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.
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
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
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 […]
soft switches and Voice over Internet Protocol (VoIP) equipment, namely, VoIP phones, media gateways, gateway controllers and session border controllers;
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
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.
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) FDI on Defense […]
