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...
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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...
Taxation on educational institutions has always been a matter of various issues and disputes. I am summarizing below the provisions under the Service Tax Laws as applicable to Educational Institutions as amended by Finance Bill 2013.
This year’s budget has brought in certain proposals which could impact your decision to buy (or sell) a property in the new financial year – both in direct taxes and indirect taxes.
The Finance Bill, 2013 has proposed to amend the definition of agricultural land. Here is an attempt to analyse the impact of such changes from a capital gains tax perspective. Any profit arising from sale of a capital asset would be chargeable to income tax under the head ‘capital gains’ and shall be deemed to be the income of the year in which the transfer took place.
Indirect Tax Laws Amendment Made By Finance Act, 2012 As Compiled By The Institute of Cost Accountants of India Applicable for June 2013 and December 2013 Examinations of CMA Students A. EXCISE AMENDMENTS IN THE CENTRAL EXCISE ACT, 1944 (1) Incorporation of definition of “inter-connected undertakings” in section 4 (Effective from May 28th, 2012) Section […]
Exemptions (A) The following exemptions are being rationalized: * Rationalization of exemption limit prescribed for charitable organizations, providing service towards any other object of general public utility. So far, the limit was 25 Lakh Rupees per annum. Now, they will be covered by the threshold exemption. * Exemption provided to restaurants other than those having […]
Very soon, Service Tax, which is considered to be a relatively young baby in the tax universe, will make the assessees scared of penalties and prosecution. The Budget which has been passed by both the houses of the Parliament now will soon become enactment and all provisions shall become operational.
TAX PROVISIONS – • Surveillance of transactions by Sales Tax Department to go up. • Tax exemption on essential commodities, Solapuri chadars and towels, wet dates to continue up to 31st March, 2014. • Tax exemption on currants and raisins to continue up to 31st March, 2014.
Faced with paucity of time, Rajya Sabha on Thursday approved Union Budget 2013-14 without debate, a development witnessed perhaps for the first time which triggered protests from opposition members. With only one day left for the house to go into month-long recess, the chair directed members to lay their written speeches so that the crucial […]
The Hon’ble Finance Minister (FM) presented the Union Budget 2013 amidst major challenges facing the Indian economy. Some of the most important considerations for the FM were reviving growth, increasing savings and investments, reining in inflation and gaining back the confidence of the foreign investors.
The Finance Bill 2013 has proposed to increase the base for taxation for transfer of agricultural land as defined under the provisions of section 2(14)(iii) of the Income Tax Act. So far by virtue of the above provision, tax on transfer of agricultural land had been excluded from the ambit of capital gains tax except […]
