"11 July 2014" Archive

Union Budget 2014-15 – A New Beginning – Snapshot

Period of holding for Equity Mutual fund units has increased from 12 months to 36 months for capital gain purpose and Tax raised from 10% to 20%. Introduced Range concept in Transfer Pricing Tax Holiday for power sector companies extended to 10 years New definition for MSME to enhance the scope of incentives...

Read More
Posted Under: Income Tax |

Non Commercial entities- still not in Service tax ambit

With the coming up of new government led by Mr. Naredndra Modi, came new hopes. The hopes for a better India once again dawned in the hearts of the people. The much talked about Budget of 2014 was the ray of hope for the people. The budget brought in a several boons if not many for different sectors in the country...

Read More
Posted Under: Income Tax | ,

Bolt From The Blue In Union Budget- Indirect Taxes

The much awaited Union Budget for the year 2014-15 is presented today by the Finance Minister, Mr Arun Jaitely in the Parliament. Though there is no change in the general rate of Excise Duty or Service tax, significant legislative changes have been made in the Section 35 F of the Central Excise Act, Section 83 of the Finance Act and in Se...

Read More
Posted Under: Income Tax |

Tax Proposals affecting Individual & Salaried AY 2015-16

Union Budget – Direct tax proposals - an Individual Point of view - 1. Increase of Basic exemption limit: Major expectation of increase in basic exemption limit has been given in the budget; the limit has been increased from Rs.2 lakhs to Rs. 2.50 lakhs for individuals except senior citizens and for senior citizens between 60 to 80 year...

Read More
Posted Under: Income Tax | ,

The Modi Budget 2014 : Direct Tax Highlights

CA Bikash Bogi BULLET POINT SUMMARY of Direct Tax Provisions INDIVIDUALS / HUF / AOP / BOI No change in income tax rates. Income Tax Exemption limit increased to Rs. 2.5 Lakh from Rs. 2 lakh. For Senior citizens exemption limit increased to Rs. 3 lakh. Deduction u/s 80C increased to Rs. 1.5 lakh from […]...

Read More
Posted Under: Income Tax |

Notification No. 11/2014-Customs Dated: 11/07/2014

Notification No. 11/2014-Customs (11/07/2014)

soft switches and Voice over Internet Protocol (VoIP) equipment, namely, VoIP phones, media gateways, gateway controllers and session border controllers;...

Read More

Public Notice No. 66 (RE-2013)/2009-2014, Dated: 11.07.2014

Public Notice No. 66 (RE-2013)/2009-2014 (11/07/2014)

In exercise of the powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby reinstates the SIONs A1143, A1170, A3627 and K134 suspended vide Public Notice No. 30 (RE: 2013)/2009-2014 dated 4th October 2013 with amendments as specified below...

Read More

Seeks to amend Notification No. 49/2008-CE (NT), dated 24th December, 2008.

Notification No. 17/2014-Central Excise (N.T.) (11/07/2014)

In the said notification, in the TABLE, against serial number 140, in column (2), for the existing entry, the following entries shall be substituted, namely:-8421 21 20, 8421 99 00. ...

Read More

Budget 2014 – Analysis by CA Gaurav Mittal

CA Gaurav Mittal KEY HIGHLIGHTS 1)      Fiscal Deficit targeted at 4.1% for 2014-15 and to bring it to 3% by 2016-17. 2)      GST to be introduced by the year end. 3)      No retrospective amendments by this Government. 4)      A new committee under CBDT to study cases pending because of retrospective amendments. 5) ...

Read More
Posted Under: Income Tax |

Budget has come as a Sanjeevani (new life) and an Arunoday (sunrise) -PM

PM on Union Budget This is a Budget that converts hopes and aspirations of the people into trust; new ray of hope for the poor and downtrodden The Budget will give an impetus to Jan Bhagidari (people’s participation) and Jan Shakti (people’s power) We are going in the right direction to overcome challenges faced in […]...

Read More
Posted Under: Income Tax |