Whereas the Central Government in consultation with the National Advisory Committee on Accounting Standards framed the Companies (Accounting Standards), Rules, 2006 vide G.S.R. No. 739(E), dated the 7th December, 2006 and was subsequently amended vide notification numbering (i) G.S.R. 212(E), dated the 27th March, 2008 (ii) G.S.R. 225(E), dated the 31st March, 2009, in exercise of the powers conferred by clause (a) of sub-section (1) of section 642, read with sub-section (1) of section 210A and sub-section (3C) of section 211 of the Companies Act, 1956 (1 of 1956); Now, therefore, in exercise of the powers conferred by sub-section (1) of section 641 of the Companies Act, 1956 (1 of 1956), the Central Government hereby replace the existing Schedule VI to the said Act by the following Schedule VI, namely :-
It is proposed to insert a new clause in section 10 of the Income-tax Act to provide exemption from income-tax to any specified income of a body, authority, board, trust or commission which is set up or constituted by a Central, State or Provincial Act or constituted by the Central Government or a State Government with the object of regulating or administering an activity for the benefit of the general public, provided
Exemption limit for the general category of individual taxpayers enhanced from 1,60,000 to and 1, 80,000 giving uniform tax relief of 2,060. Exemption limit enhanced and qualifying age reduced for senior citizens from 65 years to 60 years. From Rs. 2,40,000 to Rs. 2,50,000/-
The Supreme Court has ruled lawyers or their associations cannot refuse to appear for accused whether they are terrorist, rapists, murderers or any others as such refusal would be a violation of the Constitution, Bar Council norms and tenets of the Bhagavad Gita.
Section 282 in respect of Document Identification number has been omitted. Section 194LA had been introduced which deals with TDS of FIIs investment in Infrastructure debt fund @ 5%. In section 115-0, the benefit of DDT exemption to SEZ developer & SEZ units has been omitted. Now they have to pay DDT on their declared dividends.
Increase in basic exemption limit. (a) General basic exemption limit to be increased from Rs.1,60,000 to Rs.1,80,000 . The exemption limit for women assessees to be retained at Rs.1,90,000. (b) Basic exemption limit for senior citizens to be increased from Rs.2,40,000 to Rs.2,50,000
Currently, specified perquisites of the Chief Election Commissioner or Election Commissioner and the judges of the Supreme Court are exempt from taxation consequent to the enabling provisions in the respective Acts governing their service conditions. It is proposed to amend section 10 to extend similar benefit of exemption in respect of specific perquisites and allowances, which will be notified by the Central Government, received by both serving as well as retired Chairmen and Members of the Union Public Service Commission.
(i) Proposals aimed at moving towards Goods and Service Tax. (a) The Point of Taxation Rules, 2011 have been made effective from 01.04.2011 whereby the point of taxation for service tax has been shifted from receipt basis to accrual basis. Though the move is a precursor to the proposed GST, it requires to be revisited in view of the fact that many assessees maintain books on cash basis as income tax also recognizes cash basis of accounting. Further, when goods can be reclaimed service cannot be taken back.
For the purposes of the Income-tax Act, charitable purpose has been defined in section 2(15) which, among others, includes the advancement of any other object of general public utility. However, the advancement of any other object of general public utility is not a charitable purpose, if it involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other consideration, irrespective of the nature of use or application, or retention, of the income from such activity and receipts from such activities is ten lakh rupees or more in the previous year.
The government today proposed to set up a National Mission for Hybrid and Electric Vehicles to encourage manufacturing and selling of alternative fuel-based vehicles. The Budget for 2011-12 also proposed to cut excise duty on development and manufacturing of hybrid vehicle kits to 5 per cent from the existing 10 per cent, besides fully exempting customs and counter-vailing duty (CVD) on import of special hybrid parts.
