Budget Business

Taxation of joint development agreement

Income Tax - The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development Agreement (JDA) has always been a heated issue. The taxation of Joint Development Agreement was never jointly agreed by the A.O. and the Assessee. There were a few hiccups in the law that were driving a way for ...

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Business Transactions Vs. Investment Transactions

Income Tax - The income arising from Sale of Shares/Debentures or other securities and real estate business will be determined and taxed on the basis, whether they are Capital Asset or Business Asset. It is important to determine, whether the income is generated from Capital Assets or from Business Assets and be determined as Capital Gain or Income fr...

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Budget 2016: What's in it for the industry

Income Tax - Jaitley presented his third budget on Feb 29, 2016 amidst a global slump with lower commodity prices, slackening of China’s economy, volatile exchange rates and outflow by FIIs. He has been not drastically increased public spending and has been committed to maintaining a fiscal deficit of around 3.5% of India’s GDP....

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‘Excise Duty Studded on Jewellery by Budget, 2016

Income Tax - It is the most expensive amendment ever… Yes, now by virtue of amendments made by Budget, 2016; excise duty is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds/other precious stones]. Thus, all the jewellery items except pure silver jewellery will now be subject to excise duty w.e.f. 1....

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15 Important Changes in International Taxation in Budget 2016

Income Tax - Implementation of POEM based residence rule deferred for 1 year and applicable from AY 2017‐18‐ It is proposed to defer the applicability of POEM based residence test by one year It is also proposed to provide a transition mechanism for a company which is incorporated outside India and has not earlier been assessed to tax in India....

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Recent Posts in "Budget Business"

Taxation of joint development agreement

The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development Agreement (JDA) has always been a heated issue. The taxation of Joint Development Agreement was never jointly agreed by the A.O. and the Assessee. There were a few hiccups in the law that were driving a way for ...

Read More
Posted Under: Income Tax |

Business Transactions Vs. Investment Transactions

The income arising from Sale of Shares/Debentures or other securities and real estate business will be determined and taxed on the basis, whether they are Capital Asset or Business Asset. It is important to determine, whether the income is generated from Capital Assets or from Business Assets and be determined as Capital Gain or Income fr...

Read More
Posted Under: Income Tax |

Budget 2016: What's in it for the industry

Jaitley presented his third budget on Feb 29, 2016 amidst a global slump with lower commodity prices, slackening of China’s economy, volatile exchange rates and outflow by FIIs. He has been not drastically increased public spending and has been committed to maintaining a fiscal deficit of around 3.5% of India’s GDP....

Read More
Posted Under: Income Tax |

‘Excise Duty Studded on Jewellery by Budget, 2016

It is the most expensive amendment ever… Yes, now by virtue of amendments made by Budget, 2016; excise duty is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds/other precious stones]. Thus, all the jewellery items except pure silver jewellery will now be subject to excise duty w.e.f. 1....

Read More
Posted Under: Income Tax | ,

15 Important Changes in International Taxation in Budget 2016

Implementation of POEM based residence rule deferred for 1 year and applicable from AY 2017‐18‐ It is proposed to defer the applicability of POEM based residence test by one year It is also proposed to provide a transition mechanism for a company which is incorporated outside India and has not earlier been assessed to tax in India....

Read More
Posted Under: Income Tax | ,

Budget 2016: Excise duty exemption to Ready Mix Concrete (RMC)

Finance Minister Arun Jaitley has brought some sort of relief for the real estate/construction industry which is already struggling due to sluggish demand and economic slowdown. Excise duty exemption, which was earlier limited to Concrete Mix (CM) only, now being extended to Ready Mix Concrete (RMC) manufactured at construction site for c...

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Posted Under: Income Tax |

Budget 2016: Excise Duty Applicability on articles of Jewellery

Gold and diamond jewellery are set to become dearer, with the government deciding to hike excise duties. Consumers will have to shell out more for the gold and diamond jewellery as the budget has imposed 1 per cent excise duty, which comes as a blow to the gems and jewellery sector....

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Posted Under: Income Tax | ,

Budget 2016: Excise Duty on Ready Made Garments

The Central Excise duty of 2% (without CENVAT credit) or 12.5% (with CENVAT credit) is being levied on readymade garments and made up articles of textiles falling under Chapters 61, 62 and 63 (heading Nos. 6301 to 6308) of the Central Excise Tariff except those falling under 6309 and 6310 of Retail Sale Price (RSP) of Rs.1000/- and above ...

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Posted Under: Income Tax | ,

Tax Audit Limit for Professionals Increased to 50 Lakhs

Increase in threshold limit for audit for persons having income from profession Under the existing provisions of section 44AB of the Act every person carrying on a profession is required to get his accounts audited if the total gross receipts in a previous year exceed twenty five lakh rupees. In order to reduce the compliance […]...

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Posted Under: Income Tax | ,

Budget 2016 Impact on Readymade Garments

Excise duty applicability of ready-made garments- Applicable to Branded Ready-Made Garments i.e when ready-made garments bear or sold under a brand name. Optional levy of 2% (without Cenvat credit) or 12.5% (which Cenvat credit) shall be applicable if RSP is 1000 or above. For RSP b...

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Posted Under: Income Tax | ,
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