• Income limit under Rajiv Gandhi Equity Savings Scheme (RGESS) will be raised from Rs. 10 lakh to Rs. 12 lakh.• First home loan from a bank or housing finance corporation upto Rs. 25 lakh entitled to additional deduction of interest upto Rs. 1 lakh.
The existing provisions of section 40 specifies the amounts which shall not be deducted in computing the income chargeable under the head Profits and gains of business or profession. The non-deductible expense under the said section also includes statutory dues like fringe benefit tax, income-tax, wealth-tax, etc.
Section 115-O of the Income-tax Act provides for taxation of distributed profits of a domestic company. It provides that any amount declared, distributed or paid by way of dividends, whether out of current or accumulated profits, shall be liable to be taxed at the rate of 15%. The tax is known as Dividend Distribution Tax […]
The Finance Bill, 2013, or the Union Budget, 2013-14, was presented in the Parliament on 28.2.2013. As regard the direct taxes, there are in all fifty one (51) amendments proposed in the Finance Bill, 2013, vide, clauses (3) to (53). Forty eight amendments have been proposed in the Income-Tax Act, 1961 (the Act), whereas three amendments have been proposed in the Wealth-Tax Act, 1957.
Rule 3 in Part A of the Fourth Schedule provides that the Chief Commissioner or the Commissioner of Income-tax may accord recognition to any provident fund which, in his opinion, satisfies the conditions specified under the said rule 4 and the conditions which the Board may specify by rules.
Section 115BBD of Income-tax Act provides for taxation of gross dividends received by an Indian company from a specified foreign company (in which it has shareholding of 26% or more) at the rate of 15% if such dividend is included in the total income for the Financial Year 2012-13 i.e. Assessment Year 2013-14.
The Specified Undertaking of Unit Trust of India (SUUTI) was created vide the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 as the successor of Unit Trust of India (UTI). Exemption from Income-tax was available to SUUTI in respect of its income up to 31st March, 2014.
Procedures for Foreign Portfolio Investors Simplified-Several Measures Announced to Strengthen Capital Markets Terming the Indian markets as amongst the best regulated the Finance Minister announced several measures to strengthen the capital market regulator SEBI on the eve of its Silver Jubilee. The DepositoryParticipants authorized by SEBI will now register different classes of portfolio investors subject […]
Government of National Capital Territory of Delhi hereby direct that the Notification regarding submission of information in Form T-2, shall come into force as per the following schedule:
In supersession of the Notifications No.F.3(78)Fin.(T&E)2005-2006/1508-kha dated 17-3-2006 hereby, provides for the Composition Scheme for every registered dealer engaged exclusively in carrying out works contracts for cash or for deferred payment or for valuable consideration in Delhi as under
