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8 News services under the service tax net from 8th May 2010

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...

May 14, 2010 732 Views 0 comment Print

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 113404 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 1250 Views 0 comment Print

Summary of Important Income tax provisions: Union Budget 2010-11

Income Tax : Finance Minister Pranab Mukherjee took the first step towards implementation of the Direct Taxes Code (DTC) on Friday. While retai...

February 27, 2010 4366 Views 0 comment Print

Budget 2010-11: Amendments related to Settlement Commission provisions

Income Tax : Under the existing provisions of section 245A(b), the term “case”, in relation to which an application can be made is defined ...

February 27, 2010 1130 Views 0 comment Print


Latest News


P. Chidambaram welcomed the General Budget for 2010-11

Income Tax : The Union Home Minister, Shri P. Chidambaram has welcomed the General Budget for 2010-11 presented in Parliament on friday. In a...

February 28, 2010 369 Views 0 comment Print

The 3 big things in Union Budget 2010-11, according to the PM

Income Tax : On the question of fiscal consolidation, the much-awaited roll-back of the stimulus measures was announced in the Budget. There we...

February 28, 2010 709 Views 0 comment Print

Budget 2010-11: Made life Saral for salaried taxpayer

Income Tax : In the next financial year, the salaried will not only have more money to spend but also can look forward to easy tax filings. One...

February 28, 2010 952 Views 0 comment Print

Amendment in CST Act by finance Bill 2010

Goods and Services Tax : Provide that for making an order under that sub section the assessing officer shall, in addition to satisfying himself about the t...

February 28, 2010 3082 Views 0 comment Print

Union Budget 2010-11: Grasim superseded, High Court got the power to condone delay in filing of appeal

Income Tax : The question whether courts have the power to condone delay in filing of appeals under section 260A of the Income-tax Act arose be...

February 27, 2010 484 Views 0 comment Print


Budget 2010-11: Taxation of income of non-life insurance business

February 27, 2010 439 Views 0 comment Print

Section 44 read with the First Schedule to the Income-tax Act provides the scheme of computation of income of insurance companies. According to Rule 5 of the said Schedule, the income of non-life insurance business is taken as ‘profit before tax and appropriations’ as per the profit and loss account of the company, prepared in accordance with the regulations made by the Insurance Regulatory Development Authority (IRDA), subject to certain adjustments.

Budget 2010-11: Document Identification Number

February 27, 2010 682 Views 0 comment Print

Section 282B (Allotment of Document Identification Number) is a new section inserted by the Finance (No. 2) Act, 2009 in the Income-tax Act with effect from 1st October, 2010. Under the provisions of this section, an income-tax authority is required to allot a computer generated Document Identification Number before issue of every notice, order, letter or any correspondence to any other income-tax authority or assessee or any other person and such number shall be quoted thereon.

Budget 2010-11: Amendments related to Settlement Commission provisions

February 27, 2010 1130 Views 0 comment Print

Under the existing provisions of section 245A(b), the term “case”, in relation to which an application can be made is defined as any proceeding for assessment, of any person in respect of any assessment year or assessment years which may be pending before an Assessing Officer on the date on which an application is made to the Settlement Commission. However, it excludes, among others, proceedings for assessment or reassessment resulting from a search or as a result of requisition of books of account or other documents or any assets, initiated under the Act.

Budget 2010-11: Deductor needs to issue TDS and TCS certificate even after 1st April, 2010

February 27, 2010 664 Views 0 comment Print

The existing provisions of section 203(3) of the Income-tax Act dispense with the requirement of furnishing of TDS certificates by the deductor to the deductee on or after 1st April, 2010. Similarly, under section 206C(5) of the Act, a collector of tax at source will also not be required to issue tax collection certificate to the person from whom tax has been collected on or after 1st April, 2010.

Budget 2010-11: Centralised Processing of Returns

February 27, 2010 268 Views 0 comment Print

Under the existing provisions of section 143(1 B), the Central Government may, for the purposes of giving effect to the scheme of centralised processing of returns under section 143(1A), issue a notification relating to such processing of returns. Such a notification can be issued up to 31st March, 2010.

Budget 2010 – Minimum Alternate Tax (MAT) Rate increased to 18%

February 27, 2010 6451 Views 0 comment Print

Under the existing provisions of section 115JB of the Income Tax Act, a company is required to pay a Minimum Alternate Tax (MAT) on its book profit, if the income-tax payable on the total income, as computed under the Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 2010, is less than such minimum.

Budget 2010-11: Deduction of profits of a hotel or a convention centre in the National Capital Territory

February 27, 2010 523 Views 0 comment Print

Section 80-ID of the Income-tax Act provides for 100 per cent deduction for five years, of profits derived by an undertaking from the business of a two-star, three-star or four-star category hotel or from the business of building, owning and operating a convention centre located in the National Capital Territory of Delhi and the districts of Faridabad, Gurgaon, Gautam Budh Nagar and Ghaziabad, provided such hotel has started functioning or such convention centre is constructed during the period 1.4.2007 to 31 .3.2010.

Budget 2010-11: Deduction for developing and building housing projects

February 27, 2010 1208 Views 0 comment Print

Under the existing provisions of section 80-IB(10), 100 per cent deduction is available in respect of profits derived by an undertaking from developing and building housing projects approved by a local authority before 31.3.2008. This benefit is available subject to, inter alia, the following conditions:

Unfolding the levy on Umbrella

February 27, 2010 729 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 646 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.

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