Union Budget 2009-10

Key Limited Liability Partnership Act 2008 and Limited Liability Partnership Rules, 2009 • The Limited Liability Partnership (LLP) Bill 2008 was passed by the Parliament on December 12, 2008 and legislated vide notification of the Act in the Gazette of India on January 7, 2009. Subsequently ‘The Limited Liability Partnership Rules, 2009’ were notified by [...] Full Article

The following concessions/ changes have also been made: i. Full exemption from excise duty has been provided to goods falling under Chapter 68 manufactured at the site of construction for use in construction work at such site. This was demand of the construction industry. Earlier it was available to goods manufactured from specified material but [...] Full Article

The existing provisions of section 50C provide that where the consideration received or accruing as a result of the transfer of a capital asset, being land or building or both, is less than the value adopted or assessed by a stamp valuation  authority, the value so adopted or assessed is deemed to be the full [...] Full Article

Tax deduction at source is a method of collecting taxes on behalf of the Government at the time of payment or credit. The Income-tax Act casts a legal responsibility on the deductor to deduct tax on the correct amount, at the correct rate and deposit it to the Government account. The TDS rates are specified [...] Full Article

There has been a substantial increase in small businesses with the growth of transport and communication and general growth of the economy. A large number of businesses and service providers in rural and urban areas who earn substantial income are outside the tax-net. Introduction of presumptive tax provisions in respect of small businesses would help [...] Full Article

·        Excise duty on fibre for cheaper cloth reduced ·        Service tax to be levied on law firms ·        Excise duty on petrol-driven small trucks reduced to 10% ·        Exemption of duty on goods made at construction sites restored ·        Drugs for heart diseases to become cheaper ·        Customs duty on gold and silver import [...] Full Article