personal income tax changes - Page 10

Income Tax Rate Chart for Financial Year 2017-18

CA Vinay Lunkad S Is it worthwhile to continue the business as a Partnership Firm / LLP or to run as a corporate , since the later one enjoys the benefit of paying tax @ lesser rate by 5% , the intention of the Government seems to be give more benefits to a much organised […]...

Read More
Posted Under: Income Tax |

Section 80CCG deduction to be discontinued from A.Y. 2018-19

Under the existing provisions of section 80CCG, deduction for three consecutive assessment years is allowed upto Rs. 25,000 to a resident individual for investment made in listed equity shares or listed units of an equity oriented fund subject to fulfilment of certain conditions....

Read More
Posted Under: Income Tax |

File Tax Return for exempt Income if exceeds basic exemption limit

Existing provisions of sub-section (1) of section 139 provide that every person referred to therein shall file a return of income on or before the due date. The sixth proviso to the said section provides that every person, being an individual or Hindu undivided family or an association of person or a body of individual...

Read More
Posted Under: Income Tax | ,

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

(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 More
Posted Under: Income Tax | ,

Service Tax: Budget Highlights 2010

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 More
Posted Under: Income Tax |

Unfolding the levy on Umbrella

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 More
Posted Under: Income Tax |

Union Budget 2010: Old Wine in New Bottle

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 More
Posted Under: Income Tax |

3 Smarts of Budget 2010-11

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 More
Posted Under: Income Tax |

ICAI welcomes Union Budget 2010

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 More
Posted Under: Income Tax | ,

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

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....

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (5,481)
Company Law (7,381)
Custom Duty (8,503)
DGFT (4,542)
Excise Duty (4,489)
Fema / RBI (4,704)
Finance (4,979)
Income Tax (37,274)
SEBI (3,988)
Service Tax (3,719)

Search Posts by Date

June 2021
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930