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Archive: 28 February 2013

Posts in 28 February 2013

Budget – Stamp Duty Rate Valuation applies to Builders in certain cases

February 28, 2013 4060 Views 0 comment Print

It is proposed to provide by inserting a new section 43CA that where the consideration for the transfer of an asset (other than capital asset), being land or building or both, is less than the stamp duty value, the value so adopted or assessed or assessable shall be deemed to be the full value of the consideration for the purposes of computing income under the head ‘Profits and gains of business of profession’

S.10(23FB) Pass through Status to certain Alternative Investment Funds

February 28, 2013 52870 Views 0 comment Print

Existing provisions of section 10(23FB) of the Income-tax Act provide that any income of a Venture Capital Company (VCC) or Venture Capital Fund (VCF) from investment in a Venture Capital Undertaking (VCU) shall be exempt from taxation. Section 115U of the Income-tax Act provides that income accruing or arising or received by a person out […]

Taxation of Income by way of Royalty or Fees for Technical Services

February 28, 2013 11910 Views 0 comment Print

Section 115A of the Income-tax Act provides for determination of tax in case of a non-resident taxpayer where the total income includes any income by way of Royalty and Fees for technical services (FTS) received under an agreement entered after 31.03.1976 and which are not effectively connected with permanent establishment, if any, of the non-resident […]

Budget – Proposes CTT on Sale of commodity derivative

February 28, 2013 897 Views 0 comment Print

A new tax called Commodities Transaction Tax (CTT) is proposed to be levied on taxable commodities transactions entered into in a recognised association. It is proposed to define ‘taxable commodities transaction’ to mean a transaction of sale of commodity derivatives in respect of commodities, other than agricultural commodities, traded in recognised associations.

TDS / TCS Rate Chart for FY 2013-14 / AY 2014-15

February 28, 2013 56222 Views 0 comment Print

The rates for deduction of income-tax at source during the financial year 2013-14 from certain incomes other than “Salaries” have been specified in Part II of the First Schedule to the Bill. The rates for all the categories of persons will remain the same as those specified in Part II of the First Schedule to the Finance Act, 2012, f

Income Tax rates for FY 2013-14 / AY 2014-15

February 28, 2013 325822 Views 3 comments Print

A. Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.  (i)      The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided family or every association of persons or body of individuals , whether incorporated or not, or every artificial […]

Budget – Securities Transaction Tax (STT) Reduced

February 28, 2013 2711 Views 0 comment Print

The Finance Bill 2013-14 proposes reduction in the rates of Securities Transaction Tax (STT) in respect of certain transactions. Securities Transaction Tax (STT) on transactions in specified securities was introduced vide Finance (No.2) Act, 2004.It is proposed to amend section 98 of the Finance (No.2) Act, 2004 to reduce STT rates in the taxable securities […]

No Change in the Normal Rates of Excise Duty and Service Tax

February 28, 2013 2292 Views 0 comment Print

No Change in the Normal Rates of Excise Duty and Service Tax Peak Rate of basic Customs Duty for Non-Agricultural Products also Untouched There is no change in the peak rate of basic customs duty of 10% for non-agricultural products. Presenting the Union Budget in Lok Sabha today, the Finance Minister announced that there will […]

Budget -1% TDS on Transfer of Immovable Property Exceeding Rs.50 Lakh

February 28, 2013 5530 Views 0 comment Print

Tax Deduction at Source (TDS) on transfer of certain immovable properties (other than agricultural land) There is a statutory requirement under section 1 39A of the Income-tax Act read with rule 11 4B of the Income-tax Rules, 1962 to quote Permanent Account Number (PAN) in documents pertaining to purchase or sale of immovable property for […]

S. 80EE Additional Deduction of Interest upto Rs.1 Lakh on Home Loan for First Home Buyer

February 28, 2013 14845 Views 0 comment Print

Under the existing provisions of section 24 of the Income-tax Act, income chargeable under the head ‘Income from House Property’ is computed after making the deductions specified therein. The deductions specified under the aforesaid section are as under:-

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