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(a) In the case of a resident woman below the age of 65 years, the basic exemption limit is INR 190,000. (b) In the case of a resident individual of the age of 65 years or above, the basic exemption limit is INR 240,000 (c) Surcharge is not applicable (d) Education cess is applicable @ 3 percent on income-tax Full Article

Addition or reduction of exemptions in various services. Renting Service – Retrospective amendment to supersede decision of Delhi High Court in case of Home Solutions Retail India Ltd. Now activity of ‘Renting’ made taxable. Construction Service – receiving any amount from prospective buyer before completion certificate would be considered as service. Full Article

As the budget, 2010-11 has brought many changes in Excise Law. It varies from areas like applicable rate of excise duty, their Cenvat Credit allowable, exemption from excise duty and so many. The duty on umbrella and umbrella parts are closely affected due to applicability of new Notifications inserted in this Budget. Therefore, we are giving the analysis / comparison of notifications which will help to know how they will affect upon manufacturer at the time of purchase.. Full Article

Month of February is the shortest month of the year and this shortest month gets the highest importance other than any month of the year. For Indian economy it is the month where all expectation and desires followed with wishes and prayers are expected to come true. For some it comes true and for some it remains negative or dull. We celebrate festivals but the dates or months or time changes but the festival of February is always fixed that is at the last week of Februar.. Full Article

Yesterday the Parliament of India have created a history by making a walkout even before the budget was yet to be finished. The opposition parties made the walkout once it was declared in the budget that petrol prices to go up. To levy excise duty of Re1 per liter on petrol and diesel have made the whole of India to think about the probable price they will have to pay for every commodity. Full Article

ICAI welcomes the Union Budget presented by the Hon’ble Finance Minister Shri Pranab Mukherjee, which can be termed as a relief oriented budget. The Budget skillfully balances the need to step up the economic growth on one side, check inflation on the other side and also address the socio-economic needs of the nation. Full Article

Finance Bill 2010 has made an amendment in the definition of the taxable service ‘Renting of immovable property’ [section 65 (105) (zzzz)] to provide explicitly that the activity of ‘renting’ itself is a taxable service. This change is being given retrospective effect from 01.06.2007. Full Article

It is, therefore, proposed to also allow deduction in respect of any contribution made to CGHS by including such contribution under the provisions of section 80D. The deduction will be limited to the current aggregate as mentioned in the section. Full Article