CA Srikant Agarwal We have uploaded below Income Tax Calculator for Financial Year 2013-14 or Assessment Year 2014-15 after making the changes effected by union budget 2013-2014. The calculator calculates Income Tax from Financial Year 2006-07 to 2013-14 and also contains Income Tax Rate for the period from 1997-98 to 2013-14. The Calculator calculates tax […]
The Direct Taxes Code Bill is to be re-introduced before the end of this Budget Session. The Bill is expected to give due weightage to the recommendations of the Parliamentary Standing Committee on Finance and incorporate the best global practices. The other major proposals on the direct taxes front are as follows –
Service tax 1. Voluntary Compliance Encouragement Scheme, 2013 (VCES) is proposed to be introduced to encourage voluntary compliance and broaden the tax base. In this scheme, it is proposed to provide one time amnesty by way of (i) waiver of interest and penalty; and (ii) immunity from prosecution, to the stop filers, non-filers or non-registrants […]
Notification No. 3/2013 – Service Tax – 1st March, 2013 Two more services have been included in the negative list for service tax. These are: Vocational courses offered by institutes affiliated to the State Council of Vocational Training; and, testing activities in relation to agriculture and agricultural produce.
Clause 2, read with the First Schedule to the Bill, specifies the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2013-14. Further, it lays down the rates at which tax is to be deducted at source during the financial year 2013-14 from income other than Salaries
Explanatory Memorandum to notification No. 25/2013-Customs (N.T.) dated 01-03-2013. Notification No. 25/2013-Customs (N.T.), dated 01-03-2013 seeks to further amend notification No. 30/98-Customs (N.T.), dated 2nd June, 1998, so as to raise the value limit of Jewellery allowed duty free to an Indian passengers who has been residing abroad for more than one year.
Voluntary Compliance Encouragement Scheme, 2013 (VCES) – To motivate about 10 lakh of those registered assesses of service tax, who are not filing returns and paying tax dues, the Finance Minister has proposed to introduce a one-time scheme called ‘Voluntary Compliance Encouragement Scheme’ in 2013-14 Budget proposals. Under this scheme a defaulter can file a […]
WANT TO ENCASH TAX BENEFITS OF INVESTMENT IN RESIDENTIAL UNIT- RESTRICT IT TO A BUDGET HOUSE You are planning to invest in Residential House, and got excited with the news of tax exemptions, be careful and keep a check on the Investment value. If you want to take the benefit of the Tax incentives in […]
FINANCE BILL, 2013 – PROVISIONS RELATING TO DIRECT TAXES A. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for the assessment year 2013-14. In respect of income of all categories of assessees liable to tax for the assessment year 2013-14, the rates of income-tax have been specified in Part […]
(i) Definition of ‘approved vocational education course’ provided in section 65B (11) is being amended: firstly, the words, ‘or State Council of Vocational Training’ (SCVT) is being inserted in (i), and secondly, entry at item serial number (iii) is being omitted, for NSDC is not an affiliating body.
