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Archive: 28 February 2011

Posts in 28 February 2011

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 6078 Views 0 comment Print

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Personal Taxation & Income Tax Calculator for AY 2012-13

February 28, 2011 11266 Views 0 comment Print

The Impact of Budget in Personal Taxation :- The Finance Minister in the Budget-2011 implemented some new benefits and also levied a new exemption limit where for Individuals Male Categories which increased to Rs 1.8 lakh from Rs 1.6 lakh and for Senior citizen Tax slabs increased to Rs 2.5 lakh from Rs.2.4 lakh and has also reduced the eligibility age for Senior citizens from 65 years to 60 year and further a New category for very senior citizens introduced for 80 years and above who will be eligible for Tax limit from Rs 5 lakhs but the Finance minister has not given neither brought in any change for the women assessee and they have no new tax exemption limit which remains unchanged to Rs.1.9 lakhs further a new revised income tax return form ‘Sugam’ has been introduced for small tax payers. Further the finance minister has brought in no change in Chapter-VIA Deductions.

Some Important changes in Income Tax after Budget 2011-12

February 28, 2011 4909 Views 0 comment Print

Rates of Income Tax : in the case of every individual or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act

Budget 2011-12 – Exemption to notified Infrastructure Debt Fund

February 28, 2011 1649 Views 0 comment Print

Section 10 of the Income-tax Act excludes certain incomes from the ambit of total income. It is proposed to amend section 10 of the Income-tax Act so as to provide enabling power to the Central Government to notify any infrastructure debt fund which is set up in accordance with the prescribed guidelines. Once notified, the income of such debt fund would be exempt from tax. It will, however, be required to file a return of income.

Office notice appended to 158BC order can constitute satisfaction note within the parameter of Section 158BD of the Income Tax Act, 1961 – HC

February 28, 2011 1387 Views 0 comment Print

The Commissioner of Income Tax (CIT) Versus M/s Mukta Metal Works – Whether the Tribunal is right in holding at page 68 of the order that the office note dated 21.05.2001 which was appended to 158BC order dated 21.5.2001 and is part of the said order, does not constitute a satisfaction note within the parameter of Section 158 BD of the Income Tax Act, 1961 in respect of the person who has borrowed money through the assessee broker who is the searched person for the purpose of order U/s 158 BC of the Income Tax Act, 1961.

Company Law – Section 641 of the Companies Act, 1956 – Schedules, forms and rules – Power to alter Schedules – Replacement of existing Schedule VI by new Schedule VI with effect from 1-4-2011

February 28, 2011 13055 Views 0 comment Print

Whereas the Central Government in consultation with the National Advisory Committee on Accounting Standards framed the Companies (Accounting Standards), Rules, 2006 vide G.S.R. No. 739(E), dated the 7th December, 2006 and was subsequently amended vide notification numbering (i) G.S.R. 212(E), dated the 27th March, 2008 (ii) G.S.R. 225(E), dated the 31st March, 2009, in exercise of the powers conferred by clause (a) of sub-section (1) of section 642, read with sub-section (1) of section 210A and sub-section (3C) of section 211 of the Companies Act, 1956 (1 of 1956); Now, therefore, in exercise of the powers conferred by sub-section (1) of section 641 of the Companies Act, 1956 (1 of 1956), the Central Government hereby replace the existing Schedule VI to the said Act by the following Schedule VI, namely :-

Budget 2011-12 – Exemption of specified income of notified body or authority or trust or board or commission

February 28, 2011 786 Views 0 comment Print

It is proposed to insert a new clause in section 10 of the Income-tax Act to provide exemption from income-tax to any specified income of a body, authority, board, trust or commission which is set up or constituted by a Central, State or Provincial Act or constituted by the Central Government or a State Government with the object of regulating or administering an activity for the benefit of the general public, provided

Budget Amendments on Tax Front Applicable for A.Y. 2012-13

February 28, 2011 5846 Views 0 comment Print

Exemption limit for the general category of individual taxpayers enhanced from 1,60,000 to and 1, 80,000 giving uniform tax relief of 2,060. Exemption limit enhanced and qualifying age reduced for senior citizens from 65 years to 60 years. From Rs. 2,40,000 to Rs. 2,50,000/-

Lawyers can't refuse to defend accused – SC

February 28, 2011 7329 Views 0 comment Print

The Supreme Court has ruled lawyers or their associations cannot refuse to appear for accused whether they are terrorist, rapists, murderers or any others as such refusal would be a violation of the Constitution, Bar Council norms and tenets of the Bhagavad Gita.

Budget 2011-12- Quick Highlights

February 28, 2011 2880 Views 0 comment Print

Section 282 in respect of Document Identification number has been omitted. Section 194LA had been introduced which deals with TDS of FIIs investment in Infrastructure debt fund @ 5%. In section 115-0, the benefit of DDT exemption to SEZ developer & SEZ units has been omitted. Now they have to pay DDT on their declared dividends.

Union Budget 2011-12- Income Tax Proposals-Preliminary Highlights

February 28, 2011 971 Views 0 comment Print

Increase in basic exemption limit. (a) General basic exemption limit to be increased from Rs.1,60,000 to Rs.1,80,000 . The exemption limit for women assessees to be retained at Rs.1,90,000. (b) Basic exemption limit for senior citizens to be increased from Rs.2,40,000 to Rs.2,50,000

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