Income Tax : The Union Budget 2011-12 will revolve around fiscal consolidation, inflation control, administrative checks and inclusive growth. ...
Goods and Services Tax : 1st April 2011 is proposed as new date for its implementation. He recognized several developments in the field of computerization,...
Income Tax : The existing provisions contained in subsection 3 of Section 203 states that there is no requirement to issue a certificate by the...
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 Govern...
Income Tax : Section 10AA was inserted in the Income-tax Act, 1961 (“the Act”) by the Special Economic Zones Act, 2005 (“the SEZ Act”) ...
Income Tax : Under the existing provisions of section 56(2)(vii), any sum or property received by an individual or HUF for inadequate considera...
Income Tax : This section empowers the assessing officer to refer the matter to the valuation officer for the purposes of ascertaining the fair...
Income Tax : The Finance Act, 2012 had inserted a new section 54GB to exemptlong-term capital gains on transfer of a residential property, bein...
Income Tax : With difficulties being faced by the Real Estate Sector business (due to delay in clearances, nonavailability of finance and a slu...
Income Tax : Finance Minister Pranab Mukherjee is set to present his sixth national budget Monday, with people hoping for measures that will he...
Income Tax : on or after the 1st day of April, 2010, where the specified business is in the nature of developing and building a housing project...
Custom Duty : All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provis...
In 2009, when I presented the interim Budget in February and the regular Budget in July in this august House, the Indian economy was facing grave uncertainties. Growth had started decelerating and the business sentiment was weak. The economy’s capacity to sustain high growth was under serious threat from the widespread economic slowdown in the developed world.
In Ishikawajima-Harima Heavy Industries 288 ITR 408 the Supreme Court held {on a misreading of s. 9 (1) (vii)} that in order to be chargeable to tax in the hands of the non-resident, fees for technical services had to be rendered in India as well as utilized in India. It held that if both conditions were not fulfilled, the fees for technical services was not chargeable to tax in India.
The General Budget 2010-11 has carried forward the process of reforms in tax administration in the country. The citizen-centric initiative “Sevottam” which was launched as a pilot project at Pune, Kochi and Chandigarh, will be extended to four more cities this year. The centralized processing centre at Bengaluru is now fully functional and processing around 20, 000 tax returns daily.
The Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, provides boost to the research and development (R&D) activity across all sector of economy. Weighted deduction on expenditure incurred on in-house R&D has been enhanced from 150 per cent to 200 per cent.
The Finance Minister, Shri Pranab Mukherjee, while presenting the Union Budget 2010-11, in the Lok Sabha today, announced that the allocation for the Rajiv Awas Yojana has been increased by over 700 per cent from last year’s Rs. 150 crore to Rs. 1270 crore for 2010-11. This Yojana for slum dwellers and urban poor was announced last year to extend support to States that are willing to provide property rights to slum dwellers and is now ready to take off.
In the Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, the rate reduction in Central Excise duties has been partially rolled back and the standard rate on all non-petroleum products enhanced from 8 per cent to 10 per cent ad valorem.
Shri Pranab Mukherjee, Union Finance Minister, while presenting the Union Budget in Lok Sabha today, informed that an incentive of additional one per cent interest subvention to farmers who repay short-term crop loans as per schedule, is proposed to be increased to two per cent for 2010-11. Thus, the effective rate of interest for such farmers will now be 5 per cent per annum.
New income tax rates proposed in budget 2010 for senior citizens for assessment year 2011-12/ financial year 2010-11. In the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year, New income tax rates proposed in budget 2010 for assessment year 2011-12/ financial year 2010-11 is as follows:-
New income tax rates proposed in budget 2010 for resident woman below 65 years of age for assessment year 2011-12/ financial year 2010-11.Chart showing Tax impact for resident woman below 65 years of age
New income tax rates proposed in budget 2010 for male resident individual and Hindu undivided family for assessment year 2011-12/ financial year 2010-11. No Surcharge. Education and SHE cess will be applicable . Impact of Budget 2010 on taxation of resident individuals below the age of 65 years and HUF
