The document discusses key proposals in the Finance Bill 2009 related to direct taxation in India. Some key points include:
1) Abolishing Fringe Benefit Tax and Corporate Dividend Tax from April 2010. Corporate tax rates remain unchanged.
2) Personal income tax exemption limits are increased for senior citizens, women and others for Assessment Year 2010-2011.
3) TDS provisions are overhauled with changes to various tax deduction rates for payments like rent, contracts, interest etc.
4) Tax incentives are provided for sectors like infrastructure, affordable housing and renewable energy. Deductions for research and development are expanded.
1) The Union Budget for 2010-2011 made several amendments to direct and indirect taxes in India.
2) Some key amendments included increasing the basic income tax exemption limit and reducing tax rates for individual taxpayers earning between Rs. 1.6 lakh to Rs. 8 lakh per year.
3) The budget also increased tax deductions for investments made in infrastructure bonds and health insurance premiums.
4) For corporate taxes, the surcharge on domestic companies was reduced from 10% to 7.5% and MAT rates were increased. Threshold limits for tax deducted at source were also revised upward.
5) Several amendments were made to provide tax incentives for research and development activities and for specified
1) The document discusses the topic of service tax in India. It provides details on the basic concept of service tax, its genesis in India, approaches to service taxation, and the meaning of key terms like "service" and "consideration".
2) It examines the negative list of services exempted from service tax under section 66D of the Finance Act, including services provided by the government, Reserve Bank of India, foreign diplomatic missions, and certain agriculture, trading, manufacturing, and transport-related services.
3) The effective rate of service tax in India is currently 12.36% as per section 66B of the Finance Act.
Mazars - India Budget (Presentation at IFCCI event on 12 March 2015)Nicolas Ribollet
Under the patronage of H.E. François Richier, Ambassador of France to India,
the Indo-French Chamber of Commerce & Industry (IFCCI) organised a seminar on “India Budget 2015-2016” following the announcement by Finance Minister Arun Jaitley of his first full-fledged Union Budget on 28th February 2015. The French Embassy and Mazars gave insights on this very important budget. The presentation attached has been prepared by Mazars in that context.
The speakers to the event were :
- Welcome address by H.E. Mr. François Richier, Ambassador of France to India
- Economic overview by Mr. Jean-Rene Cougard, Minister Counsellor, Head of the Regional Economic Department and Mr. Daniel Villet, Financial Counsellor
- Presentation on the new initiatives of the Government, impacts and opportunities
by Mr. Nicolas Ribollet, Partner & National Leader, French Desk, Mazars India
with Mr. Agarwal, Direct Tax Partner & Mr. Manish Mishra, Indirect Tax Partner, Mazars India
The document summarizes key changes in Indian service tax law presented by CA Gaurav Gupta. Some of the major changes include:
1) Radio taxi services will now be taxable; abatements of 40% are provided. Commission earned on sourcing or sale of goods in India will now be taxable.
2) Most services provided to educational institutions will no longer be exempt from tax. Exemption for accommodation places with tariffs below Rs. 1,000 has been expanded.
3) The ratio under reverse charge for rent-a-cab services is changed to 50% each for the service provider and recipient. Time limits are introduced for payment of tax under reverse charge.
The document provides an overview and summary of key proposals from the Union Budget 2014-15 in India. Some of the key points include:
- The budget aims to achieve 7-8% economic growth over the next 3-4 years while maintaining the fiscal deficit target of 4.1%.
- There are various regulatory proposals related to direct taxes, indirect taxes, customs duty, central excise duty, and service tax. Some rates are increased while others are decreased or exempted.
- Personal income tax exemption limits are increased, as are deductions for housing loans, PPF contributions, and section 80C. New accounting standards will become compulsory from FY2016-17.
Taxation of Royalty - By CA Parul Aggarwalparul mittal
In Post BEPS era and with unprecedented technological advancement, the characterization of royalty payments and its subsequent taxation has gained paramount importance. With this, the tax structures have also undergone sea change. This presentation discusses the treaty interpretation through analysis of various case laws relating to characterization and taxability of royalty payment.
Taxmann’s Income Tax Act covers the annotated text of the Income-tax Act, 1961, in the most authentic, amended & updated format.
The Present Publication is the 66th Edition & Updated till the following:
• The Finance Act, 2021
• The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
The noteworthy features of the book are as follows:
• [Bestseller Series] Taxmann’s Bestseller Book for more than Five-Decades
•[Zero Error] Follows the Six Sigma Approach to achieve the Benchmark of ‘Zero Error’
• [Legislative History of Amendments], since 1961
• [Relevant provisions of all other allied laws] referred to in the Income-tax Act
• Comprehensive Table of Contents
• [Quick Navigation] Relevant Section Numbers are printed in Folios for Quick Navigation
• Annotation under each section shows:
○ Relevant Rules & Forms
○ Relevant Circulars & Notifications
○ Date of enforcement of provisions
○ Allied Laws referred to in the Section
• The contents of the book are as follows:
○ Division One – Income-tax Act, 1961
• Arrangement of Sections
• Text of the Income-tax Act, 1961 as amended by the Finance Act, 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Appendix: Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
• Subject Index
○ Division Two – Finance Act, 2021 & Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Text of the Finance Act, 2021
• Text of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Notifications issued under Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Also available in Taxmann’s Virtual Book Format (An e-Book Initiative for un-interrupted reading experience).
• Now Claim 10% Cashback (when you purchase Taxmann’s Income Tax Act), Redeemable at Taxmann’s Online Bookstore.
1) The Union Budget for 2010-2011 made several amendments to direct and indirect taxes in India.
2) Some key amendments included increasing the basic income tax exemption limit and reducing tax rates for individual taxpayers earning between Rs. 1.6 lakh to Rs. 8 lakh per year.
3) The budget also increased tax deductions for investments made in infrastructure bonds and health insurance premiums.
4) For corporate taxes, the surcharge on domestic companies was reduced from 10% to 7.5% and MAT rates were increased. Threshold limits for tax deducted at source were also revised upward.
5) Several amendments were made to provide tax incentives for research and development activities and for specified
1) The document discusses the topic of service tax in India. It provides details on the basic concept of service tax, its genesis in India, approaches to service taxation, and the meaning of key terms like "service" and "consideration".
2) It examines the negative list of services exempted from service tax under section 66D of the Finance Act, including services provided by the government, Reserve Bank of India, foreign diplomatic missions, and certain agriculture, trading, manufacturing, and transport-related services.
3) The effective rate of service tax in India is currently 12.36% as per section 66B of the Finance Act.
Mazars - India Budget (Presentation at IFCCI event on 12 March 2015)Nicolas Ribollet
Under the patronage of H.E. François Richier, Ambassador of France to India,
the Indo-French Chamber of Commerce & Industry (IFCCI) organised a seminar on “India Budget 2015-2016” following the announcement by Finance Minister Arun Jaitley of his first full-fledged Union Budget on 28th February 2015. The French Embassy and Mazars gave insights on this very important budget. The presentation attached has been prepared by Mazars in that context.
The speakers to the event were :
- Welcome address by H.E. Mr. François Richier, Ambassador of France to India
- Economic overview by Mr. Jean-Rene Cougard, Minister Counsellor, Head of the Regional Economic Department and Mr. Daniel Villet, Financial Counsellor
- Presentation on the new initiatives of the Government, impacts and opportunities
by Mr. Nicolas Ribollet, Partner & National Leader, French Desk, Mazars India
with Mr. Agarwal, Direct Tax Partner & Mr. Manish Mishra, Indirect Tax Partner, Mazars India
The document summarizes key changes in Indian service tax law presented by CA Gaurav Gupta. Some of the major changes include:
1) Radio taxi services will now be taxable; abatements of 40% are provided. Commission earned on sourcing or sale of goods in India will now be taxable.
2) Most services provided to educational institutions will no longer be exempt from tax. Exemption for accommodation places with tariffs below Rs. 1,000 has been expanded.
3) The ratio under reverse charge for rent-a-cab services is changed to 50% each for the service provider and recipient. Time limits are introduced for payment of tax under reverse charge.
The document provides an overview and summary of key proposals from the Union Budget 2014-15 in India. Some of the key points include:
- The budget aims to achieve 7-8% economic growth over the next 3-4 years while maintaining the fiscal deficit target of 4.1%.
- There are various regulatory proposals related to direct taxes, indirect taxes, customs duty, central excise duty, and service tax. Some rates are increased while others are decreased or exempted.
- Personal income tax exemption limits are increased, as are deductions for housing loans, PPF contributions, and section 80C. New accounting standards will become compulsory from FY2016-17.
Taxation of Royalty - By CA Parul Aggarwalparul mittal
In Post BEPS era and with unprecedented technological advancement, the characterization of royalty payments and its subsequent taxation has gained paramount importance. With this, the tax structures have also undergone sea change. This presentation discusses the treaty interpretation through analysis of various case laws relating to characterization and taxability of royalty payment.
Taxmann’s Income Tax Act covers the annotated text of the Income-tax Act, 1961, in the most authentic, amended & updated format.
The Present Publication is the 66th Edition & Updated till the following:
• The Finance Act, 2021
• The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
The noteworthy features of the book are as follows:
• [Bestseller Series] Taxmann’s Bestseller Book for more than Five-Decades
•[Zero Error] Follows the Six Sigma Approach to achieve the Benchmark of ‘Zero Error’
• [Legislative History of Amendments], since 1961
• [Relevant provisions of all other allied laws] referred to in the Income-tax Act
• Comprehensive Table of Contents
• [Quick Navigation] Relevant Section Numbers are printed in Folios for Quick Navigation
• Annotation under each section shows:
○ Relevant Rules & Forms
○ Relevant Circulars & Notifications
○ Date of enforcement of provisions
○ Allied Laws referred to in the Section
• The contents of the book are as follows:
○ Division One – Income-tax Act, 1961
• Arrangement of Sections
• Text of the Income-tax Act, 1961 as amended by the Finance Act, 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Appendix: Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
• Subject Index
○ Division Two – Finance Act, 2021 & Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Text of the Finance Act, 2021
• Text of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Notifications issued under Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Also available in Taxmann’s Virtual Book Format (An e-Book Initiative for un-interrupted reading experience).
• Now Claim 10% Cashback (when you purchase Taxmann’s Income Tax Act), Redeemable at Taxmann’s Online Bookstore.
The document discusses service tax implications in the real estate sector in India. It defines key terms like services, renting of immovable property, and works contracts. It outlines that renting is taxable, with exemptions for residential use. Construction is taxable with abatements, while sale after completion certificate is exempt. Works contracts are taxable based on segregation of material and labor costs. The document also provides case studies on applicability of taxes to construction of hospitals, roads, and renting arrangements with mixed-use properties.
Union budget 2015-16: Deciphering the key Direct and Indirect Tax ProposalsCA VISHAL TAYAL
The budget document discusses several proposed changes to India's direct tax laws:
1. Personal and corporate income tax rates remain unchanged but a new surcharge of 2-5% is imposed. Corporate tax will be reduced to 25% over 4 years. Several deductions have increased including for health insurance and pension contributions.
2. Regulations are changed to provide tax benefits to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (INVITs) to encourage investment.
3. Rules are clarified regarding taxation of indirect transfers of assets in India to reduce disputes. Several exemptions are added for amalgamations and demergers.
This document is the Income Tax Act of 1961 from India. Some key points:
1. It consolidates and amends laws relating to income tax and super tax in India.
2. It establishes definitions for various tax-related terms like "agricultural income", "amalgamation", "Assessing Officer", and "capital asset".
3. It establishes the framework for levying and collecting income tax in India, including rules around assessment, exemptions, tax rates and penalties.
This document is the Income Tax Act of 1961 from India. It lays out definitions for key terms used in the Act. Some key definitions include:
- Agricultural income, which includes rent or revenue from agricultural land, income from cultivating such land, and income from buildings used in agriculture.
- Amalgamation, which refers to the merger of two or more companies to form one company.
- Assessee, which refers to any person required to pay tax or other sums under this Act.
- Assessment, which includes reassessment of a person's income or tax liability.
- Block of assets, which refers to a group of tangible or intangible assets that are depreciated at the same rate
1. The key amendments in the 2012 Finance Act related to service tax include increasing the service tax rate from 10% to 12% plus a 3% cess, bringing in a negative list approach where only specified services will be taxed, and introducing reverse charge mechanisms for certain services.
2. Under the negative list approach, only services specified in the negative list and exempted list will remain outside the scope of service tax. All other services will be taxable unless specifically exempted.
3. The reverse charge mechanism will apply to certain services provided by individuals/firms to corporate entities, as well as services provided by the government and arbitrators. The recipient of these services will now be liable to pay the service
The document summarizes key aspects of the Wealth Tax Act of 1957 in India. It introduces that the Act aims to tax wealth over Rs. 15 lakh at 1% to reduce income and wealth inequalities. Assets defined under the Act include residential/commercial buildings, motor vehicles (excluding for business use), jewelry, yachts, urban land, and cash over Rs. 50,000. Certain entities like companies registered under the Companies Act of 1956 and mutual funds are excluded from the Act. Wealth tax was abolished in India's 2015 budget and replaced with a 2% surcharge on individuals with over Rs. 1 crore annual taxable income.
The document discusses refunds under tax law. It states that a taxpayer who has paid excess tax may apply for a refund within two years of the tax assessment or payment. The Commissioner must refund any excess paid after applying it against other outstanding taxes. If a refund is not paid within three months, the taxpayer is entitled to additional compensation at the KIBOR interest rate until the refund is paid. Appeals procedures are outlined for taxpayers aggrieved by refund decisions.
Taxmann's Direct Taxes Manual (Set of 3 Volumes) - 2021Taxmann
Taxmann’s Direct Taxes Manual is a compilation of annotated, amended and updated:
• Income-tax Act, 1961
• Income-tax Rules, 1962
• Circulars & Notifications
• Allied Laws
• Law Lexicon
• Gist of Landmark Rulings
The Present Publication is the 51st Edition, comes in a set of 3 volumes, that incorporates all changes made by the following:
• Volume 1 – The Finance Act, 2021 & the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Volume 2 – The Income-tax (Eighth Amendment) Rules, 2021
• Volume 3 – Law stated is amended up to 1st March, 2021
Taxmann’s Direct Taxes Manual incorporates the following noteworthy features:
• [Bestseller Series] Taxmann's series of Bestseller Books for more than Five Decades
• [Zero Error] Follows the six-sigma approach, to achieve the benchmark of 'zero error'
Published in three volumes:
○ Volume 1 incorporates the Income-tax Act, 1961 as amended by the Finance Act, 2021 & Taxation & Other Laws (Relaxation & Amendment of Certain Provisions) Act, 2020. It also contains other Allied Acts
○ Volume 2 incorporates the Income-tax Rules as amended by the Income-tax (Eighth Amendment) Rules, 2021. It also incorporates New Return Forms & Revised Rules and Forms along-with New Rules relating to Charitable Trusts. It also contains other Allied Rules
○ Volume 3 incorporates the following:
• [Schemes] All schemes relevant under the Income-tax Act, 1961
• [Words & Phrases] as defined by various Courts and Tribunals
• [Circulars, Clarifications & Notifications | 1961 – February 2021] Gist of all Circulars and Notifications which are in force
• [Case Laws | 1922 – February 2021] Digest of all landmark rulings by the Apex Court, High Courts & Tribunals
• [Models & Drafts] Specimen, models, and drafts of deeds, letters such as indemnity bond, reply to notices, etc.
1) There are 5 heads of income under the Indian Income Tax Act: income from salary, house property, business or profession, capital gains, and other sources.
2) Computation of taxable income involves determining residential status, classifying income, aggregating, applying clubbing provisions, deducting losses, exemptions, and rebates to calculate total tax payable.
3) Income from salary includes wages, pension, gratuity, fees, commissions, perquisites, and advances. Certain allowances like conveyance, education, transport, and house rent are fully or partially exempted.
4) Income from house property is based on annual value, which is the expected rent (municip
The document summarizes various exemptions from income tax under Section 10 of the Income Tax Act. It discusses exemptions for agricultural income, income received as a Hindu Undivided Family member, share of profits from a partnership firm, leave travel concession, gratuity received, compensation received during voluntary retirement, amounts received from life insurance policies, payments from provident funds, payments from approved superannuation funds, house rent allowance, special allowances like conveyance allowance, and daily allowance. Conditions for availing exemptions are explained for various allowances and payments.
This PPT talks about the services rendered outside the Territorial waters and the Service Tax applicability on the same. Under the International Law, recent developments have shown that the territory of a country, for exercising their jurisdictional rights and internal laws, has been extended to the Continental shelf and the Exclusive Economic Zones. But the rights given to the coastal country are limited and restricted. When compared with the previous notification passed by the Central Government, now the service tax will be charged irrespective of the area being designated or non-designated in the EEZ and the Continental shelf. This paper will analyse the implementations of the new amended notification. It will also compare the new notification with the other notifications of the Customs & Excise Act and Income Tax Act for drawing an extent of the applicability of the act to the territory of India, whether or not Service Tax can be charged for an area outside the territorial waters.
The document discusses provisions related to non-residents under Indian law. It defines a non-resident individual as an Indian citizen who stays abroad for employment, business, vacation or uncertain duration. It also considers persons posted in UN organizations and on foreign assignments as non-residents. Further, it discusses tax rates and exemptions applicable to different types of investment and other income earned by non-residents.
You must know facts about property prices & payment plans when buying a home. You pay 1 0 : 7 5 : 1 5(total price of the new flats). Explained here is everything you need to know about payment details, terms and costs while investing in property.
This document summarizes key aspects of the Wealth Tax Act of 1957 in India, including:
- Who is required to file wealth tax returns and by what deadline.
- The types of assets that are included in calculating net wealth and subject to the 1% wealth tax, such as residential/commercial property, jewelry, vehicles, and cash over a certain amount.
- Exceptions and exemptions to assets included in net wealth, such as one residential property or assets held in trust.
- How different types of assets are valued for wealth tax purposes, such as through capitalizing rental income for property or independent appraisals for jewelry.
Overview on-procedure-for-setting-up-of-sez-unitAdmin SBS
This document provides an overview of the procedure for setting up a unit in a Special Economic Zone (SEZ) in India. It discusses what an SEZ is, how SEZs evolved in India, the administrative setup for SEZs, defines an SEZ unit, compares SEZs and units, outlines who can set up a unit, and details the 8 step procedure for setting up a unit including application submission, approval process, and post-approval requirements. It also addresses the validity, extension, and cancellation of the Letter of Approval (LOA) granted to SEZ units.
The document summarizes key aspects of the Wealth Tax Act of 1957 in India, including who is chargeable for wealth tax, how net wealth is computed, valuation rules, and assessment procedures. It outlines what constitutes an "asset" and "net wealth" under the Act. It also describes various deemed assets that get included in a person's net wealth, such as assets transferred to a spouse or minor child. Exceptions to certain assets like residential houses are also provided.
The document discusses various aspects of income taxable under Section 56 of the Income Tax Act 1961 relating to "Income from Other Sources". It summarizes taxation of gifts, winnings, share premium in excess of fair market value, dividends, and other miscellaneous incomes. Specific items discussed include the taxability of gifts based on various limits and exceptions. Winnings from lotteries, races and other games are taxed at a flat 30% rate. Share premium received in excess of a company's fair market value may be taxed. Dividends from foreign companies and domestic companies over Rs. 10 lakhs are included.
Income tax rule thirteenth amendment 18 12-2009Husain Sulemani
This document summarizes amendments made to Rule 3 and the addition of Rule 40F of the Income Tax Rules of 1962 in India. Key points:
- Rule 3, which defines how to compute taxable income from salaries, has been replaced. The new rule provides detailed tables to determine the taxable value of employer-provided accommodations, vehicles, and other benefits.
- Factors like location, home ownership, vehicle size are considered to calculate taxable values. Perquisites are valued at a percentage of salary or actual expenses incurred.
- Rule 40F has been added to define how to value interest-free or low-interest loans provided by employers to employees or their households. The value is the interest
Indian Finance Bill 2020 was tabled in Lok Sabha on March 23, 2020 along with certain Amendments to it and the bill was passed by the House on the same day. A discussion on these amendments have been captured in the note herewith. Inter-alia, Finance Act 2016 is also amended wherein, Equalization Levy at 2% on E-commerce operator for supply of goods and services is also included.
The document summarizes key proposals from the Finance Bill 2009 presented by the Finance Minister of India, Pranab Mukherjee in August 2009. Some key points include: keeping the corporate tax rate unchanged, increasing the basic tax exemption limit for individuals, expanding tax deductions for medical insurance and education loans, overhauling tax deduction at source processes, and introducing measures like document identification numbers to facilitate electronic communication for tax authorities.
The document discusses service tax implications in the real estate sector in India. It defines key terms like services, renting of immovable property, and works contracts. It outlines that renting is taxable, with exemptions for residential use. Construction is taxable with abatements, while sale after completion certificate is exempt. Works contracts are taxable based on segregation of material and labor costs. The document also provides case studies on applicability of taxes to construction of hospitals, roads, and renting arrangements with mixed-use properties.
Union budget 2015-16: Deciphering the key Direct and Indirect Tax ProposalsCA VISHAL TAYAL
The budget document discusses several proposed changes to India's direct tax laws:
1. Personal and corporate income tax rates remain unchanged but a new surcharge of 2-5% is imposed. Corporate tax will be reduced to 25% over 4 years. Several deductions have increased including for health insurance and pension contributions.
2. Regulations are changed to provide tax benefits to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (INVITs) to encourage investment.
3. Rules are clarified regarding taxation of indirect transfers of assets in India to reduce disputes. Several exemptions are added for amalgamations and demergers.
This document is the Income Tax Act of 1961 from India. Some key points:
1. It consolidates and amends laws relating to income tax and super tax in India.
2. It establishes definitions for various tax-related terms like "agricultural income", "amalgamation", "Assessing Officer", and "capital asset".
3. It establishes the framework for levying and collecting income tax in India, including rules around assessment, exemptions, tax rates and penalties.
This document is the Income Tax Act of 1961 from India. It lays out definitions for key terms used in the Act. Some key definitions include:
- Agricultural income, which includes rent or revenue from agricultural land, income from cultivating such land, and income from buildings used in agriculture.
- Amalgamation, which refers to the merger of two or more companies to form one company.
- Assessee, which refers to any person required to pay tax or other sums under this Act.
- Assessment, which includes reassessment of a person's income or tax liability.
- Block of assets, which refers to a group of tangible or intangible assets that are depreciated at the same rate
1. The key amendments in the 2012 Finance Act related to service tax include increasing the service tax rate from 10% to 12% plus a 3% cess, bringing in a negative list approach where only specified services will be taxed, and introducing reverse charge mechanisms for certain services.
2. Under the negative list approach, only services specified in the negative list and exempted list will remain outside the scope of service tax. All other services will be taxable unless specifically exempted.
3. The reverse charge mechanism will apply to certain services provided by individuals/firms to corporate entities, as well as services provided by the government and arbitrators. The recipient of these services will now be liable to pay the service
The document summarizes key aspects of the Wealth Tax Act of 1957 in India. It introduces that the Act aims to tax wealth over Rs. 15 lakh at 1% to reduce income and wealth inequalities. Assets defined under the Act include residential/commercial buildings, motor vehicles (excluding for business use), jewelry, yachts, urban land, and cash over Rs. 50,000. Certain entities like companies registered under the Companies Act of 1956 and mutual funds are excluded from the Act. Wealth tax was abolished in India's 2015 budget and replaced with a 2% surcharge on individuals with over Rs. 1 crore annual taxable income.
The document discusses refunds under tax law. It states that a taxpayer who has paid excess tax may apply for a refund within two years of the tax assessment or payment. The Commissioner must refund any excess paid after applying it against other outstanding taxes. If a refund is not paid within three months, the taxpayer is entitled to additional compensation at the KIBOR interest rate until the refund is paid. Appeals procedures are outlined for taxpayers aggrieved by refund decisions.
Taxmann's Direct Taxes Manual (Set of 3 Volumes) - 2021Taxmann
Taxmann’s Direct Taxes Manual is a compilation of annotated, amended and updated:
• Income-tax Act, 1961
• Income-tax Rules, 1962
• Circulars & Notifications
• Allied Laws
• Law Lexicon
• Gist of Landmark Rulings
The Present Publication is the 51st Edition, comes in a set of 3 volumes, that incorporates all changes made by the following:
• Volume 1 – The Finance Act, 2021 & the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Volume 2 – The Income-tax (Eighth Amendment) Rules, 2021
• Volume 3 – Law stated is amended up to 1st March, 2021
Taxmann’s Direct Taxes Manual incorporates the following noteworthy features:
• [Bestseller Series] Taxmann's series of Bestseller Books for more than Five Decades
• [Zero Error] Follows the six-sigma approach, to achieve the benchmark of 'zero error'
Published in three volumes:
○ Volume 1 incorporates the Income-tax Act, 1961 as amended by the Finance Act, 2021 & Taxation & Other Laws (Relaxation & Amendment of Certain Provisions) Act, 2020. It also contains other Allied Acts
○ Volume 2 incorporates the Income-tax Rules as amended by the Income-tax (Eighth Amendment) Rules, 2021. It also incorporates New Return Forms & Revised Rules and Forms along-with New Rules relating to Charitable Trusts. It also contains other Allied Rules
○ Volume 3 incorporates the following:
• [Schemes] All schemes relevant under the Income-tax Act, 1961
• [Words & Phrases] as defined by various Courts and Tribunals
• [Circulars, Clarifications & Notifications | 1961 – February 2021] Gist of all Circulars and Notifications which are in force
• [Case Laws | 1922 – February 2021] Digest of all landmark rulings by the Apex Court, High Courts & Tribunals
• [Models & Drafts] Specimen, models, and drafts of deeds, letters such as indemnity bond, reply to notices, etc.
1) There are 5 heads of income under the Indian Income Tax Act: income from salary, house property, business or profession, capital gains, and other sources.
2) Computation of taxable income involves determining residential status, classifying income, aggregating, applying clubbing provisions, deducting losses, exemptions, and rebates to calculate total tax payable.
3) Income from salary includes wages, pension, gratuity, fees, commissions, perquisites, and advances. Certain allowances like conveyance, education, transport, and house rent are fully or partially exempted.
4) Income from house property is based on annual value, which is the expected rent (municip
The document summarizes various exemptions from income tax under Section 10 of the Income Tax Act. It discusses exemptions for agricultural income, income received as a Hindu Undivided Family member, share of profits from a partnership firm, leave travel concession, gratuity received, compensation received during voluntary retirement, amounts received from life insurance policies, payments from provident funds, payments from approved superannuation funds, house rent allowance, special allowances like conveyance allowance, and daily allowance. Conditions for availing exemptions are explained for various allowances and payments.
This PPT talks about the services rendered outside the Territorial waters and the Service Tax applicability on the same. Under the International Law, recent developments have shown that the territory of a country, for exercising their jurisdictional rights and internal laws, has been extended to the Continental shelf and the Exclusive Economic Zones. But the rights given to the coastal country are limited and restricted. When compared with the previous notification passed by the Central Government, now the service tax will be charged irrespective of the area being designated or non-designated in the EEZ and the Continental shelf. This paper will analyse the implementations of the new amended notification. It will also compare the new notification with the other notifications of the Customs & Excise Act and Income Tax Act for drawing an extent of the applicability of the act to the territory of India, whether or not Service Tax can be charged for an area outside the territorial waters.
The document discusses provisions related to non-residents under Indian law. It defines a non-resident individual as an Indian citizen who stays abroad for employment, business, vacation or uncertain duration. It also considers persons posted in UN organizations and on foreign assignments as non-residents. Further, it discusses tax rates and exemptions applicable to different types of investment and other income earned by non-residents.
You must know facts about property prices & payment plans when buying a home. You pay 1 0 : 7 5 : 1 5(total price of the new flats). Explained here is everything you need to know about payment details, terms and costs while investing in property.
This document summarizes key aspects of the Wealth Tax Act of 1957 in India, including:
- Who is required to file wealth tax returns and by what deadline.
- The types of assets that are included in calculating net wealth and subject to the 1% wealth tax, such as residential/commercial property, jewelry, vehicles, and cash over a certain amount.
- Exceptions and exemptions to assets included in net wealth, such as one residential property or assets held in trust.
- How different types of assets are valued for wealth tax purposes, such as through capitalizing rental income for property or independent appraisals for jewelry.
Overview on-procedure-for-setting-up-of-sez-unitAdmin SBS
This document provides an overview of the procedure for setting up a unit in a Special Economic Zone (SEZ) in India. It discusses what an SEZ is, how SEZs evolved in India, the administrative setup for SEZs, defines an SEZ unit, compares SEZs and units, outlines who can set up a unit, and details the 8 step procedure for setting up a unit including application submission, approval process, and post-approval requirements. It also addresses the validity, extension, and cancellation of the Letter of Approval (LOA) granted to SEZ units.
The document summarizes key aspects of the Wealth Tax Act of 1957 in India, including who is chargeable for wealth tax, how net wealth is computed, valuation rules, and assessment procedures. It outlines what constitutes an "asset" and "net wealth" under the Act. It also describes various deemed assets that get included in a person's net wealth, such as assets transferred to a spouse or minor child. Exceptions to certain assets like residential houses are also provided.
The document discusses various aspects of income taxable under Section 56 of the Income Tax Act 1961 relating to "Income from Other Sources". It summarizes taxation of gifts, winnings, share premium in excess of fair market value, dividends, and other miscellaneous incomes. Specific items discussed include the taxability of gifts based on various limits and exceptions. Winnings from lotteries, races and other games are taxed at a flat 30% rate. Share premium received in excess of a company's fair market value may be taxed. Dividends from foreign companies and domestic companies over Rs. 10 lakhs are included.
Income tax rule thirteenth amendment 18 12-2009Husain Sulemani
This document summarizes amendments made to Rule 3 and the addition of Rule 40F of the Income Tax Rules of 1962 in India. Key points:
- Rule 3, which defines how to compute taxable income from salaries, has been replaced. The new rule provides detailed tables to determine the taxable value of employer-provided accommodations, vehicles, and other benefits.
- Factors like location, home ownership, vehicle size are considered to calculate taxable values. Perquisites are valued at a percentage of salary or actual expenses incurred.
- Rule 40F has been added to define how to value interest-free or low-interest loans provided by employers to employees or their households. The value is the interest
Indian Finance Bill 2020 was tabled in Lok Sabha on March 23, 2020 along with certain Amendments to it and the bill was passed by the House on the same day. A discussion on these amendments have been captured in the note herewith. Inter-alia, Finance Act 2016 is also amended wherein, Equalization Levy at 2% on E-commerce operator for supply of goods and services is also included.
The document summarizes key proposals from the Finance Bill 2009 presented by the Finance Minister of India, Pranab Mukherjee in August 2009. Some key points include: keeping the corporate tax rate unchanged, increasing the basic tax exemption limit for individuals, expanding tax deductions for medical insurance and education loans, overhauling tax deduction at source processes, and introducing measures like document identification numbers to facilitate electronic communication for tax authorities.
The document summarizes key changes made to Pakistan's Income Tax Ordinance of 2001 through the Finance Act of 2009. Some key points include:
1) Branch profits of foreign companies in Pakistan will now be taxed as dividend income rather than business profits. Petroleum E&P companies are excluded from this change.
2) The tax rate on bonuses for high-income corporate employees was increased to 30% for tax year 2010 to support internally displaced people.
3) Tax credits and deductions were increased for donations, home loans, and manufacturers selling to registered persons.
4) A minimum tax on turnover was re-introduced for resident companies to broaden the tax base.
5)
The document summarizes direct tax proposals in the Indian Budget for 2016-2017, including:
- Threshold income limits and tax rates will largely remain the same, with some small increases to rebates and limits. Surcharge will be increased for higher income levels.
- New tax incentives are proposed for start-ups. Several deductions will be phased out over time, with lower percentages allowed until full removal.
- Changes also include increased TDS thresholds, taxation of dividends over Rs. 10 lakhs, and introduction of presumptive taxation schemes for professionals and businesses with income under Rs. 50-100 lakhs.
The document summarizes key income tax proposals in India's Union Budget for the assessment year 2021-22. It outlines that income tax rates remain unchanged, with rates of 5%, 20%, and 30% applied to income slabs. It also introduces a new, optional tax regime with lower rates and removal of exemptions/deductions. Key benefits of the new regime include lower taxes but loss of deductions like HRA and standard deduction. The document also discusses changes to residential status rules and removal of dividend distribution tax.
This document discusses provisions related to non-residents under the Indian Income Tax Act, including the impact of Section 206AA on payments to non-residents and the implications of 'net of tax' arrangements. It addresses issues such as whether Section 206AA overrides tax treaty provisions, the interplay between Sections 195A and 206AA, and considerations regarding tax deductions on reimbursements and payments routed through pass-through entities. The document provides analysis of key cases and sections of the Income Tax Act to clarify uncertainties and compliance obligations for payments to non-residents.
The document discusses amendments to taxation of individuals and corporations announced in the Indian Union Budget 2012. Key points include:
1) Personal income tax rates were reduced for those earning between Rs. 8-10 lakhs from 30% to 20%.
2) Corporate tax rates remained unchanged at 30% but some deductions and exemptions were introduced or expanded for sectors like power.
3) The Minimum Alternate Tax (MAT) was amended and an Alternate Minimum Tax (AMT) of 18.5% was introduced for non-corporate taxpayers.
4) General Anti-Avoidance Rules (GAAR) were formulated to tackle aggressive tax planning, effective April 2013.
This document provides an overview of key Indian tax rates, rules, and regulations for the assessment years 2021-22 and 2022-23. It summarizes income tax slabs and rates for individuals, HUF, firms, companies and cooperative societies. It also outlines key tax deducted at source provisions around applicable thresholds and rates for common income types like salary, interest, dividends, rent, professional fees, and payments to contractors.
The document summarizes changes made to tax deducted at source (TDS) provisions by the Finance Act of 2020. Several existing sections related to TDS were amended and new sections for TDS on various types of payments were introduced. Key changes include amendments to TDS for dividends, interest, technical services fees, and mutual fund income. New sections introduce TDS for cash withdrawals, business trust unit income, and e-commerce participant payments. The changes are effective from financial years 2020-21 onward.
Income Tax Amendments Applicable to AY 2020-21 (FY 2019-20)AmitJain910
This document discusses important amendments to consider while filing income tax returns for assessment year 2020-21 relating to rebates, surcharges, tax rates, deductions, depreciation, TDS provisions, capital gains exemption, and more. Key points include a reduced MAT rate of 15%, option to purchase two homes for capital gains exemption, increased standard deduction and TDS limits on rent and cash withdrawals.
Budget 2016 was recently announced by the Finance Minister of India. This Presentation unravels the Transfer Pricing and International Tax proposals of the Budget 2016.
The document summarizes several proposed amendments to the Indian Income Tax law from the 2020 budget. Key points include:
1) Individuals and HUFs can now choose to be taxed at new optional slab rates but must forego many deductions. Dividend income from companies and mutual funds will now be taxable for all taxpayers.
2) The threshold for being considered a resident in India has reduced from 182 to 120 days. Any Indian citizen who is not liable to tax in another country will be deemed a resident of India.
3) Companies will no longer pay Dividend Distribution Tax but shareholders will pay tax on dividends as per their slab rate.
4) Several changes have been
The document summarizes various tax proposals from the Indian Budget for 2009-2010. It outlines changes to personal income tax rates and the abolition of the 10% surcharge for individuals. For corporations, the tax rate remains unchanged but the MAT has increased. Other taxes like CTT have been abolished while DDT and fringe benefits tax have remained the same. Procedural changes include mandatory PAN requirements. Limits for deductions have been increased for partner salaries, cash payments, and dependent disability. Indirect taxes like service tax have been extended to new services but exemptions have also been introduced.
- A new optional personal tax regime was introduced in India starting from FY 2020-21 which provides reduced tax rates but does not allow deductions and exemptions available under the old regime.
- Individuals and HUFs have the option each year to choose between the old and new tax regimes depending on what is more beneficial based on their income and eligible deductions/exemptions.
- Key differences between the regimes include lower tax slabs but no exemptions under the new regime, versus higher tax slabs but availability of various deductions under the old regime.
TaxAlerts cover significant
tax news, developments and
changes in legislation that
affect Indian businesses. They
act as technical summaries . For more information,
please contact EY India.
TaxAlerts cover significant
tax news, developments and
changes in legislation that
affect Indian businesses. They
act as technical summaries . For more information,
please contact EY India.
The document summarizes key amendments made in the Finance Act 2011 relating to income tax slabs, deductions, exemptions, and tax rates. Some key points include:
- The income tax slabs for individual/HUF taxpayers were increased from Rs. 1,60,000 to Rs. 1,80,000 providing a tax benefit of Rs. 2060.
- The age limit for senior citizens for income tax purposes was reduced from 65 to 60 years and further classified into two categories based on age.
- Deductions under section 80C, 80CCC, and 80CCD were amended and the contribution made under section 80CCD was excluded from the overall deduction limit of Rs. 1,
Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill...DVSResearchFoundatio
The document summarizes key amendments proposed in the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 relating to direct tax provisions in India. Some key amendments include providing tax incentives to Category-III Alternative Investment Funds located in International Financial Services Centres, reducing the surcharge on dividend income for Foreign Portfolio Investors, clarifying provisions related to residential status, extending timelines related to the Vivad se Vishwas scheme for settling tax disputes, and introducing faceless assessment schemes for various tax proceedings. The Bill also proposes some other miscellaneous amendments related to exemptions, penalties, and powers of tax authorities.
The document provides an overview of the key aspects of the Goods and Services Tax (GST) law in India, including the benefits of GST, the existing indirect tax structure it replaces, features of the Constitution amendment, the GST Council, main features of the GST law, and the role of the Central Board of Excise and Customs.
Useful Charts for Tax Compliances (Useful to have with you in your computer within easy reach) like ready reconer :-)
Visit my blog for Latest updates on Income Tax, TDS and many more :-)
http://latestupdatesofincometax.blogspot.com/
have fun. :-)
God bless you.
Regards
Praveen
Latest updates of income tax by praveen kumarPraveen Kumar
This document provides a summary of updates related to income tax, TDS, and other financial regulations in India. It includes changes to income tax rates and limits, due dates for tax compliance, updates on electronic filing procedures, and summaries of recent court rulings related to tax law. The document is an informative resource for finance professionals to stay up-to-date on their compliance obligations and understand the latest tax regulations.
This document summarizes accounting standards for contingencies and events occurring after the balance sheet date. It states that contingent losses should be accounted for if a future loss is probable and can be reasonably estimated. Contingent gains are not recognized. Contingent losses that do not meet these criteria must be disclosed along with their nature and estimated financial effect. Significant events after the balance sheet date must also be disclosed if they provide evidence of pre-existing conditions or new conditions after the balance sheet date.
This document discusses Accounting Standard 20 on Earnings Per Share. It outlines how to calculate basic and diluted EPS, including determining the weighted average number of shares, adjusting for rights issues, and the treatment of convertible instruments. Basic EPS is calculated by dividing earnings by the weighted average number of equity shares outstanding. Diluted EPS considers all dilutive potential equity shares. Disclosures required include reconciliations of EPS numerators and denominators.
Accounting Standard 16 outlines the accounting treatment for borrowing costs related to qualifying assets. It requires that borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset be capitalized as part of the cost of that asset. Other borrowing costs should be recognized as an expense. Capitalization of borrowing costs should commence when funds are borrowed and activities to prepare the asset are underway, and cease when the asset is ready for its intended use or sale. Certain disclosures regarding capitalized borrowing costs are also required.
This document outlines accounting standards for reporting interests in joint ventures. It defines a joint venture and joint control. It describes the forms of joint ventures as jointly controlled operations, assets, or entities. It provides guidance on accounting treatments for these different forms in separate or consolidated financial statements, including proportionate consolidation for jointly controlled entities. It also specifies disclosure requirements.
This document outlines an accounting standard for taxes on income. It defines key terms like accounting income, taxable income, permanent differences, and timing differences. It provides an example to illustrate the treatment of deferred taxation when depreciation is treated differently for accounting and tax purposes. It also covers recognition, measurement, disclosure requirements, and transitional provisions for the standard.
This document outlines accounting standards for investments. It defines investments as assets held for earning income or capital appreciation. Investments are classified as either long-term or current. Cost of investments includes the basic cost and acquisition charges. Carrying amounts of current investments are at lower of cost or fair value, while long-term investments are at cost, with provisions for permanent declines. Disclosure requirements include classification of investments, accounting policies, income/losses from investments, and restrictions.
This document discusses accounting for taxes on income under Accounting Standard 22. It defines permanent differences and timing differences that cause differences between accounting income and taxable income. Timing differences arise in one period but reverse in subsequent periods, distorting period results. AS 22 requires adoption of deferred tax accounting to account for the tax effects of timing differences. It provides guidelines on recognition, measurement, and disclosure of current and deferred tax assets and liabilities.
Accounting Standard 17 outlines requirements for segment reporting in financial statements. It requires companies to report financial information for different business segments and geographical segments. Applicable to listed companies and unlisted companies with annual turnover over Rs. 50 crores from April 2001. A business segment is a distinguishable component engaged in providing an individual product or service subject to different risks and returns. A geographical segment provides products/services in a particular economic environment subject to different risks and returns. Reportable segments meet certain thresholds for revenue, profit/loss, or assets. At least 75% of total revenue should be included in reportable segments. Comparative segment data is required. Primary reporting format is by business segment or geographical segment depending on how risks and returns are
This document outlines accounting standards for government grants. It defines government grants and outlines how they should be accounted for, either through a capital or income approach. Grants should only be recognized when there is reasonable assurance of compliance with conditions and collection is certain. Extraordinary grants may be recognized immediately. Non-monetary grants are recorded at cost or nominal value. Grants related to assets may be deducted from assets, treated as deferred income, or credited to capital reserves. Grants related to revenue are recognized over related costs. Refunds of grants are also addressed.
Accounting Standard-9 provides guidance on revenue recognition. It covers revenue from sale of goods, rendering of services, and use of enterprise resources. Revenue is recognized when risks and rewards are transferred for sale of goods or when services are completed or proportionately. Disclosure is required when revenue recognition is postponed due to uncertainties.
- Accounting Standard-8 provides guidance on the treatment of costs associated with research and development in financial statements.
- It allows for R&D costs to either be expensed in the period incurred or deferred to future periods if certain criteria are met, such as the project being clearly defined with separately identifiable costs.
- Deferred R&D costs must be reviewed periodically and written off if the deferral criteria are no longer met, though previously expensed costs cannot be reinstated even if uncertainties are later resolved.
This document outlines accounting standard requirements for disclosing net profit or loss, prior period items, and changes in accounting policies. Key requirements include separately disclosing the nature and amount of extraordinary items, ordinary items of significant size or nature, prior period items and their impact on current profit or loss, changes in accounting estimates with material effects, and the impact of changes in accounting policies.
The document outlines the Accounting Standard 21 for consolidated financial statements in India. It discusses the objective to formulate principles for consolidated financial statements. It applies to group enterprises controlled by a parent company. The standard defines control and outlines the composition, scope, and procedures for consolidation. It discusses eliminating investments, minority interests, uniform policies, and disclosure requirements for consolidated financial statements.
This document summarizes the key principles for valuing inventory according to Accounting Standard 2. Inventories should be valued at the lower of cost and net realizable value. Cost includes costs of purchase, conversion, and other costs to bring inventory to its present location and condition, but excludes abnormal wastage, storage costs unless necessary for production, and administrative and selling overheads. Net realizable value is estimated selling price less costs to complete and sell. Certain inventories like work in progress for construction contracts are excluded from this standard.
The document outlines Accounting Standard 3 which provides guidance on preparing and presenting a cash flow statement. It defines key terms like cash, cash equivalents, and cash flows. It classifies cash flows into three categories - operating, investing and financing activities - and provides examples of cash flows that would fall under each category. The cash flow statement should report the cash flows of an enterprise during a period, classified by these three activities.
The document outlines Accounting Standard 19 on leases. It discusses the scope, objectives and classification of leases as either finance leases or operating leases. Finance leases transfer substantially all risks and rewards of ownership to the lessee. It provides examples of finance leases and indicators. It also discusses accounting treatment, disclosures and illustrations for lessors and lessees for both finance and operating leases.
The accounting standard establishes requirements for disclosure of related party relationships and transactions between a reporting enterprise and its related parties. It defines related parties as those able to exercise control or significant influence over the enterprise. Disclosures include the nature of relationships, types and amounts of transactions, and outstanding balances. The standard aims to highlight the possibility that related party relationships may not reflect arm's length transactions.
The document discusses the disclosure requirements for related party transactions under the Indian accounting standard AS-18. It defines related parties as individuals or entities that have the ability to control or exercise significant influence over the reporting entity. It requires disclosure of the nature and volume of transactions between the reporting entity and its related parties, as well as outstanding balances and any provisions for doubtful debts involving such parties. The disclosures are necessary because related party transactions may not be conducted under normal commercial terms.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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.
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.
3. Basic Objective of FM to Taxation in
Finance Bill (No 2) of 2009
Taxation
36. It is time that we complete the process that was started in
1991 for building a trust based, simple, neutral, tax system with
almost no exemptions and low rates designed to promote
voluntary compliance. The Income Tax Return Forms should
be simple and user-friendly. I have asked the Department to
work on SARAL-II forms for early introduction. We need a
tax system which generates revenues on a sustained basis
without use of coercive tax collection methods at the end of
each year to meet targets. It is my intention to make a
modest start in this direction in the current year and ensure
that the process is completed in the next four years. At the
end of this process, I hope the Finance Minister can credibly
say that our tax collectors are like honey bees collecting
nectar from the flowers without disturbing them, but
spreading their pollen so that all flowers can thrive and bear
fruit.
3
4. Proposals at a glance
• New Direct Tax Code within next 45 days from budget
day – to be implemented after public debate in Winter
Session
• FBT AND CTT ABOLISHED W.E.F 1/4/2010/ AY
2010-2011 (FY 2009-2010)
• Corporate Tax Rate Remained Unchanged
• TDS Provisions Revamped
• LLP Tax Status Equivalent to General Partnership Firm
4
5. Proposals at a glance
• Personal Income Tax (Individual; HUF AOP;
BOI; Artificial Juridical Person) – Basic Tax
Exemption Limit (in INR- Lacs) No Surcharge
on Personal Income Tax (to be removed in
phased manner) (persons covered: Firm and
Local Authority also) (AY 2010-2011)
Assessee Earlier (AY 2009-10) Changed (AY 2010-11)
Sr Citizen 2.25 2.40
Women 1.80 1.90
5
Others 1.50 1.60
6. Clause by Clause Analysis
Section 80E – Deduction in respect of loan
taken for higher education (clause 32) –
Applicable from AY 2010-2011
Particular Earlier Status Amendment
proposed
Compass of Only covered full Now extended
Higher time studies in to all fields of
Education graduate and post studies including
graduate course in vocational
specified subjects studies after Sr.
Sec.Exams 6
7. Clause by Clause Analysis
Section 208 – Advance Tax Payment Threshold
Applicable from F Y 2009-2010 (clause 70)
Particular Earlier limit Amendment
proposed
Advance Tax INR 5000 INR 10,000
Payable, if
estimated tax
Above
7
9. Clause by Clause Analysis
Section 40A (3A): Disallowance for expense
paid otherwise by a/c payee cheque/draft
above INR 20,000 : Relief to Transporters
(clause 16) From 1/10/2009
Particular Earlier limit Amendment
proposed
For Transporter INR 20,000 INR 35,000
to curb practical
hardship
9
10. Clause by Clause Analysis
Section 10 (23C): Time limit for filing tax
exemption application u/s 10(23C) (clause 4)
FROM FY 2008-2009 ONWARDS
Particular Earlier limit Amendment
proposed
Time limit for Within financial Within 30 Sep of
above year (where next succeeding
Receipts year
exceeded INR 1 10
Cr)
11. Clause by Clause Analysis
Section 2(15) : Scope of Charitable Purpose :
Expanded (clause 3)
FROM AY 2009-2010 ONWARDS
Particular Earlier limit Amendment proposed
Activities Education; Specific insertion for:
covered Medical; Relief to environment &
Poor; - & General monuments
Public Utility being preservation etc
Subject to non activities to protect
commercial from any impact of
Finance Act, 2008
11
12. Clause by Clause Analysis
Section 40(b)(v) : Remuneration to Partner’s
Limit Increased (clause 15)
FROM AY 2010-2011
Particular Earlier limit Amendment proposed
Slab for Different for Same for Both
payment of professional
remuneratio firms and In first 300,000 book profit
n to working others or loss cases- INR 150,000
partner or 90% whichever is higher
changed &
alligned On balance= @ 60%
12
13. Clause by Clause Analysis
Section 115BBC: Anonymous Donations : Tax
Relief in certain cases (clause 42)
FROM AY 2010-2011
Particular Earlier limit Amendment proposed
Exemption Zero/Nil Anonymous donations
for exempt Upto 5% of
Anonymous Total Income of trust or
Donations INR 100,000 whichever
to certain is more
limit
13
14. Clause by Clause Analysis
Weighted Deduction for Inhouse Research and
Development Section 35(2AB): Scope
Expanded (clause 12)
FROM AY 2010-2011
Particular Earlier Scope Amendment proposed
Nature of Limited and Benefit extended to all
Industry Specified manufacturing
Covered business houses
except for items listed
in XIth Schedule 14
15. Clause by Clause Analysis
Section 80G : Number of Years for which
Approval u/s 80G(5)(vi) shall be applicable
(clause 33)
Particular Earlier Scope Amendment proposed
Maximum Five Asst For approval expiring after
Time Span Years 1/10/2009 u/s 80G(5),
in terms of approval will be in
Asst Years perpetuity – unless
for which withdrawn by concerned
Approval CIT etc – For which expired
15
could be before 1/10- once granted
16. Clause by Clause Analysis
Section 293C: Inserted to empower wherever in
Income Tax Act an approval is required from an
authority- said authority has withdrawal power
Also, subject to giving hearing to concerned
Assessee (clause 78)
16
17. Clause by Clause Analysis
Section 13B and Section 80GGB/GGC (clause 3,
4,8,34,35) – For AY 2010-2011- funding of political
party
- Contribution to Electoral Trust/Trust as approved by
CBDT in accordance with specified scheme of
Central Govt (pass through vehicle)– Eligible for 100%
deduction /for donor
- Aforesaid donations subject to tax u/s 2(24) in hands of
trust; exempted u/s 13B Provided
- Said trust: functions in accordance with
applicable rules to be notified &
- distributes to Political Party during concerned17
previous year 95% of aggregate donations as recd.to
18. Clause by Clause Analysis
Section 35AD – Investment Linked Tax Incentive for
Specified Business (clause 10; 13; 17;24;28) – For AY
2010-2011 – Key Points;
for cold chain facility for specified products; for
warehouse facilities for agricultural produce (business
commences after 1/4/2009) and laying & operating a
cross country natural gas pipeline distribution network
(business commences after 1/4/2007)
For all capital expense (excl land ; goodwill and
financial instrument)
loss of specified business – only adjustable against
profits of the specified business – indefinite carry
forward – section 73A 18
19. Clause by Clause Analysis
Tax Deduction at Source – TDS Law – Overhauled -
a) TDS Rates – 194I- Rental (in case PAN of deductee
is not there- TDS 20% applicable w.e.f 1/4/2010)
Particular Existing Rate Amendment/Proposal
w.e.f 1/10/2009
Plant & Machinery 10% 2%
Land & Building
- Individual/HUF Payee 15% 10%
- Other Payee
19
20% 10%
20. Clause by Clause Analysis
Tax Deduction at Source – TDS Law – Overhauled -
a) TDS Rates – 194C- Contract (in case PAN of
deductee is not there- TDS 20% applicable, non
transport)
Particular Existing Rate Amendment/Prop
osal 1/10/2009
Individual HUF Contractor – 2% Sub SAME FOR BOTH 1%
Contractor/Sub Contractor -1% (No separate rate for
Contractor advertisement)
Other than above Contractor – 2% Sub 2%
Contractor -1% 20
21. Clause by Clause Analysis
In TDS – On Non Salary Payments – No need tp factor
Surcharge and Edu Cess (resident taxpayers)
Section 201(3) – Time limit for passing orders in case
of resident deductee –
Particular Time Limit
Where Statement u/s 200 is filed Within 2 yrs from end of relevant
financial year – in which statement is
filed
Other cases /Non Statement Within 4 Yrs from end of financial
(Delhi High Court ruling in NHK year in which tax deduction is made
Case- approved)
21
NO TDS FOR TRANSPORT CONTRACTORS U/S 44AE AT ALL
– PROVIDED PAN FURNISHED – DUTY OF DEDUCTOR TO
22. Clause by Clause Analysis
Definition of Work u/s 194C clarified- TDS on
outsourcing contract
Excluded where product made under specification of
customer – raw material purchased from other person
However, Included Contract where raw material is
supplied by customer Value for TDS- In case invoice
separately reflects raw material value – TDS on
amount excl Raw Material Value otherwise TDS on
Full Invoice Amount
PAN MUST - Section 206AA inserted : PAN to be
mandatorily by tax deductee) : Failure Outcome : 20%
TDS (“ANY PERSON” BEING INCOME RECEPIENT
COVERED WHETHER NON RESIDENT PAYEES
COVERED..?)- PAN MUST FOR 15G/15H/15I –
22
23. Clause by Clause Analysis
Processing of Tax Statement for TDS- Section 200A
inserted – Clause 64
From 1/4/2010
Where ever TDS statement is submitted u/s 200 – to
be processed for arithmetical error/ incorrect claim
(inconsistent items etc)
Intimation to be sent for Sum Payable/Refundable to
Deductor – within 1 yr from end of financial year in
which statement is filed
Scheme for Centralized processing of aforesaid
statement may be prescribed by CBDT
Flexibility to provide periodicity for filing tax statement 23
24. Clause by Clause Analysis
LLP Tax Status
General Partnership Scheme Applicable (taxation in
hands of entity and exemption for partners)
Designated Partner under LLP Law shall file tax return
for LLP (exception there….section 140)
Conversion of General Partnership shall be Tax
Neutral – if rights and obligations of partners remain
same – otherwise section 45 shall apply as usual
Tax Recovery : Jointly and Severally from Every
Partner – Plea of Non Connivance/involvement
allowed 24
25. Clause by Clause Analysis
Section 44AE: (CLAUSE : 21)
Anti Avoidance Tax Clause Inserted (Higher Actual Income
versus Declared Presumptive Income)
Increase in Income/Truck (W.E.F.AY 2011-2012)
Particular Earlier Changed
Heavy Goods 3500/month/ca 5000/month/ca
Carriage rriage rriage
Other Goods 3150/month/ca 4500/month/ca
Carriage rriage rriage 25
26. Clause by Clause Analysis
Section 44AD: (CLAUSE : 18 TO 22)
Applicable from AY 2011-2012
Type of Assessee Eligible : Covering Individual/HUF/Firm
excl LLP not claiming deduction u/s 10A/10AA/10B/10BA/CH
VIA DEDUCTION
Nature of Business Covered: Any Business excluding Section
44AE/Truck Operator Maximum Turnover INR 40 Lacs
Immunity from Advance Tax Payment
No Books; Audit if scheme opted (That is, In case not opted-
books and audit mandatory)
TAX AUDIT SCOPE IMPLIEDLY EXTENDED? 26
27. Clause by Clause Analysis
Section 80IB(10): (CLAUSE : 37)
Deduction Not available to Undertaking which executes
housing project as works contract (applicable from AY
2001-2002)
To plug loophole whereby developer sold multiple units to
same person & circumvented the legislative intent- it is
provided that Undertaking Developing Housing project shall
not be allowed to allot more than one unit to same person (for
individual allotte- no allotment also possible in relation to said
individual allotee to spouse/minor children/HUF etc) – FROM
AY 2010-2011
27
28. Clause by Clause Analysis
Section 2(29BA) Manufacture Definition Inserted for first
time in the Law (CLAUSE : 3)
Applicable for all tax concessions
‘manufacture’, with all its grammatical variations,
shall mean a change in a non-living physical object or article or thing,—
(a) resulting in transformation of the object or article or thing into a new
and distinct object or article or thing having a
different name, character and use; or
(b) bringing into existence of a new object or article or thing with a
different chemical composition or integral structure.
28
29. Clause by Clause Analysis
Reassessment Proceedings
Clause 57 Explanation to Section 147 inserted
Impliedly Overruled Kerala High Court in Travancore
305 ITR 170 and Delhi High Court in Jai Bharat Maruti
cases ITA 501/2007
No need for separate recording of reasons on “other
issues” noticed in reassessment proceedings
29
30. Clause by Clause Analysis
Search Under Section 132 Clause 50/51
Amendment having Mass Impact : Delhi High
Court in Nalini Mahajan and Pawan Gupta & All
HC in Raghu Partap overruled
Provided from Retrospective Effect : Joint
Director and Additional Director Had Power to
Issue Warrant repc w.e.f 1/6/1994 & 1/10/1998
DHC in Capital Power and Pawan Kumar 222 CTR
36/47
P&HHC in Vinod 252 ITR 29
All HC in Raghu Partap 307 ITR 450
SC in Chand Vhurasia – Latest Development- 30
revenue’s SLP notice issued
31. Clause by Clause Analysis
Anomaly in SEZ Unit Deduction u/s 10AA removed
(Parity in Numerator and Denominator) from AY 2010-
2011
Earlier Formulae Proposed Law
For Deduction For Deduction
Computation Computation
Profits of business of Profits of business of
Unit* Export Turnover of Unit* Export Turnover of
Unit/Total Turnover of Unit/Total Turnover of
Business of Assessee Business of
undertaking/unit 31
32. Clause by Clause Analysis
Section 56(2)(vi) Transaction without
consideration/inadequate consideration (for
transactions on/after 1/10/2009)- clause 26
Provided that Property recd without consideration will
be included (which in turn will include immovable
property; share/securities/ jewellery etc)
In case of immovable property without consideration:
if stamp duty value exceeds INR 50,000 : WHOLE
STAMP VALUE TAXABLE and for Inadequate
consideration : Difference in stamp value and
declared value taxable
For Movable Property recd without consideration: Fair
Market Value shall be base of taxation (Method to be
prescribed) 32
33. Clause by Clause Analysis
Section 50C- Clause 25 for transactions on/after
1/10/2009
Covered transactions executed through agreement to
sell
Jd ITAT RULINGS IN 110 ITD 525/112 TTJ 76
Impliedly Overruled
33
34. Clause by Clause Analysis
MAT – Clause 43; 44;45
From AY 2010-2011
Rate of Taxation u/s 115JB increased from 10% to
15%
Carry Forward period u/s 115JAA(2) increased from 7
to 10 years
From AY 1998-1999: Provision for Diminution in
value of asset debited to P&L – to be added back to
determine taxable book profits
34
35. Clause by Clause Analysis
Section 10(10C): Compensation on voluntary
retirement/termination of service
Clause 4; 38 from AY 2010-2011
Double Benefit Addressed – Proviso to section 89 &
10(10C) inserted
35
36. Clause by Clause Analysis
Introduction of Document Identification Number/DIN
and facility of electronic communication
With effect from 1/10/2010
Section 282B : Every Income tax authority bound to
allot a computer generated DIN for every document
issued/recd by them
Document issued/recd without DIN shall be invalid
Provision for service of notice by electronic mode u/s
282 & courier service provided w.ef 1/10/2009 (for
electronic service – rules to be made by CBDT)-
CLAUSE 76; 77 36
37. Clause by Clause Analysis
Concealment Penalty : Section 271(1)(c) Explanation
5A – Clause 73’ For Search after 1/6/2007
Deemed concealment – clarified to cover where
return filed before search but income found in search
not included in return – deemed to be concealed (for
previous year being ended before search date)-
section 56(2)(viii)
37
38. Clause by Clause Analysis
Clause 26;27 & 56 – Interest on delayed /enhanced
compensation
SC Rama bai 181 ITR 400 – Taxable on mercantile
basis
Amendment proposed in section 145A : Taxable in
year of receipt; irrespective of accounting method
followed and under the head other sources
38
39. Clause by Clause Analysis
Clause 40 & 41
Transfer Pricing Law
Safe Harbor Rules Concept introduced (from
1/4/2009)- to reduce the impact of judgment error in
determining the transfer price
Where more than one price is determined by most
appropriate method – Arm Length Price shall be
Arithmetic Mean of the same (If ALP is within 5% of
Transfer price as reflected by Assessee – No further
adjustment required in assessee declared Transfer
Price)
Kol ITAT in Development Consultants & Sony Delhi
39
40. Clause by Clause Analysis
Alternate Dispute Resolution Mechanism for Person
in whose case transfer pricing oder u/s 92CA(3) by
TPO is passed and any foreign company
W.e.f 1/10/2009
Draft Assessment Order to be prepared and sent to
assessee
Eligible Assessee can file either acceptance or his
objections thereon to i) Dispute Resolution Panel and
II) AO
Dispute Resolution Panel to consist of three CIT’s
nominated by CBDT- Directions binding on
revenue/AO -
Powers similar to CIT-A are available to Panel
Assessee can Appeal to ITAT from order of AO
passed in pursuant to Panel Directions
Section 144C inserted 40
41. Clause by Clause Analysis
Other Amendments as proposed:
Extension of Sunset clause for tax holiday u/s 80IA (TERMINAL
DATE FOR COMMENCING ACTIVITY OF POWER DSITRIBUTION
EXTENDED FROM 31/3/2008 TO 31/3/2011 – 80IA(4)(v)(b) & under
80IA(4)iv)- to 31.3.2011 from 31.3.2010- clause 36 Power Sector Tax
Reform
Oil Refineries – Time limit u/s 80IB(9) FOR commencing operations
upto 31/3/2009 extended to 31/3/2012 (both for public and private
sector); Natural Gas production licensed under NELP VIIIth round
bidding & beginning production after 1/4/2009 – entitled (AHD ITAT
IN NIKO FOR EARLIER PERIOD? 22 DTR 225
Undertaking u/s 80IB(9) Not every well in Oil Block but all blocks
under single contract of NELP- one undertaking – from AY 2000-2001
41
42. Clause by Clause Analysis
Other Amendments as proposed:
Section 10A/10B deduction available for one more year – viz
AY 2011-2012 (earlier sunset by AY 2010-2011)
Abolition of FBT Paves way for revival of old tax regime
Perquisite in hands of employees
Capital Gains taxation on ESOP’s etc
42