till financial year 2015-16, taxpayers had some extra time so that they could even file belated returns before the end of two years from the end of the relevant financial year. 

You can do two things at a time.
1. File the tax return of the Financial year 2016-17 i.e., previous year,
2. File the return for financial year 2015-2016 also.

Let’s focus on one major point. Disadvantage of belated return :

You may face penalties & lose out benefits if you don’t file a tax return on given time.

For starters, there are penalties and interest levied on the income tax that was due. “The person who files a belated return for AY 2017-18 may be subject to a penalty of Rs 5,000 under Section 271F of the Income-tax Act, 1961,”Apart from the penalty, interest too may be levied under various sections. “If any tax is due, interest may have to be paid under sections 234A, 234B and 234C of the Act,”

From the next AY, 2018-19, a fixed amount of penalty will be charged on belated tax returns. “Section 271F will get replaced by section 234F, which prescribes a late fee of Rs 5,000 if the return is filed after due date and up to 31 December, and Rs 10,000 (from 1 January) up to 31 March of AY. However, if the total taxable income of a person doesn’t exceed Rs 5 lakh, late fee shall not exceed Rs 1,000”.

Besides penalty and interest, there are other disadvantages to filing tax returns late. One of these is not being able to carry forward capital losses. Certain losses like those from business and profession and short-term capital loss may not be allowed to be carried forward.

If there is any refund, it may be delayed and taxpayers will not receive interest on refund from 1 April of the AY. Interest will be paid from the date on which the tax return was furnished till the date on which refund is granted. “If return is filed within the due date, interest is paid effective 1 April of the AY to the date on which refund is granted,” for example you were eligible for a refund of Rs 10,000, you filed the ITR in June, which is before the due date (31 July); and you get a refund in September. In this case, you will get interest on the refund from April till September. But if you file late, say, in October, and you get refund in December, you will get interest on the refund only from October till December.

Penalties if you don’t even file a Belated Tax return : 

Besides the penalties and other disadvantages that a belated tax return invites, the income-tax department can send you a notice of inquiry (under section 142(1)) or a notice of income escaping assessment (section 148). Through these notices, it can seek clarification on why the tax return was filed late, and you will be asked to file the return online as per the date specified in the notice. There may also be penalties.

If you don’t receive any notice and you have a genuine reason for not having filed the return, “you may send a written request to the AO (assessment officer) for filing a return,” said Gupta. You can do this even after the last date, that is 31 March of the AY, but the permission will depend on AO’s discretion.

If you don’t reply to the notice or don’t file your return within the stipulated time mentioned there, your problem can escalate, depending on the tax due. “If the person has taxable income and still doesn’t file a tax return, then in addition to penalty for non-filing of return, the person may also be subject to a penalty for under-reporting of income at 50% of the tax payable on under-reported income,”can be initiated in some cases.

Thursday, 15 March 2018

Basic Rights of an Employee in India

Basic rights each & every Indian employee should know 

If you are an employee  in private or government sector, It's your duty to know your primary rights. Knowing about our rights is the major step towards avoiding many issues in professional life so that you can enjoy your work life as well as personal life. Also, it is a sign which explains that you are a smart employee no matter, wherever you are working. In to days article, we will discuss very important 10 rights which every Indian employee should know. This article may help you to know legal statements, what law states about your rights, how can you get a proper help if you need. 

1. Leave is the right of each Employees-
Employee gets different kind of leaves during his/her working period, according to the reason he/she provides. Leaves are categorized into following main three criteria. 

a). Casual Leave : This leave is an incidental leave provided to an employee in case of emergency such as family issue, to attend meetings called by school for child’s welfare. In any casual seen, this one or two day leave is provided to an employee by an employer. Another type comes under casual leave section is Sick leave. Obviously one may get sick at any time due to unconditional health issues, by modified lifestyle or anything serious. So, you have the right to get sick leave and as an employee of any firm, organization you can apply for sick leave without any hesitation. Another leave under casual section is ‘Privileged leave.’ This is the leave which you need to plan in advance. If you have earned any extra leaves during working period then you can take advantage of this leave. Generally for going on trips with family or friends, this leave is provided to each & every employee because it’s very difficult to arrange tours in one or two days. Other leaves is one of the type which is paid, unpaid or half paid according to duration & reason. 

b). Medical Certificate for one-day sick leave : In case of sick leave of 2-3 days, you are supposed to show a medical certificate as a proof according to rules & regulations. But if a sick leave is just about a day then it is not necessary for you to show a medical certificate. Also leave can be provided to an employee if she/he is on notice period, only on the basis of a genuine reason such as maternity, health issues, declared by 'Delhi High Court.'

c). Maternity leave is a statutory right of female employee. Period of maternity leave has been already decided by maternity benefit act. 

d). Encashment leave : Basically this concept is nothing but the converting a bond into a money. As an employee you have the right to get many leaves as mentioned above but sometimes what happens you may not use all these leaves due to no emergency or whatever may be the reason. Result of this condition turns into ‘remaining leaves.’ So you can make a best use of encashment leave concept here. You can get your remaining leaves converted into money. This is known as leave encashment. Amount of money is obviously depend your salary. You can use this policy to get money after retirement as well. 

2. Protection from Sexual Harassment at Workplace-
Protection should be provided to all employees from sexual harassment, especially female employees. If any of such illegal activity happens at workplace, then employers &  managers are supposed to take a quick actions immediately. 

No one should consent to the inappropriate behavior at workplace. If anyone harasses someone then he/she is punishable under Indian penal code. Any woman who is aggrieved can seek remedy under the sexual harassment of women Act 2013 (Prevention, prohibition, redressal ).

Under this law, employers are supposed to generate a policy act against sexual harassment. Any organization should have this policy to provide healthy & safe environment to the employees. Policy must define constitutes of sexual harassment & what are penalties for that, policy should always follow "impartiality" during investigation. 

Law states that internal complaint committee should be established for firms/companies which should include a panel of ten or more employees as a committee member. Also, district local complaint committee can be formed under the law for other organizations.

It is an employers responsibility to nominate member for internal complaint committee. It generally consists of a senior woman, two other employees  and a non government member.

3. Maternity Benefit-
Maternity benefit act was established with respect to the employment of women. This law, Maternity Benefit (amendement) 2016 passed by Rajya sabha in august 2016 and has been passed by Lok sabha in march 2017. 

Earlier the law mandated this benefit for pregnant women for 12 weeks , which has been raised to 26 weeks according to the changes made in the law. Earlier, of these 12 weeks, 6 weeks leave was for post natal care which has also been raised to 8 weeks now. 

Employees also have the right of taking additional  one month leave(paid). This special policy provided by law because many a times, complications may arise due to pregnancy, delivery, premature birth, miscarriage, tubectomy operation( two weeks in this case).

According to maternity benefit act, employer should not employ a woman in the six weeks in case, she is following a date of delivery or miscarriage. No empoyer can dismiss her in case if she is absent in the scenario mentioned above. 

Employee cannot be dismissed if she is on maternity leave. Even something disadvantageous can't be done to the condiotion of her employment while she is on maternal leave.

Employee should always remember that, if she is dismissed, still she can claim maternity benefit from employee/firm/organization. 

4. Gratuity-
It is an amount provided to an employee based on his service duration who have rendered service for at least 5 years. Even though there is pension and provident fund secures ones life, still gratuity is a right of each & every employee. It is very important for social security. This is provided as a lump-sum amount which is nothing but the benefit provided to an employee as a gratitude.                          

If any employee terminate job, resign due to some emergency issue or other, due to death of any employee, gratuity is paid to the employee or to his/her family (if one is no more). This amount is increased with an increase in salary of the employee.

5. Provident fund-
Employment provident fund (EPF) is a scheme through which an employer gets an amount which can be used for future. This scheme is for all salaried employees managed by the Employee Provident Fund Organisation of India.  Company having employees more than 20 can register with the EPFO.  Law states that Employer & employee have to contribute 12 % from their salary so that they can get it after retirement.  According to law, no employer can deduct whole PF contribution of any employee & if he does so then he/she will be eligible for penalty.  If you are working in a private sector or government sector then it is necessary for you to contribute for PF.  15,000/- a month and you can contribute for PF. Once you become a part of EPF then you are not allowed to stop contributing. 

6. Working hours-
Well, working hours have already been decided by the 'Shop and Establishment Act.' This law is active in each & every state. Law says, 9 hours per day & maximum 48 hours per week as a working hours. Regulations realted to working hours is managed by Shop and Establishment Act.  Work hours can be extended upto 54 hours a week depending upon the working load & inspector should be informed this with the appropriate notice. Overtime should not be more than 150 hours per year.

7. Right to get Insurance-
Employee State Insurance Act 1948 states that every employee get insurance if he/she face any serious issue regarding health such as injury or medical condition during the course of employment.

8. Right to go on Strikes-
Employees have the right to go on strikes even without giving any notice for their demands. Dispute Industrial Act 1947 plays an important role in case of strikes. Rules & regulations must be followed by employee and employer too during such a scenario. 

9. Right to Equal pay for equal work-    
Right to Equal pay for equal work is a statutory right for employees. No male female partiality should be followed by any employer in case of payment.  Even temporary staff gets an equal amount for the work or task they perform during work. 

10. Written Employment Agreement-
It is a well drafted & designed Letter. Company must provide you a written agreement letter before you start  working and employee should properly read and understand each term, condition. It is a legal document which explains important things about your employment. It contains everything such as rights and obligations of employee, company for the safety and security purpose.  Every Employee should know the importance of agreement. If any situation such as dispute between you and employer occurs in future, then you can resolve the issue with the help of agreement as all the required things are mentioned in the agreement. 

Sunday, 4 February 2018

Key Points Highlighting Union Budget 2018-19

On Thursday, 1st February 2018, Finance minister Arun Jaitley has declared and presented the union budget of 2018-2019. It’s interesting to see what kind of changes we can observe in this budget because this is the first union budget after GST implication in the the country. Point to be noted is Agriculture, health, rural development and basic infrastructure is highlighted but salaried people, investors and job creators are seems to be avoided at some level. This is the major key point explaining the fact that, this budget will focus on improvement of basic infrastructure of the country. Educational sector is blessed with some good schemes which is not actually bad. Still one question  arises after going through whole budget,  whether this is the strategy for upcoming elections or what ?  Most of the population of country such as salaried people are seems to be unhappy with this. Of course there are some significant announcements we have to discuss. A special scheme has been launched to control the air pollution in Delhi. This scheme is promising because,  Delhi has secured the top rank in the list other polluted cities from India. Also digital education system, digital marketing strategies for the digital India are also focused. 

Focus of the budget is to cover poor population in the country thus the Scheme Called 'National Health Protection scheme' has also been declared. One thing which is catching every ones attention is poor people will get the advantage of this budget. Now to Discuss On Direct Tax (Income Tax) 

1. No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax
2. Education Cess is being increased from 3 to 4 % to be known as Education and Health Cess.
3. Corporate tax has been reduced in certain amount such as 30% to 25% for companies having turnover upto Rs. 250 crore, On Domestic Company Only.
4. Capital gain at 10%, if Capital gain is more than 1 lakh, But no Tax upto 31 Jan 2018 on capital gain u/s 10(38) on listed Shares, This section has been withdrawn with effective Date of 01 Feb, 2018,  Tax on STT paid long term capital Gain 112A. Further such tax will be liable for TDS
5. Medical Reimbursement  of Rs 15,000 under Section 17(2) are being withdrawn & Transportation allowance of Rs 19,200 for salaried people is to be replaced by Standard Deduction of  Rs. 40,000, This Deduction is also applicable to Pensioners.
6. Provision of Section 43CA, 50C and 56(2)(x) being amended to allow 5%  of sale consideration in variation vis a vis stamp duty value. On account of location, disadvantage etc.
7. Provision of section 40(ia) and 40A(3) and 40A(3A)are being made applicable to Charitable Trust . Hence expenditure incurred without deduction of tax and in cash will not be eligible as application of income under section 10(23C) and section 11(1)(a).
8. Agriculture Commodity Derivates income /loss  also not to be considered as speculative under section 43(5).
9. Income Computation and Disclosure Standards (ICDS) being given statutory backing in view of decision of Delhi High Court decision.
10. Marked to market loss computed as per ICDS to be allowed under section 36.
11. Gain or loss in Foreign Exchange as per ICDS to be allowed under new section 43AA.
12. Construction Contract income to be computed on percentage completion method as per ICDS.
13. Valuation of Inventory including Securities  to be as per ICDS.
14. Interest on compensation, enhanced compensation. Claim or enhancement claim and subsidy, incentives to be taxed in the year of receipt only as per new Section 145B.
15. Conversion of stock in trade to capital asset to be charged as business income in the year of conversion on Fair Market value on the date of conversion.
16. 54EC benefit of investment in Bonds to be restricted to Capital gain on land and building only. Further period of holding being increased from 3 years to 5 years.
17. PAN to be obtained by all entities  including HUF other than individuals in case aggregate of financial transaction in a year is Rs 2,50,000 or more. All directors, partners, members of such entities also to obtain PAN.
18. All companies irrespective of income to file return and in case it is not filed, such companies will be liable for prosecution irrespective of the fact weather it has tax liability of Rs 3,000 or not.
19. Assessments to be E assessment under new section 143(3A)
20. No adjustment under section 143(1) while processing on account of mismatch with 26AS and 16A.
21. Deemed dividend to be taxed in the hands of the company itself as Dividend Distribution of tax @ 30%.
22. Penalty  for non filing financial return as required under section 285BA being increased to Rs 500 per day.
23. Government to contribute 12% Employees' Provident Fund for new employees for 3 years, Only Women can Contribute 8% to EPF upto first 3 year & for man as earlier policy no change.
24. 100% deduction will be allowed to Farmer Producer Company.
25. Mediclaim Benefits for Senior Citizen upto 80,000/, this is an additional benefit of Rs 50,000/- given by government.
26. Interest on FD, Saving Bank, Post office or any upto 50000/- allowed as Deduction u/s 80TTA only for Senior citizen & for other upto Rs 10,000 as earlier no change. 
27. Projected fiscal deficit upto 2019 will be 3.3% & upto Mar 2018 will be 3.5%

The budget focuses on the needs of the rural areas, hence the definition of 'Navbharat' can be strengthened. The 'Aayushyaman Bharat Yojana' can provide great medical care to the poor and this will be a milestone in upcoming era. One positive aspect of this budget is, government has reduced the corporate rates on micro, small and medium scale industries. Government says that, the budget is helpful in increasing the progress of basic stuff.

Let's focus on some important other announcements -

Increase in TV, Mobile phones rates, Last year, 8.27 crore populations has paid the tax. This year,  number of this population will increase. There is an increase in the Income tax with Rs. 90 thousand crore. Parliament members will be happy with the increased salary from April 2018. There will be increase in the payment of President, vice president & Governor. Two government insurance company will be established in the share market.Investment of Rs.7148 crore for Clothing industry. Expansion of railway routes in Mumbai upto 90 km. All railway station, railways will have CCTV cameras & wifi connection..Number of airports will increase by 5 %. Upgradation of 600 railway station in all over the country.Development in the production industry-Arun Jaitley. India's Economy will be on the 7th rank.Indirect taxation system has become easier due to GST.Digital education system will be focused. Training will be provided to 13 lakh teachers. Providing  training to workers,  for Mumbai-Ahemadabad bullet project has been started  at vadodara. Womens will get Ujjwala gas connection. Rs.600 crore invested for TB treatment. Eklavya school will be opened for Aadivasi Children. Investment for 24 Medical colleges in all over country.Through, National Defence conservation fund new scheme for safety of passenger will be launched soon.Investment of Rs. 600 crore on Pure water scheme.

Other schemes such as, Swaccha Bharat Abhiyan will play a crucial role for constructing the toilets in needed areas. Mudra yojana will be helpful for 10.38 crore people. In upcoming year,70 lakhs Job opportunity will be developed says Jaitley. 50 lakhs youngsters will be provided with the training for job. Investment of Rs.3700 crore as a loss compensation after demonetization. This is the promising factor seen in the budget. New Employees will get 12% amount in their E-PF. 187 schemes will be approved for cleaning project of river Ganga. 40% people in the country will get health insurance. Every year, Rs 5 lakhs will be invested on each & every family for medical services. Donation of  Rs.1 crore for educational field. ‘Operation flood to be launched like Operation green. Approval of Loan of Rs.75 crore for Saving groups by government. 4 crore house will get free electricity /power connection under Pradhan Mantri Sobhagya Yojana. Expectation of economic growth to be 7.5 percent. Rs.11 lakhs crore reserved for agriculture loan. Investment of Rs.500 crore for Operation Green. Livestock & fishery industries to be blessed with Rs.10,000 crore. This is wonderful for the growth of sea food industries. 42 food parks will be established throughout the country says finance minister. Investment of Rs. 1400 crore for food processing industries. Marketing of agricultural product is needed & government will take the responsibility of that. 

Food oil, olive oil, peanuts oil vegetable oil,  material required for manufacturing of ear machines, solar panels will get cheaper. Major factor to be noted in the recent budget is, the government proposed the provision of the economic development of Industry, self employment. f and for this purpose, more than one lakh crores than last year has been invested.

Many people are saying  this year’s budget is seems to be disappointing in many ways but it is definitely promising in many sectors says finance minister. it is needed for basic economy development. Modi government has focused on the development of rural areas & poor people. This the the key factor explaining each and everything about budget. Medical services, health, education, agriculture is on the top.