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...
Laws and rules relating to Indirect Taxes have been evolving on account of development in business models, economic growth of the country, global developments, and technological advances and also with reforms in this field of taxation especially, in the area of service tax.
Basic exemption limit remains the same. The slab for 10% tax has been revised to Rs. 5,00,000/- from the existing Rs. 3,00,000/- in case of Individuals, HUFs, AOPs and BOIs. Surcharge of 10% applicable to domestic companies has been reduced to 7.5%. There is no change in the rate of surcharge of 2.5% in case of foreign companies.
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Entire scheme of the eligibility, powers and procedure before the settlement commission was overhauled by Finance Act, 2007, w.e.f. 1.6.2007. In the overhauled scheme, search / requisition cases covered by the provisions of section 153A of the Act were not allowed to take benefit of the settlement commission. It also excluded the cases of related persons whose documents were seized as provided for in Section 153C of the Act.
Section 282B was inserted by the Finance Act (No. 2) Act, 2009, with effect from the 01-10-2010. Under this provision, an income tax authority is required to allot a computer generated Document Identification Number before issue of every notice, order, letter or any correspondence to any other income tax authority or assessee or any other person and such number shall be quoted thereon.
Under the existing provisions, appeal u/s. 260A of the Act against the order of the Income Tax Appellate Tribunal can be filed with the High Court within a period of 120 days from the receipt of the order of the ITAT. Prior to introduction of the appeal provisions u/s. 260A w.e.f. 1st October, 1998, there were provisions of filing reference application before the High Court u/s. 256 of the Act, which also provided for similar period of 120 days from the receipt of the order of the ITAT.
Finance Act, 2009, introduced several provisions in the Act to treat LLP as a partnership firm for the tax purposes in all respects. The Finance Bill, 2010, takes the process of amendment further, primarily for small companies having turnover of Rs. 60.00 lacs or less, by amending sections 32, 35DDA, 43, 47, 47A, 49, 72A and section 115JAA , primarily aimed at providing tax neutrality for conversion of the private limited companies and unlisted public companies into LLP.
The Income Tax Act, 1961 provides an incentive for units in SEZs under section – 10AA. The exemption is required to be calculated based on profits earned by such units from their export. The provision of Sec – 10AA(7) provides the way in which the exempted profit is required to be determined as under:
This section was introduced by the Finance Act, 2007, for encouraging investment in the hotels and convention centers in the National capital territory of Delhi and the districts of Faridabad, Gurgaon, Gautam Budh Nagar and Gaziabad. This provision was introduced specifically for giving impetus to investment for ensuing common wealth games.
Section 80IB(10) allows 100% of the profits as deduction from a housing project, provided it complies with various conditions stipulated therein. The said section provided that the housing project should be completed on or before the 31st March, 2008 (for projects for which the approval was granted prior to 1.4.2004) or before expiry of a period of 4 years from the date of approval (in cases where the approval was granted after 1.4.2004).
