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...
The General Budget reiterates that clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution and independent judiciary for greater assurance is underlying theme of tax proposals. It is proposed to set up the Tax Administration Reforms Commission.
The Finance Bill 2013-14 proposes reduction of tax on interest in respect of investment made through a designated bank account in Rupee dominated long term infrastructure bond from 20 percent to 5 percent.
The King’s Speech Hinting towards global economic slowdown of growth rate of 3.2%; the FM cited towards a tough Budget. On the contrary he also mentioned that currently India is the only country behind China and Indonesia when it comes to growth rate throughout the world. And if continued to grow at projected rate, only […]
Mr. Chidambaram also announced that the concessional rate of tax of 15 per cent on dividend received by an Indian company from its foreign subsidiary shall be continued for one more year.
MANY CONCESSIONS IN CUSTOMS DUTY ANNOUNCED DUTY ON CERTAIN MACHINERY FOR MANUFACTURE OF LEATHER AND LEATHER GOODS REDUCED DUTY ON PRE-FORMS OF PRECIOUS AND SEMI-PRECIOUS STONES DRASTICALLY CUT HOWEVER, TO ENCOURAGE DOMESTIC PRODUCTION DUTY ON SET TOP BOXES DOUBLED; DUTY ON RAW SILK TRIPLED CUSTOMS DUTY ON IMPORTED LUXERY GOODS SUCH AS HIGH END MOTOR […]
We have hereby attempted to elucidate and analyze the major and important amendments proposed in the Direct Tax and Service Tax Laws, with their implications; and are sure that the same would be handy to you.
1. Personal Income Tax: Minor relief of Rs. 2000 Slabs of taxation not revised Ad-hoc Relief of Rs. 2000 for Tax Payers in the first bracket of Rs. 2 lakhs to Rs. 5 lakhs. Relief available to Individuals having total income upto Rs. 5 lacs.
Scheme to whom it is applicable? The person who has not paid the tax dues. Tax Dues means the service tax due or payable under the Chapter or any other amount due or payable under Section 73 A thereof for the period beginning from 1st day of October 2007 to 31st December 2012 including a CESS, leviable thereon under any other ACT for the time being in force but not paid as on 1st Day of March 2013.
a new scheme has been introduced for defaulter – service tax assessees named as Service Tax Voluntary Compliance Encouragement Scheme. While announcing this scheme, it was said by hon’ble Finance Minister that there are nearly 17,00,000 registered assessees under service tax,
CA Srikant Agarwal We have uploaded below Income Tax Calculator for Financial Year 2013-14 or Assessment Year 2014-15 after making the changes effected by union budget 2013-2014. The calculator calculates Income Tax from Financial Year 2006-07 to 2013-14 and also contains Income Tax Rate for the period from 1997-98 to 2013-14. The Calculator calculates tax […]
