Follow Us:


Latest Articles

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 246 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 264 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 237 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 366 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 5391 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 90 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 111 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 153 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 3531 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 111 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

New tax incentives announced for Infrastructure Sector Budget 2010-11

February 28, 2010 1089 Views 0 comment Print

Shri Pranab Mukherjee, the Finance Minister while presenting the Union Budget in Lok Sabha today announced grant of project import status to ‘Monorail projects for urban transport’ at a concessional basic duty of 5 per cent. This would strengthen the public transport system and reduce the dependence on fossil fuels.

Uniform basic duty of 5 per cent and cvd of 4 per cent on import of medical equipment : Budget 2010-11

February 28, 2010 534 Views 0 comment Print

A uniform concessional basic duty of 5 per cent, CVD of 4 per cent with full exemption from special additional duty on all medial equipment are proposed doing away with a very complex import duty regime. The Finance Minister, Shri Pranab Mukherjee while presenting the Union Budget in Lok Sabha today said that multiple rates coupled with descriptions not aligned with tariff lines result in disputes and at times prevent state-of-art equipment from getting the benefit of exemption.

Service Tax retained at 10%: Budget 2010-11

February 28, 2010 13506 Views 0 comment Print

Certain New Services to be brought within Service Tax Purview.Legislative Changes to Plug Revenue Leakages to Remove Distortions and to Clarify Certain Doubts.Process Of Refund of Accumulated Credit to Exporters of Services to Be Made Easy. Accredited News Agencies Providing Online Feed to be Exempted From Service Tax. Net Revenue Gain of Rs. 3,000 Crore Estimated From Service Tax Proposals.

Rate reduction in Central Excise duties partially rolled back

February 28, 2010 396 Views 0 comment Print

AD-VALOREM ON NON PETRO PRODUCTS & CARS INCREASED BY 2 PERCENT. CENTRAL EXCISE ON PETROL & DIESEL RAISED BY RE. ONE PER LITRE.In the Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, the rate reduction in Central Excise duties has been partially rolled back and the standard rate on all non-petroleum products enhanced from 8 per cent to 10 per cent ad valorem.

Special duty concessions to promote clean environment, Clean Energy Cess @ Rs. 50 per Tonne on Coal: Budget 2010-11

February 28, 2010 934 Views 0 comment Print

The Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, provides relief measures to promote clean environment. Clean energy cess on coal produced in India as well as on the imported, will be levied at a rate of Rs. 50 per tonne. The measure is aimed at building the corpus of the National Clean Energy Fund.

P. Chidambaram welcomed the General Budget for 2010-11

February 28, 2010 390 Views 0 comment Print

The Union Home Minister, Shri P. Chidambaram has welcomed the General Budget for 2010-11 presented in Parliament on friday. In a statement issued here today, he described the budget as a very balanced effort . Following is the text of the statement.

The 3 big things in Union Budget 2010-11, according to the PM

February 28, 2010 739 Views 0 comment Print

On the question of fiscal consolidation, the much-awaited roll-back of the stimulus measures was announced in the Budget. There were expectations that this roll-back would be either calibrated or selective. But we saw an across-the-board increase in central excise duty from 8 to 10 per cent and there are obvious fears in certain quarters that prices will go up. Do you see this stoking inflation?

Budget 2010-11: Made life Saral for salaried taxpayer

February 28, 2010 1030 Views 0 comment Print

In the next financial year, the salaried will not only have more money to spend but also can look forward to easy tax filings. One of the income tax reforms that the finance minister announced on Friday was the introduction of Saral II form, which will only have two pages. The Income Tax Department is now ready to notify Saral-II form for individual salaried taxpayers for the coming assessment year. This form will enable individuals to enter relevant details in a simple format in only two pages,” Finance Minister Pranab Mukherjee said during his Budget speech.

Amendment in CST Act by finance Bill 2010

February 28, 2010 3124 Views 0 comment Print

Provide that for making an order under that sub section the assessing officer shall, in addition to satisfying himself about the truthfulness of particulars furnished by a dealer , shall also satisfy himself that no interstate sale have been effected and also to provide that the deeming provision as contained therein to the effect that the movement of goods have not occasioned as a result of sale SHALL BE SUBJECT TO THE provisions of sub-section (3) and

Summary of Important Income tax provisions: Union Budget 2010-11

February 27, 2010 4426 Views 0 comment Print

Finance Minister Pranab Mukherjee took the first step towards implementation of the Direct Taxes Code (DTC) on Friday. While retaining the basic exemption limits for all income levels (as in the DTC), he increased the other slabs. For instance, while the basic exemption limit for individuals has been retained at Rs 1.6 lakh, the 10 per cent rate will now be applicable for the Rs 1.6 lakh-Rs 5 lakh bracket. Earlier, the 10 per cent rate was applicable for income of Rs 1.6-Rs 3 lakh. The hike in the slab means that the taxpayer is going to save Rs 20,600 for incomes up to Rs 5 lakh.

Search Post by Date
July 2024