Service tax  Voluntary Compliance Encouragement Scheme, 2013 (VCES) is proposed to be introduced to encourage voluntary compliance and broaden the tax base. In this scheme, it is proposed to provide one time amnesty by way of (i) waiver of interest and penalty; and (ii) immunity from prosecution, to the stop filers, non-filers or non-registrants [...]

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

Explanatory Memorandum to notification No. 25/2013-Customs (N.T.) dated 01-03-2013. Notification No. 25/2013-Customs (N.T.), dated 01-03-2013 seeks to further amend notification No. 30/98-Customs (N.T.), dated 2nd June, 1998, so as to raise the value limit of Jewellery allowed duty free to an Indian passengers who has been residing abroad for more than one year.

Voluntary Compliance Encouragement Scheme, 2013 (VCES) – To motivate about 10 lakh of those registered assesses of service tax, who are not filing returns and paying tax dues, the Finance Minister has proposed to introduce a one-time scheme called ‘Voluntary Compliance Encouragement Scheme’ in 2013-14 Budget proposals. Under this scheme a defaulter can file a [...]

CA Amit Lath Finance minister while delivering his budget speech stressed on the importance of stability of taxation regime. With this view in mind very few changes has been introduced in the already destabilized regime of service tax. In this article an effort has been made to compare the changes introduced in the budget 2013-2014.

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 [...]

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 [...]

(i) Definition of ‘approved vocational education course’ provided in section 65B (11) is being amended: firstly, the words, ‘or State Council of Vocational Training’ (SCVT) is being inserted in (i), and secondly, entry at item serial number (iii) is being omitted, for NSDC is not an affiliating body.

AMENDMENTS IN THE CENTRAL EXCISE ACT, 1944: 1) Section 9 provides that an offence case involving evasion in which the duty leviable exceeds thirty lakh rupees shall be punishable with a term of imprisonment extending to seven years with fine. This section is being amended so as to substitute the amount of thirty lakh rupees [...]

Proposals involving changes in rates of duty I. AGRICULTURE/AGRO PROCESSING/PLANTATION SECTOR: 1) Basic customs duty on dehulled oat grain is being reduced from 30% to 15%. 2) Basic customs duty on hazel nuts is being reduced from 30% to 10%. 3) Export duty of 10% on de-oiled rice bran oil cake is being withdrawn.