Everyone has closely opened their eyes for budget which has announced by our Hon’ble Finance Minister Mr.Arun Jaitley for the F.Y. 2014-15. After hike in railway & oil prices people had not lose there hopes for ‘AACHE DIN’ & budget has also moved towards it to the extent.
To Remove Tax Arbitrage Long-term Capital Gains on debt oriented Mutual Fund and its qualification as Short-term capital asset – Section 2(42A) Amended Unlisted security and a unit of a mutual fund (other than an equity oriented mutual fund) shall be a short-term capital asset if it is held for not more than 36 months. Accordingly rate of tax on long term capital gains increased from 10 percent to 20 percent on transfer of units of Mutual Funds, other than equity oriented funds. Corresponding Amendment also made in Section 112 of the Act
CA Pradeep Jain , Ranu Dhoot Burdened with extraordinary expectations after a campaign that promised “good days are coming,” Prime Minister Narendra Modi’s center-right government presented the most hyped budget on Thursday aimed at increasing investment, improving infrastructure and reviving manufacturing, though it fell short of the drastic overhauls necessary to rein in spending. The […]
1.0 DIRECT TAXES No change in the tax rates. No change in applicable Surcharge and Education Cess. Personal income tax exemption limit increased by Rs. 50,000 i.e. from Rs. 2,00,000 to Rs. 2,50,000 in the case of individual taxpayers who are below the age of 60 years. Similarly, the exemption limit in case of senior […]
This downloadable Income Tax Calculator, calculate Tax on your Income for for Financial Year 2014-15 / Assessment Year AY 2015-16 Automatically without any hassle.
Tax Proposals of Budget-2014 for Salaried and Retired People along with Automatic Income Tax Tax Calculator in Excel format for Financial Year 2014-15 or Assessment Year 2015-16.
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. This is very good initiative by the NDA Govt. since public is already suffering from the Inflation, so I think this will provide some relaxation to Middle class persons.
Tax Benefits/ Exemptions to Individual/ HUF Basic Exemption Limit for FY 2014-15 is increased to Rs. 250000/- for individuals (whether male or female) below 60 years of age. For persons of 60 years or above, the basic exemption limit is raised to Rs. 300000/- Limit for Deduction u/s 80C has been increased to Rs. 150000/-. […]
Filing of appeal is a mechanism available to the assessees who are aggrieved by the orders passed by the adjudicating authority or the higher appellate authorities. However, mere filing of appeal is not sufficient and there is a condition of making pre-deposit of duty or tax amount involved in the case.
Section 92CC of the Act provides for Advance Pricing Agreement (APA). It empowers the Central Board of Direct Taxes, with the approval of the Central Government, to enter into an APA with any person for determining the Arm’s Length Price (ALP) or specifying the manner in which ALP is to be determined in relation to an international transaction which is to be entered into by the person.
