CAclubindia News

Two More Services included in the Negative list for Service Tax

28 February 2013 at 13:42

‘Voluntary Compliance Encouragement Scheme’ Proposed to Motivate Defaulters to File Service tax Returns and Pay Dues All Air Conditioned Restaurants to Come under Service Tax Net To motivate about 10 lakh of those registered assess

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Need for Increasing The Tax GDP Ratio

28 February 2013 at 13:38

Presenting the Union Budget in the Parliament today, the Finance Minister Shri P.Chidambaram underlined the need for increasing the Tax GDP ratio. The Finance Minister said that in FY 2011-12, the Tax GDP ratio was 5.5 percent for direct taxes and

Posted in Community & General | 2139 Views

Clarity in Tax Laws, Stable Tax Regime, Non-Adversarial Tax Administration, Dispute Resolution and Independent Judiciary - The Theme of Tax Proposals

28 February 2013 at 13:38

Presenting the Union Budget in the Parliament today, the Finance Minister Shri P.Chidambaram underlined the theme of the tax proposals to be based on the following parameters:- • Clarity in tax laws. • Stable tax regime. • Non

Posted in Community & General | 2058 Views

Customs Duty on Imported Luxery Goods Such as high End Motor Vehicles, Motorcycles, etc. Increased

28 February 2013 at 13:36

However, Environment-Friendly Vehicles given benefit of Extended Period of Concession Aircraft Manufacture, Repair and Overhaul Industry also given Certain Concessions Duty free limit for Bringing Jewellery by Elligible Passengers increased The cu

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Tax Administration Reforms Commission to be Set Up

28 February 2013 at 13:35

The Finance Bill 2013-14 proposes to set up a Tax Administration Reforms Commission(TARC). Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that proposed Commission will review the application of tax

Posted in Community & General | 2268 Views

Work on the Direct Taxes Code (DTC) in Progress

28 February 2013 at 13:34

The Finance Minister Shri P.Chidambaram has said that the work on Direct Taxes Code (DTC) is in progress. Presenting the Union Budget in the Lok Sabha today, he said that the DTC is not intended to be an amended version of the Income-Tax Act, 1961

Posted in Community & General | 3948 Views

Modified Provisions of General Anti-Avoidance Rules(GAAR) to Come into Effect from 1ST April, 2016

28 February 2013 at 13:34

The Finance Bill 2013 proposes to bring the modified provisions of General Anti-Avoidance Rules (GAAR) into effect from 1.4.2016. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that Finance Act 201

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Commodities Transaction Tax (CTT) Introduced in a Limited Way; Agricultural Commodities will be Exempt

28 February 2013 at 13:33

The Finance Bill 2013 proposes to introduce Commodities Transaction Tax(CTT) in a limited way. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that CTT shall be levied on non-agricultural commoditie

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Securities Transaction Tax (STT) Reduced

28 February 2013 at 13:31

The Finance Bill 2013-14 proposes reduction in the rates of Securities Transaction Tax (STT) in respect of certain transactions. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram proposed the following

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Final withholding Tax Levied at the Rate of 20 Per Cent

28 February 2013 at 13:29

The Finance Bill 2013-14 proposes levy of Final Withholding Tax at the rate of 20 per cent on profits distributed by unlisted companies to shareholders through buy-back of shares. Presenting the Union Budget in the Lok Sabha today, the Finance Min

Posted in Community & General | 4443 Views