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Archive: 26 February 2010

Posts in 26 February 2010

Amendment in Service tax Act, Rules & Notifications made by Budget 2010

February 26, 2010 1679 Views 0 comment Print

Chapter V of the Finance Act, 1994 is being amended to,- a) insert an explanation in sub-section (3) of Section 73 to clarify that no penalty shall be imposed where service tax along with interest has been paid before issuance of notice by the department under this sub-section. b) provide definition of the term ‘business entity’ to include an association of persons, body of individuals, company or firm but not an individual.

Budget 2010: Service tax Exemption provided and withdrawn

February 26, 2010 3967 Views 0 comment Print

Statutory taxes charged by the foreign governments are being excluded from taxable value for levy of service tax under the Air passenger transport service. 2) Exemption from service tax is being provided to services relating to ‘Erection, Commissioning or Installation’ of,-

Budget 2010 covered New Services covered under service tax and amended scope of existing services

February 26, 2010 1379 Views 0 comment Print

The existing taxable service ‘Intellectual Property Right (IPR)’ excludes copyright from its scope. Copyrights on (a) cinematographic films and (b) sound recording are being brought under the ambit of service tax. However, copyright on original literary, dramatic, musical and artistic work would continue to remain outside the scope of service tax.

Highlights and Major Amendment in service tax laws made in Budget 2010-11

February 26, 2010 2368 Views 0 comment Print

New Services under service tax net, Scope of service tax extended on few services in budget 2010, amendment in service tax act in budget 2010, service tax exemption in budget 2010, withdrawal of service tax exemption in budget 2010

Union Budget 2010 Rationalised provisions relating to Tax Deduction at Source (TDS)

February 26, 2010 1493 Views 0 comment Print

Under the scheme of deduction of tax at source as provided in the Income-tax Act, every person responsible for payment of any specified sum to any person is required to deduct tax at source at the prescribed rate and deposit it with the Central Government within the specified time. However, no deduction is required to be made if the payments do not exceed prescribed threshold limits.

FM raised Income Tax Exemption Limit for Individual and HUF

February 26, 2010 1983 Views 0 comment Print

Income up to Rs 1.6 lakh – nil. Income above Rs 1.6 lakh and up to Rs 5 lakh – 10 per cent. Income above Rs 5 lakh and up to Rs 8 lakh – 20 per cent. Income above Rs 8 lakh – 30 per cent

Interest subvention for exporters will continue till 31st March 2011

February 26, 2010 1205 Views 0 comment Print

The Finance Minister proposed to extend the concessional export finance regime for select exporters for one more year till March 31, 2011, thus giving the slowdown-hit sector further relief. “I propose to extend the interest subvention of 2 per cent for one more year for exports covering handicrafts, carpets, hand-looms and small and medium enterprises (SMEs),” Finance Minister Pranab Mukherjee said while presenting Budget for 2010-11.

GST will be implemented from 1st April 2011

February 26, 2010 2100 Views 0 comment Print

Finance minister Pranab Mukherjee today said he would introduce major reforms for indirect taxes in the form of Goods and Services Tax (GST) from April 1 next year. The government was earlier scheduled to introduce GST by April 1 this year.

Major highlights of Union Budget 2010-11

February 26, 2010 4376 Views 0 comment Print

# Income up to Rs 1.6 lakh – nil Income above Rs 1.6 lakh and up to Rs 5 lakh – 10 per cent Income above Rs 5 lakh and up to Rs 8 lakh – 20 per cent Income above Rs 8 lakh – 30 per cent. # Income Tax department ready with two-page Saral-2 return forms for individual salaried assesses.

Report of the High Level Committee to Review Lead Bank Scheme-Implementation of the recommendations

February 26, 2010 432 Views 0 comment Print

Over a period of four decades, since the inception of the Lead Bank Scheme (LBS), several changes have taken place necessitating a relook at the scheme to make it more effective in the changed economic scenario with sharper focus on financial inclusion and recent developments in the banking sector. A High Level Committee to review Lead Bank Scheme was, therefore, constituted by Reserve Bank of India.

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