Income Tax : Budget 2024 brings into focus the complexities and challenges surrounding presumptive taxation in India, particularly under sectio...
Income Tax : Explore India's Budget 2024 expectations and projections, including potential tax relief, increased healthcare and education spend...
Income Tax : Explore the key expectations for Budget 2024, including potential tax reliefs, increased deductions, and economic growth strategie...
Income Tax : Explore rationale behind rationalizing income tax rates in India, its impact on compliance, and potential benefits for taxpayers. ...
Income Tax : Explore the comprehensive Pre Budget Memorandum 2024-25 addressing crucial aspects like tax base expansion, avoidance mitigation, ...
Income Tax : Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and inves...
Goods and Services Tax : Explore Rajasthan Budget 2024-25 tax proposals with reductions in VAT rates, abolition of certain taxes, and new incentives. Detai...
CA, CS, CMA : Discover comprehensive proposals from The Punjab Accountants Association to improve tax compliance, extend filing deadlines, inclu...
Income Tax : Explore the Malad Chamber of Tax Consultants' 2024 Pre-Budget Memorandum proposing crucial amendments to the Income Tax Act, 1961,...
Income Tax : Explore comprehensive suggestions for Union Budget 2024-25 in direct tax domain, addressing key reforms and their potential impact...
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 suggestions from trade associations for Budget 2024-25 on changes in direct and indirect taxes. Submit proposals for tax s...
Income Tax : On February 15, 2024, President Droupadi Murmu granted his assent to the Finance Act 2024 (Budget 2024), officially bringing the g...
Income Tax : Explore the details of F. No. 375/02/2023 - IT-Budget by the Ministry of Finance. Learn about the remission of outstanding tax dem...
Custom Duty : Explore the impact of Budget 2024-25 updates by the Office of the Pr. Commissioner of Customs. Learn about changes, timelines, and...
Income Tax : The Finance Bill, 2024, also known as Bill No. 14 of 2024, is a legislative proposal introduced in the Lok Sabha, the lower hous...
Pranab Mukherjee, the stand-in Prime Minister and Finance Minister of India, delivered the Interim Budget speech in the Lok Sabha on Monday 16.02.2009. Though, He did not announce any major sops for ailing industries or changes in tax structure and stuck to highlighting the achievements of the United Progressive Alliance (UPA) government.
A delegation of the Public Finance Committee of the Institute of Chartered Accountants of India (Icai) led by chairman, Mr Subodh Kumar Agrawal called on state finance minister Mr Prafulla Chandra Ghadei and offered free consultancy service to the state government. The consultancy service, free of cost, given to the Union government, state government and […]
Railway Minister Lalu Prasad presented the interim Railway Budget for 2009-10 in Parliament on Friday, saying the Railways have scaled new heights. Highlights of Lalu’s speech in Parliament: Reduction in passenger fares of ordinary passenger trains by Re 1 for fares costing up to Rs fifty per passenger for journey above ten kms. Fares of […]
The forthcoming interim budget could hold some pleasant surprises. Policymakers are examining all options, including tax cuts, aimed at giving a boost to the slowing economy and relief to industry to prevent job cuts. The Constitution does not restrain an outgoing government from announcing tax measures in an interim budget, ahead of general elections. “Constitutionally, […]
“The Indian stock market today has the potential to lift all boats across the entire social spectrum of the country and this potential needs to be exploited to the fullest if the government wants to realise the dream of reducing the poverty rate to single digit.”
The government is likely to revise downwards indirect tax collections target for the current financial year by at least Rs 20,000 crore (Rs 200 billion), because of cut in industrial production due to the global economic slowdown and duty sops.
It is strange that while reducing peak rate of excise duty from 14% to 10%, central government did not reduce the peak rate of service tax from 12% to 10% or 8%. After the reduction of excise duty with effect from 7-12-2008, now the rate of excise duty on packaged software will be 8% whereas rate of service tax on customized software will be 12%. [See excise notification no. 49/2006 CE dated 30/12/2006 as amended by notification no. 58/2008 CE dated 07/12/2008]
Government has focussed its attention on countering the impact of the global recession on India’s economic growth. On the monetary side, the RBI has sought to pump sufficient liquidity into the banking system to enable bank credit to meet the expanded requirements of the economy keeping in mind the contraction in credit from non-bank sources. Banks have been provided adequate liquidity through a series of reductions in the CRR and additional flexibility in meeting the SLR requirement.
Companies and individuals who do not reveal their Permanent Account Number (PAN) while receiving income from any source will be liable to pay tax deducted at source (TDS) at the maximum marginal rate of 30 per cent (plus surcharge and education cess). Under the Income Tax Act, 1961, any income payable to the assessee is liable for TDS by the person or entity making the payment. TDS rate ranges from 1 per cent to 30 per cent depending on the nature of income. The Central Board of Direct Taxes is considering changes to the Act to this effect.
Circular no. 3/ 2008 .1 The Finance Act, 2007 (hereafter referred to as the Act) as passed by the Parliament, received the assent of the President on the 11th day of May, 2007 and has been enacted as Act No. 22 of 2007. This circular explains the substance of the provisions of the Act relating to direct taxes. 2. Changes made by the Finance Act, 2007 2.1 The Finance Act, 2007 (hereinafter referred to as the Act), has,
