Budget 2014 - Page 8

Budget 2014 – Service Tax Amndments- Brief synopsis

The government has proposed to levy Service Tax on Radio-taxis/cabs whether or not air-conditioned. Earlier the same was exempted from the purview of Service Tax as it was covered under the Negative list [Section 66D (o)]. ...

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Service Tax Exemption For Environmental Cause

Biomedical waste is waste that is either putrescible or potentially infectious. Biomedical waste may also include waste associated with the generation of biomedical waste that visually appears to be of medical or laboratory origin (e.g., packaging, unused bandages, infusion kits, etc.), as well research laboratory waste containing biomole...

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Posted Under: Service Tax |

Individuals Gain from Budget

While it could be said that the Union Budget 2014-15, the first of the present Government may be considered as a balanced exercise in the given circumstances, it provides impetus to real estate, infrastructure and social development including improved urban cities. ...

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Budget 14- Disallowance for non Payment or non deduction of TDS restricted to 30%

 Under section 40(a)(ia) of the Act, in case of payments made to resident, the deductor is allowed to claim deduction for payments as expenditure in the previous year of payment, if tax is deducted during the previous year and the same is paid on or before the due date specified for filing of return of […]...

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Budget 2014 – Proposed Changes to Income Tax Laws Applicable To Individuals

Taxpayers would get more from their housing loans. Ceiling of deduction on interest on housing loan is proposed to be increased from Rs. 1.5 lakh to Rs. 2 lakh in respect of self-occupied houses. For those who are paying high amount of interest, the additional tax savings would be up to Rs. 15,450....

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Budget 2014 – Advance forfeited against transfer of Capital Assets taxable as other Income as Income from other sources

Taxability of advance for transfer of a capital asset The existing provisions contained in section 56 of the Act provide that income of every kind which is not to be excluded from the total income under the Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable […]...

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Section 32AC- An Aid to Prosper the Manufacturing Sector

Riddhi Vasistha Section 32AC – There are several policies which affect the culture of investment in manufacturing sector. The union finance minister has proposed to extend the scope of section 32 AC. The inviting feature is the additional Incentive for acquisition and installation of new plant & machinery by manufacturing compan...

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Posted Under: Service Tax |

Budget 2014 – Proposes Alternate Minimum Tax on investment linked deduction claimed under section 35AD

The existing provisions of section 115JC of the Act provide that where the regular income tax payable by a person, other than a company, for a previous year is less than the alternate minimum tax for such previous year, the person would be required to pay income tax at the rate of eighteen and one […]...

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Posted Under: Service Tax |

Budget 2014- Disallowance of expenditure for non- deduction of tax at source U/s. 40(a)(ia)

The existing provisions of section 40(a)(i) of the Act provide that certain payments such as interest, royalty and fee for technical services made to a non-resident shall not be allowed as deduction for computing business income if tax on such payments was not deducted, or after deduction, was not paid within the time prescribed under [&h...

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Budget 2014 – Reduction in tax rate on certain dividends received from foreign companies

Section 115BBD of the Act was introduced as an incentive for attracting repatriation of income earned by Indian companies from investments made abroad. It provides for taxation of gross dividends received by an Indian company from a specified foreign company at the concessional rate of 15 per cent. if such dividend is included in the [&he...

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Posted Under: Service Tax |

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