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...
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Rewriting the law to clearly empower high courts to condone a delay in filing tax appeals or applications has been recommended by the Central Board of Direct Taxes (CBDT); it wants this to apply with retrospective effect, too. The amendment, official sources said, is expected to be proposed in the Union Budget.
Fiscal prudence: Corrective measures to repair India’s balance sheet seem imminent. The fiscal position stands stressed with a 16-year high deficit of 6.8% of GDP. With Central Statistical Organisation advance estimates hinting at a GDP growth of 7.2% for 2009-10, the government is bound to withdraw some of the stimulus doled out previously.
On February 26’ 2010, the Finance Minister Mr. Pranab Mukherjee will present the Union Budget in the Parliament. Everyone is awaiting the announcement of Budget to see that their interest has been taken care of. There is a lot of speculation about the Budget as everyone has expectations from the same. In this Article we are discussing the expectations of the Trade and Industry from Budget 2010-11 relating to the field of Indirect Taxation.
1 Sultanpur-Mumbai Express (via Nihalgarh) (Weekly), 2. Sultanpur-Ajmer Express (via Nihalgarh) (Weekly), 3 Asansol-Digha Express (Weekly), 4. Howrah-Katpadi(Vellore)-Puducherry Express via Bhubaneswar, 5. Kishanganj-Ajmer Express (Weekly), 6 Kolkata-Ajmer Express via Singrauli-Katni-Bhopal-Nagda-Ratlam, (Weekly)
There is a ground-swell of expectations for the Union Budget for2010/11, the second since UPA returned to power in May 2009, to be presented to Parliament by Finance Minister Shri Pranab Mukherjee on February 26. Unlike last year, when the country was still in the grip of slowdown triggered by the global crisis,
* No hikes in passenger fares and freight tariff. 52 new train services to meet increasing demand of passengers, increase in frequency of 12 train services, extension of 21 trains and introduction of some special trains. Railways will not be privatized, but private sector participation welcomed through PPP route. A Special Task Force to clear proposals for investments within 100 days to be set up
There will be no increase in the passenger fares of any class or category of trains. Freight tariffs will also remain the same for 2010-11. Service charges for e-tickets and freight charges for food-grains will be reduced. This was announced by the Minister of Railways, Ms. Mamata Banerjee in Parliament today while presenting Railway Budget for the new financial year.
Personal income tax exemption limit should be further increased by Rs 50000 and slab limits should be revised accordingly. Currently, the threshold tax exemption limit for all assessees – for women is Rs 1,90,000, for senior citizen is Rs 2,40,000 and for others is Rs 1,60,000.
What is evident in the CSO data for GDP growth and fiscal deficit forecast for the current year, it appears certain fiscal deficit management and measures to push growth beyond 7% will be on top of the agenda. This could mean policy makers shall take a hard look at concessions, an impact thereof on the macroeconomy and of course, strategies for greater tax revenue mobilization.
