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CA, CS, CMA : Explore key proposals in the Finance (No.2) Bill, 2024, including tax reforms, GST updates, and their implications for businesses ...
Corporate Law : Budget 2024 boosts startups by abolishing Angel Tax, setting up a ₹1000 crore space tech fund, and reducing long-term capital ga...
Income Tax : Explore the 2024-25 budget proposals affecting TDS/TCS rates, new sections, and compliance updates. Stay informed on key changes a...
Custom Duty : Comprehensive review of Indian 2024 Budget reforms on Customs & GST, highlighting impacts on manufacturing, exports, and tax admin...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
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Income Tax : Budget 2024 reduces penalty relief period for TDS/TCS statement filing from one year to one month. Changes effective April 2025....
Income Tax : Budget 2024 introduces new deadlines and penalties for non-resident liaison offices in India. Amendments effective April 2025....
Income Tax : Budget 2024 introduces a six-year limit for filing TDS/TCS correction statements. Amendments to sections 200 and 206C will be effe...
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...
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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 ...
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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...
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Custom Duty : Notification No. 37/2024-Customs revises export duties on raw hides, skins, and leather, effective from 24th July 2024. Updated ra...
Custom Duty : Notification No. 36/2024-Customs exempts BCD and SWS on critical minerals like graphite, cobalt, and lithium, effective from 24th ...
Union Budget- Suggestions from the Industry and Trade Associations for Budget 2011-12 regarding changes in direct and indirect taxes PRESS NOTE [F.NO.334/5/2010-TRU], DATED 22-11-2010 In the context of formulating the proposals for the Union Budget of 2011-12, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may […]
Union Finance Minister Shri Pranab Mukherjee released the first Budget Manual of the Union Government, here today. Releasing the Manual, the Finance Minister said that the Union Budget has evolved over the past six decades to reflect the strength of
The Central Government has issued various notifications regarding levy of Service Tax and exemptions therefrom, to be effective from July 1, 2010 (except as specified herein below). The details of the same are as under:
Finance Bill 2010 inserted clause (zzzzq) in Section 65(105) of the Act so as to define taxable service as “ service provided or to be provided to any person, by any other person, through a business entity or otherwise, under a contract for promotion or marketing of a brand of goods, service, event or endorsement of name, including a trade name, logo or house mark of a business entity by appearing in advertisement and promotional event or carrying out any promotional activity for such goods, service or event.”
The Union finance minister had introduced the Finance Bill, 2010 in the Lok Sabha on February 26, 2010 and proposed to tax 8 new services. On May 8, 2010, the President gave her consent to the Finance Bill and thus the Finance Act, 1994 (14 of 2010) has come into effect from that date. SERVICE TAX IS BEING IMPOSED ON THE FOLLOWING SPECIFIED SERVICES:
I have already informed the House that the Government is firmly committed to the goal of comprehensive tax reform through the introduction of the Direct Taxes Code (DTC) as well as the Goods and Services Tax (GST). I am happy to inform the Hon’ble Members that, in the case of DTC, the process of consultation with the stakeholders for revising the first draft is almost over.
(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
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
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.
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.
