This presentation takes one through all the changes as seen in the tax laws - both direct and indirect in budget 2013. It summarises the changes made in several tax provisions.
A compilation of icai material as student friendly as a reference for their exams it includes even practice manual questions and some of the scanner questions. enjoy reading please do like the same
A compilation of icai material as student friendly as a reference for their exams it includes even practice manual questions and some of the scanner questions. enjoy reading please do like the same
Application of the Act
When gratuity is payable
Amount of gratuity payable
Power of exempted
Obligations and rights of the employer
Penalties
Sec.2(e) "employee" means any person employed to do any skilled, semi-skilled, or unskilled, manual, supervisory, technical or clerical work
it does not include an apprentice
Sec.2 (s) "wages" includes dearness allowance but does not include any bonus, commission, house rent allowance, overtime wages and any other allowance.
come and join afterschoool and spread management education to common people so that they may become entrepreneurs. spread knowledge about business, entrepreneurship and commerce.
The Payment of Bonus act, 1965. this PPT has inclusion recent amendments and is done from the view point of students. If anything has been missed out, do let us know through comments.
ThankYou
The file highlights the importance of the macro-economics related to a country's budget. Lot of guidance has been taken from www.mrunal.org where the concepts have been very lucidly explained.
Application of the Act
When gratuity is payable
Amount of gratuity payable
Power of exempted
Obligations and rights of the employer
Penalties
Sec.2(e) "employee" means any person employed to do any skilled, semi-skilled, or unskilled, manual, supervisory, technical or clerical work
it does not include an apprentice
Sec.2 (s) "wages" includes dearness allowance but does not include any bonus, commission, house rent allowance, overtime wages and any other allowance.
come and join afterschoool and spread management education to common people so that they may become entrepreneurs. spread knowledge about business, entrepreneurship and commerce.
The Payment of Bonus act, 1965. this PPT has inclusion recent amendments and is done from the view point of students. If anything has been missed out, do let us know through comments.
ThankYou
The file highlights the importance of the macro-economics related to a country's budget. Lot of guidance has been taken from www.mrunal.org where the concepts have been very lucidly explained.
This was a presentation on Budget Changes in the Direct Tax Regime at Ellisbridge Study Circle. Budget 2011 Direct Tax changes were covered in an exhaustive manner.
This presentation was taken for CA attending the GMCS 14 Day batch. The presentation takes the students through some of the finer aspects of professional's life.
This presentation discusses some of the key aspects in carrying out internal audit of the cable operators. Coverage of all areas is very important for a comprehensive audit.
Corporate Governance through Consolidationsandesh mundra
This file explains the concept of consolidation in a very detailed manner. Highlighting the importance of consolidation through automated means so that the organisation is able to take the right decisions on time rather than spend a lot of time preparing CFS.
India moved to close loopholes in the country’s tax laws with the introduction of General Anti-tax Avoidance Regulations (GARR), rationalizing definitions of international transactions and introduction of many new penalties for tax avoidance, non-compliance, and unaccounted money, in its budget 2012.
Taxmann's Indian Accounting Standards (Ind AS)Taxmann
This book is a ready referencer to ‘understand Indian Accounting Standards (Ind AS) applicable in India’. Ind AS are substantially converged International Financial Reporting Standards (‘IFRS Standards’) adopted by certain Indian entities. The book provides a complete understanding on which entities are Ind AS applicable along with the entire bare text of Ind AS as amended from time to time.
The Present Publication is the 3rd Edition updated up to 20th August 2020, with the following noteworthy features:
· Taxmann’s Bestseller Book for Ind AS
· Follows Six Sigma Approach to Achieve the Benchmark of
‘Zero Error’
· Amended as per Companies (Indian Accounting Standards)
Amendment Rules, 2020
· Provides a legislative history of all amendments
· Contains Rules regarding the applicability of Indian Accounting
Standards
· Explains the differences between IFRS Standards and Ind AS
3rd Labour-Law-Primer for Multinational Companies in IndiaSinghania2015
With increasing trade relations between India and the World, cross-border movement of employees from and out of India has increased quite considerably. In India, employees enjoy the protection of diverse laws and regulations.
The business model of the companies is increasingly service centric and it is essential for employers to have the most efficient human resource and to grant them their legal rights and entitlements. However, in a country like India, the complex legal regime usually leave the employers facing typical issues related to interpretation of the large number of labour and employment laws governing the industry. These issues prove even more challenging when one of the parties involved is a foreign national.
Hence, this primer highlights the basic requirements of labour laws both from the perspective of Indian and foreign nationals employed in India. While throwing light on the appointment/ secondment of foreign nationals by Indian employers, the primer covers issues like taxation, working conditions, various social security benefits, issues related to termination of employees, importance and enforceability of non-solicitation clauses, retrenchment, various statutory registrations etc. With increasing concern for the security of female employees, employers have also been conferred with the duty to ensure protection against sexual harassment of women at the workplace.
Further, the primer also addresses the most common concern of all employers while entering into employment contracts, like the enforceability of clauses related to confidentiality, competition, poaching employees and soliciting clients. Keeping this in view, the primer would discuss the common controversies that arise from clauses in employment contracts and the caution that should be kept in mind in drafting an enforceable employment contract.
The key object is to enable the employers to familiarize themselves with the vast labour law regime of India.
To understand the meaning, need,objective and issues of secondary adjustment and to know the intent of government to introduce secondary adjustment in transfer pricing. Method of secondary adjustment adopted by India. To analyse Union Budget 2019 amendments regarding secondary adjustment. Finally, to know the method of secondary adjustment adopted in other countries.
The 2015 budget had long list of expectations. On one hand; the Government has addressed major issues surrounding the foreign investors which would certainly boost capital market inflows and revive the private equity industry (by deferring GAAR by 2 years and clarifying Permanent Establishment & Indirect Transfer of Assets). On other hand; it has just rationalized the subsidies. Probably as we see growth coming in and more job creation; subsidy burden can be better dealt with by the Government. Though there are no direct benefits for the middle class. However incentives have been introduced to encourage savings. These savings are expected to fuel the infrastructure and other investment plans laid out by the Government. Certainly Foreign investors have a reason to cheer for this Pro Business; Pro Growth Government budget.
Indian Accounting Standards (Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs (MCA), Government of India, in accordance with the Companies Act, 2013. These standards are largely converged with the International Financial Reporting Standards (IFRS), which are global accounting standards issued by the International Accounting Standards Board (IASB).
The objective of adopting Ind AS is to enhance the transparency, comparability, and quality of financial reporting in India. They provide guidelines on recognition, measurement, presentation, and disclosure of various financial transactions and events in the financial statements of companies.
THE NEW AXIS OF FINANCIAL REPORTING - IND AS AND ICDSRSM India
The New Axis of Financial Reporting – IND AS & ICDS: This publication is intended to provide the readers, a broad understanding of applicability of Ind AS and Income Computation and Disclosure Standards (ICDS), some key differences with IFRS and Accounting Standards (AS) presently applied by companies.
Taxmann's Indian Accounting Standards (Ind AS)Taxmann
Indian Accounting Standards (Ind AS) contains the updated Indian Accounting Standards issued under the Companies (Indian Accounting Standard) Rules, 2021.
It provides a complete understanding of the definitions, entities liable to apply Ind AS, and exemptions.
The Present Publication is the 2nd Edition, authored by Taxmann’s Editorial Board, updated till 30th June 2021, with the following noteworthy features:
• [Text of Indian Accounting Standard (Ind AS)] notified under Companies (Indian Accounting Standard) Rules, 2021;
• [Guide for Definitions] in Indian Accounting Standards
• [Guide on Applicability] of Indian Accounting Standards
• [Guide on Obligations to Comply with] in Indian Accounting Standards
• [Guide on Exemptions/Relaxations] in Indian Accounting Standards
The contents of the book are as follows:
• Arrangement of Rules
◦ Short Title and Commencement
◦ Definitions
◦ Applicability of Accounting Standards
◦ Obligation to Comply with Indian Accounting Standards (Ind AS)
◦ Exemptions
• General Instructions
• Indian Accounting Standards (Ind AS)
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
In this presentation, the concept of Affordable Housing is discussed from various angles such as income tax and GST. The PPT also analyses various components of Affordable housing scheme. It also takes into consideration various practical scenarios which are discussed in the form of case studies. The affordability as per public lending institution has also been covered. The presentation also covers various policies and programmes undertaken by the government for promotion of the same.Lastly, it also covers the impact of anti profiteering under the scheme.
After introduction of RERA, West Bengal has come up with its own legislation West Bengal Housing Industry Regulatory Act, 2017. There are various critical issues in this emerging law which can be addressed with the help of decisions and orders of numerous states.
This presentation covers a multidimensional view on impact and effect of GST on industry, economy, assessee, department and Government. An attempt is made to give justice to the multidimensional view of how things work in the industry and the future of GST impact on these stakeholders.
Complications of GST for Real-Estate and Developerssandesh mundra
This presentation contains the categories of units available with the developer as on the appointed day and the controversy attached with each category of unit. The presentation precisely covers all the controversies that could come up for the given category of unit.
An attempt to summarize the crucial aspects of maintaining records under GST is made. Apart from this, the presentation includes all types of audits proposed under GST regime. The system of return filling that the Group of Ministers are finalising together with GSTN officials and stakeholders is also included in the presentation. It also includes issues that may arise during filling of annual return and reconciliation statement.
An attempt to compile relevance of contractual clauses, technique of claiming back lost exemptions through doctrine of promissory estoppel, effect of repeals and omission and related judgments, is made. An overview of legal aspects for ongoing contracts is included.
Issues faced by Realtors and works contractorssandesh mundra
We have listed down several issues faced by Real estate and construction sector. A long list of issues are included separately for builders and works contractor for transition and post GST period.
Presentation contains cases and judgements delivered by courts pre-GST regime. A brief summary of all caselaws is made and an attempt is made to provide a bird's eye view of litigations arising in GST.
Presentation is prepared with the object of simplifying the interpretation issues and providing guidelines to read the rate schedules. Methods and mechanism of claiming tax free exports is also explained.
Goods and Service Tax in India is one of the biggest tax reform in Indirect Tax Regime. It is a destination bases tax levied on supply of Goods and Services. It includes impact of GST on several sectors. It also includes development of GST by way of notifications, circulars, press releases and other other compliances under GST.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
how to sell pi coins in Hungary (simple guide)DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
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+12349014282
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
2. SURCHARGE
A surcharge of 10 % on persons whose taxable
income exceeded 1 cr Rs.
Applicable to individuals, HUFs , firms and entities.
Increase of the surcharge from 5 % to 10 % on the
domestic companies,whose taxable income
exceeded 10 cr Rs.
In case of the foreign companies, there would be an
increase of surcharge from 2 % to 5 %.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra &
Associates.
3. RELIEF & WELFARE MEASURES
Rebate of Rs 2000 for individuals having total
income up to Rs 5 lakh.
Raising the limit of percentage of eligible
premium for life insurance policies of person
with disability or disease.
Deduction for contribution to health schemes
similar to CGHS.
One hundred percent deduction for donation to
National Children’s Fund.
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
4. SECURITIES TRANSACTION TAX
S.NO NATURE OF PAYABLE BY EXISTING PROPOSED
TAXABLE ST RATES(IN %) RATES(IN %)
1. Delivery based Purchaser 0.1 Nil
purchase of units of
an equity oriented
fund entered into
in a recognised
stock exchange.
2. Delivery based sale Seller 0.1 0.001
of units of an
equity oriented
fund entered into
in a recognised
stock exchange.
3. Sale of a futures in Seller 0.017 0.01
securities.
4. Sale of a unitof an Seller 0.25 0.001
equity oriented
fund the mutual Prepared By- Arvind Rathi
fund. (Article Assistant),Sandesh
Mundra & Associates.
5. KEY MAN INSURANCE POLICY
“Keyman insurance”, - insurance against the death of a key person of the
company.
During the term, the company “assigns” the policy to the employee
Collects the “surrender value” from the key employee.
Employee pays subsequent premiums, and gets proceeds at maturity.
Normally, proceeds are taxable in the hands of whoever gets it.
Employee argues that it was not a keyman insurance policy any more. And
thus, the proceeds were tax free.
It is now stated that if a keyman insurance policy is assigned, proceeds will
be fully taxed.
The change works for any assignment done or proceeds received after
April 1, 2013.
The lesson to learn is: Don’t screw with the Income Tax Dept.
Delhi Hc-
Rajan Nanda
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
6. PENALTY- U/S 271FA
SECTION Nature of Authority who can levy Quantum of Penalty
Failure/Default penalty
Section 271FA Failure to furnish Prescribed Income Tax Rs. 100/- for every day
annual information authority. during which failure
return required u/s. continues.
285BA or failure to
furnish such return
within the time
prescribed.
This Amendment
Will Take
Effect From
1st April,2014.
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
7. GENERAL ANTI AVOIDANCE RULES
(GAAR)
The GAAR objective was to "counter aggressive tax avoidance
schemes."
It empowers officials to deny the tax benefits on transactions or
arrangements.
The GAAR proceedings has to be approved by a pannel.
The directions issued by the Approving Panel shall be binding on the
taxpayer as well as the income-tax authorities.
No appeal can be made against such directions.
The Assessing Officer can send a reference to the GAAR panel for
one or more assessment years.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra &
Associates.
8. APPLICABILITY OF SURCHARGE
ON TDS PROVISION
PARTICULARS PROPOSED RATE (%)
Non Resident Other Than Company- 10
Having total income exceeding Rs 1 Cr.
Foreign Company-Having total income 2
exceeding Rs 1 Cr but less than 10 Cr.
Others-Having total income exceeding Rs 10 5
Cr. Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra &
Associates.
9. INVESTMENT IN NEW PLANT OR
MACHINERY (SEC-32AC)
o Section 32AC shall be effective from the 1st April 2013.
o A manufacturer or producer of any article acquires or installs a new asset
between April 1, 2013 to March 31, 2015 & the aggregate cost of the assets
exceeds INR 100 cr, then deduction shall be allowed as under,
A.Y. 2014-15 – 15% of the actual cost of new asset where,asset acquired &
installed between April 1,2013 to March 31,2014 & the aggregate cost of the new
assets exceeds INR 100 cr.
A.Y. 2015-16 – 15% of the actual cost of new asset where,asset acquired &
installed between April 1,2013 to March 31,2015 after subtracting the amount
deducted in AY 2014-15.
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
10. TAXABILITY ON BUY BACK OF
SHARES
• When a company purchase its own shares in accordance with the
provisions of Sec 77A of the Companies Act, 1956.
• In relation to buy-back of shares of an unlisted company.Such
additional income-tax is payable at the rate of 20% on the
distributed income.
• The tax paid by the company on distribution of income in
accordance with the buy-back of shares will be the final tax
• No credit of taxes shall be available either to the company or to the
shareholder
In Armstrong World
Industries
Mauritius
Prepared By- Arvind Rathi Multiconsult Ltd.
(Article Assistant),Sandesh
Mundra & Associates.
11. INCOME TAX RATES
• No Changes In The Slab Rates.
• Slab Rate,For Individuals, Hindu Undivided Families,
Association of Persons and Body of Individuals
INCOME (INR)* RATE (%)^@
0-2,00,000 Nil
2,00,001-5,00,000 10
5,00,001-10,00,000 20
10,00,000 & Above 30
@ Surcharge of 10% is levied if the total income exceeds INR 1 crore.
^ Education cess of 2% and Secondary Education cess of 1%
is leviable on the amount of income-tax.
*The exemption limits are as follow- INR 2,50,000
for resident individuals of the age of 60 years
or more INR 5,00,000 for Very Senior Citizens
of the age of 80 years or more.
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
12. STAMP DUTY VALUATION FOR
COMPUTATION OF INCOME UNER HEAD “
BUSINESS INCOME”-43CA
Stamp-duty valuation will be considered as full value consideration in cases
where agreed consideration is less.
It is only applicable were immovable property is a capital asset and not
stock-in-trade.
The date of an agreement fixing the value of consideration for the transfer
of the property and the date of registration of the transfer of the property are
not the same.
The stamp duty value may be taken as on the date of the agreement for
transfer provided the consideration, in a mode other than cash.
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
13. TDS ON TRANSFER OF
IMMOVABALE PROPERTY
Section 194-IA has been introduced to provide that in
case of transfer of immoveable property,other than
agricultural land, by a resident.
The transferee shall deduct tax at the rate of 1% thereof.
No deduction is required to be made in case the
consideration for transfer of immoveable property is less
than fifty lakhs rupees.
Allahbad
KAN
construction
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
14. AGRICULTURE LAND SEC 2(1)A
A land shall not be treated as an agriculture land, if such
land is situated within the distance measured aerially which
should not be more than:
REGARDING DISTANCE BEYOND (KMs)
10,000 – 1,00,000 2
1,00,000 – 10,00,000 6
> 10,00,000 8
Any Would Be Rural CIT v. Lal
Muncipality. Agriculture Land. Singh
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
15. LIFE INSURANCE POLICY
SEC 10(10D)
If the premium payable for any of the years during the term of the
policy does not exceed 15% (earlier 10%) of the actual capital sum
assured, will be Exempt for the Insurance on the life of any person
who is-
I. A a person with disability or a person with severe disability as
referred to in section 80U.
II. Suffering from disease or ailment as specified in the rules made
under section 80DDB.
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
16. MEDICAL SCHEME SEC 80D
Finace Bill, 2013 proposes to expand the scope of deduction under
section 80D by expanding the eligible schemes on
which deduction shall be available by amending section 80D with
effect from 1.04.2014 which provides as under:
In section 80D of the Income-tax Act, in sub-section (2), in clause (a), after the
words “Central Government Health Scheme”, the words “or such other scheme as
may be notified by the Central Government in this behalf” shall be inserted with
effect from the 1st day of April, 2014.’
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
17. RAJIV GANDHI EQUITY SCHEME
Continued because of prestige behind the name.
To enable first time investors to park funds in MFs and listed shares and extended
tax benefits to three successive years.
The limit for investors wanting to invest in RGESS has been raised to Rs 12 lakh from
Rs 10 lakh earlier.
Under the scheme, an individual with an income of less than Rs 12 lakh would get
tax incentives for investing up to Rs 50,000 in the stock market.
The RGESS, which was originally announced in the Budget for 2012-13, seeks to
provide tax benefits to first-time investors in stock markets.
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
18. AMENDMENT IN
SEC 80-IA(4)
Finance Bill 2012 proposes for the words, figures and letters "the 31st day of
March, 2012" in section 80-IA(4)(iv) the words, figures and letters "the 31st
day of March, 2013" shall be substituted.
This amendment will take
effect from 1st April, 2013
and will, accordingly, apply
in relation to assessment Analysis/Conclusion-
year 2013-14 and subsequent As per the proposed amendment, the
assessment years.
eligibility cut-off for carrying out the
aforesaid activities has been extended by
a period of one year i.e., up to 31 March
2013.
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
19. SPECIAL AUDIT SEC 142(2A)
The powers of the AO to direct special audit have been
widened. The AO can now order a special audit not only due to
the reason of nature and complexity of accounts but he can
now order a special audit in the following additional
circumstances:
a) The volume of the accounts;
b) Doubts about the correctness of accounts;
c) Multiplicity of transactions in the accounts;
d) Specialized nature of business activity of assessee.
Delhi
Development
Authority v.
Union of
India
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra &
Associates.
20. DEFECTIVE RETURN SEC 139(9)
Filling return without paying self assessment tax,
Now it will be treated as Defective return.
If AO gives notice-
Rectify in 15 days
otherwise,
return would be invalid.
Note- The tax together with interest, if any,
payable in accordance with the provisions of
section 140A, has been paid on or before the
date of furnishing of the return. Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
21. BAD DEBTS SEC 36(1)(Vii)
In case of Banks and Financial Institutions.
The amount of deduction in respect of the bad debts.
Actually written off under section 36(1)(vii) shall be
limited to the amount by which such bad debts exceeds the
credit balance in the provision without any distinction
between rural advances and other advances.
DCIT v.
Karnataka
Bank Ltd
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
22. IMMOVABLE PROPERTY
RECEIVED FOR INADEQUATE
CONSIDERATION SEC 56(2) (Vii) (b)
Where any immovable property is received for a consideration which is less than the
stamp duty value of the property by an amount exceeding Rs. 50,000.
The stamp duty value of such property as exceeds such consideration, shall be
chargeable to tax in the hands of the individual or HUF as income from other sources.
The existing provisions provide that where any immovable property is received by an
individual or HUF without consideration.
The stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of
such property would be charged to tax as income from other sources.
The existing provision does not cover a situation where the immovable property has
been received by an individual or HUF for inadequate consideration.
Prepared By- Arvind Rathi In CIT v.
Khoobsurat Resorts
(Article Assistant),Sandesh (P.) Ltd
Mundra & Associates.
23. COMMODITIES TRANSACTION TAX
S.NO TAXABLE RATE PAYABLE BY
COMMODITIES
TRANSACTION
1. Sale Of Commodity 0.01 Percent Seller
Derivative
The Tax is proposed
to be levied at the rate,
given in the table above.
Prepared By- Arvind Rathi
(Article Assistant),
Prepared By- Arvind Rathi (Article
Assistant),Sandesh MundraAssociates.
Sandesh Mundra & & Associates.
24. ROYALTY/ FTS TO NON-RESIDENT
SEC 115A
Agreement after
1/6/2005=10%.
Argument by
department- Most of Question arises- We have
the DTA the rate is DTAA with 84 countries,
more than 10% . but what about other
countries????
ex- US/UK=15%
Now the rate stands
increased to 25%. Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
25. CASE LAW- GUJARAT HC V.
MAGANBHAI PATEL
167C/179
1. Director liable for tax due if Company has not paid as well
as Partners of LLP.
2.Unless He proves fault not breach of trust.
3.The word tax due has changed- even the Penalty &
Interest will also calculated.
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
26. TAX RESIDENCY CETIFICATE (TRC)
TRC containing prescribed particulars was a necessary but not sufficient
condition for availing benefits of DTAA.
This provision was for those coming from jurisdictions other than
Mauritius, depending on provisions of treaties with those nations.
This provision was in the explanatory memorandum to the Finance Act,
2012. In this Budget, however, the provision was added to the Finance Bill
itself.
The ministry clarified that TRC would be taken as a proof of residence for
these jurisdictions. For beneficial ownership, however may check other
documents as well.
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
27. APPROVAL FROM JOINT
CIT IS NOT MANDATORY IF APPROVAL FROM
CIT IS OBTAINED FOR ASSESSMENT IN SEARCH
CASES.
A. With a view to remove the procedural ambiguity, the proposed proviso
makes it clear that section 153D shall not apply requiring approval by Joint
CIT.
B. where the assessment / reassessment order is passed by the Assessing
Officer with the prior approval of the Commissioner under sub-section (12) of
section 144BA.
C. It is because an order passed under Section 144BA(12) is with the approval of
an authority higher than the JCIT.
Akil
Gulamali
Somji v. ITO
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
28. SEIZED ASSETS ARE NO LONGER
AVAILABLE FOR ADJUSTMENT TOWARDS
ADVANCE TAX LIABILITY
"Existing liability" does not include advance tax payable in
accordance with the provisions of the Act.
Various Courts have taken a view that the term "existing liability"
includes advance tax liability of the assessee.
In some of the cases, it was held that amount of cash seized from
assessee in search proceedings under section 132 can be adjusted
against his advance tax liability.
Prepared By- Arvind Rathi
(Article Assistant),Sandesh
Mundra & Associates.
30. CENTRAL EXCISE
Offences cognizable and non bailable:
Offences relating to excisable goods,involving evasion of duty or contravention of
provisions pertaining to utilization of Credit.
where the duty leviable thereon under the CE Act exceeds Rs. 50 lakhs, shall be
cognizable & non-bailable.
Expansion in the scope of Advance Ruling proceedings:
1. Any new business of production or manufacture proposed to be undertaken by an existing
producer or manufacturer.
2. Advance ruling can be sought, is proposed to be amended to cover the question of
admissibility of credit of service.
3. Resident public limited companies has been notified as a person eligible for seeking
Advance Ruling.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
31. DUTY IMPACT ON CERTAIN GOODS
No change in the basic rate of excise duty- 12%.
Readymade garments- Sold under a “brand name”,are subject
to Excise Duty at the rate of 12.36% from 10.30%,
w.e.f. April 1, 2012.
Mobile handsets- Including cellular phones having retail sale price
more than Rs. 2000/- is being increased from 1% to 6%.
Cigarettes-Excise Duty on cigarettes and other products of CETH 2402,
has been increased,to about 18%.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
32. DUTY IMPACT ON CERTAIN GOODS
Excise duty on SUVs- Including utility vehicles is being increased
from 27% to 30%, with immediate effect, the duty increase does not
affect SUVs used as taxis.
Branded Ayurvedic Medicaments- They are being brought
under MRP based assessment with an abatement of 35% from the
MRP.
Marble slabs- Excise Duty is being increased on marble slabs and tiles
from Rs 30 per square meter to Rs 60 per square meter.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
33. FULL EXEMPTION FROM CENTRAL
EXCISE DUTY
Tapioca starch manufactured and consumed captively in the
manufacture of tapioca sago.
All goods for the manufacture of fertilizers.
Henna powder or paste, not mixed with any other ingredient.
All handmade carpets and carpets and other textile floor coverings
of coir and jute,whether or not handmade.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
34. CENVAT CREDIT RULES,2004
An explanation has been inserted after Rule 3(5B) stating
that non-payment of duty payable On removal of inputs
or capital goods, would be recoverable in terms of Rule
14.
It is applicable in respect of cases falling under sub-rules
(5), (5A) and (5B) of Rule 3, i.e. duty payment on removal
of inputs or capital goods as such or after being used, and
on write off of any value of the inputs or capital goods
fully or partially in the books of accounts.
Alpump Pvt. Ltd. vs.
Commissioner of
Central Excise, Chennai
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
36. SERVICE TAX VOLUNTARY
COMPLIANCE ENCOURAGEMENT
SCHEME, 2013
1) To encourage voluntary compliance of filing returns and payment of tax dues, by making
truthful declaration of the tax dues.
2) The declarant shall be granted immunity from penalty, interest or any other proceedings on
payment of the tax dues.
3) The eligibility criteria of the scheme are set out below:
a) The scheme is applicable for the tax dues.
b) The declaration to be made on or before December 31, 2013.
c) Declaration cannot be filed by a person who has furnished return .
4) The timeliness for making payment of declared tax dues are as follows:
a) At least 50% of the tax dues to be paid on or before December 31, 2013.
b) Balance tax dues to be paid on or before June 30, 2014.
5) The tax dues so paid shall not be refundable under
any circumstances.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
37. DEFAULTS
SECTION 89- Term of imprisonment for failure to deposit service
tax collected but not paid within 6 months increased from 3 years to 7
years. Further, the offence is made cognizable.
DEFAULT IN PAYMENT OF SERVICE TAX- To hold officers of
companies responsible for conduct of business, liable for contravention
of the provisions of the Act.Maximum penalty is Rs.1,00,000.
SERVICE TAX REGISTRATION CAPPED- To cap penalty
for failure to obtain registration,maximum of Rs.10,000.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
38. RATIONALIZATION OF ABATEMENT
S.NO SERVICE TAX BASE ON CONDITION
WHICH TAX TO BE
CALCULATED,POST
ABATEMENT(%)
1. The servic provided 25 For residential unit
by way of having a carpet
construction of area up to 2000 sq.
complex, buildings, ft. or where the
civil structure amount charged is
intended for sale less then Rs. 1 Cr.
prior to issuance of 30 For Other Than
completion Above.
certificate.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
39. EXEMPTIONS
RATIONALIZED
S.NO TAXABALE SERVICE EXISTING AMENDMENTS
NOTIFICATION
1. Educational Institution Services provided to or The words ‘provided to
by an educational or by’ has been replaced
institution in respect of with ‘provided to’.
education exempted
from Service Tax.
2. Restaurant Services Services provided in The condition that the
relation to serving of restaurant should have a
food or beverages by a license to serve alcoholic
restaurant, eating joint beverage has been
or a mess. deleted.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
40. NEGATIVE LIST
A. Certain Educational Services forms part of Negative List of Services.
B. The scope of the entry has been enlarged by including ‘State Council of Vocational
Training’ as an approved vocational education course.
C. The scope of the Negative List has been curtailed, and a course run by an institute
affiliated to the National Skill Development Corporation set up by the Government
of India has been removed.
D. Any process amounting to manufacture or production of goods on which duties of
excise is leviable under the CE Act or under a State Excise Act on the manufacture
of alcoholic.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
41. EXEMPTIONS
WITHDRAWN
I. Service provided by an educational institution by way of
renting of immovable property.
II. Temporary transfer or permitting the use or enjoyment of a
copyright relating to cinematographic films was fully exempt so
far, this exemption will be restricted to exhibition of
cinematograph films in a cinema hall or a cinema theater.
III. Services by way of vehicle parking to general public.
IV. Services provided to government, a local authority, by way of
repair or maintenance of aircraft.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
42. WRONGFUL INVOCATION OF
EXTENDED PERIOD OF
LIMITATION
where a demand has been raised invoking the larger period of limitation,
i.e. 5 years, and the Court finds that the demand for the larger period is
not sustainable.
Because the charges of fraud, suppression, wilful misstatement are not
sustainable, the Department can determine the Service Tax liability for the
normal period and raise a demand accordingly.
It seeks to clarify that in cases where the demand for the normal period
(18 months) is sustainable but a Notice has been issued for 5 years, the
same can be severed and the entire demand need not be set aside.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
43. ADVANCE RULLING
It is being extended to cover resident public limited
companies.
A notification is being issued for this purpose,under
section 96A(b)(iii) of the Finance act,1994.
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
44. Participate in our next event ….
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
45. Will This Budget Help Us?????
For any information contact us at 079 40032950 /
9426024975
Email us at –
sandesh@knowledgecloud.in
info@consultconstruction.com
info@aarnasoft.net
Check our new software on consolidation of accounts at
www.consolidationofaccounts.com
Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.