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 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...
Read MoreIncome Tax - 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 c...
Read MoreIncome Tax - 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 g...
Read MoreIncome Tax - 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 celeb...
Read MoreIncome Tax - 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....
Read MoreIncome Tax - 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 probab...
Read MoreIncome Tax - 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....
Read MoreIncome Tax - 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....
Read MoreIncome Tax - 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 sourc...
Read MoreIncome 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 partnership firms. Section 56 and section 57 of the Limited Liability Partnership Act, 2008 allow conversion of a private company or an unlisted public company (hereafter referred as company) into an LLP. Under the exis...
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