"February, 2013" Archive

Budget 2013-14 – Income Tax & Wealth Tax Amendments

FINANCE BILL, 2013 – PROVISIONS RELATING TO DIRECT TAXES A.            RATES OF INCOME-TAX I.             Rates of income-tax in respect of income liable to tax for the assessment year 2013-14. In respect of income of all categories of assessees liable to tax for the assessment year 2013-14, the rates of incom...

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Posted Under: Income Tax | ,

Union Budget 2013 – Changes in Service Tax

D.O.F. No. 334/3/2013-TRU (28/02/2013)

The service tax changes in Budget 2013 are largely guided by the objectives to provide a stable tax regime and improve voluntary compliance. The important changes are as follows:...

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Legislative Changes in Central Excise & Customs

Section 28E of the Customs Act, 1962 defines advance ruling. Advance ruling means the determination, by the Advance Ruling Authority, of a question of law or fact specified in the application regarding the liability to pay in relation to an activity which is proposed to be undertaken by the applicant. Activity is defined to mean import or...

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Posted Under: Income Tax |

Budget 2013-14 – Changes in Excise Duty rates and Baggage Rules

Tapioca starch manufactured and consumed captively in the manufacture of tapioca sago (sabudana) is being exempted from excise duty. Notification No.12/2012-CE, dated 17th March, 2012 as amended by notification No. 12/2013-CE, dated the 1st March 2013 refers. S. No 8A contains the changes....

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Posted Under: Income Tax |

Budget 2013-14 – Changes in custom duty Rates & and Baggage Rules

8.1 The basic customs duty (BCD) on hazel nuts is being reduced from 30% to 10%. Notification No.12/2012-Customs, dated 1st March, 2012 as amended by notification No. 12/2013-Customs, dated 1st March, 2013 refers. S. No. 23A contains the changes....

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Posted Under: Income Tax |

Budget 2013-14 – DO Letter – Excise and Customs

D.O.F.No.334/ 3/2013-TRU (28/02/2013)

The Finance Minister has introduced the Finance Bill, 2013 in Lok Sabha today, i.e., 28th February, 2013. Changes in Customs and Central Excise law and rates of duty have been proposed through the Finance Bill, 2013 (clauses 54 to 77 for Customs and clauses 78 to 92 for Central Excise). ...

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Download Finance Bill 2013-14 as Introduced in Lok Sabha

AS INTRODUCED IN LOK SABHA ON 28TH FEBRUARY, 2013 Bill No.18 of 2013 – THE FINANCE BILL, 2013 A BILL to give effect to the financial proposals of the Central Government for the financial year 2013-2014 Finance Bill Chapter I Preliminary Chapter II Rates of Income Tax Chapter III Income Tax Wealth Tax Chapter IV […]...

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Posted Under: Income Tax |

Budget 2013-2014 – Speech of Shri P. Chidambaram Minister of Finance

In a constrained economy, there is little room to raise tax rates or large amounts of additional tax revenues. Equally, there is little room to give away tax revenues or the tax base. It is a time for prudence, restraint and patience....

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Posted Under: Income Tax |

Amendment in Service Tax by Budget 2013-14

(i) Definition of 'approved vocational education course' provided in section 65B (11) is being amended: firstly, the words, 'or State Council of Vocational Training' (SCVT) is being inserted in (i), and secondly, entry at item serial number (iii) is being omitted, for NSDC is not an affiliating body....

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Posted Under: Income Tax | ,

Amendment in Excise Duty by Budget 2013-14

AMENDMENTS IN THE CENTRAL EXCISE ACT, 1944: 1) Section 9 provides that an offence case involving evasion in which the duty leviable exceeds thirty lakh rupees shall be punishable with a term of imprisonment extending to seven years with fine. This section is being amended so as to substitute the amount of thirty lakh rupees […]...

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Posted Under: Income Tax | ,
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