Budget 2010

Union Budget Preview 2011-12

Income Tax - The Union Budget 2011-12 will revolve around fiscal consolidation, inflation control, administrative checks and inclusive growth. We do not anticipate any major roll-back of stimulus (indirect taxes) since some concerns lurk about pace of economic growth in 2011....

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Budget 2010 on Goods and Service Tax

Income Tax - 1st April 2011 is proposed as new date for its implementation. He recognized several developments in the field of computerization, which are ultimately targeted eventual implementation of GST. He also clearly stated that he is not increasing the service tax rate to 12% in view of convergence with GST in future....

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Budget 2010- Provisions regarding issuance of Certificate for TDS/TCS by the deductor/collector (Section 203 & Section 206C)

Income Tax - The existing provisions contained in subsection 3 of Section 203 states that there is no requirement to issue a certificate by the deductor to the deductee if TDS has been deducted and paid as per the provisions of chapter XVII B. Similarly the first proviso to subsection 5 of Section 206C of the Act prescribes that there is no requiremen...

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Analysis of Budget Amendment related to disallowance of expenses for late payment of TDS- Section 40(a)(ia)

Income Tax - As per existing provision, in case of TDS deducted as per Chapter XVII-B but the payment of the same not deposited with the Government within due date of section 139(1) for the last month of the previous year and within the last day of the financial year for the first eleven months, results in the disallowance of such expenses, the same n...

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Changes in provisions related to Computation of profits in the case of units in SEZ – S. 10 AA (7)

Income Tax - Section 10AA was inserted in the Income-tax Act, 1961 (“the Act”) by the Special Economic Zones Act, 2005 (“the SEZ Act”) with effect from 10-2-2006. The section was enacted specially with respect to provide tax exemption to the newly established units in the Special Economic Zone (“the SEZ”)....

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ICAI suggests inclusion of Relatives of HUF in Definition of term relative U/s. 56(2)(vii)

Income Tax - Under the existing provisions of section 56(2)(vii), any sum or property received by an individual or HUF for inadequate consideration or without consideration is deemed as income and is taxed under the head Income from other sources. ...

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Reference to Valuation Officer U/s. 55A – ICAI suggests reasonable tolerance limit to reduce litigation

Income Tax - This section empowers the assessing officer to refer the matter to the valuation officer for the purposes of ascertaining the fair market value of the capital asset....

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Capital gain on transfer of residential property -Section 54GB- ICAI Suggestions

Income Tax - The Finance Act, 2012 had inserted a new section 54GB to exemptlong-term capital gains on transfer of a residential property, being a house or a plot of land, owned by an individual or HUF, if the net consideration on sale of property...

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Exemption u/s 54 not to be denied due to delay in completion of project beyond control of assessee

Income Tax - With difficulties being faced by the Real Estate Sector business (due to delay in clearances, nonavailability of finance and a sluggish demand) numerous projects are delayed in execution. As a result, an assessee who has sold a house and invested in another flat which is under construction by a builder /developer ...

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Budget 2011- FM to present Budget on Feb 28; Industry and tax-payers hopeful

Income Tax - Finance Minister Pranab Mukherjee is set to present his sixth national budget Monday, with people hoping for measures that will help them brave high prices and industry expecting steps that would spur demand and reduce tax burden . ...

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Finance Bill, 2010 – Notice of Amendments – Bill passed by Lok Sabha on 29-4-2010

NA - (29/04/2010) - on or after the 1st day of April, 2010, where the specified business is in the nature of developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and which is notified by the Board in...

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Custom duty notifications dated 27.02.2010 related to Union budget 2010-11 amendments and provisions

NA - (28/02/2010) - All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provisions in Union Budget 2010-11. Read our earlier Post on Major Amendment in Custom Duty made in Budget 2010-11 at the Link given below:-Budget 2010-11: Summary of Major Ame...

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Recent Posts in "Budget 2010"

ICAI suggests inclusion of Relatives of HUF in Definition of term relative U/s. 56(2)(vii)

Under the existing provisions of section 56(2)(vii), any sum or property received by an individual or HUF for inadequate consideration or without consideration is deemed as income and is taxed under the head Income from other sources. ...

Read More
Posted Under: Income Tax |

Reference to Valuation Officer U/s. 55A – ICAI suggests reasonable tolerance limit to reduce litigation

This section empowers the assessing officer to refer the matter to the valuation officer for the purposes of ascertaining the fair market value of the capital asset....

Read More
Posted Under: Income Tax |

Capital gain on transfer of residential property -Section 54GB- ICAI Suggestions

The Finance Act, 2012 had inserted a new section 54GB to exemptlong-term capital gains on transfer of a residential property, being a house or a plot of land, owned by an individual or HUF, if the net consideration on sale of property...

Read More
Posted Under: Income Tax |

Exemption u/s 54 not to be denied due to delay in completion of project beyond control of assessee

With difficulties being faced by the Real Estate Sector business (due to delay in clearances, nonavailability of finance and a sluggish demand) numerous projects are delayed in execution. As a result, an assessee who has sold a house and invested in another flat which is under construction by a builder /developer ...

Read More
Posted Under: Income Tax |

Budget 2011- FM to present Budget on Feb 28; Industry and tax-payers hopeful

Finance Minister Pranab Mukherjee is set to present his sixth national budget Monday, with people hoping for measures that will help them brave high prices and industry expecting steps that would spur demand and reduce tax burden . ...

Read More
Posted Under: Income Tax |

Union Budget may not tinker too much with duty rates -CARE

No increase in passenger fares and freight rates in the Railway budget presented on Friday, might be seen as an expectation of no significant increase in excise duties in the coming Union Budget on Monday. CARE Ratings on Friday said it expects no significant increase in excise duties in the coming Union Budget....

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Posted Under: Income Tax |

Union Budget Preview 2011-12

The Union Budget 2011-12 will revolve around fiscal consolidation, inflation control, administrative checks and inclusive growth. We do not anticipate any major roll-back of stimulus (indirect taxes) since some concerns lurk about pace of economic growth in 2011....

Read More
Posted Under: Income Tax |

Finance Minister to meet Congress leaders on budget tomorrow

Ahead of the budget session beginning next week, Finance Minister Pranab Mukherjee will hold consultations with senior party leaders tomorrow at the AICC headquarters in New Delhi. With Assembly elections scheduled in five states including West Benga...

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Posted Under: Income Tax |

FM Meets Film Industry Delegation as Part of Pre-Budget Consultations

Union Finance Minister Shri Pranab Mukherjee met here today the film industry delegation who were accompanying the Minister of Information and Broadcasting Ms. Ambika Soni as part of his pre-Budget consultations. The delegation consisted of about 20 ...

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Posted Under: Income Tax |

Govt announce dates for Budget 2011-12 and budget session

The budget session of Parliament will begin on Feb 21 and the general budget is slated to be presented to Lok Sabha on Feb 28. The decision to recommend the date for convening of the session to the President was taken at a meeting of the Cabinet Co...

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Posted Under: Income Tax |
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