Finance : Secondary SGB buyers must now pay 12.5% LTCG tax, unlike primary holders. The change reshapes returns and investment strategies in...
Income Tax : Establishes that higher tax burdens on promoters under the new regime require companies to reassess payout strategies. The takeawa...
Finance : The Supreme Court has allowed taxpayers to challenge retrospective amendments validating JAO reassessment actions. It stayed ongoi...
Income Tax : The issue arose from taxing buybacks as dividends, causing higher tax burden and unusable capital losses. The reform restores capi...
Income Tax : The Supreme Court has admitted a case to resolve conflicting interpretations of due dates for PF/ESI contributions. The ruling wil...
Income Tax : The amendments focus on reassessment timelines, electronic communication, and procedural clarity. The changes aim to reduce litiga...
Income Tax : The Government introduced reforms to simplify tax dispute resolution, including broader immunity provisions and expanded scope for...
Income Tax : A focused session breaks down recent Budget amendments affecting NRI taxation. It highlights how changes impact income, investment...
CA, CS, CMA : Budget 2026 prioritises easing compliance, reducing penalties, and cutting litigation rather than raising tax rates. The reforms a...
Custom Duty : New baggage rules and processing regulations are notified, replacing earlier frameworks and aligning customs procedures for passen...
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 : CBDT updated DIN rules to align with new provisions introduced under the Finance Act, 2026. The circular mandates DIN for most tax...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026. The rescission is ...
Excise Duty : The government has extended key excise provisions and introduced a specific duty structure for CNG blended with biogas. The key ta...
Excise Duty : The government has reduced the effective National Calamity Contingent Duty on specified tobacco products. The key takeaway is a ca...
Notification No. 8/2014-Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 1/2011-Central Excise,
Central Excise: 1. Cenvat credit: Cenvat credit on inputs and input services should be availed within a period of six months from the date of issuance of invoice, bill, challan etc. (Effective 1st September 2014) 2. Cenvat Credit in case of Reverse Charge : Credit will be allowed after the service Tax is paid. (For Full & Partial both)
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA (ICSI) WELCOMES THE UNION BUDGET 2014-15 “The Institute of Companies Secretaries of India (ICSI) welcomes the Union Budget 2014-15.The budget proposals are conducive for the growth of India Inc and it restates the Government’s commitment to the sustainable and inclusive development of the nation. It will go a […]
To broaden the tax base in Service Tax, sale of space or time for advertisements in broadcast media has been extended to cover such sales on other segments like online and mobile advertising. Announcing the tax proposals, the Finance Minister Shri Arun Jaitley said during his maiden budget speech that sale of space for advertisements in print media however would remain excluded from service tax. However services provided by radio-taxis have been brought under service tax. The Finance Minister said that the tax proposals on the indirect taxes side are estimated to yield Rs.7525 crore during 2014-15.
The General Budget 2014-15 presented by the Union Finance Minister Shri Arun Jaitley has raised the personal income-tax exemption limit by Rs. 50,000/- that is, from Rs. 2 lakh to Rs. 2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from Rs. 2.5 lakh to Rs. 3 lakh in the case of senior citizens. However there is no change in the rate of surcharge either for the corporates or the individuals, HUFs, firms etc. The budget proposes to continue education cess at 3 percent.
There was dispute was going on between the trade and the Central excise department on the exemption on Heena Paste. This exemption was given in last year budget but there was ambiguity in drafting on such notification. We have written an article on the this issue just after the presentation of the budget. Now the Government has come with the clarification in the next budget. This article tries to analysis this issue.
DIRECT TAXES PROPOSALS Personal Income-tax exemption limit raised by Rs.50,000/- that is, from Rs.2 lakh to Rs.2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from Rs.2.5 lakh to Rs.3 lakh in the case of senior citizens. No change in the rate of surcharge either for the […]
Proposals involving changes in rates of duty: I. AGRICULTURE/AGRO PROCESSING/PLANTATION SECTOR: 1) Excise duty on machinery for the preparation of meat, poultry, fruits, nuts or vegetables, and on presses, crushers and similar machinery used in the manufacture of wine, cider, fruit juices or similar beverages and on packaging machinery is being reduced from 10% to 6%.
Service tax leviable currently on sale of space or time for advertisements in broadcast media, namely radio or television, has been extended to cover such sales on other segments like online and mobile advertising. Sale of space for advertisements in print media, however, would remain excluded from service tax. Print media is being defined in service tax law for the purpose. This change will come into effect from a date to be notified later, after the Finance (No.2) Bill, 2014 receives the assent of the President.
Union Finance Minister Arun Jaitley has Presented his First Budget today today, the 10th July of 2014 in Parliament. The Budget is First Budget of Narendra Modi Government. We have uploaded below the copy of Union Finance Budget 2014-15 (Final) for your reference.
