"13 July 2014" Archive

Budget 2014 – Exemption U/s. 54EC cannot exceed Rs. 50 Lakh despite investment in two Years

Capital gains exemption on investment in Specified Bonds The existing provisions contained in sub-section (1) of section 54EC of the Act provide that where capital gain arises from the transfer of a long-term capital asset and the assessee has, within a period of six months, invested the whole or part of capital gains in the […]...

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Posted Under: Income Tax | ,

Budget 2014 – Exemption u/s. 10 not allowable to trust who opted for special dispensation U/s. Sections 11, 12 & 13

Rationalisation of taxation regime in the case of  charitable trusts and institutions The existing provisions of section 11 of the Act provide for exemption to trusts or institutions in respect of income derived from property held under trust and voluntary contributions subject to various conditions contained in the said section. The pri...

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Posted Under: Income Tax |

Budget 2014 – Loophole allowing Double deduction to Charitable Trust Related to Capital Assets and Depreciation plugged

Existing scheme of section 11 as well as section 10(23C) provides exemption in respect of income when it is applied to acquire a capital asset. Subsequently, while computing the income for purposes of these sections, notional deduction by way of depreciation etc. is claimed and such amount of notional deduction remains to be applied for [...

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Posted Under: Income Tax |

Budget 2014 – Signing and verification of return of income

The existing provisions under section 140 of the Act provide that the return under section 139 shall be signed and verified in the manner specified therein. With a view to enable the verification of returns either by a sign in manuscript or by any electronic mode, it is proposed to amend section 140 of the […]...

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Posted Under: Income Tax | ,

TDS on non-exempt payments made under life insurance policy

Budget 2014- Tax deduction at source from non-exempt payments made under life insurance policy Under the existing provisions of section 10(10D) of the Act, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy is exempt subject to fulfillment of conditions specified under the said secti...

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Posted Under: Income Tax |

Govt. removes concessional rate of tax on debt mutual funds / FMPs

Tax on long-term capital gains on units Under the existing provisions of section 112 of the Act, where tax payable on long-term capital gains arising on transfer of a capital asset, being listed securities or unit or zero coupon bond exceeds ten per cent of the amount of capital gains before allowing for indexation adjustment, […]...

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Posted Under: Income Tax | ,

Holding period increased to 36 Month for Unlisted shares and non Equity oriented mutual funds For LTCG Calculation

it is proposed to amend the aforesaid clause (42A) of section 2 so as to provide that an 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 thirty-six months....

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Posted Under: Income Tax |

Budget 2014 – Gross up Dividend for calculation of dividend distribution tax (DDT)

Section 115-O of the Act provides that a domestic company shall be liable for payment of additional tax at the rate of 15 per cent. on any amount declared, distributed or paid by way of dividends to its shareholders. This tax on distributed profits is final tax in respect of the amount declared, distributed or […]...

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Posted Under: Income Tax |

Tax Terrorism continues in Union Budget 2014

CA Sandeep Kanoi BJP in its election manifesto has said  that UPA Government has unleashed ‘Tax terrorism’ and ‘uncertainty’ which resulted in negative investment climate, dented the  image of the country and created anxiety in business class. While analysing the Budget 2014 of the BJP Led government we have found that BJP gover...

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Posted Under: Income Tax | ,

Karniti on Union Budget 2014

If TDS is not paid then expenses of 30% will be disallowed instead of 100%: if TDS on expenses like, commission, interest, rent etc. is not deposited with the government in a F.Y. then it was allowed in year of payments....

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Posted Under: Income Tax |

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