No changes made in the Corporate Tax rates. For the Limited Liability Partnerships, the provisions of Income Tax are the same as applicable in the case of Partnership Firms formed as per the Indian Partnership Act’ 1932.
Excise duty rate on items currently attracting 4% to be raised to 8% with following major exceptions: Specified food items including biscuits, sharbats, cakes and pastries Drugs and pharmaceutical products falling under Chapter 30 Medical equipment Certain varieties of paper, paperboard and articles thereof Paraxylene Power driven pumps for handling water
Customs duty of 5% to be imposed on Set Top Box for television broadcasting. Customs duty on LCD Panels for manufacture of LCD televisions to be reduced from 10% to 5%. Full exemption from 4% special CVD on parts for manufacture of mobile phones and accessories to be reintroduced for one year. List of specified […]
4 new services has been brought in the tax net -a) Transport of goods through Water :- to any person, by any other person, in relation to transport of (i) coastal goods; (ii) goods through national waterway; or (iii) goods through inland water.
194C- Under this section earlier there was same Rate of TDS in respect of Payment to all the class of the Assesses. Now finance minister has changed the rates and provided that that any person shall deduct tax at source at the rate of one per cent,if the payee is an individual or a Hindu undivided family or at the rate of two per cent. in the case of any other person, on payment to a resident contractor for carrying out any work.
Service tax levied on law firm Custom duty on gold re-imposed Customs duty to be reduced on drugs for heart treatment No new tax on edible oil imports 4 per cent excise duty on cotton products restored Customs duty on bio-diesel reduced Life saving devices on heart condition exempted from custom duty Small business exempt […]
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 increased Mobile phone accessories to become […]
The assessee claimed that its entire receipts were exempt from tax u/s 10 (29). The AO took the view that only income “derived” from warehousing was exempt and not other income. The AO’s stand was confirmed by the ITAT. The AO levied penalty u/s 271 (1) (c) for concealment of income which was deleted by the Tribunal with the finding that though the claim was wrong, the assessee
With regard to the question as to whether Panna Bai was the benamidar of Dwarka Prasad Agarwala or not, the TRO, held that without doubt the transaction was benami and the real owner of the property at 13,Kalipukur Lane (Road), Sheoraphully, Hooghly, was Dwarka Prasad Agarwala and Panna Bai, wife of Dwarka Das Agarwala, was the ostensible fictitious owner.
