Wednesday, April 19, 2017

finance act 2017 other sources

FINANCE Act, 2017 – OTHER SOURCES
  1. Dividend Received From Domestic Companies by all resident assessees (other than dividend received by Domestic Companies and Charitable Trusts) in excess of Rs 10 lacs chargeable to tax at 10% in the hands of the receiver.
  2. Disallowance of expenditure such as rent, interest, etc. is extended to “Income from Other Sources” also if TDS is not deducted from payments made to residents.
  3. Example: Ravi Enterprises earns interest income of Rs 1,00,000/-under Income from Other Sources and incurs an expenditure of Rs
  4. 60,000/- towards interest paid. In case Ravi Enterprises does not deduct TDS on the interest paid of Rs 60,000/-, 30% of Rs 60,000/- = Rs 18,000/- will be disallowed expenditure.

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