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8 News services under the service tax net from 8th May 2010

Service Tax : The Union finance minister had introduced the Finance Bill, 2010 in the Lok Sabha on February 26, 2010 and proposed to tax 8 new s...

May 14, 2010 732 Views 0 comment Print

Tax rate for AY 2011-12 on Income, Dividend, Wealth, MAT, STT, Capital Gain & Presumptive Income

Income Tax : (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 res...

March 20, 2010 113227 Views 0 comment Print

Service Tax: Budget Highlights 2010

Service Tax : Addition or reduction of exemptions in various services. Renting Service – Retrospective amendment to supersede decision of Delh...

March 9, 2010 1250 Views 0 comment Print

Summary of Important Income tax provisions: Union Budget 2010-11

Income Tax : Finance Minister Pranab Mukherjee took the first step towards implementation of the Direct Taxes Code (DTC) on Friday. While retai...

February 27, 2010 4363 Views 0 comment Print

Budget 2010-11: Amendments related to Settlement Commission provisions

Income Tax : Under the existing provisions of section 245A(b), the term “case”, in relation to which an application can be made is defined ...

February 27, 2010 1124 Views 0 comment Print


Latest News


P. Chidambaram welcomed the General Budget for 2010-11

Income Tax : The Union Home Minister, Shri P. Chidambaram has welcomed the General Budget for 2010-11 presented in Parliament on friday. In a...

February 28, 2010 369 Views 0 comment Print

The 3 big things in Union Budget 2010-11, according to the PM

Income Tax : On the question of fiscal consolidation, the much-awaited roll-back of the stimulus measures was announced in the Budget. There we...

February 28, 2010 703 Views 0 comment Print

Budget 2010-11: Made life Saral for salaried taxpayer

Income Tax : In the next financial year, the salaried will not only have more money to spend but also can look forward to easy tax filings. One...

February 28, 2010 946 Views 0 comment Print

Amendment in CST Act by finance Bill 2010

Goods and Services Tax : Provide that for making an order under that sub section the assessing officer shall, in addition to satisfying himself about the t...

February 28, 2010 3082 Views 0 comment Print

Union Budget 2010-11: Grasim superseded, High Court got the power to condone delay in filing of appeal

Income Tax : The question whether courts have the power to condone delay in filing of appeals under section 260A of the Income-tax Act arose be...

February 27, 2010 484 Views 0 comment Print


3 Smarts of Budget 2010-11

February 27, 2010 427 Views 0 comment Print

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.

ICAI welcomes Union Budget 2010

February 27, 2010 439 Views 0 comment Print

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.

Retrospective amendment to service tax- Renting of immovable property provided in budget 2010

February 27, 2010 2252 Views 0 comment Print

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.

Budget 2010-11: Deduction in respect of contribution to the Central Government Health Scheme

February 27, 2010 1409 Views 0 comment Print

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.

section 80CCF – Deduction in respect of long-term infrastructure bonds

February 27, 2010 7695 Views 0 comment Print

In tune with the policy thrust of promoting investment in the infrastructure sector, it is proposed to insert a new section 80CCF in the Income-tax Act to provide that subscription during the financial year 2010-11 made to long-term infrastructure bonds (as may be notified by the Central Government), to the extent of Rs. 20,000, shall be allowed as deduction in computing the income of an individual or a Hindu undivided family.

Budget 2010-11: Taxation of certain transactions without consideration or for inadequate consideration

February 27, 2010 742 Views 0 comment Print

Under the existing provisions of section 56(2)(vii), any sum of money or any property in kind which is received without consideration or for inadequate consideration (in excess of the prescribed limit of Rs. 50,000/-) by an individual or an HUF is chargeable to income tax in the hands of recipient under the head ‘income from other sources’. However, receipts from relatives or on the occasion of marriage or under a will are outside the scope of this provision.

Budget 2010-11: Change in Income tax provisions on Conversion of a private company or an unlisted public company into a LLP

February 27, 2010 1093 Views 0 comment Print

The Finance (No. 2) Act, 2009 provided for the taxation of LLPs in the Income-tax Act on the same lines as applicable to partnership firms. Section 56 and section 57 of the Limited Liability Partnership Act, 2008 allow conversion of a private company or an unlisted public company (hereafter referred as company) into an LLP. Under the existing provisions of Income-tax Act, conversion of a company into an LLP has definite tax implications.

Budget 2010-11: Income of a non-resident providing services or facilities in connection with prospecting for, or extraction or production of, mineral oil

February 27, 2010 544 Views 0 comment Print

Under the existing provisions contained in section 44BB(1) of the Income-tax Act, income of a non-resident taxpayer who is engaged in the business of providing services or facilities in connection with, or supplying plant and machinery on hire used, or to be used, in the prospecting for, or extraction or production of, mineral oils is computed at ten per cent. of the aggregate of the amounts paid.

Budget 2010-11: Act will specify Proportion of the total pipeline capacity to be made available for use on common carrier basis

February 27, 2010 694 Views 0 comment Print

One of the conditions for availing the benefit under section 35AD in the case of laying and operating a cross-country natural gas or crude or petroleum oil pipeline network for distribution, including storage facilities being an integral part of such network, is that the specified business ‘has made not less than one-third of its total pipeline capacity available for use on common carrier basis by any person other than the assessee or an associated person’.

Budget 2010-11: Investment linked deduction for new two stars or above category hotel in India

February 27, 2010 1300 Views 0 comment Print

In view of the high employment potential of this sector, it is proposed to provide investment linked incentive to the hotel sector, irrespective of location, under section 35AD of the Income-tax Act. The investment-linked tax incentive allows 100 per cent deduction in respect of the whole of any expenditure of capital nature (other than on land, goodwill and financial instrument) incurred wholly and exclusively, for the purposes of the “specified business” during the previous year in which such expenditure is incurred.