Custom Duty : As a measure of rationalization of duty structure the rates of 2% and 3% are being unified with the median rate of 2.5%. According...
Finance : Finance Minister Pranab Mukherjee presented the Union Budget 2011-12 in Parliament on Monday. While the finance minister made the ...
Service Tax : The primary reason is the simplification of the Export of Service Rules (Export Rules). The Export Rules prescribe the conditions ...
Finance : Recessions have affected mostly the real estate business. Slowing demand and sudden evaporation of liquidity position made the sit...
Income Tax : Manufacturing companies will have to shell out an additional Rs 25,500 crore on 2 per cent increase excise duty for the financial ...
Service Tax : The government will come out with a draft 'negative list' for service tax in two weeks, meaning services which are not mentioned i...
Finance : Buoyed by better-than-expected performance on government finances' front in 2010-11, the Centre on Thursday said it will keep a ta...
Service Tax : Breaking News Budget 2011 Related to Service tax on Healthcare and Excise Duty on Readymade Garments. 1) Abatement on readymade ga...
Finance : In a good sign, the government will depend less on borrowing to finance budgetary proposals in 2011-12 than in the ongoing 2010-11...
Finance : The Union Budget 2011-12 aims to sustain economic growth, strengthen infrastructure, moderate the price rise, particularly of agri...
Custom Duty : Consequent upon the printing and publishing of the Budget Bulletins, 2011 (both Customs and Central Excise & Service Tax), the Dir...
Recessions have affected mostly the real estate business. Slowing demand and sudden evaporation of liquidity position made the situation become so tough for the real estate sector that companies who were engaged in massive long term projects have to abandon the projects. In many cases they have to forgo SEZ projects too due to financial crisis.
Manufacturing companies will have to shell out an additional Rs 25,500 crore on 2 per cent increase excise duty for the financial year 2010-11. The rise in excise duty accounts for 21 per cent of profit before tax of manufacturing companies studied here.
There is no change in the rates of Income Tax for Partnership firms, Limited Companies. But Current surcharge of 10 per cent on domestic companies reduced to 7.5 per cent and Minimum alternate tax on the book profits is increased from 15% to 18%. The Deduction u/s 80C has been increased by Rs. 20000 subject to the condition that the additional deduction of Rs 20000 shall be available if the investment is made in the Infrastructure bonds.
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.
Budget 2010-11, to be presented on 26th of this month, Finance Minister Pranab Mukherjee should aim for rationalisation of the Customs tariff, unification of the central excise and service tax rates and simplification of the indirect tax laws.
