The government has proposed to levy Service Tax on Radio-taxis/cabs whether or not air-conditioned. Earlier the same was exempted from the purview of Service Tax as it was covered under the Negative list [Section 66D (o)].
Biomedical waste is waste that is either putrescible or potentially infectious. Biomedical waste may also include waste associated with the generation of biomedical waste that visually appears to be of medical or laboratory origin (e.g., packaging, unused bandages, infusion kits, etc.), as well research laboratory waste containing biomolecules or organisms that are restricted from environmental release.
Partly paid equity shares and warrants issued by an Indian company in accordance with the provision of the Companies Act, 2013and the SEBI guidelines, as applicable, shall be eligible instruments for the purpose of FDI and foreign portfolio investment (FPI) by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolio Investors(RFPIs) subject to compliance with FDI and FPI schemes.
Under section 40(a)(ia) of the Act, in case of payments made to resident, the deductor is allowed to claim deduction for payments as expenditure in the previous year of payment, if tax is deducted during the previous year and the same is paid on or before the due date specified for filing of return of […]
The Tribunal while upholding the levy of penalty had concluded that the assessee had failed to substantiate that the gift received was genuine. The plea of the assessee that the gift was received due to his financial difficulty was also negated on appreciation of material on record.
Taxpayers would get more from their housing loans. Ceiling of deduction on interest on housing loan is proposed to be increased from Rs. 1.5 lakh to Rs. 2 lakh in respect of self-occupied houses. For those who are paying high amount of interest, the additional tax savings would be up to Rs. 15,450.
Taxability of advance for transfer of a capital asset The existing provisions contained in section 56 of the Act provide that income of every kind which is not to be excluded from the total income under the Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable […]
Riddhi Vasistha Section 32AC – There are several policies which affect the culture of investment in manufacturing sector. The union finance minister has proposed to extend the scope of section 32 AC. The inviting feature is the additional Incentive for acquisition and installation of new plant & machinery by manufacturing company as investment allowance of […]
The Honible Union Minister of Finance in the Budget speech for 2014-15 has announced enhancement in statutory wage ceiling for enrollment under the EPF & MP Act 1952 to Rs. 15,000/- per month from the current maximum of Rs. 6,500/- per month. The notification for same is likely to be issued shortly.
The existing provisions of section 115JC of the Act provide that where the regular income tax payable by a person, other than a company, for a previous year is less than the alternate minimum tax for such previous year, the person would be required to pay income tax at the rate of eighteen and one […]
