Budget 2014 articles

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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Posted Under: Income Tax |

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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Posted Under: Income Tax | ,

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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Posted Under: Income Tax | ,

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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Posted Under: Income Tax |

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 |

Levy of penalty U/s. 276D mandatory for willful default U/s. 142(1) or 142(2A)

Failure to produce accounts and documents Levy of penalty made mandatory. It is proposed to remove the monetary limit of fine and also proposed mandatory levy of fine. The existing provisions of section 276D of the Act provide that if a person willfully fails to produce accounts and documents as required in any notice issued […]...

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Posted Under: Income Tax |

'Annual information return' prposed to be named as statement of 'Financial Transaction or Reportable Account'

Obligation to furnish statement of Information Name of annual information return is proposed to be substituted with statement of financial transaction or reportable account in view of amendment to section 285BA. The existing provisions of section 285BA of the Act provide for filing of an annual information return by specified persons in r...

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Posted Under: Income Tax |

Budget 2014 -ECS, RTGS, NEFT etc. proposed to be allowed as permissible U/s. 269SS & 269T

Mode of acceptance or repayment of loans and deposits ECS, RTGS and NEFT etc. are now proposed to be allowed as permissible mode to accept or repay the deposit or loan specified under section 269SS and 269T respectively. The existing provisions contained in section 269SS of the Act, inter alia, provide that no person shall […]...

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Posted Under: Income Tax |

Amendment in Condition for Claiming Credit of Alternate Minimum Tax

The existing provisions of sub-section (1) of section 115JEE of the Act provide that the provisions of Chapter-XI I BA shall be applicable to any person who has claimed a deduction under part C of Chapter VI-A or claimed a deduction u/s 1 0AA. Further the present provisions of sub-section (2) of section 1 15JEE […]...

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Posted Under: Income Tax |

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