Service Tax : The Union finance minister had introduced the Finance Bill, 2010 in the Lok Sabha on February 26, 2010 and proposed to tax 8 new s...
Income Tax : (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 res...
Service Tax : Addition or reduction of exemptions in various services. Renting Service – Retrospective amendment to supersede decision of Delh...
Excise Duty : All the Excise duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provis...
Excise Duty : AD-VALOREM ON NON PETRO PRODUCTS & CARS INCREASED BY 2 PERCENT. CENTRAL EXCISE ON PETROL & DIESEL RAISED BY RE. ONE PER LITRE.In t...
Custom Duty : The Union Budget 2010-11 proposes to rationalize the differential custom duty structure for importing digital masters of films for...
Excise Duty : Outright exemption from special additional duty provided to goods imported in a pre-packaged form for retail sale. This would also...
Custom Duty : The Union Budget 2010-11 seeks to address the needs of multi-service operators to invest in ‘Digital Head End’ equipment to ad...
Excise Duty : Project import status at a concessional customs duty of 5 per cent with full exemption from service tax to the initial setting up ...
Custom Duty : Shri Pranab Mukherjee, the Finance Minister while presenting the Union Budget in Lok Sabha today announced grant of project import...
Custom Duty : All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provis...
The existing provisions of section 40(a)(ia) of Income-tax Act provide for the disallowance of expenditure like interest, commission, brokerage, professional fees, etc. if tax on such expenditure was not deducted, or after deduction was not paid during the previous year.
These rates are also applicable for charging income-tax during the financial year 2010-11 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to nonresidents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc.
Section 9 provides for situations where income is deemed to accrue or arise in India. Vide Finance Act, 1976, a source rule was provided in section 9 through insertion of clauses (v), (vi) and (vii) in sub-section (1) for income by way of interest, royalty or fees for technical services respectively.
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,
Note: Changes come into effect immediately unless otherwise specified. Major proposals about Central Excise duty are the following:A. General CENVAT Rate for non-petroleum goods:The standard rate of excise duty of 8% on non-petroleum products is being increased to 10% with a few exceptions where exemptions/concessions have been given.
Goods imported in pre-packaged form and intended for retail sale and certain specified goods namely, ready-made garments, mobile phones and watches are being provided an outright exemption from additional duty of customs of 4%. In addition, outright exemption from this duty is also being provided to Carbon Black Feedstock, waste paper and paper scrap.
Chapter V of the Finance Act, 1994 is being amended to,- a) insert an explanation in sub-section (3) of Section 73 to clarify that no penalty shall be imposed where service tax along with interest has been paid before issuance of notice by the department under this sub-section. b) provide definition of the term ‘business entity’ to include an association of persons, body of individuals, company or firm but not an individual.
Statutory taxes charged by the foreign governments are being excluded from taxable value for levy of service tax under the Air passenger transport service. 2) Exemption from service tax is being provided to services relating to ‘Erection, Commissioning or Installation’ of,-
The existing taxable service ‘Intellectual Property Right (IPR)’ excludes copyright from its scope. Copyrights on (a) cinematographic films and (b) sound recording are being brought under the ambit of service tax. However, copyright on original literary, dramatic, musical and artistic work would continue to remain outside the scope of service tax.
Under the scheme of deduction of tax at source as provided in the Income-tax Act, every person responsible for payment of any specified sum to any person is required to deduct tax at source at the prescribed rate and deposit it with the Central Government within the specified time. However, no deduction is required to be made if the payments do not exceed prescribed threshold limits.
