Income Tax : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...
Income Tax : Learn about Section 194T introduced in Finance Bill 2024, covering TDS on payments to partners, its implications, and potential c...
Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
Income Tax : Explore the latest tax provisions affecting mutual fund income, including recent changes in capital gains taxation and classificat...
Company Law : Tax implications of the Finance Bill 2024 on share buybacks. Key changes, examples, and their impact on shareholders' tax liabilit...
Income Tax : Key amendments to the Finance (No.2) Bill, 2024, include changes in tax rates, capital gains, customs duties, and excise laws, eff...
CA, CS, CMA : ICAI President's August 2024 message highlights India's economic growth, recent exam results, and the Union Budget's role in achie...
Goods and Services Tax : Discover the major amendments in GST, excise, and customs duties introduced in Budget 2024, including changes in CGST, IGST, and C...
Income Tax : Finance Bill 2024 proposes an amendment to Section 55 of the Income Tax Act to clarify the computation of cost of acquisition for ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Goods and Services Tax : Discover the key amendments in the Finance (No. 2) Bill, 2024, affecting CGST, IGST, UTGST, and Cess Act, including tax exemptions...
Income Tax : A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2...
Income Tax : U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has ...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Goods and Services Tax : Govt. sets October 1, 2024, for Finance Act 2024, Section 13; April 1, 2025, for Sections 11 and 12, under Notification No. 16/202...
Custom Duty : Notification No. 51/2024-Customs (N.T.) introduces New Shippers Review in countervailing duty rules, effective from 24th July 2024...
Custom Duty : Notification No. 39/2024-Customs amends No. 45/2017-Customs to extend re-import period from 3 to 5 years, effective from 24th July...
Custom Duty : Government of India amends 32 Customs notifications and extends the re-export period for certain foreign-origin goods under Notifi...
Such a stupid budget… Don’t give good education to your kids, coz it now costs more. Don’t go to good hospitals, as it’ll cost more. Welcome to obese India, gym costs more. IT enabled India is not for us, as internet and mobile cost more. Promote white money… Debit and credit card costs more. Trying to buy a house… Forget about it, you have still not saved enough or would be able to do it soon
The Finance Minister said: Kucch Toh Phool Khilaaye Hai Humne.. Kucch Aur Khilane Hai Dikkat Yah hai ki Raho mei Kae Kaante Purane hai On the other hand: 2015 Budget will further reignite our growth engine, signalling the dawn of a prosperous future. – Narendra Modi Prime Minister Narendra Modi lauded and applauded the Budget, […]
Forwards Markets Commission to be merged with SEBI- FM has proposed the same to strengthen regulation of commodity forward markets and reduce wild speculation. Forward Contract (Regulation) Act, 1952 shall stand repealed and on that date undertaking shall be transferred, and vest with SEBI.
Advocate Anandaday Misshra Change in Excise & Service Tax Rate Central Excise duty to be rounded off to 12.5 % (from 12.36 %) Service tax to be increased from 12.36 % to 14 %. Date of levy of new rate shall be notified after enactment of Finance Bill 2015. Till the time it is notified the […]
The Digital India programme reiterates Government’s commitment to make India a knowledge and innovation based society. Accordingly, the Government also realizes that, in this internet age it will have to work through gadgets and technology to serve its population online, in the course ensuring time efficiency, speed and transparency.
Increase in the limit of deduction of Mediclaim- In view of continuous increase in medical expenditure, it is proposed to increase the limit of deduction under section 80D from Rs. 15,000 to Rs. 25,000. In case of senior citizens, the limit of deduction is proposed to be increased from Rs. 20,000 to Rs. 30,000.
Change in Rate of Service Tax Rate The Service Tax rate is being increased from 12% plus Education Cesses to 14%. Effective increase in Service Tax rate will be from existing rate of 12.36% (inclusive of cesses) to 14%. w.e.f: The new Service Tax rate shall come into effect from a date to be notified […]
On a optimistic note, introduction of common Goods and Services Tax (GST) could be a game changer. The economic situation is therefore upbeat, on a rise and forward looking so far as growth and reforms are concerned. So far as goods and services are concerned, there are many items on which excise duty has been increased from 6% to 12% including mobile handsets. On certain input and raw materials, duties have been rationalized or hiked.
In the budget it is proposed to reduce the tax on companies from 30% to 25% and increase the Dividend Distribution Tax (DDT) from 15% to 17% with usual Education Cess @2% and Secondary and Higher Education Cess @1%.
1. Change in Service Tax rate: ♣ The Service Tax rate is being increased from 12% plus Education Cesses to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the revised rate of Service Tax. Thus, effective increase in Service Tax rate will be from existing rate of 12.36% (inclusive […]
