Notification No. 14/2018-Central Excise: Central Government considers it necessary for the purpose of clarifying the applicability of the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 7/2018-Central Excise, dated the 2nd February, 2018, published in Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 133 (E ), dated the 2nd February, 2018, and therefore, hereby makes the following amendments in the said notification, namely:-
The tax rate on used old car transactions has been reduced to 18 percent for large cars and SUVs, and 12 percent for small vehicles, from 28 percent (for both categories) earlier. The new rates have come into effect from January 25, 2018.
This Union Budget 2018 presentation is restricted to the direct tax proposals only. All tax proposals are applicable with effect from 01/04/2019 i.e. from Assessment Year 2019-20, unless and otherwise specified. This presentation is for knowledge sharing purpose only and for private circulation only. It should not be considered as professional advice in any form or manner.
Section 79 of Act provides that carry forward and set off of losses in a closely held company shall be allowed only if there is a continuity in the beneficial owner of the shares carrying not less than 51 percent. of the voting power
It is proposed to amend section 115JB to provide that the aggregate amount of unabsorbed depreciation and loss brought forward (excluding unabsorbed depreciation) shall be allowed to be reduced from the book profit, if a company’s application for corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 has been admitted by the Adjudicating Authority.
It is proposed to amend the provisions of clause (5) of section 43 to provide that a transaction in respect of trading of agricultural commodity derivatives, which is not chargeable to CTT, in a registered stock exchange or registered association, will be treated as non-speculative transaction.
Section 44AE, inter alia provides that, the profits and gains shall be deemed to be an amount equal to seven thousand five hundred rupees per month or part of a month for each goods carriage or the amount claimed to be actually earned by the assessee, whichever is higher.
Under the existing provisions of the Act, certain types of compensation receipts are taxable as business income under section 28. However, the existing provisions of clause (ii) of section 28 is restrictive in its scope as far as taxation of compensation is concerned
The third proviso to clause (23C) of section 10 of the Act provides for exemption in respect of income of the entities referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of said clause in a case where such income is applied or accumulated during the previous year for certain purposes in accordance with the relevant provisions.
On account off implementation of GST there may be instances where the retail sale price printed on a pre-packaged commodity is required to be revised. To protect the interests of consumers the Department has issued an order according to which, manufacturers/ packers/importers of pre-packaged commodities are allowed to declare the revised retail sale price (MRP)
