Cost accountants fear their profession may become redundant as the budget has allowed chartered accountants to do excise audit, which was their exclusive domain. “Allowing chartered accountants to conduct excise audits under sections 14A and 14AA of the central excise act is unfair and an unjustified move, which discriminates against cost accountants, ” Kunal Banerjee, […]
According to the new proposal of the Union Budget 2009-10, any property received from a non-relative where the value is in excess of Rs 50,000 in a particular year will be considered as income in the hands of the recipient. Earlier, gifts in the form of cash from non-relatives were exempted up to a limit […]
SELECTION OF A CORPORATE BUSINESS STRUCTURE If you are new entrepreneur looking of doing a business in a corporate form of organisation, first you have to select a form of business organisation. There are four types of Corporate Business Forms available for entrepreneurs carrying business in India: Private Companies Public Companies Limited Liability Partnerships Selection […]
COMPARISON – LLP / Company / Partnership S. No Conditions LLP Company Partnership 1. Registration To be registered with Registrar of LLP under LLP Act 2008 To be registered with Registrar of Companies under Companies Act 1956. Registration is optional 2 Name Name should contain ‘Limited Liability Partnership’ or ‘LLP’ as last words Name should […]
Limited Liability Partnerships (LLPs) are commercial vehicles which combine the features of partnership and company form of business .The concept of Limited Liability Partnership (LLP) has been introduced in India by way of Limited Liability Partnership Act, 2008 (notified on 31st March 2009).
New Income Tax Rate slabs for Individual, HUF, Women, Senior Citizen for A.Y. 2010-11 & F.Y. 2009-2010 Basic exemption for individual tax payers was increased by Rs 10,000 for general tax payers and women and Rs 15,000 for senior citizens (i.e. 65 years and above) by the finance minister on Monday. The current income tax exemption […]
1) Medical Services- Services of cosmetic surgery or plastic surgery (zzzzk). However surgery undertaken to restore or reconstruct anatomy or functions of body affected due to congenital defects, developmental abnormalities, degenerative diseases, injury or trauma shall be exempt. 2) Transport other than surface transport-The following Transport services in relation to transport under sub clause (zzzzl) have been made taxable
No changes made in the Corporate Tax rates. For the Limited Liability Partnerships, the provisions of Income Tax are the same as applicable in the case of Partnership Firms formed as per the Indian Partnership Act’ 1932.
4 new services has been brought in the tax net -a) Transport of goods through Water :- to any person, by any other person, in relation to transport of (i) coastal goods; (ii) goods through national waterway; or (iii) goods through inland water.
194C- Under this section earlier there was same Rate of TDS in respect of Payment to all the class of the Assesses. Now finance minister has changed the rates and provided that that any person shall deduct tax at source at the rate of one per cent,if the payee is an individual or a Hindu undivided family or at the rate of two per cent. in the case of any other person, on payment to a resident contractor for carrying out any work.
