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Archive: 26 February 2010

Posts in 26 February 2010

Budget 2010-11: Ruling in Ishikawajima-Harima Heavy Industries superseded.. Finally!

February 26, 2010 2177 Views 0 comment Print

In Ishikawajima-Harima Heavy Industries 288 ITR 408 the Supreme Court held {on a misreading of s. 9 (1) (vii)} that in order to be chargeable to tax in the hands of the non-resident, fees for technical services had to be rendered in India as well as utilized in India. It held that if both conditions were not fulfilled, the fees for technical services was not chargeable to tax in India.

Budget 2010-11- Reforms process in tax administration taken forward

February 26, 2010 391 Views 0 comment Print

The General Budget 2010-11 has carried forward the process of reforms in tax administration in the country. The citizen-centric initiative “Sevottam” which was launched as a pilot project at Pune, Kochi and Chandigarh, will be extended to four more cities this year. The centralized processing centre at Bengaluru is now fully functional and processing around 20, 000 tax returns daily.

Budget 2010-11 proposed Major concessions for R&D in Scientific and Social Sectors

February 26, 2010 652 Views 0 comment Print

The Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, provides boost to the research and development (R&D) activity across all sector of economy. Weighted deduction on expenditure incurred on in-house R&D has been enhanced from 150 per cent to 200 per cent.

Budget 2010: 1 percent Interest Subvention for Housing Loan up to Rs. 10 Lakh Extended Up to March 31, 2011

February 26, 2010 751 Views 0 comment Print

The Finance Minister, Shri Pranab Mukherjee, while presenting the Union Budget 2010-11, in the Lok Sabha today, announced that the allocation for the Rajiv Awas Yojana has been increased by over 700 per cent from last year’s Rs. 150 crore to Rs. 1270 crore for 2010-11. This Yojana for slum dwellers and urban poor was announced last year to extend support to States that are willing to provide property rights to slum dwellers and is now ready to take off.

Budget 2010: Central excise on petrol and diesel raised by Rs. one per liter

February 26, 2010 3735 Views 0 comment Print

In the Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, the rate reduction in Central Excise duties has been partially rolled back and the standard rate on all non-petroleum products enhanced from 8 per cent to 10 per cent ad valorem.

Additional one per cent interest subvention and 6 month loan repayment period extension to farmers in budget 2010

February 26, 2010 586 Views 0 comment Print

Shri Pranab Mukherjee, Union Finance Minister, while presenting the Union Budget in Lok Sabha today, informed that an incentive of additional one per cent interest subvention to farmers who repay short-term crop loans as per schedule, is proposed to be increased to two per cent for 2010-11. Thus, the effective rate of interest for such farmers will now be 5 per cent per annum.

Charts showing tax rate and impact of Budget 2010 on taxation of senior citizens

February 26, 2010 753 Views 0 comment Print

New income tax rates proposed in budget 2010 for senior citizens for assessment year 2011-12/ financial year 2010-11. In the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year, New income tax rates proposed in budget 2010 for assessment year 2011-12/ financial year 2010-11 is as follows:-

Impact of Budget 2010 on taxation of resident woman below the age of 65 years

February 26, 2010 733 Views 0 comment Print

New income tax rates proposed in budget 2010 for resident woman below 65 years of age for assessment year 2011-12/ financial year 2010-11.Chart showing Tax impact for resident woman below 65 years of age

Impact of Budget 2010 on taxation of resident individuals below the age of 65 years and HUF

February 26, 2010 397 Views 0 comment Print

New income tax rates proposed in budget 2010 for male resident individual and Hindu undivided family for assessment year 2011-12/ financial year 2010-11. No Surcharge. Education and SHE cess will be applicable . Impact of Budget 2010 on taxation of resident individuals below the age of 65 years and HUF

Fund house allowing Dividend stripping by big clients

February 26, 2010 892 Views 0 comment Print

Saving on taxes is not a big problem if one has the means to do it within the limits of law. Investors who have made short-term profits in ‘high-gain’ asset classes like equities, real estate and bullion are going all out to save on taxes. Affluent investors are resorting to ‘dividend stripping’ to set off their gains against “managed” losses arising in mutual fund portfolios.

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