Budget 2014 - Page 3

Amendments to Finance (NO.2) Bill 2014 -As introduced in Lok Sabha

'(AA) after the proviso, but before Explanation 1, the following proviso shall be inserted with effect from the 1st day of April, 2015, namely:- "Provided further that in case of a share of company (not being a share listed in a recognised stock exchange) or a unit of a ...

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Posted Under: Income Tax |

Budget 2014-15 : What’s Good and What’s Not So Good ??

We saw a deluge of analyses coming on Budget 2014 right from 11th July 2014. However, we chose to wait for clarifications and finer details so that readers get the right perspective for themselves. People would have different opinion about the budget depending on their own profession and field. However, from investor and taxpayers point [...

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Posted Under: Income Tax |

Budget 2014 – Synopsis of Indirect Tax Proposals

Amendment impacting Negative List: (Changes to be effective from enactment of Finance Bill)- Exemption of Service tax on Advertisement now restricted only to print media, all others areas, not covered earlier, now subjected to service tax. Print Media to include Books and News Paper as defined under Press and Registration Books Act, 186...

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Posted Under: Income Tax |

Changes made in Budget 2014 by Lok Sabha

The list of changes made in the Finance Bill are as under: 1) Unlisted securities and units of MF transferred between 01-04-14 and 10-07-14 shall be deemed to be long-term capital assets, if held for more than 12 months. 2) Long-term Capital Gains on Units of Mutual Funds transferred between 01-04-14 and 10-07-14 shall be taxable at 10%...

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Lok Sabha Passes Finance Bill 2014

The Lok Sabha on Friday 25.07.2014  passed the Finance Bill, 2014 by a voice vote with which the legislative proposals notably on direct and indirect taxes proposed in the national budget for this fiscal can now become effective formally. Finance Minister said that “Ours is not a high-tax government. A high tax government cannot promot...

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Posted Under: Income Tax |

Finance Bill 2014 – A Delight For Tour Operator

The Finance bill, 2014 brought a big sigh of relief to the Tourism Sector. The Central Government has tried to plug some anomalies prevailing in the act with this Finance Bill and the Tourism sector has also welcomed this budget warm heartedly....

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Amendment in section 35E – Achhe din for Revenue

Dispute was going on the issue whether the first Appellate Authority or Tribunal can condone delay for late filing of review order under Section 35E(1) or not? As per Section 35E the Committee of Chief Commissioners is empowered to review an order passed by a Commissioner. ...

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Budget 2014 – Does it really not contain retrospective amendments?

Almost everyone, including active and proactive professional tax advisers- mainly, lawyers and CAs, having something to do or other with the Budget proposals of the newly installed government, have sought and brought to focus the highlights. Even so, it is sad to observe that, in so doing, in one's conviction, some of the deficiencies, hi...

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Parities & Anomalies Brought Between Section 40(a)(i) & Section 40(a)(ia) by Finance Bill 2014

CA Surbhi Jain TDS as the name implies, aims at collection of tax at the very source of income. Its of great significance to the Government as it propones the collection of tax, provides for a greater reach and wider base for tax and from the perspective of Tax Payer, it distributes the incidence of […]...

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Budget 2014 – Period of Provisional attachment U/s. 281B proposed to be extended by prescribed authorities

Provisional attachment under section 281B The existing provisions of sub-section (1) section 281B of the Act provide that the Assessing Officer, during the pendency of any proceeding for assessment or reassessment, in order to protect the interest of revenue may, with the previous approval of the Chief Commissioner of Commissioner, attach...

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Posted Under: Income Tax |

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