Corporate Law : The Social Security Code, 2020 extends gratuity benefits to fixed-term and gig workers, standardizes wage definitions, and mandate...
Income Tax : Explains how gratuity exemptions differ for government, private, and Gratuity Act–covered employees. Key takeaway: exemption is ...
Income Tax : Learn about the tax treatment of key retirement benefits in India, including gratuity, pension, leave encashment, provident fund, ...
Income Tax : Detailed summary on salary, allowances, perquisites, pension, gratuity, HRA, standard deduction, and related tax exemptions under ...
Income Tax : This guide breaks down the complete taxation of salary income in India—covering allowances, perquisites, retirement benefits, an...
Corporate Law : Whether Government is considering to increase the Gratuity payment from 15 days’ salary for each completed year to 30 days’ sa...
Corporate Law : The Government has issued Notification the same day wherein gratuity limit has been increased from Rs.10 lakhs to Rs.20 lakhs un...
Corporate Law : Decision:The Payment of Gratuity (Amendment) Bill, 2018 has been passed by Lok Sabha on 15th March, 2018 and by the Rajya Sabha on...
Corporate Law : The Payment of Gratuity (Amendment) Bill, 2018 has been passed by parliament today. The bill ensures harmony amongst employees in ...
Corporate Law : Clause 3 of the Bill seeks to amend the provision relating to calculation of continuous service for the purpose of gratuity in cas...
Income Tax : The Tribunal addressed disallowance arising from mismatch between ITR and tax audit report. It held that inadvertent reporting err...
Income Tax : ITAT Mumbai dismissed revenue's appeal against Thirumalai Chemicals, allowing gratuity, bad debts, and other expenses while also a...
Corporate Law : SC rules criminal conviction not needed for gratuity forfeiture if misconduct involves moral turpitude. Upholds forfeiture in frau...
Corporate Law : Some workmen had continued with IIT-Bombay through multiple contractors, therefore, for the limited purpose of payment of gratuity...
Income Tax : ITAT Nagpur quashed the penalty on Ravindra Kharche, finding no misreporting of income due to bona fide claims regarding gratuity ...
Corporate Law : The government clarified that gratuity for civil service after re-employment will not be restricted by gratuity already received f...
Corporate Law : DoPPW clarifies that gratuity under CCS (Payment of Gratuity under NPS) Rules, 2021 is payable only upon retirement/absorption, no...
Corporate Law : Government of India enhances maximum limit of gratuity for Central Government employees to Rs 25 Lakh, implementing Seventh CPC re...
Corporate Law : Explore the Karnataka Compulsory Gratuity Insurance Rules 2024 introduced by the Government of Karnataka. Learn about coverage, co...
Income Tax : Govt increases Gratuity exemption limit u/s Section 10(10)(iii) to ₹ 20 lakhs from existing Rs. 10 Lakh vide Notification No. ...
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.
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.
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:-
New income tax rates proposed in budget 2010 for resident woman below 65 years of age for assessment year 2011-12/ financial year 2010-11.Chart showing Tax impact for resident woman below 65 years of age
New income tax rates proposed in budget 2010 for male resident individual and Hindu undivided family for assessment year 2011-12/ financial year 2010-11. No Surcharge. Education and SHE cess will be applicable . Impact of Budget 2010 on taxation of resident individuals below the age of 65 years and HUF
In order to reduce compliance burden of small businesses and professionals, it is proposed to increase the aforesaid threshold limit from forty lakh rupees to sixty lakh rupees in the case of persons carrying on business and from ten lakh rupees to fifteen lakh rupees in the case of persons carrying on profession.
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.
