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CA Amit Lath Finance minister while delivering his budget speech stressed on the importance of stability of taxation regime. With this view in mind very few changes has been introduced in the already destabilized regime of service tax. In this article an effort has been made to compare the changes introduced in the budget 2013-2014. […]
WANT TO ENCASH TAX BENEFITS OF INVESTMENT IN RESIDENTIAL UNIT- RESTRICT IT TO A BUDGET HOUSE You are planning to invest in Residential House, and got excited with the news of tax exemptions, be careful and keep a check on the Investment value. If you want to take the benefit of the Tax incentives in […]
Important changes in Indirect Taxes – Union Budget 2013:- No change in peak rate of Customs (10%), Central Excise (12%) and Service tax rates (12%). UNION BUDGET 2013: CHANGES IN SERVICE TAX A. CHANGES IN CHAPTER V OF THE FINANCE ACT, 1994 (WILL COME INTO FORCE WHEN THE FINANCE BILL, 2013 IS ENACTED):- i. Changes […]
Direct Tax – At a Glance No change in income tax slabs A tax credit of Rs. 2,000 to every person with an income of up to Rs. 5 lakh per annum Surcharge of 10 % on persons (other than companies) whose taxable income exceeds Rs. 1 crore for only one year Increase in surcharge […]
FINANCE BILL, 2013 – PROVISIONS RELATING TO DIRECT TAXES A. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for the assessment year 2013-14. In respect of income of all categories of assessees liable to tax for the assessment year 2013-14, the rates of income-tax have been specified in Part […]
The service tax changes in Budget 2013 are largely guided by the objectives to provide a stable tax regime and improve voluntary compliance. The important changes are as follows:
Section 28E of the Customs Act, 1962 defines advance ruling. Advance ruling means the determination, by the Advance Ruling Authority, of a question of law or fact specified in the application regarding the liability to pay in relation to an activity which is proposed to be undertaken by the applicant. Activity is defined to mean import or export.
Tapioca starch manufactured and consumed captively in the manufacture of tapioca sago (sabudana) is being exempted from excise duty. Notification No.12/2012-CE, dated 17th March, 2012 as amended by notification No. 12/2013-CE, dated the 1st March 2013 refers. S. No 8A contains the changes.
8.1 The basic customs duty (BCD) on hazel nuts is being reduced from 30% to 10%. Notification No.12/2012-Customs, dated 1st March, 2012 as amended by notification No. 12/2013-Customs, dated 1st March, 2013 refers. S. No. 23A contains the changes.
The Finance Minister has introduced the Finance Bill, 2013 in Lok Sabha today, i.e., 28th February, 2013. Changes in Customs and Central Excise law and rates of duty have been proposed through the Finance Bill, 2013 (clauses 54 to 77 for Customs and clauses 78 to 92 for Central Excise).
