The Central Bureau of Investigation has arrested a Senior Accounts Officer of CBDT,Mumbai and a private person for demanding & accepting bribe of Rs. 10000/- from the complainant . A case was registered against Senior Accounts Officer, Zonal Accounts Office, CBDT, Mumbai for demanding bribe of Rs.10,000/- from a complainant. The complainant has alleged that [...]

Learned counsel for the assessee could not furnish details when the son of the managing director of the assessee-company returned from abroad and when he joined the assessee-company and could not give any detail of any of the resolution passed in favour of the person who entered into an agreement with Shri Siddharth Jain, son [...]

Clause 2, read with the First Schedule to the Bill, specifies the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2013-14. Further, it lays down the rates at which tax is to be deducted at source during the financial year 2013-14 from income other than Salaries

Slew of Administrative Measures for Optimum Efficiency of the Tax Regime The Finance Minister has proposed to continue the series of administrative measures for improving the overall efficiency of the tax regime. Presenting the Union Budget in the Lok Sabha today, Shri P.Chidambaram said that he proposed to expand the slew of administrative measures as [...]

Tax Proposals of the Union Budget 2013-14 The aim of Budget 2013-14 aptly addresses the need of the hour i.e., to accelerate growth through sustainable development and inclusive growth. The tax proposals are also in tandem with this overall aim of the budget, proposed to be achieved by focusing on key areas, such as bringing [...]

WANT TO ENCASH TAX BENEFITS OF INVESTMENT IN RESIDENTIAL UNIT- RESTRICT IT TO A BUDGET HOUSE You are planning to invest in Residential House, and got excited with the news of tax exemptions, be careful and keep a check on the Investment value.  If you want to take the benefit of the Tax incentives in [...]

Direct Tax – At a Glance No change in income tax slabs A tax credit of Rs. 2,000 to every person with an income of up to Rs. 5 lakh per annum Surcharge of 10 % on persons (other than companies) whose taxable income exceeds Rs. 1 crore for only one year Increase in surcharge [...]

FINANCE BILL, 2013 – PROVISIONS RELATING TO DIRECT TAXES A.            RATES OF INCOME-TAX I.             Rates of income-tax in respect of income liable to tax for the assessment year 2013-14. In respect of income of all categories of assessees liable to tax for the assessment year 2013-14, the rates of income-tax have been specified in Part [...]

AS INTRODUCED IN LOK SABHA ON 28TH FEBRUARY, 2013 Bill No.18 of 2013 – THE FINANCE BILL, 2013 A BILL to give effect to the financial proposals of the Central Government for the financial year 2013-2014 Finance Bill Chapter I Preliminary Chapter II Rates of Income Tax Chapter III Income Tax Wealth Tax Chapter IV [...]

In a constrained economy, there is little room to raise tax rates or large amounts of additional tax revenues. Equally, there is little room to give away tax revenues or the tax base. It is a time for prudence, restraint and patience.