- Thursday, May 24, 2012, 7:51
- Income Tax
Rates for deduction of income-tax at source from certain incomes during the financial year 2011-12. Rates for computation of advance tax, deduction of income-tax at source from Salaries and charging of income-tax in certain cases during the financial year 2011-12.Tax benefits for New Pension System (NPS) . Deduction for investment in long-term infrastructure bonds
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- Monday, May 21, 2012, 7:37
- Income Tax
In the Finance Bill 2012 section 44AD has been amended retrospectively w.e.f A.Y. 2011-12 to the effect that presumptive scheme under the said section is not applicable to persons carrying on profession as referred to in section 44AA(1) or persons earning income in the nature of commission or brokerage income or persons carrying on any agency business.
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- Saturday, May 19, 2012, 6:47
- Income Tax
• Benefit of reduced tax rate of 10 percent on long term capital gain arising from sale of unlisted securities has been extended to all non-residents in parity with Foreign Institutional Investors. • Benefit of capital gains tax exemption has been extended to sale of unlisted securities in an initial public offering. However, a securities transaction tax at the rate of 0.2 percent will be payable on such a transaction.
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- Saturday, May 19, 2012, 6:40
- Excise Duty
Customs -• The rigour of the prosecution provisions originally proposed to be introduced under the Customs Act has been diluted in the following manner: - Only serious offences under the customs law involving prohibited goods or duty evasion exceeding INR 5 million has been retained as ‘cognizable offences’ as opposed to a broader criterion proposed (viz., any offence punishable for a term of imprisonment of three years or more) under the original Finance Bill;
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- Friday, May 18, 2012, 7:22
- Income Tax
Rajya Sabha on 16.05.2012 returned the ‘Finance Bill 2012', as passed by the Lok Sabha without making any amendment to the bill.
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- Thursday, May 17, 2012, 8:59
- Income Tax
The Union Budget 2012-13 and the Finance Bill, 2012 has been passed by the Lok Sabha and is likely to be passed by Rajya Sabha this week and then become a statute on President’s assent. Withdrawal of Income Tax (TDS) on purchase of immovable property up to Rs 5 lakhs
GAAR provisions postponed to 1.4.2014
Securities transaction tax (SST) on sale of unlisted securities reduced to 0.2 percent
No excise duty on purchase of jewellery upto Rs 5 lakh
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- Thursday, May 17, 2012, 8:55
- Service Tax
The Finance Minister has introduced the Finance Bill, 2012 proposing, inter alia, taxation of services based on a negative list. This announcement involves a paradigm shift by moving away from taxation of specified description of services to a new system of taxation of all services except those specified in the negative list or otherwise exempted. An important key for its implementation is to identify the taxing jurisdiction for a service.
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- Thursday, May 17, 2012, 8:32
- Service Tax
In the definition of ‘service’ contained in clause (44) of section 65B of the Act it has been stated that service includes a declared service. The phrase ‘declared service’ is also defined in the said section as an activity carried out by a person for another for consideration and specified in section 66E of the Act. The following nine activities have been specified in section 66E:
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