In Recent times the Rollback of Excise Duty Exemption on Branded Readymade Garments has been a Subject Matter of big protest from Industry. Despite all the efforts and rows the government looks in no mood to give any relaxation on the same. Excise duty at the rate of 10% shall now apply to ready-made garments […]
What is Works Contract? According to Section 65 (105) (zzzza), any service provided or to be provided to any person, by any other person in relation to the execution of a works contract, excluding works contract in respect of roads, airports, railways, transport terminals, bridges, tunnels and dams, is a taxable service;
The committee, according to sources, wants the government to raise the income tax exemption limit to Rs 3 lakh in view of the near double-digit inflation which has eroded purchasing power of rupee. The Bill has a provision to raise the limit to Rs 2 lakh. Currently, income of Rs 1.80-5 lakh attracts 10 per cent income tax, Rs 5-8 lakh 20 per cent and above Rs 8 lakh 30 per cent.
Cash Worth Rs 2.03 Crore, Jewellery and Ornaments worth the Value of Rs.5.18 Crore, Fixed Deposits of Rs. 4.4 Crore, and Large Number of Documents Seized During the Search Operations by Income Tax Department. It has been reported in certain section of the media that there has been a leak in a search case conducted recently by the Income Tax department on a ‘liquor baron’. It is also being reported in the media that CBDT has instituted an inquiry into the matter.
Besides this, we have to keep in mind the object and purpose of granting service tax exemption on handling of export cargo, which is only to reduce the cost of exporters to send goods for sale in international markets at competitive rates. In fact all kinds of incentives such as tax and duty exemptions are allowed for export cargo to make the Indian goods competitive in international markets.
. This Guidance Note covers all forms of transactions in real estate. An illustrative list of transactions which are covered by this Guidance Note is as under: (a) Sale of plots of land (including long term sale type leases) without any development. (b) Sale of plots of land (including long term sale type leases) with development in the form of common facilities like laying of roads, drainage lines and water pipelines, electrical lines, sewage tanks, water storage tanks, sports facilities, gymnasium, club house, landscaping etc. (c) Development and sale of residential and commercial units, row houses, independent houses, with or without an undivided share in land.
There is an urgent need to move from government regulation to self regulation. This was stated by Union Minister for Corporate Affairs Dr. M. Veerappa Moily while delivering valedictory address at the 8th Corporate Registers Forum (CRF) 2012 here today. He stressed on setting of norms and standards which attract the international firms and setting of standard norms that help to improve good governance.
Whereas the Government of Maharashtra is satisfied that ircumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the condition of previous publication thereof under the proviso to sub-section (4) of section 83 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005).
The description mentioned for item at Sr.No.23, Table-8, Appendix 37D was “G.V.W. exceeding 20 tonnes : Lorries and Trucks”. This description is corrected to read as “g.v.w. exceeding 5 tonnes but not exceeding 20 tonnes:Lorries and trucks”. However, the ITC HS Code 870422 will remain same.
You need to file an Income Tax Return if your Total Taxable Income exceeds the basic exemption limit before taking into account deductions, i.e., tax saving investments. The basic exemption limit for financial year 2011-2012 and 2010-2011 is as under: –
