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THE INSTITUTE OF COMPANY SECRETARIES OF INDIA (ICSI) WELCOMES THE UNION BUDGET 2014-15 “The Institute of Companies Secretaries of India (ICSI) welcomes the Union Budget 2014-15.The budget proposals are conducive for the growth of India Inc and it restates the Government’s commitment to the sustainable and inclusive development of the nation. It will go a […]
To broaden the tax base in Service Tax, sale of space or time for advertisements in broadcast media has been extended to cover such sales on other segments like online and mobile advertising. Announcing the tax proposals, the Finance Minister Shri Arun Jaitley said during his maiden budget speech that sale of space for advertisements in print media however would remain excluded from service tax. However services provided by radio-taxis have been brought under service tax. The Finance Minister said that the tax proposals on the indirect taxes side are estimated to yield Rs.7525 crore during 2014-15.
The General Budget 2014-15 presented by the Union Finance Minister Shri Arun Jaitley has raised the personal income-tax exemption limit by Rs. 50,000/- that is, from Rs. 2 lakh to Rs. 2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from Rs. 2.5 lakh to Rs. 3 lakh in the case of senior citizens. However there is no change in the rate of surcharge either for the corporates or the individuals, HUFs, firms etc. The budget proposes to continue education cess at 3 percent.
There was dispute was going on between the trade and the Central excise department on the exemption on Heena Paste. This exemption was given in last year budget but there was ambiguity in drafting on such notification. We have written an article on the this issue just after the presentation of the budget. Now the Government has come with the clarification in the next budget. This article tries to analysis this issue.
DIRECT TAXES PROPOSALS Personal Income-tax exemption limit raised by Rs.50,000/- that is, from Rs.2 lakh to Rs.2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from Rs.2.5 lakh to Rs.3 lakh in the case of senior citizens. No change in the rate of surcharge either for the […]
Proposals involving changes in rates of duty: I. AGRICULTURE/AGRO PROCESSING/PLANTATION SECTOR: Description of the product sun dried dark seedless raisins in notification No.12/2012-Customs, dated 17.03.2012, which attracts concessional Basic Customs Duty of 30% is being changed to dark seedless raisins.
Proposals involving changes in rates of duty: I. AGRICULTURE/AGRO PROCESSING/PLANTATION SECTOR: 1) Excise duty on machinery for the preparation of meat, poultry, fruits, nuts or vegetables, and on presses, crushers and similar machinery used in the manufacture of wine, cider, fruit juices or similar beverages and on packaging machinery is being reduced from 10% to 6%.
Service tax leviable currently on sale of space or time for advertisements in broadcast media, namely radio or television, has been extended to cover such sales on other segments like online and mobile advertising. Sale of space for advertisements in print media, however, would remain excluded from service tax. Print media is being defined in service tax law for the purpose. This change will come into effect from a date to be notified later, after the Finance (No.2) Bill, 2014 receives the assent of the President.
Union Finance Minister Arun Jaitley has Presented his First Budget today today, the 10th July of 2014 in Parliament. The Budget is First Budget of Narendra Modi Government. We have uploaded below the copy of Union Finance Budget 2014-15 (Final) for your reference.
The debate whether to introduce a Goods and Services Tax (GST) must now come to an end. We have discussed the issue for the past many years. Some States have been apprehensive about surrendering their taxation jurisdiction; others want to be adequately compensated. I have discussed the matter with the States both individually and collectively.
