PROVISIONS RELATING TO DIRECT TAXES- 1. No Change in slab rates & Super Rich Tax postponed - There no change in slabs, but the Individual & HUF whose income is upto 5 Lacs get a Tax credit of Rs.2,000/-. Effectively slab is increased for t
The Honble Finance Minister Mr.P.Chidambaram has presented Union Budget 2013 in both the houses of Parliament on 28th February, 2013 at 11 Hrs sharp. There is no change in the rate of duties and accordingly the rates of Excise T
SERVICE TAX ANALYSIS 1. HEADING-Scope of Negative List Widened SECTION- 65B (11) OF FINANCE ACT, 1994 MEMORANDUM EXPLAINING THE FINANCE BILL Definition of 'approved vocational education course' provided in section 65B (11) is bein
In the recent past, there is much talk among the business people, media and also society about Indias growth story, consequences of slow-growth rate, ways to improve the growth and taking the growth rates again to more than 8%. Growth can c
Direct Tax Highlights 1. Tax Rate Comparison A) Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person No change in the rates of income tax applicable to individual, Hin
Finance Bill, 2013 has been submitted to Parliament by the Union Finance Minister, Mr.
Increasing savings and their optimal allocation for productive uses lead to higher economic growth. The household sector must be incentivised to save in financial instruments rather than buy gold. Excerpt from Budget Speech
VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME, 2013 (VCES) Background of the Scheme Service tax is a new emerging law and there has been lack of clarity on the applicability o
Budget 2013 Impact on Garments Industry The Garment industry has suffered a lot in the in the last one year due various factors, such as increase in the cost of power, labor, transpor
Taxability of immovable property received for inadequate consideration: It is proposed to amend the provisions of clause (vii) of sub-section (2) of section 56 so as to provide that where any immovable property is received for a considerati
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