"02 February 2017" Archive - Page 2

Union Budget 2017- Highlights of Custom Duty Proposals

Definition of following terms is proposed to be incorporated in section 2 of the Customs Act, 1962: Beneficial owner, Passenger Name Record Information, Foreign Post Office and International Courier Terminal...

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Posted Under: Custom Duty |

Union Budget 2017- Highlights of Excise Duty Proposals

Amendment in Central Excise Rules, 2002- Rule 21 provides for the remission of duty in case the goods have been lost or destroyed etc. A new sub-rule (2) has been inserted providing a time limit of three months [further extendable by 6 months] for granting such remission of duty from the receipt of application under this rule read with s...

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Posted Under: Custom Duty |

Union Budget 2017- Highlights of Service Tax Proposals

A new section 96HA proposed to be inserted so as to provide for transferring the pending applications before the Authority for Advance Rulings (Central Excise, Customs and Service Tax) to the Authority constituted under section 245-O of the Income-tax Act from the stage at which such proceedings stood as on the date on which the Finance B...

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Posted Under: Custom Duty |

Union Budget 2017- Highlights of Income Tax Proposals

The threshold limit for audit of business entities who opt for presumptive income scheme proposed to be increased from Rs. 1 crore to Rs. 2 crore. This is a clarificatory amendment. The threshold limit for maintenance of books for individuals and HUF proposed to be increased from turnover of Rs. 10 lakhs to Rs. 25 lakhs or income from Rs....

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Posted Under: Custom Duty |

Business like budget; high on reforms, rural demand & infra

ASSOCHAM congratulated PM and FM for giving a truly workman and business-like Budget, with a great focus on rural economy, small and medium enterprises, small income tax payers and importantly bringing reforms in political funding....

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Posted Under: Custom Duty |

Budget 2017 directionally correct, fiscally prudent : FICCI

Union Budget 2017-18 will strengthen the economic muscle of the country It is directionally correct, fiscally prudent and strengthens the governance fabric of the nation...

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Posted Under: Custom Duty |

The ICSI welcomes Union Budget 2017-18

CS (Dr.) Shyam Agrawal, President, ICSI welcomes Union Budget 2017-18 with a focus on stimulating growth, providing relief to middle class, affordable housing, curbing black money, promoting digital economy, transparency in electoral funding and simplification of tax administration. The Budget marks a major shift owing to the preponed pre...

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Posted Under: Custom Duty |

Salient Direct Tax Proposals in Union Budget 2017

Changes in Capital Gain taxation for immovable properties: (a) Holding period reduce for computation of long term capital gain from three years to two years (b) Base year for counting the cost of property shifted from 1.4.1981 to 1.4.2001 for all classes of assets including immovable property....

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Posted Under: Custom Duty |

10 Things Before You Retire

Dont put off today what you cant afford to do tomorrow. In spite of the world wide pension crisis and a growing acceptance that we must plan and save for our retirement, the harsh reality is we are actually not saving enough. Research reports reveal that only 15% of the individuals are saving sufficiently for their retired life....

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Posted Under: Custom Duty |

Cost of acquisition in Tax neutral demerger of a foreign company

Under the existing provision of section 47(vic), the transfer of shares of an Indian company by a demerged foreign company to a resulting foreign company is not regarded as transfer....

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Posted Under: Custom Duty |