Income Tax : Budget 2025 introduces tax reliefs, higher TDS thresholds, and urban housing reforms, impacting real estate growth while raising c...
Goods and Services Tax : The 2025 Finance Bill amends Section 34(2) of the CGST Act, requiring ITC reversal for credit note claims, increasing compliance f...
Income Tax : Budget 2025 raised the Section 87A rebate limit to ₹12 lakh but restricted its use on special rate income. Learn about key chang...
Income Tax : Budget 2025 revises income tax slabs, making ₹4,00,000 tax-free. New rates range up to 30% for income above ₹24,00,000. Key de...
Income Tax : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Explore the section mapping of the New Income-Tax Bill 2025, comparing provisions with the Income-Tax Act, 1961. See key changes, ...
Finance : ICSI acknowledges Budget 2025’s focus on economic growth, regulatory reforms, and entrepreneurship, emphasizing its role in shap...
Custom Duty : This FAQ guide provides clarity on key aspects of customs duties and tariff structure updates in Budget 2025-26. Basic Customs Dut...
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 : The Union Budget 2025-26 introduces customs reforms to boost trade and domestic manufacturing. January GST collections hit ₹1.95...
Excise Duty : Govt extends provisions under Excise Notification 11/2017 from 2025 to 2026. Changes take effect on February 2, 2025....
Custom Duty : CBIC amends Customs IGCR Rules, 2022 to extend reporting timelines from monthly to quarterly and revise submission deadlines....
Custom Duty : Govt amends Customs Notification 153/94, updating classifications under chapters 86, 88, and 89. Changes effective from February 2...
Custom Duty : Govt modifies Customs Notification 19/2019, updating classifications for ammunition imports. Changes effective from February 2, 20...
Under the existing provisions of section 208 the Income-tax Act, liability for payment of advance tax during a financial year arises when the amount of such tax payable during that year is Rs.5,000/-or more. This limit was fixed in 1996. With a view to providing for inflation adjustment, it is proposed to raise the threshold limit […]
There has been a substantial increase in small businesses with the growth of transport and communication and general growth of the economy. A large number of businesses and service providers in rural and urban areas who earn substantial income are outside the tax-net. Introduction of presumptive tax provisions in respect of small businesses would help […]
The government has merged the Authority for Advance Rulings (AAR) for direct and indirect taxes, the two arms of Finance Ministry, where overseas firms and Non-Resident Indians can know their tax liabilities.To further enhance efficiency in tax administration, I intend to merge the two Authorities for Advance Rulings on Direct and Indirect Taxes by amending the relevant Acts, Finance Minister Pranab Mukherjee said unveiling the budget for 2008-09.
New Income Tax Rate slabs for Individual, HUF, Women, Senior Citizen for A.Y. 2010-11 & F.Y. 2009-2010 Basic exemption for individual tax payers was increased by Rs 10,000 for general tax payers and women and Rs 15,000 for senior citizens (i.e. 65 years and above) by the finance minister on Monday. The current income tax exemption […]
Excise duty rate on items currently attracting 4% to be raised to 8% with following major exceptions: Specified food items including biscuits, sharbats, cakes and pastries Drugs and pharmaceutical products falling under Chapter 30 Medical equipment Certain varieties of paper, paperboard and articles thereof Paraxylene Power driven pumps for handling water
Customs duty of 5% to be imposed on Set Top Box for television broadcasting. Customs duty on LCD Panels for manufacture of LCD televisions to be reduced from 10% to 5%. Full exemption from 4% special CVD on parts for manufacture of mobile phones and accessories to be reintroduced for one year. List of specified […]
194C- Under this section earlier there was same Rate of TDS in respect of Payment to all the class of the Assesses. Now finance minister has changed the rates and provided that that any person shall deduct tax at source at the rate of one per cent,if the payee is an individual or a Hindu undivided family or at the rate of two per cent. in the case of any other person, on payment to a resident contractor for carrying out any work.
Service tax levied on law firm Custom duty on gold re-imposed Customs duty to be reduced on drugs for heart treatment No new tax on edible oil imports 4 per cent excise duty on cotton products restored Customs duty on bio-diesel reduced Life saving devices on heart condition exempted from custom duty Small business exempt […]
Excise duty on fibre for cheaper cloth reduced service tax to be levied on law firms Excise duty on petrol-driven small trucks reduced to 10% Exemption of duty on goods made at construction sites restored Drugs for heart diseases to become cheaper Customs duty on gold and silver import increased Mobile phone accessories to become […]
No hike in passenger fares. No hike in freight rates. Book stores, PCOs to be set up across stations Infotainment services on Rajdhani and Shatabdi trains To take the private-public partnership route to develop stations Priority for food and water on trains Developing multi-functional complexes at stations Priority to passenger amenities Rail projects shouldn’t be […]
