Finmatrix Strategic Consulting Pvt Ltd

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CAPSULE OF CHANGES IN INCOME TAX LAW WITH EFFECT FROM 1 ST APRIL 2017 1.        Limit for payment of capital and revenue expenses by cash – Rupees 10,000 per day per person 2.        Capital expenses paid in cash beyond Rupees 10,000 will not be taken into account for depreciation purposes 3.        No person shall receive an amount of two lakhs rupees or more, by cash a.        in aggregate from a person in a day; or b.       in respect of a single transaction; or c.        in respect of transactions relating to one event or occasion The penalty for violation of above is to be a sum equal to the amount of such receipt 4.        For below Rupees.2 crores turnover a.        Cash sales - Net Profit will be taken as 6% of Turnover/Gross Receipt b.       Non Cash sales - Net Profit will be taken as 8% of Turnover/Gross Receipt 5.        Tax exemption limit is Rupees. 2,50,000 6.        Tax rate for income up to Rupees 5 lacs is 5% 7.