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Insertion of section 74A: One more positive effort of government to reduce the litigation and incentivizing the taxpayer

Goods and Services Tax : New Section 74A in CGST Act 2017 simplifies tax determination and penalties for FY 2024-25 onwards, ensuring fair treatment for fr...

July 24, 2024 258 Views 0 comment Print

Penalizing Genuine Taxpayer in the name of simplification of GST: Budget 2024

Goods and Services Tax : Explore how Budget 2024's new Section 74A in the GST Act affects genuine taxpayers, increasing compliance time and potential inter...

July 24, 2024 273 Views 0 comment Print

Decoding of Newly Inserted Section 74A in CGST Act, 2017

Goods and Services Tax : Discover the key updates under Section 74A of the CGST Act, 2017, including thresholds, penalties, and procedural changes for tax ...

July 24, 2024 243 Views 0 comment Print

Union Budget 2024 Highlights and Tax Reforms

Finance : Union Budget 2024 brings key changes in tax rates, benefits for salaried employees, increased expenditure across sectors, and new ...

July 24, 2024 381 Views 0 comment Print

Analysis of changes proposed in TDS in Union Budget 2024-2025

Income Tax : Explore the proposed changes in TDS regulations in the Union Budget 2024-25, impacting sections 271H, 200, 197, and more. Understa...

July 24, 2024 5445 Views 0 comment Print

Latest News

ICAI Welcomes Union Budget 2024-25: Key Highlights

Income Tax : ICAI applauds Budget 2024-25 for its focus on employment, skilling, MSMEs, and the middle class. Discover key tax reforms and econ...

July 24, 2024 93 Views 0 comment Print

Section 80G Amendment: National Sports Fund Update

Corporate Law : Finance Bill 2024 updates Section 80G to reflect "National Sports Development Fund" and changes approval procedures for charities....

July 24, 2024 60 Views 0 comment Print

Section 194F Amendment: TDS Omission for Mutual Fund Unit Repurchases

Income Tax : Explore the amendment to Section 194F removing TDS on Mutual Fund and UTI unit repurchases, effective from October 2024 under the ...

July 24, 2024 114 Views 0 comment Print

Assessment, Reassessment & Re-computation Time-Limits amended: Budget 2024

Income Tax : Budget 2024 proposes amendments to section 153 and section 139 of Income Tax Act to address procedural difficulties and streamline...

July 24, 2024 156 Views 0 comment Print

Budget 2024: Credit of TCS/TDS Allowed in Salary Tax Calculation

Income Tax : Learn about the proposed amendments to Section 192 of the Income-tax Act, allowing salaried employees to claim credit for TCS and ...

July 24, 2024 3540 Views 0 comment Print

Latest Judiciary

Plea in Madras HC on Penalty on CAs for Filing Wrong Information- Section 271J

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...

May 9, 2017 4911 Views 2 comments Print

In all cases where additional evidence is admitted, the CIT (A) should be considered to have exercised his powers u/s 250(4) is not acceptable

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 ...

March 18, 2012 2264 Views 0 comment Print

Latest Notifications

Customs Tariff Amendment Rules 2024: CVD & Injury Determination

Custom Duty : Notification No. 51/2024-Customs (N.T.) introduces New Shippers Review in countervailing duty rules, effective from 24th July 2024...

July 23, 2024 150 Views 0 comment Print

Notification No. 39/2024-Customs Extends Re-import Period

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...

July 23, 2024 186 Views 0 comment Print

CBIC amends 32 Custom duty notifications to extend their validity

Custom Duty : Government of India amends 32 Customs notifications and extends the re-export period for certain foreign-origin goods under Notifi...

July 23, 2024 114 Views 0 comment Print

Amendment to Export Duty on Raw Hides & Leather: Notification No. 37/2024-Customs

Custom Duty : Notification No. 37/2024-Customs revises export duties on raw hides, skins, and leather, effective from 24th July 2024. Updated ra...

July 23, 2024 105 Views 0 comment Print

Exemption of BCD & SWS on Critical Minerals: Notification No. 36/2024-Customs

Custom Duty : Notification No. 36/2024-Customs exempts BCD and SWS on critical minerals like graphite, cobalt, and lithium, effective from 24th ...

July 23, 2024 177 Views 0 comment Print

Tax rate for AY 2011-12 on Income, Dividend, Wealth, MAT, STT, Capital Gain & Presumptive Income

March 20, 2010 114376 Views 0 comment Print

(a) In the case of a resident woman below the age of 65 years, the basic exemption limit is INR 190,000. (b) In the case of a resident individual of the age of 65 years or above, the basic exemption limit is INR 240,000 (c) Surcharge is not applicable (d) Education cess is applicable @ 3 percent on income-tax

Extension of time limit for Five Year Tax Holiday to Commonwealth Games hotel Projects in Delhi & NCR

March 12, 2010 729 Views 0 comment Print

At the behest of the Minister of Tourism Kumari Selja, in order to encourage the growth of new hotels coming up for the Commonwealth Games, the Ministry of Finance in the recently announced Union General Budget has extended the Five Year Tax Holiday available to 2, 3 and 4-star category hotels and convention centers in National Capital Territory Region of Delhi

Service Tax: Budget Highlights 2010

March 9, 2010 1268 Views 0 comment Print

Addition or reduction of exemptions in various services. Renting Service – Retrospective amendment to supersede decision of Delhi High Court in case of Home Solutions Retail India Ltd. Now activity of ‘Renting’ made taxable. Construction Service – receiving any amount from prospective buyer before completion certificate would be considered as service.

Post budget 2010 medical treatment and medical insurance premium will cost more

March 3, 2010 399 Views 0 comment Print

According to the Bill, tax will be levied on “a person covered by health insurance scheme, for any health check-up or treatment, where the payment for such health check-up or treatment is made by the insurance company directly to such hospital, nursing home or multi-specialty clinic”. This will be only applicable to cashless insurance claims.

Excise Duty notifications related to Union budget 2010-11

February 28, 2010 6692 Views 0 comment Print

All the Excise duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provisions in Union Budget 2010-11. Read our earlier Post on Major Amendment in Excise Duty made in Budget 2010-11 at the Link given below:- Budget 2010-11: Major Amendment in Central Excise Duty. . Notifications are as given below: – Please click the Notification No. to view the Notification.

Custom duty notifications dated 27.02.2010 related to Union budget 2010-11 amendments and provisions

February 28, 2010 2568 Views 0 comment Print

All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provisions in Union Budget 2010-11. Read our earlier Post on Major Amendment in Custom Duty made in Budget 2010-11 at the Link given below:-Budget 2010-11: Summary of Major Amendment in Custom duty Laws

Custom duty relief for importing digital films: Budget 2010-2011

February 28, 2010 540 Views 0 comment Print

The Union Budget 2010-11 proposes to rationalize the differential custom duty structure for importing digital masters of films for duplication or distribution in electronic medium and in cinematographic film. Henceforth custom duty would be charged only on the value of the carrier medium.

Micro-wave ovens, pre-packaged imported goods, mobile phones, watches, ready made garments, toy balloons, long pepper, replaceable household water filters to be cheaper

February 28, 2010 525 Views 0 comment Print

Outright exemption from special additional duty provided to goods imported in a pre-packaged form for retail sale. This would also cover mobile phones, watches and ready-made garments even when they are not imported in pre-packaged form. The refund-based exemption is also being retained for cases not covered by the new dispensation.

Infotainment sector to benefit from concessional customs duty: Budget 2010-11

February 28, 2010 774 Views 0 comment Print

The Union Budget 2010-11 seeks to address the needs of multi-service operators to invest in ‘Digital Head End’ equipment to adopt digital technology and keep pace with on-going transformation in infotainment sector. Shri Pranab Mukherjee, the Union Finance Minister announced project import status at a concessional customs duty of 5 per cent with full exemption from special additional duty to the initial setting up of such projects.

Major tax relief to agriculture & related sectors: Budget 2010-11

February 28, 2010 1280 Views 0 comment Print

Project import status at a concessional customs duty of 5 per cent with full exemption from service tax to the initial setting up and expansion of Cold storage, cold room including farm pre-coolers for preservation or storage of agriculture and related sectors produce; and Processing units for such produce;

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