Finance : Secondary SGB buyers must now pay 12.5% LTCG tax, unlike primary holders. The change reshapes returns and investment strategies in...
Income Tax : Establishes that higher tax burdens on promoters under the new regime require companies to reassess payout strategies. The takeawa...
Finance : The Supreme Court has allowed taxpayers to challenge retrospective amendments validating JAO reassessment actions. It stayed ongoi...
Income Tax : The issue arose from taxing buybacks as dividends, causing higher tax burden and unusable capital losses. The reform restores capi...
Income Tax : The Supreme Court has admitted a case to resolve conflicting interpretations of due dates for PF/ESI contributions. The ruling wil...
Income Tax : The amendments focus on reassessment timelines, electronic communication, and procedural clarity. The changes aim to reduce litiga...
Income Tax : The Government introduced reforms to simplify tax dispute resolution, including broader immunity provisions and expanded scope for...
Income Tax : A focused session breaks down recent Budget amendments affecting NRI taxation. It highlights how changes impact income, investment...
CA, CS, CMA : Budget 2026 prioritises easing compliance, reducing penalties, and cutting litigation rather than raising tax rates. The reforms a...
Custom Duty : New baggage rules and processing regulations are notified, replacing earlier frameworks and aligning customs procedures for passen...
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 ...
Income Tax : CBDT updated DIN rules to align with new provisions introduced under the Finance Act, 2026. The circular mandates DIN for most tax...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026. The rescission is ...
Excise Duty : The government has extended key excise provisions and introduced a specific duty structure for CNG blended with biogas. The key ta...
Excise Duty : The government has reduced the effective National Calamity Contingent Duty on specified tobacco products. The key takeaway is a ca...
Increase in slab rate in case of Individual Tax Payers.No change in corporate tax rates. Alternate Minimum Tax (AMT) on all persons other than companies.Interest up to Rs. 10,000 from saving bank account will now be exempt from tax. Exemption from payment of advance tax to Senior Citizens not having income from business.Enhanced deduction of Rs. 5,000 u/s 80D has been allowed for health checkup.
Press reports after the presentation of the budget on 16.03.2012 indicate that the full import of the provisions contained in the legislation related to the levy of excise duty of 1% on precious metal jewellery are not clear to the trade.
The Outcome Budget reflects the endeavour of the Government to convert Outlays into Outcomes by planning expenditure, fixing appropriate targets and quantifying deliverables of each scheme. The Outcome Budget is an effort of the Government to be transparent and accountable to the people.
Union Budget 2012-13 could not lift the sentiment of the capital markets in India as the markets do not seem to be influenced or moved by the budget proposals, which are otherwise also not directly in favour of capital market.
The union budget has increased in Tax exemption limit of Rs.20000 for general category male giving Tax Relief of Rs. 2000 & Rs.10000 for female giving Rs.1000 tax Relief for the individuals having an income upto Rs. 8lacs. Rs. 5000 deduction will be allowed for preventive Health check up u/s 80D but the same is within the total limit of Rs. 15000 only & threshold limit of 80D now will be used for Mediclaim policy as well as for preventive health check up. So the individual having a mediclaim policy equal to or above Rs. 15000 is not going to have any benefit from this.
Finance Ministers of India from 1947 to 2011, Highlights-Service Tax, Highlights- Income Tax, Section wise Major Changes, Other Useful Information, Exemption from Return Filing to Employees, ITD CPC Bangalore – Processing/Tracking, ITR-V Receipt status at CPC Bangalore, Refund Failure Status, Password Reset and Link Activation,
The Union Budget 2012-13 presented by the Finance Minister Shri Pranab Mukherjee in LokSabha on 16.03.2012 has made an effort to widen the service tax base, strengthen its enforcement and bring it as close as possible to the central excise. Clauses 143 to 145 of the Finance Bill, 2012 cover the legislative changes relating to Service Tax. Changes have also been made in the rules as well as exemptions.
The Union Budget of India, referred to as an annual Financial Statement in Article 112 of the Constitution of India is an annual budget of theRepublicofIndia, which is presented each year by the Finance Minister ofIndiain the Parliament. The Union budget has to be passed by the Both Houses of Parliament before it can come into effect on April 1, the start ofIndia’s financial year.
Amendments in the Definition of Capital Goods ♦ The facility of taking CENVAT Credit on motor vehicles other than those falling under tariff headings 8702, 8703, 8704,8711 and their chasis has been extended to manufacturers. ♦ Motor Vehicles falling under tariff headings 8702,8703,8704,8711 and their chasis shall be eligible for CENVAT Credit for service providers engaged in providing the following services
CA Jitendra Goyal, CA Rajender Handa RATES OF INCOME TAX FOR THE ASSESSMENT YEAR 2013-14 Slab Rates For Individuals( below 60 years) , HUF, AOP/BOI, (other than co-operative societies) For resident women age below 60 Years For senior citizens (Age between 60 – 80 Years) For Super Citizens (Age above 80 Years) Upto 200000 Nil […]
