Income Tax : Key tax changes from the July 2024 Budget effective October 1. Covers TDS rates, share buyback taxation, VSV 2.0, and other import...
Goods and Services Tax : Explore the 44 changes in GST law from Finance Act (No-2) 2024, including effective dates for various provisions starting Septembe...
Income Tax : Learn about the revised tax implications on buybacks by domestic companies effective October 1, 2024, shifting the tax burden to s...
Custom Duty : The 2024 Budget empowers the government to restrict certain goods under the MOOWR Scheme, which facilitates duty-free imports for ...
Income Tax : Budget 2024 revises LTCG tax on property sales, cutting indexation benefits and affecting real estate investments. Learn how this ...
Income Tax : Key amendments to the Finance (No.2) Bill, 2024, include changes in tax rates, capital gains, customs duties, and excise laws, eff...
CA, CS, CMA : ICAI President's August 2024 message highlights India's economic growth, recent exam results, and the Union Budget's role in achie...
Goods and Services Tax : Discover the major amendments in GST, excise, and customs duties introduced in Budget 2024, including changes in CGST, IGST, and C...
Income Tax : Finance Bill 2024 proposes an amendment to Section 55 of the Income Tax Act to clarify the computation of cost of acquisition for ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
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 ...
Goods and Services Tax : Ministry of Finance notifies commencement dates for provisions of the Finance (No. 2) Act, 2024. Key sections to come into force b...
Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Goods and Services Tax : Govt. sets October 1, 2024, for Finance Act 2024, Section 13; April 1, 2025, for Sections 11 and 12, under Notification No. 16/202...
Custom Duty : Notification No. 51/2024-Customs (N.T.) introduces New Shippers Review in countervailing duty rules, effective from 24th July 2024...
The Finance Minister has introduced the Finance Bill, 2011 in Lok Sabha on 28th February, 2011. Changes in Customs law and rates of duty have been proposed through the Finance Bill, 2011 (clauses 35 to 58 for customs). In order to prescribe effective rates of duty and to carry out changes in the Rules made […]
As a measure of rationalization of duty structure the rates of 2% and 3% are being unified with the median rate of 2.5%. Accordingly basic customs duty on all goods currently attracting 2% has been increased to 2.5% and basic customs duty on those goods attracting 3% has been decreased to 2.5%.(S. No. 1 & 2 of Notification No. 21/2011-Cus dated the 1st March 2011 refers)
Several amendments have been carried out in the provisions of the Cenvat Credit Rules (CCR), 2004. The basic thrust of these changes is to broad base and simplify definitions to reduce disputes and to achieve a more realistic attribution when common inputs or input services are used for the manufacture of both dutiable and exempt goods.
Hotel accommodation, in excess of declared tariff of Rs. 1000 per day and service provided by air conditioned restaurants that have license to serve liquor are the new services which have been brought under the service tax net. While proposing to levy service tax on these services, the Union Finance Minister, Shri Pranab Mukherjee has said that the hotel accommodation with declared tariff of over Rs. 1000 per day will have to pay the service tax with an abatement of 50 per cent.
This budget meets all the challenges that our economy and our polity faces in the next fiscal year. We need to sustain a high rate of growth and therefore this budget builds upon the good performance of the current fiscal year’s 8.6 % growth rate to a projected 9% growth rate for which adequate provisions have been made particularly in the area of infrastructure and in social sector plus agricultural development.
Section 282 in respect of Document Identification number has been omitted. Section 194LA had been introduced which deals with TDS of FIIs investment in Infrastructure debt fund @ 5%. In section 115-0, the benefit of DDT exemption to SEZ developer & SEZ units has been omitted. Now they have to pay DDT on their declared dividends.
Currently, specified perquisites of the Chief Election Commissioner or Election Commissioner and the judges of the Supreme Court are exempt from taxation consequent to the enabling provisions in the respective Acts governing their service conditions. It is proposed to amend section 10 to extend similar benefit of exemption in respect of specific perquisites and allowances, which will be notified by the Central Government, received by both serving as well as retired Chairmen and Members of the Union Public Service Commission.
For the purposes of the Income-tax Act, charitable purpose has been defined in section 2(15) which, among others, includes the advancement of any other object of general public utility. However, the advancement of any other object of general public utility is not a charitable purpose, if it involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other consideration, irrespective of the nature of use or application, or retention, of the income from such activity and receipts from such activities is ten lakh rupees or more in the previous year.
OPPORTUNITIES Swift and broad based growth in 2010-11 has put the economy back to its pre-crisis growth trajectory. Fiscal consolidation has been impressive. Significant progress in critical institutional reforms that would set the pace for double-digit growth in the near future. Dynamism in the rural economy due to scaled up flow of resources to the […]
Direct tax sops to result in Rs 11,500 cr net revenue loss Investment-linked deductions for fertilisers and developers of affordable housing Low withholding tax of 5% for notified infra funds Foreign dividend tax rate cut to 15% for Indian companies Total plan expenditure will go up 100% in nominal terms in the next year
