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Tax rate for AY 2011-12 on Income, Dividend, Wealth, MAT, STT, Capital Gain & Presumptive Income

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...

March 20, 2010 115171 Views 0 comment Print

Service Tax: Budget Highlights 2010

Service Tax : Addition or reduction of exemptions in various services. Renting Service – Retrospective amendment to supersede decision of Delh...

March 9, 2010 1283 Views 0 comment Print

Unfolding the levy on Umbrella

Excise Duty : As the budget, 2010-11 has brought many changes in Excise Law. It varies from areas like applicable rate of excise duty, their Cen...

February 27, 2010 780 Views 0 comment Print

Union Budget 2010: Old Wine in New Bottle

Income Tax : Month of February is the shortest month of the year and this shortest month gets the highest importance other than any month of th...

February 27, 2010 733 Views 0 comment Print

ICAI welcomes Union Budget 2010

CA, CS, CMA : ICAI welcomes the Union Budget presented by the Hon’ble Finance Minister Shri Pranab Mukherjee, which can be termed as a relief ...

February 27, 2010 493 Views 0 comment Print


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3 Smarts of Budget 2010-11

Income Tax : Yesterday the Parliament of India have created a history by making a walkout even before the budget was yet to be finished. The op...

February 27, 2010 460 Views 0 comment Print

ICAI welcomes Union Budget 2010

CA, CS, CMA : ICAI welcomes the Union Budget presented by the Hon’ble Finance Minister Shri Pranab Mukherjee, which can be termed as a relief ...

February 27, 2010 493 Views 0 comment Print

Budget 2010-11: Deduction in respect of contribution to the Central Government Health Scheme

Income Tax : It is, therefore, proposed to also allow deduction in respect of any contribution made to CGHS by including such contribution unde...

February 27, 2010 1499 Views 0 comment Print

Budget 2010-11: Taxation of certain transactions without consideration or for inadequate consideration

Income Tax : Under the existing provisions of section 56(2)(vii), any sum of money or any property in kind which is received without considerat...

February 27, 2010 874 Views 0 comment Print

Budget 2010-11: Change in Income tax provisions on Conversion of a private company or an unlisted public company into a LLP

Income Tax : The Finance (No. 2) Act, 2009 provided for the taxation of LLPs in the Income-tax Act on the same lines as applicable to partnersh...

February 27, 2010 1180 Views 0 comment Print


Latest Posts in India budget live on desk top

Tax rate for AY 2011-12 on Income, Dividend, Wealth, MAT, STT, Capital Gain & Presumptive Income

March 20, 2010 115171 Views 0 comment Print

(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

Service Tax: Budget Highlights 2010

March 9, 2010 1283 Views 0 comment Print

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.

Unfolding the levy on Umbrella

February 27, 2010 780 Views 0 comment Print

As the budget, 2010-11 has brought many changes in Excise Law. It varies from areas like applicable rate of excise duty, their Cenvat Credit allowable, exemption from excise duty and so many. The duty on umbrella and umbrella parts are closely affected due to applicability of new Notifications inserted in this Budget. Therefore, we are giving the analysis / comparison of notifications which will help to know how they will affect upon manufacturer at the time of purchase of materials as well as at the time of clearance of finished products.

Union Budget 2010: Old Wine in New Bottle

February 27, 2010 733 Views 0 comment Print

Month of February is the shortest month of the year and this shortest month gets the highest importance other than any month of the year. For Indian economy it is the month where all expectation and desires followed with wishes and prayers are expected to come true. For some it comes true and for some it remains negative or dull. We celebrate festivals but the dates or months or time changes but the festival of February is always fixed that is at the last week of February.

3 Smarts of Budget 2010-11

February 27, 2010 460 Views 0 comment Print

Yesterday the Parliament of India have created a history by making a walkout even before the budget was yet to be finished. The opposition parties made the walkout once it was declared in the budget that petrol prices to go up. To levy excise duty of Re1 per liter on petrol and diesel have made the whole of India to think about the probable price they will have to pay for every commodity.

ICAI welcomes Union Budget 2010

February 27, 2010 493 Views 0 comment Print

ICAI welcomes the Union Budget presented by the Hon’ble Finance Minister Shri Pranab Mukherjee, which can be termed as a relief oriented budget. The Budget skillfully balances the need to step up the economic growth on one side, check inflation on the other side and also address the socio-economic needs of the nation.

Retrospective amendment to service tax- Renting of immovable property provided in budget 2010

February 27, 2010 2369 Views 0 comment Print

Finance Bill 2010 has made an amendment in the definition of the taxable service ‘Renting of immovable property’ [section 65 (105) (zzzz)] to provide explicitly that the activity of ‘renting’ itself is a taxable service. This change is being given retrospective effect from 01.06.2007.

Budget 2010-11: Deduction in respect of contribution to the Central Government Health Scheme

February 27, 2010 1499 Views 0 comment Print

It is, therefore, proposed to also allow deduction in respect of any contribution made to CGHS by including such contribution under the provisions of section 80D. The deduction will be limited to the current aggregate as mentioned in the section.

section 80CCF – Deduction in respect of long-term infrastructure bonds

February 27, 2010 7821 Views 0 comment Print

In tune with the policy thrust of promoting investment in the infrastructure sector, it is proposed to insert a new section 80CCF in the Income-tax Act to provide that subscription during the financial year 2010-11 made to long-term infrastructure bonds (as may be notified by the Central Government), to the extent of Rs. 20,000, shall be allowed as deduction in computing the income of an individual or a Hindu undivided family.

Budget 2010-11: Taxation of certain transactions without consideration or for inadequate consideration

February 27, 2010 874 Views 0 comment Print

Under the existing provisions of section 56(2)(vii), any sum of money or any property in kind which is received without consideration or for inadequate consideration (in excess of the prescribed limit of Rs. 50,000/-) by an individual or an HUF is chargeable to income tax in the hands of recipient under the head ‘income from other sources’. However, receipts from relatives or on the occasion of marriage or under a will are outside the scope of this provision.

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