The Finance Ministry distributes Rs 13,386 crore to 25 states as an RLB award.

The Finance Ministry distributes Rs 13,386 crore to 25 states as an RLB award.

On Tuesday, the Finance Ministry said that it has allocated Rs 13,386 crore to 25 states for grants to rural local bodies (RLBs).

RLBs get tethered funding to improve two services: sanitation and maintaining open-defecation-free (ODF) status, as well as drinking water supply, rainfall harvesting, and water recycling.

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“The Ministry of Finance’s Department of Expenditure issued a sum of Rs 13,385.70 crore to 25 States on Monday for giving funds to Rural Local Bodies,” the ministry said in a statement.

This is the first instalment of Tied grants for the fiscal year 2021-22. The grants were distributed in accordance with the 15th Finance Commission’s recommendations.

FSDC meeting on September 3; to assess the economy and financial industry.

Tied grants are intended to ensure that rural local governments have access to additional money beyond the monies granted by the Centre and states for sanitation and drinking water under Centrally Sponsored Schemes.

The states are obligated to deliver the grants to rural local governments within 10 working days, and the grants must be released with interest.

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Tax Audit – Limits & Applicability, FnO cases

Tax Audit – Limits & Applicability, FnO cases

S-44AB of IT Act, 1961 (as amended through Finance Act, 2021)

LIMITS ARE AS UNDER:-

1. Business where turnover exceeds Rs. 1 Cr in any PY
Limit is Rs. 10 Cr where aggregate receipts/ payments in cash do not exceed 5% of said receipts/ payments
(both Conditions satisfy individually)

Note- non-account payee cheque/ bank draft is treated as cash

2. Profession where Gross Receipts exceed Rs. 50 Lacs in any PY

Opting for Presumptive Tax Provisions?

Audit Required if:-

1. Business Income Claimed to be lower than Profits deemed u/s 44AE/ 44BB/ 44BBB in any PY

2. Income from Business/ Profession Claimed to be lower than Profits deemed u/s 44AD/ 44ADA in any PY & TI > Basic Exemption

Limits will be as under:-

Business – S-44AD – Rs. 2Cr
Profession – S-44ADA – Rs. 50Lac

Dealt in F&O transactions but have no Idea about the applicability of Tax Audit?

Normal business turnover is based on sales & thus reaching the limit takes time.

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But in F&O it reaches the limit easily as each lot is valued high, Limit is reached easily.

S-43(5) of the IT Act, 1961 has excluded transactions of F&O (Equity) from speculative transactions. However, the exemption is available only for equity.

F&O (commodities) are Speculative in Nature.

i.e. F&O (equity) income will be treated as Normal business Income

Any expense done in connection to this business will be allowed as an expense and can be claimed while preparing Tax computation.

Anchorage Infrastructure Investment Holding’s FDI request of Rs 15,000 crore has been approved by the CCEA.

For computing the T/O limit, the following things should be added:

  • a. Profits from the trade

  • b. Loss from the trade

  • c. Premium received from the sale of Options

  • d. In the case of Reverse Trade, the difference should also be added

(Limit as applicable in other cases discussed earlier)

NOTE: In the case of Delivery Based Transactions, Gains would be treated as Capital Gains.

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