AUDIT LIMIT INCREASED

Page no : 2

(Guest)

More services to be brought under service tax net
Service tax to result in net revenue gain of Rs 3000cr
Customs duty on gold to be reduced; silver at Rs 1500/kg
Uniform concessional duty of 5% on all medical appliances
Rationalising of customs on gaming software
Custom duty of one of the key component of microwave oven reduced
Peak customs duty unchanged at 10%
Custom duty for importing of duplication of prints of films revised
No capital gains tax on conversion of a business entity into Limited Liability Partnership
Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations
Nominal duty of 4% electric cars
Partial rollback of excise duty on cement, cement products, large cars
To levy excise duty of Re 1/litre on petrol
R&D Corp Tax break up to 200%
Uniform Direct Tax receipts to fall by Rs 56,000 cr
Pilot project for tax grievances extended to 4 cities
Direct tax scheme to result in revenue loss of Rs 26,000cr
Corporate tax surcharge down from 10 to 7.5%
Rs 20,000 additional tax break for infra bonds
Corp Min Alternate Tax up from 15 to 18%
New tax rates would offer relief to 60 per cent of tax-payers
Direct tax slabs: income upto 1.6 lakh = nil, 1.6-5 lakh = 10%, 5-8 lakh = 20%,
above 8 lakh = 30%
Centralized Tax Centre at Bengaluru fully functional
Gross tax receipts Rs 7.46 lakh crore
Deferment of goods & service tax negative for corporates in FY10-11
Direct tax to be implemented from April 1, 2011
Simple tax system with minimum exemptions near completion

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Amit Nishania (CA Final - Student) (495 Points)
Replied 27 February 2010

But again the limit for additional investment in infrastructure bond is not enough, n when there is different tax slab for different income then they should also allow different slab for investment deduction under Sec 80C for different income group, as higher income people can invest more and avail more deduction benefit, the government should think about it.

K.SANKARAKRISHNAN (INDIVIDUAL) (25 Points)
Replied 27 February 2010

Its a very good decision by the FM. Bcos of Tax Audit formalities, small businessmen are afraid to show their turnover over 40 lacs, even actually, they exceed that turnover limit. Another 20 lacs of turnover, nuv becomes white.. There is nothing adverse to CA's. As long as they have good professional practice, they have bright scope.

regards

sankar