Income Tax : This guide explains the concept, calculation formula, and notified values of CII from 2001-02 to 2025-26, as per CBDT. A must-read...
Finance : Examining how printing excess currency and unequal money distribution fuel inflation, disrupt cross-border trade, and widen econom...
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Finance : Discover hidden impact of taxation and inflation on fixed deposits in India. Learn how to calculate real return on investment and ...
Income Tax : Understanding the impact of inflation on income taxes. Discover how hidden tax hikes can occur due to fixed tax brackets and deduc...
Income Tax : Union Budget 2025 expectations include tax relief, GST reforms, R&D support, and measures for MSMEs. Common demands focus on easin...
Finance : Consumer price inflation in India went through three phases in 2022. A rising phase up to April 2022 when it crested at 7.8 per ce...
Fema / RBI : South Asia is most vulnerable to food inflation, given the large segment of our populations battling poverty. Moreover, this is a ...
Finance : Central Government, in consultation with RBI, has fixed the inflation target for the period beginning from the date of publication...
Corporate Law : The recent period of high agricultural commodity prices is most likely over, say the OECD and FAO in their latest 10-year Outlook....
Fema / RBI : Sub-section (iv) of the Section 193 of the Income Tax Act, 1961 stipulates that no tax shall be deducted from any interest payable...
Custom Duty : All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provis...
Income Tax : Central Government, having regard to seventy-five per cent of the average rise in the Consumer Price Index for the Financial Year ...
The Finance Minister, in the Budget today, changed the tax slabs for men, women and senior citizens. The highest tax slab has now been raised from Rs 5 lakh to Rs 8 lakh. The FM has also increased the limit of deduction available under section 80C. He has allowed an additional investment of Rs 20,000 for infrastructure bonds taking the total of the limit under section 80C from the current Rs 1 lakh to Rs 1.2 lakh. The FM has also increased the limit of deduction available under section 80C. He has allowed an additional investment of Rs 20,000 for infrastructure bonds taking the total of the limit under section 80C from the current Rs 1 lakh to Rs 1.2 lakh.
Manufacturing companies will have to shell out an additional Rs 25,500 crore on 2 per cent increase excise duty for the financial year 2010-11. The rise in excise duty accounts for 21 per cent of profit before tax of manufacturing companies studied here.
In 2009, when I presented the interim Budget in February and the regular Budget in July in this august House, the Indian economy was facing grave uncertainties. Growth had started decelerating and the business sentiment was weak. The economy’s capacity to sustain high growth was under serious threat from the widespread economic slowdown in the developed world.
In Ishikawajima-Harima Heavy Industries 288 ITR 408 the Supreme Court held {on a misreading of s. 9 (1) (vii)} that in order to be chargeable to tax in the hands of the non-resident, fees for technical services had to be rendered in India as well as utilized in India. It held that if both conditions were not fulfilled, the fees for technical services was not chargeable to tax in India.
The General Budget 2010-11 has carried forward the process of reforms in tax administration in the country. The citizen-centric initiative “Sevottam” which was launched as a pilot project at Pune, Kochi and Chandigarh, will be extended to four more cities this year. The centralized processing centre at Bengaluru is now fully functional and processing around 20, 000 tax returns daily.
The Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, provides boost to the research and development (R&D) activity across all sector of economy. Weighted deduction on expenditure incurred on in-house R&D has been enhanced from 150 per cent to 200 per cent.
The Finance Minister, Shri Pranab Mukherjee, while presenting the Union Budget 2010-11, in the Lok Sabha today, announced that the allocation for the Rajiv Awas Yojana has been increased by over 700 per cent from last year’s Rs. 150 crore to Rs. 1270 crore for 2010-11. This Yojana for slum dwellers and urban poor was announced last year to extend support to States that are willing to provide property rights to slum dwellers and is now ready to take off.
In the Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, the rate reduction in Central Excise duties has been partially rolled back and the standard rate on all non-petroleum products enhanced from 8 per cent to 10 per cent ad valorem.
Shri Pranab Mukherjee, Union Finance Minister, while presenting the Union Budget in Lok Sabha today, informed that an incentive of additional one per cent interest subvention to farmers who repay short-term crop loans as per schedule, is proposed to be increased to two per cent for 2010-11. Thus, the effective rate of interest for such farmers will now be 5 per cent per annum.
New income tax rates proposed in budget 2010 for senior citizens for assessment year 2011-12/ financial year 2010-11. In the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year, New income tax rates proposed in budget 2010 for assessment year 2011-12/ financial year 2010-11 is as follows:-
