"16 March 2012" Archive - Page 4

STT rate on Delivery Based Share Transactions from 01.07.2012

Securities Transaction Tax (STT) on transactions in specified securities was introduced vide Finance (No.2) Act, 2004. It is proposed to reduce STT in Cash Delivery segment from the existing 0.125% to 0.1%. The proposed new rates along with details of old rates are given in the following table. ...

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Posted Under: Income Tax |

NC Notification No. 27/2012-Income Tax Dated 16/3/2012

NC Notification No. 27/2012-Income Tax 16/03/2012

NC Notification No. 27/2012-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 121(E) dated 12th January, 2009, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number ...

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Tax Audit Limit raised to One Crore for business & 25 Lakh for Profession

Under the existing provisions of section 44AB, every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed sixty lakh rupees. Similarly, a person carrying on a profession is required to get his accounts audited if the total sales, turnover or gross ...

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Posted Under: Income Tax | ,

NC Notification No. 26/2012-Income Tax Dated 16/3/2012

NC Notification No. 26/2012-Income Tax 16/03/2012

NC Notification No. 26/2012-Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 1237(E), dated the 28th October, 2003, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Governme...

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NC Notification No. 25/2012-Income Tax Dated 16/3/2012

NC Notification No. 25/2012-Income Tax 16/03/2012

NC Notification No. 25/2012-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department o Revenue) number S.O.998(E), dated the 5th July, 2006, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 1...

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Budget 2012 – Provisions relating to Venture Capital Fund (VCF) or Venture Capital Company (VCC)

Provisions of Section 10(23FB) and Section 115U of the Act were intended to ensure a tax pass through status to Securities and Exchange Board of India (SEBI) registered Venture Capital Fund (VCF) or Venture Capital Company (VCC). Section 10(23FB) granted exemption in respect of income of such VCF/VCC....

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Posted Under: Income Tax |

NC Notification No. 24/2012-Income Tax Dated 16/3/2012

NC Notification No. 24/2012-Income Tax 16/03/2012

NC Notification No. 24/2012-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2545(E) dated 6th October, 2009, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Goverameat had notified at serial number ...

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Budget 2012 – Lower rate of tax on dividends received from foreign companies

Section 115BBD of Income Tax Act (the Act) provides for taxation of gross dividends received by an Indian company from a specified foreign company (in which it has shareholding of 26% or more) at the rate of 15% if such dividend is included in the total income for the Financial Year 2011-12 i.e. Assessment Year 2012-13. ...

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Posted Under: Income Tax |

Budget 2012- Withholding tax rate on Interest Paid on foreign currency loan by Specified Company reduced to 5%

Section 115A of the Income Tax Act provides that any interest income received by any non-resident from the Government or an Indian concern shall be taxable at the rate of 20% on the gross amount of such interest income. The interest income received by a non-resident from a notified Infrastructure Debt Fund (IDF) is taxable at a reduced ra...

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Posted Under: Income Tax |

NC Notification No. 23/2012-Income Tax Dated 16/3/2012

NC Notification No. 23/2012-Income Tax 16/03/2012

NC Notification No. 23/2012-Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 121(E) dated 12th January, 2009, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had...

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