Budget 2014 - Page 6

Budget 2014- Rationalisation of Definition of International Transaction

The existing provisions of section 92B of the Act define ‘International transaction’ as a transaction in the nature of purchase, sale, lease, provision of services, etc. between two or more associated enterprises, either or both of whom are non-residents. Sub-section (2) of the said section extends the scope of the definition ...

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Posted Under: Income Tax |

Budget 2014- Taxability of Anonymous donations under section 115BBC

Anonymous donations under section 115BBC The existing provisions of section 115BBC of the Act provide for levy of tax at the rate of 30 per cent. in case of certain assessees, being university, hospital, charitable organisation, etc. on the amount of aggregate anonymous donations exceeding five per cent of the total donations received by ...

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Posted Under: Income Tax |

Budget 2014 – Cost Inflation Index to be worked out on the basis of Index notified by Govt in this behalf

Cost Inflation Index The existing provisions contained in section 48 prescribe the mode of computation of income chargeable under the head “Capital gains”. Clause (v) of the Explanation to the said section defines the term “Cost Inflation Index” (CII) which in relation to a previous year means such index as may be notified by the ...

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Posted Under: Income Tax |

Budget 2014- Presumptive income amount increased to Rs. 7500 for Business of Plying, Hiring or Leasing Goods Carriages

Considering the erosion in the real values of the amount of specified presumptive income due to inflation over the years and also in order to simplify this presumptive taxation scheme, it is proposed to provide for a uniform amount of presumptive income of Rs.7,500 for every month (or part of a month) for all types of goods carriage witho...

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Posted Under: Income Tax |

Budget 2014 – Capital gains arising from transfer of an asset by way of compulsory acquisition

The existing provisions contained in section 45 provide for charging of any profits or gains arising from transfer of a capital asset. Sub-section (5) of the said section provides for dealing with capital gains arising from transfer by way of compulsory acquisition where the compensation is enhanced or further enhanced by the court, Tribu...

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Posted Under: Income Tax |

Budget 2014- Extension of income-tax exemption to Special Undertaking of Unit Trust of India (SUUTI)

The Special Undertaking of the Unit Trust of India (SUUTI) was created vide the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002. SUUTI is the successor of UTI. The mandate of SUUTI is to liquidate Government liabilities on account of the erstwhile UTI....

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Posted Under: Income Tax |

Budget 2014 – Speculative transaction in respect of commodity derivatives

The existing provisions contained in clause (5) of section 43 define the term speculative transaction. The proviso to the said clause (5) excludes certain category of transactions as speculative transactions. Finance Act, 2013 made a provision for levy of commodities transaction tax on commodity derivatives in respect of commodities other...

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Posted Under: Income Tax |

No Tax on Transfer of Government Security by one non-resident to another non-resident

Budget 2014- Transfer of Government Security by one non-resident to another non-resident The existing provision contained in section 47 of the Act provides that certain transactions shall not be considered as transfer for the purpose of charging of capital gains. With a view to facilitate listing and trading of Government securities outsi...

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Posted Under: Income Tax |

Trading in derivative by Company mainly engaged in Trading of Shares will be treated as Speculative

Losses in Speculation Business The existing provisions of section 73 of the Act provide that losses incurred in respect of a speculation business cannot be set off or carried forward and set off except against the profits of any other speculation business. Explanation to section 73 provides that in case of a company deriving its […...

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Posted Under: Income Tax |

Highlights & Clause Analysis of Budget 2014 on Direct & Indirect Taxes

Click here for Highlights of UNION BUDGET - 2014 Click here for Clause by Clause Analysis on DIRECT TAX Click here for Clause by Clause Analysis on CUSTOM Non-Tariff...

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Posted Under: Income Tax | ,

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