Budget 2014 - Page 10

Budget 2014 – Income generated by foreign portfolio investors to be treated as capital gains

Characterisation of  Income in case of Foreign Institutional Investors Section 2 (14) of the Act defines the term “capital asset” to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not include any stock-in-trade or personal assets as provided in the definition....

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Budget 2014 – Concessional rate of tax on overseas borrowing made before 01.07.2017

The existing provisions of section 194LC of the Act provide for lower withholding tax rate of 5 per cent. on interest paid by an Indian company to non-residents on monies borrowed by it in foreign currency from a source outside India under a loan agreement or through issue of long-term infrastructure bonds at any time […]...

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Posted Under: Income Tax |

Budget 2014 – No More double deductions u/s. 10AA and Section 35AD

Deduction in respect of capital expenditure on specified business I. Under the existing provisions of section 35AD of the Act, investment-linked tax incentive is provided by way of allowing a deduction in respect of the whole of any expenditure of capital nature (other than expenditure on land, goodwill and financial instrument) incurred ...

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Extension of the sunset date under section 80-IA for power sector to 31st March, 2017

Under the existing provisions of clause (iv) of sub-section (4) of section 80-IA of the Income-tax Act, a deduction of profits and gains is allowed to an undertaking which,— (a)     is set up for the generation and distribution of power if it begins to generate power at any time during the period beginning on 1st […]...

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Posted Under: Income Tax |

Investment Allowance to a Manufacturing Company for Investment in Plant & Machinery

In order to encourage the companies engaged in the business of manufacture or production of an article or thing to invest substantial amount in acquisition and installation of new plant and machinery, Finance Act, 2013 inserted section 32AC in the Act to provide that where an assessee, being a company, is engaged in the business […...

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Posted Under: Income Tax |

Budget 2014 – Amends section 10(23C) to define the term “substantially financed by the Government”

Clarification in respect of section 10(23C) of the Act The existing provisions of sub-clause (iiiab) and (iiiac) of section 1 0(23C) of the Act provide exemption, subject to various conditions, in respect of income of certain educational institutions, universities and hospitals which exist solely for educational purposes or solely for phi...

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Posted Under: Income Tax |

Taxation Regime for Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (Invit)

The Securities and Exchange Board of India (SEBI) had proposed draft regulations relating to two new categories of investment vehicles namely, the Real Estate Investment Trust (REIT) & Infrastructure Investment Trust (Invit). These regulations were placed in public domain for comments. The final Regulations are yet to be notified....

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Budget 2014- Amendment in Central Excise, Custom Duty & Service Tax

The Customs Act, 1962 proposed to be amended so that a reference in said Act to a Chief Commissioner of Customs or a Commissioner of Customs may also include a reference to the Principal Chief Commissioner of Customs or the Principal Commissioner of Customs, as the case may be. Further, Principal Chief Commissioner of Customs and Princip...

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Direct Tax Highlights of Union Budget 2014-15 by ICAI

Personal Taxation Basic exemption limit to be increased from Rs. 2 lakhs to Rs. 2.5 lakhs for taxpayer below the age of 60 years and from Rs. 2.5 lakhs to Rs. 3 lakhs, in case of senior citizens. The existing limit of deduction under section 80C to be increased from Rs. 1 lakh to Rs. […]...

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Budget 2014 – Key Highlights – Income Tax and Service Tax

1. Rates of Income Tax, Surcharge and Cess - There is no change in the rate of income tax, surcharge , education and SHE cess. The rates for AY 2015-16 will remain the same as in AY 2014-15. 2. Income Tax basic exemption Slabs -enhanced . The new income tax basic exemption limits has been increased. The revised limits are as under:...

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