The slab rate for individuals will be am major releif those earning upto Rs 800000 can save upto Rs 50000 on Income tax.
Prasad R
(CA Final)
(2128 Points)
Replied 26 February 2010
The slab rate for individuals will be am major releif those earning upto Rs 800000 can save upto Rs 50000 on Income tax.
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 26 February 2010
Yes prasad, its true,... now more and more people will come forward and disclose their incomes..... thats one of the great benefits
Prasad R
(CA Final)
(2128 Points)
Replied 26 February 2010
@ Dhiraj yes very true it's good to see the salaried class getting more benefits in every budget.
Prasad R
(CA Final)
(2128 Points)
Replied 26 February 2010
Any Change in the 100000 limit on investments under 80 C ??
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 26 February 2010
Yup, they are alwz benefitted bro...
But anywz, the budget was not RUDE this time or non-satisfactory... It was OK.., lukin to the current scenario
Naveen
(B.COM, CA Final)
(468 Points)
Replied 26 February 2010
MAT Increased 18%
Interest on TCS Late payment 18%
ankit jain
(CA)
(28 Points)
Replied 26 February 2010
can any one tell me changes made in section 40 i(a) their is some changes regarding interest on tds and disallowance in budget
ankit jain
(CA)
(28 Points)
Replied 26 February 2010
can any one tell me changes made in section 40 i(a) their is some changes regarding interest on tds and disallowance in budget
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 26 February 2010
HI ankit, i think there is no such amendment in new budget... Coz, i went through almost every detail, but could not find it anywhere... Anywz, let others repply too
Prateek
(Top Management)
(213 Points)
Replied 26 February 2010
Since when (effective date) are the increase in Excise Duty applicable.. ????
Prateek
(Top Management)
(213 Points)
Replied 26 February 2010
Interest for late payment of TDS has been increased from 12% to 18%
and there is some chnages (relaxation) given w.r.t TDS to be deducted and time till when they can be deposited...
Roughly ...expneses on which TDS deducted and paid till Sept / filing of return can be claimed as tax deductable expense
CourseCart.in
(Mentor at SHAYVIDZ Academy)
(3756 Points)
Replied 26 February 2010
Budget 2010-2011
CourseCart.in
(Mentor at SHAYVIDZ Academy)
(3756 Points)
Replied 26 February 2010
Budget 2010 Flashes
14:05 Clarity on SEZ deduction for earlier years to benefit IT cos: Ernst & Young
13:41 Cus duty levied on movie films except value of IPR therein: Ernst & Young
13:41 Proposal for clean energy cess on coal, lignite, peat: BMR
13:40 Trf of unlisted shares without adequate consideration taxable: Ernst & Young
13:39 Income scope of foreign cos expanded; reversing SC: BMR
13:38 Duty free import of samples now allowed upto Rs 3 lakhs: Ernst & Young
13:37 Nil customs duty for specified inputs & CG for Elec. Hardware: Ernst & Young
13:36 Set-up of digital head end eligible for project imports: Ernst & Young
13:34 No penalty on excise dues paid voluntarily before SCN issued: Ernst & Young
13:33 Anomaly in tax holiday for SEZ corrected retrospectively: Ernst & Young
13:33 CENVAT reversal on common inputs allowed retrospectively: Ernst & Young
13:28 Concessional 4% excise duty on inputs for electrical vehicles: Ernst & Young
13:28 Excise duty exempted for specific agroprocessing units: Ernst & Young
13:26 Clean Energy Cess introduced on coal, lignite & peat: Ernst & Young
13:25 Excise duty exemptions on specific IT products withdrawn: Ernst & Young
13:23 Excise duty on petrol & diesel increased by Re 1/ litre: Ernst & Young
13:22 Excise duty on cement & cement clinker increased: Ernst & Young
13:07 Customs duty on precious metals increased: Ernst & Young
13:07 Effective peak excise duty rate increased from 8.24% to 10.30%: Ernst & Young
13:06 Indirect tax proposals to yield 43500 Cr plus addl tax revenue: Ernst & Young
13:04 Service tax exempted on transportation of food grains: BMR
13:03 Concessional 5% customs duty on all medical appliances: Ernst & Young
13:03 Excise Duty on CFLs cut to 4%: Ernst & Young
13:02 Online News Agencies to attract service tax: Ernst & Young
13:02 No extension of STPI -ve for Infy, Wipro: Ernst & Young
13:01 25% tax savings for individual earning Rs 1 lac per month: BMR
13:01 Rs 20,500 cr net revenue gain
13:00 Service tax refund simplified +ve for It/ites: Ernst & Young
13:00 Indirect taxes gain Rs 46500 cr on account of proposals
12:59 Service tax proposals to lead to Rs 3000 crs gain for year: BMR
12:59 Refund for service tax exporters to be simplified: Ernst & Young
12:58 Service tax net to be widened to cover new services: Ernst & Young
12:58 New services under service tax preview
12:57 Service tax retained at 10% +ve for ALL under service gambit
12:56 Service tax rate remains unchanged at 10%: Ernst & Young
12:56 Outright SACD exemption for certain prepackaged products: Ernst & Young
12:55 Indexation of precious metals cutoms duty: +ve for Gitanjali,Titan
12:55 Service tax unchanged +ve for FMCG
12:55 Customs duty on rhodium reduced to 2%: BMR
12:54 Tax reliefs for charitable orgs earning trade receipts: BMR
12:54 Assistance for medical devices +ve for Opto Circuits
12:53 Cut excise duty windfarm input +ve for Suzlon: Ernst & Young
12:52 Duty exemption on hand set extended : +ve for Spice mobiles
12:52 New corporate tax rate 33.21% against 33.99%: Ernst & Young
12:52 Monorail projects notified for project import benefits: Ernst & Young
12:51 Redn in duty for photovoltaic units +ve for Moserbaer: Ernst & Young
12:51 Customs on crude restored for -ve RIL, all refiners
12:50 Solar power rickshaws to enjoy duty concessions: Ernst & Young
12:49 Indirect tax concessions for alternate energy projects: Ernst & Young
12:49 Excise duty cut on wind farm units +ve for Suzlon
12:48 Exempt inputs for making RotorBlades from excise: +ve for Suzlon
12:47 Clarification on tax neutral transition to LLP's welcome: BMR
12:47 Corp Tax outgo to reduce by 0.77%: BMR
12:46 Clen energy cess on imported & dom coal; -ve for Tata Power, Adani
12:46 MAT outgo to increase by 2.94%: BMR
12:45 Full CENVAT credit on Cap Goods in 1st Year itself: Ernst & Young
12:45 Testing of agricultural seeds exempt from service tax: BMR
12:44 Agriculture seeds exempt from service tax: +ve for Advanta
12:44 Peak rate of customs duty remains unchanged at 10%: Ernst & Young
12:43 Customs duty exempted on input for refrigerated van mnfrs: Ernst & Young
12:43 Setting up of cold storages exempted from service tax: Ernst & Young
12:42 Simplified corp taxation for cos upto 60 lacs t/o: BMR
12:41 Presumptive taxation increased on small cos: BMR
12:43 Setting up of cold storages exempted from service tax: Ernst & Young
12:42 Simplified corp taxation for cos upto 60 lacs t/o: BMR
12:41 Presumptive taxation increased on small cos: BMR
12:41 Hike in CET for refined pdts negative for OMCs
12:40 Ad-valorem excise duty on MUVs increased: Ernst & Young
12:39 Increase in excise duty on non-tobacco products: BMR
12:39 Redn in personal tax rate saving of Rs.50k upto 8l Incom: Ernst & Young
12:38 Excise duty on Cig increased; quantum will impact ITC
12:37 Excise duty on tobacco -ve for ITC: Ernst & Young
12:37 No CG tax on conversion to LLP'S: BMR
12:36 Basic customs duty on crude petroleum restored to 5%: Ernst & Young
12:36 Customs duty of 5% on crude negative for OMCs
12:35 Excise on SUVs up to 22% from 20% - ve for M&M, Tamo
12:34 Excise duty on large cars increase -ve for Tata Motors, Ashok Ley: Ernst & Young
12:34 Peak excise duty increased; -ve for Auto, Steel, Cement Co
12:33 Stimulus package partially rolled back: Ernst & Young
12:33 Reduction in Personal Tax rate saving of Rs50,000 upto Rs 8 lakh income
12:32 Excise duty hiked to 10% expected rise
12:32 Roll back in central excise from 8% to 10%: Factored in
12:32 Peak excise duty rate increased from 8% to 10%: Ernst & Young
12:31 Direct tax revenue proposals to lead to Rs 26000 cr loss: BMR
12:31 Red of Corp Tax Surcharge to Red Corp Tax Rate By 1%: Ernst & Young
12:30 Rs 26000 cr revenue loss on account direct tax proposals
12:29 Low tax, high purchasing power volume boost for FMCG cos
12:29 Conversion of partnership to Llp encouraged: Ernst & Young
12:28 Int on TDS not deposited increased to 18% pa: Ernst & Young
12:27 Weighted Ded on R&d +ve for Tata Motors, Ashok Ley: Ernst & Young
12:26 Tax audit limit increased to 60 lakhs for business: Ernst & Young
12:26 Pharma cos impact neutral Mat vs Weighted Deduction: Ernst & Young
12:25 MAT 18% on booked profits not assets should be positive
12:24 Tax holiday for Hotel ind; +ve for Indian Hotels, EIH: Ernst & Young
12:23 RIL, FMCG cos impacted by MAT increase
12:22 Weighted deduction on R&D +ve for Pharma and Auto: Ernst & Young
12:21 Surcharge cut; +ve for India Inc
12:21 MAT increased to harm IT and infrastructure companies: Ernst & Young
12:21 Surcharge reduced to 7.5% from 10%: BMR
12:19 MAT increased to 18%; -ve for RIL, HUL, Bharti, Rcom
12:19 Increase MAT from 15% to18% on book profits: BMR
12:19 Infra bond tax deduction +ve for IDFC, PFC
12:19 Corporate surcharge reduced to 7.5% but MAT increased: Ernst & Young
12:18 Surcharge reduced from 10% to 7.5%: Ernst & Young
12:18 10% tax on annual income from Rs 1.6 lakh to 5 lakh: BMR
12:18 AddTax deduction of Rs 20,000 on inv in infra bonds
12:17 Tax slabs increased will enhance spending: Ernst & Young
12:17 Increase in take home for individuals enhance consumption: Ernst & Young
12:16 No tax on annual income upto Rs 1.6 lacs: BMR
12:16 Tax slabs rationalised for individuals: Ernst & Young
12:16 Scope of Settlement Commission for excise & customs expanded: Ernst & Young
12:15 New version of Saral ready for salaried employees: BMR
12:15 Settlement Commission to cover raid cases: BMR
12:14 Return filing procedure to be simplified: Ernst & Young
12:14 Simplification of tax compliance: Ernst & Young
12:13 Saral 2 form to be introduced in a simplified version: Ernst & Young
12:13 Increased computerization of central and state tax administration: Ernst & Young
12:12 Pilot projects for tax grievances extended to four cities: BMR
12:11 Automation to reduce physical interface with department: Ernst & Young
12:10 Technology driven tax administrative reforms: Ernst & Young
12:10 FY11 borrowing lower than est +vs for PSU banks
12:09 Subsidy delivery in cash to oil & fertiliser companies
12:08 Extending govt fert subsidy in cash: + ve for fert cos
12:08 Extending govt fert subsidy in cash: + ve for fert cos
12:08 Revised fiscal deficit for 2009-2010 at 6.9%
12:08 All subsidy in cash
12:07 Gross non- tax receipts at Rs 1,48,118cr: BMR
12:07 Deficit 4.3% for FY12
12:05 Gross tax receipts at Rs 7,46, 651cr: BMR
12:04 New technology platforms for new legislations positive for IT sector: Ernst & Young
12:03 Rs 60000cr defense capex :BEL, M&M, L&T, Nelco
12:02 UID scheme Budget Rs 1900 crore IT companies, Bartronics in fosus
12:02 Higher defence allocation +ve for L&T: BMR
12:01 Smart card extension positive for Glodyne Tech: Ernst & Young
12:00 Banking license for NBFCs, private players positive for IFCI, Reliance Capital
12:00 UID commitment to be met in 2010: + ve for Bartronics, TCS
11:59 RBI licenses to private players +ve for Reliance Capital: BMR
11:54 Smart Card extended to NREGA; focus Bartronics
11:50 Slum Free India at the earliest: +ve for HDIL (SRA)
11:50 Extension of interest subvention to March: Parsvanath, Sobha
11:49 Focus on slum redevelopment positive for real estate: Ernst & Young
11:49 Interest subvention for low cost housing: HDIL, Parsvanath
11:48 Increase allocation for urban development by more than 75%
11:47 Higher outlay for educations; +ve for Educomp, Edserv, Core Proj
11:47 Rs 61, 000 crore rural programmes positive for Hero Honda, PNB
11:46 Rs 66,100cr for rural devpt this year: BMR
11:43 Education outlay increased by Rs 3236: Educomp, Everonn
11:43 3675 cr grant on education to states : +ve for Educomp, Everonn
11:41 Rs 200 cr for Tirupur, TN Textile facility: BMR
11:40 National clean energy fund; +ve for Suzlon, JP Hydro
11:40 20000 MW solar power +ve for Monnet Ispat
11:38 Setting up of Coal Regulatory Authority positive for cement, steel companies
11:38 Increased refinancing by IIFCL;+ve for infra companies
11:38 Increased refinancing by IIFCL;+ve for infra companies
11:37 Solar energy impetus Moser Baer in focus
11:37 Double allocation to power;+ve for NTPC, Rel Power, Adani Po
11:37 Competitive bidding process for captive mining blocks: BMR
11:37 Higher power allocation to benefit power & dist companies: Ernst & Young
11:36 13% higher road allocation;+ve for Punj, Gammon, Nagarjuna
11:35 Intro of new legislations administrative reforms is key: Ernst & Young
11:35 13% higher road allocation;+ve for IVRCL, HCC, L&T
11:34 Increased allocation for road Gammon, IRB, j kumar +ve
11:34 To raise allocation for road transport by 13%
11:33 Provided Rs 1,73,552 crore for infrastructure development
11:33 Easy access for funds to marine and cold storage facili: Ernst & Young
11:32 ECB's will be available for food processing sector
11:31 Addtional banking license IDFC and IFCI in consideration
11:31 Repayment Extension For FarmerTo June 2010: +ve Bob Pnb
11:30 SEZ's recorded 127% YoY export growth in last 3 qtrs: BMR
11:29 Rs 300cr for agriculture impetus Jain Irrigation, Advanta India
11:29 Recapitalisation of banks +ve Uco Bank, CBI
11:28 Interest subvention extended to March 11
11:28 Textiles, Gems and Jewellery benefit from Int Sub Extension
11:27 Recapitalization of banks positive for Syndicate Bank, Dena Bank
11:27 NBFC could be considered for banking licenses: IDFC
11:26 Banking sectors reforms to be introduced: Ernst & Young
11:24 RBI considering addl licenses to private players: BMR
11:23 FDI policies to be consolidated - positive step: Ernst & Young
11:23 Aims to make FDI policy userfriendly: BMR
11:21 Oil Ministry to take decision on Parikh Report
11:20 Deferment of GST negative for corporates in FY10-11: Ernst & Young
11:18 FM reaffirms commitment to GST; likely roll-out in April 2011: Ernst & Young
11:17 Direct tax code to be implemented from April 1, 2011: Ernst & Young
11:17 Direct tax code to be implemented from April 1, 2011: Ernst & Young
11:16 Budget has given indication that better targeting of subsidies will be the key objective
11:15 Focus on development of infrastructure in rural and urban areas likely
11:12 Budget realises the need to strengthen food security
11:11 State of the economy better
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
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%
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