The King’s Speech Hinting towards global economic slowdown of growth rate of 3.2%; the FM cited towards a tough Budget. On the contrary he also mentioned that currently India is the only country behind China and Indonesia when it comes to growth rate throughout the world. And if continued to grow at projected rate, only […]
Mr. Chidambaram also announced that the concessional rate of tax of 15 per cent on dividend received by an Indian company from its foreign subsidiary shall be continued for one more year.
MANY CONCESSIONS IN CUSTOMS DUTY ANNOUNCED DUTY ON CERTAIN MACHINERY FOR MANUFACTURE OF LEATHER AND LEATHER GOODS REDUCED DUTY ON PRE-FORMS OF PRECIOUS AND SEMI-PRECIOUS STONES DRASTICALLY CUT HOWEVER, TO ENCOURAGE DOMESTIC PRODUCTION DUTY ON SET TOP BOXES DOUBLED; DUTY ON RAW SILK TRIPLED CUSTOMS DUTY ON IMPORTED LUXERY GOODS SUCH AS HIGH END MOTOR […]
Under the Transfer Pricing Regulations, the number of comparables may be one or more than one; but there is no upper limit prescribed u/s 92C of the I T Act. However, the first proviso to se.92(2) indicates that more than one price can be considered for determination of ALP and in such a case, the ALP shall be taken to be arithmetic mean of such price.
We have hereby attempted to elucidate and analyze the major and important amendments proposed in the Direct Tax and Service Tax Laws, with their implications; and are sure that the same would be handy to you.
1. Personal Income Tax: Minor relief of Rs. 2000 Slabs of taxation not revised Ad-hoc Relief of Rs. 2000 for Tax Payers in the first bracket of Rs. 2 lakhs to Rs. 5 lakhs. Relief available to Individuals having total income upto Rs. 5 lacs.
Scheme to whom it is applicable? The person who has not paid the tax dues. Tax Dues means the service tax due or payable under the Chapter or any other amount due or payable under Section 73 A thereof for the period beginning from 1st day of October 2007 to 31st December 2012 including a CESS, leviable thereon under any other ACT for the time being in force but not paid as on 1st Day of March 2013.
The revised Form ST-3 is expected to be available on ACES by the first week of March. However in the event of any delay, the last date will be suitably extended and adequate time given so that no inconvenience is caused to the assessees.
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a new scheme has been introduced for defaulter – service tax assessees named as Service Tax Voluntary Compliance Encouragement Scheme. While announcing this scheme, it was said by hon’ble Finance Minister that there are nearly 17,00,000 registered assessees under service tax,
