The existing provisions under section 140 of the Act provide that the return under section 139 shall be signed and verified in the manner specified therein. With a view to enable the verification of returns either by a sign in manuscript or by any electronic mode, it is proposed to amend section 140 of the […]
Tax on long-term capital gains on units Under the existing provisions of section 112 of the Act, where tax payable on long-term capital gains arising on transfer of a capital asset, being listed securities or unit or zero coupon bond exceeds ten per cent of the amount of capital gains before allowing for indexation adjustment, […]
CA Sandeep Kanoi BJP in its election manifesto has said that UPA Government has unleashed ‘Tax terrorism’ and ‘uncertainty’ which resulted in negative investment climate, dented the image of the country and created anxiety in business class. While analysing the Budget 2014 of the BJP Led government we have found that BJP government has further […]
Deduction in respect of capital expenditure on specified business I. Under the existing provisions of section 35AD of the Act, investment-linked tax incentive is provided by way of allowing a deduction in respect of the whole of any expenditure of capital nature (other than expenditure on land, goodwill and financial instrument) incurred wholly and exclusively, […]
The Customs Act, 1962 proposed to be amended so that a reference in said Act to a Chief Commissioner of Customs or a Commissioner of Customs may also include a reference to the Principal Chief Commissioner of Customs or the Principal Commissioner of Customs, as the case may be. Further, Principal Chief Commissioner of Customs and Principal Commissioner of Customs also proposed to be included in the class of officers of customs.
Personal Taxation Basic exemption limit to be increased from Rs. 2 lakhs to Rs. 2.5 lakhs for taxpayer below the age of 60 years and from Rs. 2.5 lakhs to Rs. 3 lakhs, in case of senior citizens. The existing limit of deduction under section 80C to be increased from Rs. 1 lakh to Rs. […]
1. Rates of Income Tax, Surcharge and Cess – There is no change in the rate of income tax, surcharge , education and SHE cess. The rates for AY 2015-16 will remain the same as in AY 2014-15. 2. Income Tax basic exemption Slabs -enhanced . The new income tax basic exemption limits has been increased. The revised limits are as under:
Entry 2B: For safe disposal of medical and clinical wastes, services provided by common bio- medical waste treatment facilities exempted. Entry 7: Exemption withdrawn to services by way of technical testing or analysis of newly developed drugs, including vaccines and herbal remedies on human participants by a clinical research organization approved to conduct clinical trials by the Drug Controller General of India.
1. General Circular No. 27/2014- dated June 30, 2014. (DPT-4) -Extension of 2 month upto 31-08-2014 without any additional fee for filling statement under form DPT-4 with the Registrar in terms of Section-403. (Form- DPT-4 is relating to Deposits). (Article relating to DPT-4 filling is already issued by me)
– An additional duty of excise is being levied at the rate of 5% ad valorem on waters, including aerated waters, containing added sugar falling under chapter heading 2202 10 i.e. aerated waters [2202 10 10], lemonade [2202 10 20] and other [2202 10 90].
