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Archive: 26 February 2010

Posts in 26 February 2010

A brief on proposed changes in Budget 2010-11 in respect of Direct and Indirect Taxes

February 26, 2010 378 Views 0 comment Print

On the Direct Tax side, goods concessions were announced for Individuals- the new rate of taxes shall be exempted till income of 1.6 lakhs, 10% upto 5 lakhs, 20% from 5 to 8 lakhs and 30% above 8 lakhs. Further additional tax deduction of 20K was announced on investment in long term infrastructure bonds. For corporates the surcharge was reduced from 10 to 7.5%. Minimum Alternate Tax (MAT) has been increased from 15 to 18%.

Important changes proposed in respect of Income tax laws in budget 2010-2011

February 26, 2010 976 Views 0 comment Print

There is no change in the rates of Income Tax for Partnership firms, Limited Companies. But Current surcharge of 10 per cent on domestic companies reduced to 7.5 per cent and Minimum alternate tax on the book profits is increased from 15% to 18%. The Deduction u/s 80C has been increased by Rs. 20000 subject to the condition that the additional deduction of Rs 20000 shall be available if the investment is made in the Infrastructure bonds.

Government increased Penalty for failure to get account audited in Budget 2010-11

February 26, 2010 555 Views 0 comment Print

Finance Minister in his Finance Bill 2010 proposed to increase the maximum penalty, leviable under section 271 B for failure to get accounts audited under section 44AB or to furnish a report of such audit, from one lakh rupees to one lakh fifty thousand rupees.

Limit of turnover or gross receipts for the purpose of Tax audit and presumptive taxation increased: Budget 2010-11

February 26, 2010 4554 Views 0 comment Print

In order to reduce compliance burden of small businesses and professionals, it is proposed to increase the aforesaid threshold limit from forty lakh rupees to sixty lakh rupees in the case of persons carrying on business and from ten lakh rupees to fifteen lakh rupees in the case of persons carrying on profession.

Change in provisions related to disallowance of expenditure on account of non-compliance with TDS provisions : Budget 2010-11

February 26, 2010 744 Views 0 comment Print

The existing provisions of section 40(a)(ia) of Income-tax Act provide for the disallowance of expenditure like interest, commission, brokerage, professional fees, etc. if tax on such expenditure was not deducted, or after deduction was not paid during the previous year.

New Income tax slabs for Individual, Senior Citizens, and females HUF, Firms, Companies and others as amended by budget 2010

February 26, 2010 10242 Views 0 comment Print

These rates are also applicable for charging income-tax during the financial year 2010-11 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to non­residents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc.

Amendment in section 9 related to Income deemed to accrue or arise in India to a non-resident

February 26, 2010 6071 Views 0 comment Print

Section 9 provides for situations where income is deemed to accrue or arise in India. Vide Finance Act, 1976, a source rule was provided in section 9 through insertion of clauses (v), (vi) and (vii) in sub-section (1) for income by way of interest, royalty or fees for technical services respectively.

Budget 2010: Change in definition of “charitable purpose” under the Income Tax Act

February 26, 2010 309 Views 0 comment Print

For the purposes of the Income-tax Act, “charitable purpose” has been defined in section 2(15) which, among others, includes “the advancement of any other object of general public utility”. However, “the advancement of any other object of general public utility” is not a charitable purpose,

Budget 2010-11: Major Amendment in Central Excise Duty

February 26, 2010 17416 Views 0 comment Print

Note: Changes come into effect immediately unless otherwise specified. Major proposals about Central Excise duty are the following:A. General CENVAT Rate for non-petroleum goods:The standard rate of excise duty of 8% on non-petroleum products is being increased to 10% with a few exceptions where exemptions/concessions have been given.

Budget 2010-11: Summary of Major Amendment in Custom duty Laws

February 26, 2010 4209 Views 0 comment Print

Goods imported in pre-packaged form and intended for retail sale and certain specified goods namely, ready-made garments, mobile phones and watches are being provided an outright exemption from additional duty of customs of 4%. In addition, outright exemption from this duty is also being provided to Carbon Black Feedstock, waste paper and paper scrap.

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