The budget document provides an analysis of key aspects of the Union Budget 2013 presented by the Finance Minister. Some key points:
1) No changes were made to personal income tax slab rates but a 10% surcharge will be levied on incomes over Rs. 1 crore for one year. Tax rebates and deductions for home loans, donations, and disability insurance were introduced or increased.
2) Excise duties were increased for SUVs, cigarettes and mobile phones but decreased for trucks. Complete exemption was provided for certain agricultural and handicraft products.
3) Custom duties were increased for imported cars, motorcycles, boats and set top boxes but decreased for agricultural products like oats and rice bran.
The document summarizes key announcements from the Indian Union Budget 2020-21 across several sectors:
- Individual tax proposals include a new optional simplified personal tax regime, changes to residency rules, and taxation of employer contributions to provident funds above Rs. 750,000. Dividend income will now be taxed in the hands of recipients.
- Measures to stimulate growth include tax exemptions for sovereign wealth funds, no change in corporate tax rates but a reduced 15% rate for new power sector companies. Concessional borrowing rates were extended.
- Key sectors highlighted include agriculture and food processing, education and skill development, and infrastructure, transport, and power, with increased allocations and policy initiatives outlined
The document summarizes key changes in direct and indirect taxes in India's 2015-16 budget. For direct taxes, there is no change in income tax rates but additional depreciation was increased for manufacturing in backward areas of two states. Donations to certain funds are now eligible for a 100% tax deduction. Surcharge rates on companies were increased. For indirect taxes, excise duty rates were increased slightly and education cess exempted. Service tax rates were increased to 14% and a new Swachh Bharat cess of 2% was introduced. Customs duty was reduced on some imports. International tax changes include a reduced 10% tax rate on foreign royalty and technical fees. GAAR provisions were deferred and tax benefits
The document discusses various taxes that contribute to the Indian budget including tax, wealth tax, professional tax, customs duty, excise duty, and service tax. It provides details on tax rates, applicable entities, exemptions, and recent changes made to these taxes in the Indian budget. The revenue estimates from these taxes for financial year 2011-2012 are also mentioned.
Accretive SDU communique - Tax Contours of India Budget 2016-17Badrinath N R
The document summarizes key aspects of the India Budget 2016-17. It discusses the government's socio-economic objectives for taxation, including balancing the fiscal deficit while enabling growth. It outlines several new taxes and levies introduced, such as the Equalization Levy on online advertising. Tax reliefs and incentives are proposed for sectors like affordable housing, startups, and manufacturing. Rationalization measures include clarifying the place of effective management rule for foreign firms and relaxing rules for investment allowance.
The document summarizes the key highlights of the Indian government's 2018 budget. It outlines differences between government and business accounting, the major components of government expenditures and receipts, and defines fiscal deficit. It then details several new major expenditure initiatives in areas like agriculture, welfare, education, and healthcare. Other initiatives include infrastructure projects and reforms in taxation, banking, and markets. The analysis suggests the budget aims to boost growth through fiscal expansion and reforms while maintaining a fiscal deficit of 3.5% of GDP. It is expected to increase investment, employment, consumption, and GDP.
The budget summary is as follows:
1. Finance Minister Arun Jaitley presented India's budget for 2015-2016, aiming to boost sectors like agriculture, infrastructure, and social spending while also addressing issues like black money.
2. Key measures included reducing corporate tax rates over four years, increasing health insurance and pension deductions, and abolishing the wealth tax.
3. The budget also proposed service tax and excise duty increases but exempted some social services, with the goals of encouraging manufacturing and a cleaner India while raising revenues.
The document summarizes key highlights from the Union Budget for 2018-19 presented by the Finance Minister in India. Some key points include:
- The budget continued fiscal discipline while targeting spending on rural development, education, healthcare, and MSME sector.
- GDP growth is projected to be 6.75% for 2017-18 and 7-7.5% for 2018-19.
- Changes were announced in direct taxes including income tax slabs and deductions. Capital gains tax was introduced for equity investments.
- Agriculture, rural development, and health sectors saw increased allocations for schemes.
- Corporate tax rate was reduced for small and medium enterprises.
The document summarizes key announcements from the Indian Union Budget 2020-21 across several sectors:
- Individual tax proposals include a new optional simplified personal tax regime, changes to residency rules, and taxation of employer contributions to provident funds above Rs. 750,000. Dividend income will now be taxed in the hands of recipients.
- Measures to stimulate growth include tax exemptions for sovereign wealth funds, no change in corporate tax rates but a reduced 15% rate for new power sector companies. Concessional borrowing rates were extended.
- Key sectors highlighted include agriculture and food processing, education and skill development, and infrastructure, transport, and power, with increased allocations and policy initiatives outlined
The document summarizes key changes in direct and indirect taxes in India's 2015-16 budget. For direct taxes, there is no change in income tax rates but additional depreciation was increased for manufacturing in backward areas of two states. Donations to certain funds are now eligible for a 100% tax deduction. Surcharge rates on companies were increased. For indirect taxes, excise duty rates were increased slightly and education cess exempted. Service tax rates were increased to 14% and a new Swachh Bharat cess of 2% was introduced. Customs duty was reduced on some imports. International tax changes include a reduced 10% tax rate on foreign royalty and technical fees. GAAR provisions were deferred and tax benefits
The document discusses various taxes that contribute to the Indian budget including tax, wealth tax, professional tax, customs duty, excise duty, and service tax. It provides details on tax rates, applicable entities, exemptions, and recent changes made to these taxes in the Indian budget. The revenue estimates from these taxes for financial year 2011-2012 are also mentioned.
Accretive SDU communique - Tax Contours of India Budget 2016-17Badrinath N R
The document summarizes key aspects of the India Budget 2016-17. It discusses the government's socio-economic objectives for taxation, including balancing the fiscal deficit while enabling growth. It outlines several new taxes and levies introduced, such as the Equalization Levy on online advertising. Tax reliefs and incentives are proposed for sectors like affordable housing, startups, and manufacturing. Rationalization measures include clarifying the place of effective management rule for foreign firms and relaxing rules for investment allowance.
The document summarizes the key highlights of the Indian government's 2018 budget. It outlines differences between government and business accounting, the major components of government expenditures and receipts, and defines fiscal deficit. It then details several new major expenditure initiatives in areas like agriculture, welfare, education, and healthcare. Other initiatives include infrastructure projects and reforms in taxation, banking, and markets. The analysis suggests the budget aims to boost growth through fiscal expansion and reforms while maintaining a fiscal deficit of 3.5% of GDP. It is expected to increase investment, employment, consumption, and GDP.
The budget summary is as follows:
1. Finance Minister Arun Jaitley presented India's budget for 2015-2016, aiming to boost sectors like agriculture, infrastructure, and social spending while also addressing issues like black money.
2. Key measures included reducing corporate tax rates over four years, increasing health insurance and pension deductions, and abolishing the wealth tax.
3. The budget also proposed service tax and excise duty increases but exempted some social services, with the goals of encouraging manufacturing and a cleaner India while raising revenues.
The document summarizes key highlights from the Union Budget for 2018-19 presented by the Finance Minister in India. Some key points include:
- The budget continued fiscal discipline while targeting spending on rural development, education, healthcare, and MSME sector.
- GDP growth is projected to be 6.75% for 2017-18 and 7-7.5% for 2018-19.
- Changes were announced in direct taxes including income tax slabs and deductions. Capital gains tax was introduced for equity investments.
- Agriculture, rural development, and health sectors saw increased allocations for schemes.
- Corporate tax rate was reduced for small and medium enterprises.
The document discusses India's equalization levy, a tax on digital services provided by non-resident companies without a permanent establishment in India. It was introduced in 2016 and expanded in 2020-21. The levy applies to online advertising and e-commerce operators with India-based revenues over INR 1-2 crore. It is collected at 6-2% rates. Exemptions and penalties for non-compliance are provided. The levy aims to address tax challenges from the digitalization and growth of e-commerce across borders.
Maximum marginal rate of tax is very complicated topic in Income Tax. This PPT will help you understanding well this topic in a easy and practical manner.
Highlights of Changes in Direct & Indirect Taxes in 2016-2017 budget
Direct Tax include Income tax,CHANGES IN INDIRECT TAXES - (CUSTOMS ACT, 1962 ,CENTRAL EXCISE ACT, 1944 ,AMENDMENTS IN SERVICE TAX )
The document summarizes changes made to India's income tax provisions for the 2013-14 fiscal year that affect salaried individuals. Key points include:
1) Income tax rates remain unchanged, but a 5% surcharge is introduced for domestic companies with income over 1 crore rupees.
2) A rebate of 2000 rupees is provided for individuals with total income up to 5 lakh rupees.
3) A new section 80EE provides a deduction for interest on home loans sanctioned from April 2013 to March 2014, up to 1 lakh rupees.
4) The limit for deductible life insurance premium is raised to 15% of sum assured for
This document outlines income tax rates and deductions for individuals and corporations in Nepal. For individuals, tax rates range from 1% to 35% depending on income level. Married couples and disabled individuals receive higher exemption limits. Tax deductions are provided for life insurance premiums, foreign employment allowances, and remote area benefits. Corporate tax rates range from 20-30% for most entities and industries, with tax holidays and rebates provided for industries establishing in special economic zones or creating many jobs.
Tax Fact 2013/14 provides you information on income tax provisions of Nepal applicable for year 2013/14, with a general explanation of income heads, when tax is charged, residence and source concept, Withholding tax rates, and overall tax process.
describes that what is GST, why it is being implemented and what taxes will be replaced by GST. benefits of GST will be covered under this presentation
The document summarizes key proposals from the Indian Union Budget 2018-19. Some highlights include:
- Long term capital gains tax of 10% introduced for gains over Rs. 1 lakh from sale of equity shares.
- Standard deduction of Rs. 40,000 introduced for salary income.
- Tax benefits for startups extended and eligibility criteria expanded.
- Corporate tax rate reduced to 25% for companies with turnover up to Rs. 250 crores.
- Several goods and services brought under lower GST rates of 5%, 12%, and 18%.
The document summarizes key proposals in the Indian Union Budget for direct taxes. Some key points include:
1) No change proposed to income tax slab rates but various changes impacting taxable income such as higher surcharge for income over Rs. 1 crore and 10% tax on long term capital gains from unlisted securities.
2) Enhancement of deduction limit under section 80GG for rent paid from Rs. 2,000 to Rs. 5,000 per month.
3) Introduction of a new deduction under section 80EE for interest on home loans up to Rs. 50,000 for homes valued under Rs. 50 lakhs with loans under Rs. 35 lakhs taken from FY
The budget aims to attract investors and revive economic growth by reducing the corporate tax rate from 30% to 25% over four years. It also abolishes wealth tax and replaces it with a 2% surcharge on individuals earning over Rs. 1 crore to generate more revenue. The budget incentivizes REITs, InvITs, and manufacturing in backward areas. It promises to implement the GST by April 2016 and relaxes MAT for foreign investors. The budget eases business regulations and increases tax thresholds to reduce compliance burden.
VAT was introduced in Nepal in 1997 to replace several taxes including sales tax. It is a broad-based tax applied at each stage of production and distribution. Businesses with over 2 million NPR in annual taxable sales must register for VAT and can claim input tax credits for VAT paid on purchases. They must collect VAT on sales and remit the difference between input and output tax to the government. Certain essential goods and services are VAT exempt.
For Salient Features of Union Budget 2017 created by Lunawat Team click at - http://lunawat.com/Uploaded_Files/Attachments/F_3558.pdf
Regards
CA Pramod Jain
Deductions on section 80 c, 80ccc, 80ccd UGC -NET COMMERCE DIwakar Rajput
This document discusses various tax deductions that can be claimed under Sections 80C, 80CCC, 80CCD, and 80D of the Indian Income Tax Act. Some key deductions include:
1. Section 80C allows deduction of up to Rs. 1.5 lakh for investments/payments such as life insurance premium, PPF, NSC, etc.
2. Section 80CCC provides deduction for annuity premium paid to LIC or other insurers for receiving pension.
3. Section 80CCD allows deduction of up to 10% of salary for employee pension contributions and up to Rs. 1.5 lakh for self-employed individuals.
4. Section 80D allows deduction of
The Hon’ble Finance Minister presented the NDA Government’s first full-year budget before the lower house of the Parliament. With expectations rocketing sky high on the new Government and with the mandate the Government possesses, it has come up with earnest to unclog the process and put in place a strong foundation for the all new Indian Economy.
In the document attached, we have provided a glimpse of the tax proposals announced in the budget for your reference.
This document provides an overview of direct and indirect taxes in India. It defines tax and describes how taxes are used to fund government expenses. It then distinguishes between direct and indirect taxes. Direct taxes include income tax imposed on individuals, corporations, and gifts. Indirect taxes are collected by intermediaries and passed on to consumers, raising prices. Examples given are customs duties, service tax, sales tax, and value added tax.
The taxation system in India has a three-tier federal structure with taxes levied by the central government, state governments, and local authorities. There are two main types of taxes - direct and indirect. Direct taxes include income tax, corporate tax, and capital gains tax, which are imposed on individuals and corporations. Indirect taxes include GST, customs duty, and stamp duty, which are levied on goods and services and can be passed on to other parties. The GST implemented in 2017 replaced many indirect taxes and is a comprehensive, multi-stage, destination-based tax applied across India.
The taxation system in India includes direct taxes like income tax and indirect taxes like goods and service tax (GST). Income tax rates vary based on an individual's age and income level, with lower rates for those below age 60 and senior citizens. Corporate tax rates were recently reduced to 22% for existing companies and 15% for new manufacturing companies. Indirect taxes include GST applied between 0.25-28% on various goods and services, as well as taxes like customs duty and excise duty. The document provides details on tax slabs, rates and policies in India.
The document provides an overview of India's tax system. It discusses direct taxes such as income tax, wealth tax, capital gains tax, and corporate tax. It also discusses indirect taxes including service tax, customs duty, excise duty, sales tax, and security transaction tax. It notes that the tax system is complex with defects including limited direct taxation coverage, reliance on indirect taxes, inequitable nature, and uncertainty in tax rates. The document then introduces the proposed Goods and Services Tax (GST) as a comprehensive tax that will replace existing taxes and have benefits such as removing the cascading effect of taxes and providing a more uniform, transparent tax regime.
The document summarizes key changes made by the Reserve Bank of India to liberalize and rationalize foreign exchange laws related to overseas direct investments by Indian parties. Some of the major changes include allowing creation of charges on property and assets of Indian parties for overseas investments, reckoning bank guarantees issued by Indian parties for their JV/WOS, extending personal guarantees by indirect promoters, and considering financial commitments without equity contributions. It also relaxed norms for annual reporting, compulsorily convertible preference shares, acquiring qualification shares, and employee stock ownership plans.
The document outlines the registration process for foreign institutional investors (FIIs) in India. It discusses how Taxpert Professionals helps FIIs efficiently register and connect to opportunities in India's growing market. The company assists clients with registration through collating documents and simplifying the process to establish roots in India for investing.
The document discusses India's equalization levy, a tax on digital services provided by non-resident companies without a permanent establishment in India. It was introduced in 2016 and expanded in 2020-21. The levy applies to online advertising and e-commerce operators with India-based revenues over INR 1-2 crore. It is collected at 6-2% rates. Exemptions and penalties for non-compliance are provided. The levy aims to address tax challenges from the digitalization and growth of e-commerce across borders.
Maximum marginal rate of tax is very complicated topic in Income Tax. This PPT will help you understanding well this topic in a easy and practical manner.
Highlights of Changes in Direct & Indirect Taxes in 2016-2017 budget
Direct Tax include Income tax,CHANGES IN INDIRECT TAXES - (CUSTOMS ACT, 1962 ,CENTRAL EXCISE ACT, 1944 ,AMENDMENTS IN SERVICE TAX )
The document summarizes changes made to India's income tax provisions for the 2013-14 fiscal year that affect salaried individuals. Key points include:
1) Income tax rates remain unchanged, but a 5% surcharge is introduced for domestic companies with income over 1 crore rupees.
2) A rebate of 2000 rupees is provided for individuals with total income up to 5 lakh rupees.
3) A new section 80EE provides a deduction for interest on home loans sanctioned from April 2013 to March 2014, up to 1 lakh rupees.
4) The limit for deductible life insurance premium is raised to 15% of sum assured for
This document outlines income tax rates and deductions for individuals and corporations in Nepal. For individuals, tax rates range from 1% to 35% depending on income level. Married couples and disabled individuals receive higher exemption limits. Tax deductions are provided for life insurance premiums, foreign employment allowances, and remote area benefits. Corporate tax rates range from 20-30% for most entities and industries, with tax holidays and rebates provided for industries establishing in special economic zones or creating many jobs.
Tax Fact 2013/14 provides you information on income tax provisions of Nepal applicable for year 2013/14, with a general explanation of income heads, when tax is charged, residence and source concept, Withholding tax rates, and overall tax process.
describes that what is GST, why it is being implemented and what taxes will be replaced by GST. benefits of GST will be covered under this presentation
The document summarizes key proposals from the Indian Union Budget 2018-19. Some highlights include:
- Long term capital gains tax of 10% introduced for gains over Rs. 1 lakh from sale of equity shares.
- Standard deduction of Rs. 40,000 introduced for salary income.
- Tax benefits for startups extended and eligibility criteria expanded.
- Corporate tax rate reduced to 25% for companies with turnover up to Rs. 250 crores.
- Several goods and services brought under lower GST rates of 5%, 12%, and 18%.
The document summarizes key proposals in the Indian Union Budget for direct taxes. Some key points include:
1) No change proposed to income tax slab rates but various changes impacting taxable income such as higher surcharge for income over Rs. 1 crore and 10% tax on long term capital gains from unlisted securities.
2) Enhancement of deduction limit under section 80GG for rent paid from Rs. 2,000 to Rs. 5,000 per month.
3) Introduction of a new deduction under section 80EE for interest on home loans up to Rs. 50,000 for homes valued under Rs. 50 lakhs with loans under Rs. 35 lakhs taken from FY
The budget aims to attract investors and revive economic growth by reducing the corporate tax rate from 30% to 25% over four years. It also abolishes wealth tax and replaces it with a 2% surcharge on individuals earning over Rs. 1 crore to generate more revenue. The budget incentivizes REITs, InvITs, and manufacturing in backward areas. It promises to implement the GST by April 2016 and relaxes MAT for foreign investors. The budget eases business regulations and increases tax thresholds to reduce compliance burden.
VAT was introduced in Nepal in 1997 to replace several taxes including sales tax. It is a broad-based tax applied at each stage of production and distribution. Businesses with over 2 million NPR in annual taxable sales must register for VAT and can claim input tax credits for VAT paid on purchases. They must collect VAT on sales and remit the difference between input and output tax to the government. Certain essential goods and services are VAT exempt.
For Salient Features of Union Budget 2017 created by Lunawat Team click at - http://lunawat.com/Uploaded_Files/Attachments/F_3558.pdf
Regards
CA Pramod Jain
Deductions on section 80 c, 80ccc, 80ccd UGC -NET COMMERCE DIwakar Rajput
This document discusses various tax deductions that can be claimed under Sections 80C, 80CCC, 80CCD, and 80D of the Indian Income Tax Act. Some key deductions include:
1. Section 80C allows deduction of up to Rs. 1.5 lakh for investments/payments such as life insurance premium, PPF, NSC, etc.
2. Section 80CCC provides deduction for annuity premium paid to LIC or other insurers for receiving pension.
3. Section 80CCD allows deduction of up to 10% of salary for employee pension contributions and up to Rs. 1.5 lakh for self-employed individuals.
4. Section 80D allows deduction of
The Hon’ble Finance Minister presented the NDA Government’s first full-year budget before the lower house of the Parliament. With expectations rocketing sky high on the new Government and with the mandate the Government possesses, it has come up with earnest to unclog the process and put in place a strong foundation for the all new Indian Economy.
In the document attached, we have provided a glimpse of the tax proposals announced in the budget for your reference.
This document provides an overview of direct and indirect taxes in India. It defines tax and describes how taxes are used to fund government expenses. It then distinguishes between direct and indirect taxes. Direct taxes include income tax imposed on individuals, corporations, and gifts. Indirect taxes are collected by intermediaries and passed on to consumers, raising prices. Examples given are customs duties, service tax, sales tax, and value added tax.
The taxation system in India has a three-tier federal structure with taxes levied by the central government, state governments, and local authorities. There are two main types of taxes - direct and indirect. Direct taxes include income tax, corporate tax, and capital gains tax, which are imposed on individuals and corporations. Indirect taxes include GST, customs duty, and stamp duty, which are levied on goods and services and can be passed on to other parties. The GST implemented in 2017 replaced many indirect taxes and is a comprehensive, multi-stage, destination-based tax applied across India.
The taxation system in India includes direct taxes like income tax and indirect taxes like goods and service tax (GST). Income tax rates vary based on an individual's age and income level, with lower rates for those below age 60 and senior citizens. Corporate tax rates were recently reduced to 22% for existing companies and 15% for new manufacturing companies. Indirect taxes include GST applied between 0.25-28% on various goods and services, as well as taxes like customs duty and excise duty. The document provides details on tax slabs, rates and policies in India.
The document provides an overview of India's tax system. It discusses direct taxes such as income tax, wealth tax, capital gains tax, and corporate tax. It also discusses indirect taxes including service tax, customs duty, excise duty, sales tax, and security transaction tax. It notes that the tax system is complex with defects including limited direct taxation coverage, reliance on indirect taxes, inequitable nature, and uncertainty in tax rates. The document then introduces the proposed Goods and Services Tax (GST) as a comprehensive tax that will replace existing taxes and have benefits such as removing the cascading effect of taxes and providing a more uniform, transparent tax regime.
The document summarizes key changes made by the Reserve Bank of India to liberalize and rationalize foreign exchange laws related to overseas direct investments by Indian parties. Some of the major changes include allowing creation of charges on property and assets of Indian parties for overseas investments, reckoning bank guarantees issued by Indian parties for their JV/WOS, extending personal guarantees by indirect promoters, and considering financial commitments without equity contributions. It also relaxed norms for annual reporting, compulsorily convertible preference shares, acquiring qualification shares, and employee stock ownership plans.
The document outlines the registration process for foreign institutional investors (FIIs) in India. It discusses how Taxpert Professionals helps FIIs efficiently register and connect to opportunities in India's growing market. The company assists clients with registration through collating documents and simplifying the process to establish roots in India for investing.
The document summarizes key changes made by the Indian government to policies affecting foreign investors. [1] It liberalizes rules around writing off capital and other receivables for listed and unlisted Indian companies with overseas investments. [2] It allows restructuring of overseas joint ventures and wholly owned subsidiaries' balance sheets to write off capital and receivables. [3] It modifies rules for automatic route disinvestment by listed Indian companies with net worth under Rs. 100 crore but overseas investment under $10 million.
Presentation on press note 2,3,4 [2009] fema by ca. sudha g. bhushanTAXPERT PROFESSIONALS
The document summarizes a presentation on the Foreign Exchange Management Act (FEMA) in India. It discusses the key regulatory bodies that govern foreign investment - FEMA, the Reserve Bank of India, and the Department of Industrial Policy and Promotion. It also summarizes the different categories of foreign investment allowed under various schedules, along with applicable sectoral caps and limits. The document concludes by outlining recent press notes issued by the Department of Industrial Policy and Promotion that provide clarification on policies related to foreign investment.
This document discusses the enforcement and adjudication procedures under the Foreign Exchange Management Act (FEMA) in India. It outlines the various authorities involved in enforcement, adjudication, appeals, and compounding of offenses under FEMA. These include the Directorate of Enforcement, Adjudicating Authority, Special Director (Appeals), and Appellate Tribunal. The document also provides details on the jurisdiction and powers of these authorities based on the amount involved in the alleged contravention.
This document summarizes the key regulatory frameworks and guidelines around foreign investment in India. It discusses the Foreign Exchange Management Act, Reserve Bank of India, and Department of Industrial Policy and Promotion as the key regulatory bodies. It also outlines the different schedules and limits for foreign direct investment, foreign institutional investors, non-resident Indians, and foreign venture capital investors. The press notes provide clarification on various topics like downstream investments, transfer of ownership to non-residents, and guidelines for calculating direct and indirect foreign investment in Indian companies.
The document discusses inbound investment transactions into India, specifically focusing on Foreign Institutional Investors (FIIs) and Foreign Venture Capital Investors (FVCs). It provides an overview of the different modes of foreign investment including FDI, FII, and FVCI. It then examines the regulatory framework governing FII and FVCI investments and outlines the process for FII registration with SEBI. Key aspects of permitted FII investments such as eligible securities, investment ceilings, and restrictions are also summarized.
Presentation on Fema by CA. Sudha G. Bhushan [balance sheet and fema]TAXPERT PROFESSIONALS
The document discusses regulations related to balance sheets, foreign exchange management, and international transactions per the Companies Act, Income Tax Act, and Foreign Exchange Management Act of India. Key points include:
1. Balance sheets must provide a true and fair view of the company's financial position and comply with Schedule VI of the Companies Act.
2. The Income Tax Act contains several sections related to computing income from international transactions and reporting requirements.
3. FEMA regulates foreign exchange transactions and capital/current account transactions, requiring certain approvals and documentation for foreign investment, borrowings, remittances abroad, and other financial activities involving foreign exchange.
This document summarizes the key regulations regarding establishing a liaison office in India by a foreign company. It discusses that a liaison office allows a company to explore business opportunities without full commercial operations. Key points include:
1) Liaison offices can only perform representative and communicative functions, not commercial activities.
2) The Reserve Bank of India regulates liaison offices through regulations that require approval and ongoing compliance.
3) Establishing a liaison office has low costs and regulatory requirements compared to forming an Indian subsidiary company.
The document summarizes key rules under the Point of Taxation Rules, 2011 in India for determining the point at which service tax is applicable. Rule 2A establishes the general rule that point of taxation is the earlier of invoice date or payment date. Rule 3 provides exceptions for continuous supply of services and excess payments. Rule 4 addresses changes in tax rates. The rules aim to determine certainty around tax liability for service providers and the government.
El proceso de reproducción humana comienza con la fecundación, donde los espermatozoides son depositados en la vagina durante el acto sexual y viajan hasta los óvulos en las trompas de Falopio. Uno de los espermatozoides fecunda el óvulo, formando una célula llamada cigoto que contiene el ADN de ambos padres. El cigoto se implanta en el útero donde se desarrolla durante el embarazo, recibiendo oxígeno y nutrientes a través de la placenta y el cordón umbilical, hasta que n
Serjhik Hartounijahanians is seeking a position as a structural drafter with over 15 years of experience in providing construction drawings using AutoCAD and 3D modeling software. He has a bachelor's degree in hydromeloration engineering and is multilingual, speaking Farsi, Armenian, and English. His experience includes projects in Iran and Oman such as oil rigs, power plants, metro stations, residential buildings, and petrochemical plants where he prepared construction drawings, 3D models, and as-built drawings. His skills include AutoCAD, 3D modeling, structural analysis, and he works well independently or as part of a team.
Michael J. Long is applying for a position at GameStop with objectives including vacuuming, dusting, stocking shelves, window cleaning, and assisting customers at the cash register. He lists skills in basic networking, basic web design, introduction to basic computer hardware/operating systems, introduction to Excel, and junior reserves officer training corps. Michael attended Laredo Community College studying basic networking, basic web design, introduction to basic computer hardware/operating systems, introduction to Excel and introduction to Access. He graduated from Lyndon H. Johnson High School studying culinary arts, junior reserves officer training corps, PowerPoint, Excel, word, and basic computer maintenance. As a junior reserves officer, Michael was promoted and oversaw 3
This document provides a summary of key proposals in the Indian Budget 2014-2015 relating to direct taxes, transfer pricing, international taxation, indirect taxes, and other proposals. Some of the key points included are:
- No change in individual or corporate tax rates. Basic exemption limit increased for individuals and senior citizens. Deductions under section 80C and for housing loans increased.
- New investment allowance introduced for manufacturing companies investing over Rs. 25 crores.
- Changes introduced to alternate minimum tax calculations and restrictions on certain expense disallowances.
- Presumptive taxation amounts increased for certain businesses.
- Clarifications provided on taxation of foreign dividends, CSR contributions, and trading losses for
VGGlobal highlights of finance budget 2013Jatin Gupta
ü The document summarizes key proposals in the Finance Budget 2013-14 related to direct taxes (income tax and wealth tax) and indirect taxes (custom duty, excise duty, and service tax).
ü Some key income tax proposals include introducing a 10% surcharge for high income individuals/entities, increasing the surcharge rate for companies, and providing tax benefits for investments in housing and equity savings schemes.
ü Customs duty rates were increased for certain goods like cars and motorcycles, while reduced for items like agricultural products, metals, and capital goods. Duty structures were also amended for various sectors.
Accretive SDU communique - Tax Contours of India Budget 2016-17Vishnu Bagri
The document summarizes key aspects of the India Budget 2016-17. It discusses the government's socio-economic objectives for taxation, including balancing the fiscal deficit while enabling growth. It outlines several new taxes and levies introduced, such as the Equalization Levy on online advertising and additional tax on high-value dividends. It also provides an overview of tax incentives for sectors like housing, startups, and manufacturing to promote various initiatives.
The budget aims to boost investment in agriculture, social sectors, infrastructure and job creation. Total expenditure is budgeted at Rs. 19.7 lakh crores, with Rs. 10.5 lakh crores from tax receipts. Key tax proposals include increasing tax rebates for individuals earning under Rs. 5 lakhs, expanding presumptive taxation schemes for MSMEs and professionals, and providing tax exemptions for pension withdrawals and annuity funds. Measures also promote affordable housing, resource mobilization for rural development and clean environment, and reducing litigation through tax amnesty and settlement schemes.
Publication - RSM India Budget 2016 Key AspectsRSM India
We are pleased to enclose herewith our publication viz. 'India Budget 2016 – Key Aspects'which provides a broad overview of the Union Budget 2016-17 presented on 29thFebruary 2016. While we have largely covered direct and indirect tax proposal of the Indian Government for the fiscal year 2016-17, other major policy initiatives having significant impact on the business in general, have been briefly dealt with.
In the midst of an uncertain global economic outlook, India is emerging as the new ‘global economic hotspot’. The Indian economy is estimated to grow at 7.6% in FY 2015-16 and is expected to grow at 7% to 7.75% in FY 2016-17, making it the fastest growing major economy in the world. The Union Budget 2016 is primarily driven with the objective of accelerating investment in infrastructural sector, fiscal consolidation and reducing litigation.
In our budget publication, we have analysed the significant budget proposals and have additionally included the following reference chapters:
• G20 Countries - Comparative Corporate and Personal Tax Rates
• DTAA Rates
• Tax Incentives for Businesses
• Direct Taxes and Service Tax Compliance Calendar
• TDS Chart
We trust you will find the same useful.
Budget 2015 : A crisp analysis of Income Tax provisions by Blue Consulting Pv...Chandan Goyal
This document provides an analysis of key changes proposed to India's income tax provisions. Some key points include:
- Corporate tax rates remain unchanged at 30% for domestic companies and 40% for foreign companies, but a phased reduction to 25% is proposed for domestic companies over next 4 years.
- Wealth tax has been proposed to be abolished to simplify tax administration.
- Tax incentives like additional depreciation and investment allowance have been introduced for manufacturing sectors in Andhra Pradesh and Telangana.
- Rates of TDS on royalty and FTS payments to non-residents have been reduced from 25% to 10%.
- Limits for deductions under section 80C, 80D for health insurance
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.
The document summarizes key highlights from India's 2010-2011 budget related to indirect taxes, direct taxes, deductions and exemptions, and tax rates. Some key points include:
- Service tax rate remained unchanged at 10% but new services were taxed, while some services were excluded.
- Income tax slabs and exemption limits for individuals remained largely unchanged. Surcharge on personal income tax was removed.
- Corporate tax rate remained at 30% for domestic companies. MAT was increased to 18% and surcharge reduced to 7.5% for companies with income over Rs. 1 Crore.
- Deductions were introduced or increased for infrastructure bonds, health insurance, and research and development expenditures.
The document summarizes key changes in India's personal and corporate tax codes for 2016. For individuals, the surcharge rate was increased, dividend income over 1 million rupees is now taxable, and tax rebates and deductions for house rent, home loans, and capital gains were increased. Corporate tax rates were reduced for small companies and new manufacturing companies. Presumptive taxation and tax incentives for employment were introduced for small businesses and professionals. A one-time income declaration scheme allows the disclosure of previously undisclosed income by paying tax at 45%. Transfer pricing documentation requirements were expanded.
Lecture Meeting on Filing of Income-tax Returns for A.Y. 2010-11 by Chetan Shahbcasglobal
The document summarizes key amendments to the Indian Income Tax rates and rules for the 2010-11 assessment year. It outlines new tax rates for individuals, HUFs, women, senior citizens, firms, domestic companies, and foreign companies. It also summarizes changes to sections related to charitable purposes, tax holidays, research and development deductions, cash payment restrictions, partner remuneration, TDS defaults, gift tax, Chapter VI-A deductions, disability deductions, pension contributions, education loans, electoral trusts, MAT rates, LLP taxation, advance tax thresholds, dividend distribution tax, and wealth tax limits.
The budget document proposes changes to direct and indirect taxes as well as general policies. For direct taxes, no change is proposed to individual tax rates but rebates are increased. Surcharges on taxes over Rs. 1 crore are increased. Tax benefits for home loans and pension funds are introduced. Threshold limits for tax audits are increased. For indirect taxes, service tax is increased by 0.5% to introduce a new agricultural cess. Excise duties are increased on tobacco, jewellery and garments. Tax compliance measures like e-assessments and dispute resolution processes are expanded.
The document summarizes key changes in India's Budget 2013-2014 for direct taxes. Some key points include:
1) Income tax rates remain unchanged for companies and individuals but surcharge rates were increased for higher income levels.
2) No change in personal income tax slabs but a Rs. 2000 tax credit for those earning up to Rs. 5 lacs.
3) New deductions for first-time home buyers and life insurance policies for certain medical conditions.
4) General anti-avoidance rules will take effect from 2016-17 to curb abusive tax avoidance.
The document provides an overview of key proposals in the Indian Union Budget for 2017, including:
- Reducing personal income tax rates for individuals earning between 2.5-5 lakhs INR from 10% to 5%.
- Introducing a 10% surcharge on individuals earning between 50 lakhs-1 crore INR.
- Reducing the holding period for long term capital gains tax on immovable property from 3 to 2 years.
- Reducing the corporate tax rate for small companies with turnover under 50 crores INR in FY 2016 to 25%.
- Proposing changes to promote digital payments for small unorganized businesses.
The document provides an overview of key proposals in the Indian Union Budget for 2017, including:
- Reducing personal income tax rates for individuals earning between 2.5-5 lakhs INR from 10% to 5%.
- Introducing a 10% surcharge on individuals earning between 50 lakhs-1 crore INR.
- Reducing the holding period for long term capital gains tax on immovable property from 3 to 2 years.
- Reducing the corporate tax rate for small companies with turnover under 50 crores INR in FY 2016 to 25%.
- Proposing changes to promote digital payments for small unorganized businesses.
The document summarizes key points from the Union Budget of India for 2015, including:
- No change in personal or corporate income tax rates. A surcharge of 12% will be levied on incomes over 1 crore INR.
- Measures to curb black money include prohibiting cash transactions over 20,000 INR for immovable property.
- Job creation incentives like deferring the General Anti-Avoidance Rule, tax benefits for REITs/InvITs, and incentives for manufacturing in AP and Telangana.
- Improving ease of doing business by modifying indirect transfer tax provisions and raising the threshold for transfer pricing.
- Benefits for individual taxpayers like raising
The document summarizes key proposals in the Indian Budget 2013 relating to direct and indirect taxes. For direct taxes, it outlines changes such as increased surcharge rates for foreign companies, a new tax on commodities derivatives trading, increased royalty and technical fee rates, and incentives for manufacturing investments over $20 million. It also covers proposals relating to power sector incentives, dividend distributions, and taxation of alternative investment funds. For indirect taxes, it notes customs, excise, and service tax changes.
The Union Budget for 2012-13 proposed some changes to India's corporate and individual tax rates while also introducing measures to curb black money and increase investment. Key points include:
- Corporate and individual tax rates were largely kept the same, while the MAT rate and DDT rates were unchanged.
- Steps were taken to counter tax avoidance, including the introduction of GAAR and mandatory reporting of foreign assets.
- Investment in infrastructure, agriculture, healthcare and education saw increased allocations. Measures like interest subvention and an opportunity fund for MSMEs were introduced.
- Service tax and excise duty rates were increased to 12% to align with the proposed GST regime and make up for the fiscal
The budget document discusses key aspects of the Union Budget for 2012-13 presented by the Finance Minister. Some key points include:
- Corporate tax rates were kept the same for both domestic and foreign companies. MAT rates and DDT rates were also unchanged.
- The budget proposed expanding the scope of AMT to include all persons claiming profit linked deductions, not just companies.
- Tax rates and slabs for individual taxpayers were largely unchanged, with some new deductions and exemptions introduced.
- Measures were introduced to strengthen the investment environment, including increased allocations for agriculture, MSEs, and infrastructure.
- The budget also contained proposals aimed at curbing black money, such as compulsory
The document summarizes key changes to Indian personal income tax, corporate tax, and international tax law according to a report from S N & Co Chartered Accountants. Some highlights include a reduction in corporate tax rates for small companies, changes to capital gains tax rates and periods for equity investments, extension of tax benefits for startups, and expanded definitions of business connection and significant economic presence for non-residents.
Long Term Visa (LTV) is granted to the following categories of persons of Bangladesh, Afghanistan and Pakistan coming to India on valid travel documents i.e. valid passport and valid visa, and seeking permanent settlement in India with a view to acquire Indian citizenship:-
i. Members of minority communities in Bangladesh/ Afghanistan/ Pakistan, namely Hindus, Sikhs, Buddhists, Jains, Parsis and Christians.
ii. Bangladesh/ Pakistan women married to Indian nationals and staying in India; or Afghanistan nationals married to Indian nationals in India and staying in India.
iii. Indian origin women holding Bangladesh/ Afghanistan/ Pakistan nationality married to Bangladesh/ Afghanistan/ Pakistan nationals and returning to India due to widowhood/ divorce and having no male members to support them in Bangladesh/ Afghanistan/ Pakistan.
iv. Cases involving extreme compassion.
Non-resident Indians are a section of people whose roots belong to India and who have migrated from India. The Indian Government is aware of the importance of Indian Diaspora in the form of NRIs/PIOs which is spread all across the world and which despite being away from India is making significant contribution to the Indian economy on a global platform and to the economic, financial and social benefits which have been brought to India; therefore, it attempts to provide benefits to them to attract their investments. They are also called for taking part in the economy. The Indian government gives lot of benefits to NRI not only with respect to ease of making investment in India but also in Taxation. The investment from NRIs is easy money available and provides the much needed leverage to the economy. The Indian Diaspora today constitutes an important, and inimitable, part of the Indian economy. The PPT discusses about he various account that can be opened by NRIs in India
Certificate course on FEMA_Presentation by Sudha G. Bhushan _ 14th May 2023.pdfTAXPERT PROFESSIONALS
The document provides an overview of a comprehensive course on foreign exchange management under the Foreign Exchange Management Act, 1999 (FEMA). It includes details of the faculty conducting the course, CA Sudha G Bhushan, as well as an outline of topics to be covered related to FEMA regulations for non-resident Indians, resident Indians, contraventions under FEMA, and residential status determination. Examples are also provided to illustrate residential status analysis for individuals and companies under various scenarios. The goal of the course is to explore opportunities and provide advisory services related to FEMA compliance.
In a move to further rationalize and liberalise the overseas investment central Government and Reserve Bank of India notified Foreign Exchange Management (Overseas Investment) Rules, 2022 and Foreign Exchange Management (Overseas Investment) Regulations, 2022 respectively on 22 Aug 2022.
The revised regulatory framework for overseas investment provides for simplification of the existing framework for overseas investment and has been aligned with the current business and economic dynamics. Immense clarity on Overseas Direct Investment and Overseas Portfolio Investment has been brought in and various overseas investment related transactions that were earlier under approval route are now under automatic route, significantly enhancing "Ease of Doing Business".
This document provides an overview of the legal, compliance and tax benefits available to startups in India under the Startup India scheme. Some key points include:
- Startups registered with DPIIT are eligible for self-certification of compliance under 6 labour laws and 3 environmental laws for 5 years.
- Income tax exemptions are available to DPIIT-registered startups under Section 80-IAC for any 3 years in the first 10 years of operations.
- Angel tax exemption under Section 56(2)(viib) is available for DPIIT-registered startups receiving share premium if total share capital and premium does not exceed Rs. 25 crore.
The document discusses how India's technology entrepreneurship will help create a $10 trillion economy by 2030. It outlines that India has a large population that is still young, a strong industrial and agricultural base, and adequate savings for investment and growth. The startup ecosystem in India is growing rapidly and will be a major driver of economic growth, creating millions of jobs and billions in valuation. Key government digital identity and financial inclusion initiatives like Aadhaar, UPI, and JAM provide foundational digital infrastructure to support this growth.
This document discusses the importance of working capital management for companies. It defines working capital as the difference between current assets and current liabilities. Effective working capital management is important to ensure liquidity while not overinvesting in current assets. The document analyzes working capital trends, efficiency using various ratios, and a company's liquidity position to evaluate working capital needs.
This short document appears to be about a ladies' wing and mentions it three times along with a tax corner, suggesting it is providing some basic information about sections within a building or organization dedicated to women and taxes.
As per section 92 of the Income Tax Act,1961 “Any
income arising from an international transaction shall
be computed having regard to the arm's length
price” Where in an international transaction two or
more associated enterprises enter into a mutual
agreement or arrangement for the allocation or
apportionment of, or any contribution to, any cost or
expense incurred or to be incurred in connection with
a benefit, service or facility provided or to be
provided to any one or more of such enterprises, the
cost or expense allocated or apportioned to, or, as
the case may be, contributed by, any such enterprise
shall be determined having regard to the arm's
length price of such benefit, service or facility, as the
case may be.
The 2008 Financial Crisis changed the world of Banking. Many malpractices by the Banks and various financial institutions came into light and the regulators started scrutinizing and penalizing them. The world’s most important number “LIBOR” came under the sword of the Regulators. In this article we will explore the origins and the fall of the once revered LIBOR rate.
Valuation under FEMA focuses on two main rules:
1. All current account transactions are allowed unless prohibited.
2. All capital account transactions are prohibited unless allowed.
FEMA established guidelines for valuation of shares and securities for foreign direct investment. For listed companies, the price cannot be less than that determined by SEBI guidelines. For unlisted companies, valuation must use an internationally accepted methodology certified by authorized persons. Convertible instruments must specify the conversion price upfront, which cannot be lower than the fair value at issuance.
THERE ARE QUITE A FEW REGULATORY SPACES
WHICH NEEDS TO BE KEPT IN CONSIDERATION
WHILE MAKING THE REPORT. IN THIS ARTICLE WE
SHALL DISCUSS REGARDING DRAFTING AND THE
CONTENT OF VALUATION REPORT ONE BY ONE IN
DETAIL.
One of the important aspect of Start up is raising of funds. Fundraising is a necessary, and most important task in the life of Start ups. IN THIS ARTICLE GIVES PRELIMINARY INSIGHTS INTO FUND RAISING BY STARTUPS
No, this transaction cannot be undertaken based on Section 3(b) of FEMA.
Section 3(b) prohibits making any payment to or for the credit of any person resident outside India in any manner. In this case, Shyam, who is resident in India, is making the payment for the credit of Pradeep, who is resident outside India (an NRI).
However, Regulation 6(2) of the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 allows a resident in India to make certain specified payments in rupees to NRIs, such as for boarding/lodging during visit to India. But the given transaction, where an immovable property is being purchased, does not
The document discusses the due diligence requirements for cross border transactions and mergers. It covers:
- The key definitions under regulations for cross border mergers between an Indian company and foreign company.
- The allowability, vulnerability, accountability, and explainability aspects that must be considered for cross border transactions.
- The conditions under which an Indian company can merge with a foreign company or vice versa, including compliance with FEMA regulations, treatment of offices and assets/liabilities, valuation requirements, and other regulatory conditions.
- Specific provisions for inbound and outbound mergers depending on whether the resultant company is Indian or foreign. This includes timelines for compliance on guarantees, borrowings, and non-compliant assets.
The document discusses cross-border valuations and considerations under Indian regulatory framework. It outlines factors like cost of capital, treatment of currency and country risk, taxation rates, and treatment of earned versus remitted income in cross-border valuations. Methods for cross-border valuations including discounting cash flows in foreign currency or converting to home currency are described. Regulatory guidelines for pricing of instruments like shares, CCDs, and deferred payments are provided. Special situations like cross-border mergers are also covered. Overall, the document provides an overview of key aspects to consider for cross-border valuations under the Indian regulatory framework.
The document discusses various ways for foreign entities to invest and establish a presence in India, including incorporated and unincorporated entities. It provides details on types of unincorporated entities like liaison offices, branch offices, and project offices, as well as the regulatory requirements for establishing and operating each type. It also covers incorporated joint ventures and wholly owned subsidiaries and compares the characteristics of unincorporated vs incorporated structures.
The document discusses various ways for foreign investment in India including incorporated and unincorporated entities. It provides details on types of unincorporated entities like liaison offices, branch offices and project offices that can be established by foreign companies in India. It also summarizes the key differences between these types of unincorporated entities and incorporated joint ventures or wholly owned subsidiaries when it comes to permissions required, activities allowed, profit repatriation and other aspects. Further, it outlines the regulatory framework governing foreign investment in India including relevant regulations, rules and policies.
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
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How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
How to Add Chatter in the odoo 17 ERP ModuleCeline George
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
3. Taxpert Professionals Private Limited | www.taxpertpro.com
1
The Hon’ble Finance Minister Shri. P. Chidambaram on 28.02.2013 presented the
Union Budget 2013 and mentioned that slowdown in Indian economy has to be
seen in the context of slowing global economic growth. He admitted that the country’s present
situation and growth is indeed challenging but India has potential growth rate of 8 % and
getting back to this is possible as has been proven in the past.
The central theme now is “higher growth leading to inclusive and sustainable
development” with emphasis on women, children, minorities, backward classes and
disabled persons. Impetus has also been given to create opportunities for youth for skill
development. Health, Education, Rural, Manufacturing, Infrastructure and affordable
housing have been kept on the priority list. Capital Markets initiatives like strengthening
SEBI for Investor protection and fine tuning FDI/ FII norms has also been touched
upon.
The Fiscal deficit for the current year has been contained at 5.2 % of GDP and for the year
2013-14 is estimated at 4.8 %. By 2016-17, fiscal deficit is targeted to be brought down to 3 % .
On the other hand, it is food inflation that is worrying, and he said that all possible steps will be
taken to augment the supply side to meet the growing demand for food items. The Finance
Minister has showed greater worry towards current account deficit (CAD) and has admitted that
FDI, FII or External Commercial Borrowing (ECB) are the only ways to finance it.
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INCOME TAX:
1. Personal Taxation:
The proposals in the Finance Bill 2013 have not carried out any change in the slab rates of
Income Tax.
The slab rates of income-tax in the case of Individual, Hindu Undivided Family, Association of
Persons and Body of Individuals, or every artificial juridical person would continue to be as
follows: -
Income Slabs Rates of Income Tax
Upto Rs.2,00,000 Nil
Rs.2,00,001 to Rs.5,00,000 10% of amount by which income exceeds
Rs.2,00,000
Rs. 5,00,001 to Rs.10,00,000 Rs.30,000+20% of amount by which income
exceeds Rs.5,00,000
Above Rs.10,00,000 Rs.1,30,000+30% of amount by which income
exceeds Rs.10,00,000
>> The Basic Exemption Limit for Senior Citizens (Age of more than 60 years and upto 80
years), would continue to be Rs.2,50,000.
>> The Basic Exemption Limit for Very Senior Citizens (Age of more than 80 years), would
continue to be Rs.5,00,000.
>> Education Cess would continue to be levied @ 3%.
Proposed Amendments:
>> Surcharge @ 10% will be levied, in case the Income exceeds Rs. 1 Crore. This
surcharge is proposed to be levied only for one year.
>> Tax Rebate of Rs.2,000 is allowed under Section 87 for the Individuals in the Lowest
Tax Bracket, having income upto Rs.5,00,000. This amendment will be effective from 1st
April, 2014 and will apply for Assessment Year 2014-15 and subsequent assessment years.
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>> Additional Deduction upto Rs.1,00,000/- under Section 80EE shall be allowed
towards the Interest paid on Housing Loan, for the Individuals who are First Home
Buyers.
This deduction is subject to the condition that the loan should be sanctioned during the
Financial Year 2013-14 and the amount of loan sanctioned should not exceed Rs. 25
Lacs. Further, the value of residential house property purchased does not exceed Rs.40
Lacs.
>> Donations made to National Children Fund shall be eligible for 100% deduction
under section 80G.
>> Permissible Premium Rate increased from 10% to 15% of the sum assured by
relaxing the eligibility conditions of LIC policies for persons suffering from disability.
>> Contributions made to the schemes of Central and State Governments similar to
Central Government Health Scheme, would be eligible for deduction under Section 80D.
2. Corporate Taxation:
The Rate of Income Tax for Firms, Local Authority and Domestic Companies would continue
to be 30% of the Total Income.
>> Existing surcharge @ 5% for Domestic Companies and 2% for Companies other than
Domestic Companies, shall continue to be levied, in case the Total Income exceeds Rs. 1 Crore
does not exceed Rs. 10 Crores.
Proposed Amendments:
>> Surcharge @ 10% shall be levied in case the Total Income of the Domestic Company
exceeds Rs. 10 Crores. This Additional Surcharge is proposed to be levied only for One
Year, i.e. Financial Year 2013-14
>> For Foreign Companies, Surcharge @ 5% in case the Total Income exceeds Rs. 10
Crores. This Additional Surcharge is also proposed to be in force only for one year.
>> Education Cess @ 3% shall continue to be levied.
>> In case of Dividend Distribution Tax and Tax on Distributed Income, Surcharge
increased from 5% to 10%.
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>> Investment Allowance @ 15% shall be allowed under section 32AC, to manufacturing
companies that invest more than Rs.100 Crore in Plant and Machinery during the period
1.4.2013 to 31.3.2015.
>> Eligible date for projects in the Power Sector to avail benefit under Section 80IA
extended from 31.3.2013 to 31.3.2014.
>> Concessional rate of tax of 15% on dividend received by Indian Company from its
foreign subsidiary proposed to continue for one more year.
3. Amendments for Withholding Tax (TDS):
a) TDS on Transfer of Immovable Property:
It is proposed that TDS @ 1% (Under Section 194-IA) would be deducted by the Transferee,
while paying the Consideration for the Transfer of Immovable Property, other than Agricultural
Land. This would be applicable only when the consideration exceeds Rs. 50 Lacs.
This amendment will be effective from 1st
June, 2013.
b) Tax on Distributed Income by Company for buy-back of unlisted shares:
It is proposed to levy the final withholding tax @ 20% on the profits distributed by unlisted
companies, to the shareholders through buyback of shares. This shall be effective from 1.6.2013.
c) Concessional TDS Rate for Interest on rupee denominated long-term infrastructure
bonds:
Concessional Rate of TDS of 5% will be allowed under Section 194LC for the non-resident in
respect of the Income arising on subscription to rupee denominated long-term infrastructure
bonds. This amendment is to be effective from 1st
June, 2013.
d) Tax on Royalty and Fees for Technical Services to Non-Residents:
Rate of Tax under Section 115A for Royalty and Fees for Technical Services paid to Non-
Residents is proposed to be increased from 10% to 25%.
This amendment will be effective from 1st
April, 2014 and will apply for Assessment Year 2014-
15 and subsequent assessment years.
4. Other Amendments:
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a) Taxation of Securitisation Trusts-
Securitisation Trust to be exempt from Income Tax. Tax to be levied at specified rates only at
the time of distribution of Income for Companies, Individual or HUF etc. No further tax on
income received by investors from the Trust.
b) Criteria for Defective Return:
It is proposed to amend the Explanation to Section 139 (9) that the Return of Income shall be
regarded as Defective, unless the tax together with interest if any, payable as per Section 140A
(Self Assessment Tax) has been paid on or before the date of furnishing the Return.
This amendment will be effective from 1st
June, 2013.
c) Amendment in the Definition of Capital Asset:
Certain categories of properties including Agricultural Land have been excluded from the
Definition of Capital Asset under Section 2(14). It is proposed to amend sub-clause (iii) of
Section 2(14) as below:
The Land situated in any area within the distance measured aerially (shortest aerial distance) :
i) Not being more than 2 Kilometers from the local limits of any municipality or Cantonment
Board and which has a population of more than 10,000 but does not exceed 1,00,000.
ii) Not being more than 6 Kilometers from the local limits of any municipality or Cantonment
Board and which has a population of more than 1,00,000 but does not exceed 10,00,000.
iii) Not being more than 8 Kilometers from the local limits of any municipality or Cantonment
Board and which has a population of more than 10,00,000.
Shall form part of capital asset.
Section 2(1A) relating to the definition of Agricultural Income shall also be amended on similar
lines.
This amendment will be effective from 1st
April, 2014 and will apply for Assessment Year
2014-15 and subsequent assessment years.
d) Commodities Transaction Tax:
A new tax called “Commodities Transaction Tax” is proposed to be levied on taxable
commodities transactions entered in a recognized association.
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Taxable Commodities Transaction means a transaction of sale of commodity derivatives in
respect of commodities, other than agricultural commodities, traded in recognized associations.
The tax is proposed to be levied as per the below mentioned rates:
Sr.No. Taxable Commodities
Transaction
Rate Payable by
1. Sale of Commodity Derivative 0.01% Seller
This tax is proposed to be levied from the date on which Chapter VII of the Finance Bill, 2013
comes into force by way of notification in the Official Gazette by the Central Government.
e) Revision of Securities Transaction Tax (STT):
The Securities Transaction Tax (STT) is proposed to be revised as below, with effect from 1st
June, 2013:
Nature of Taxable
Securities Transaction
Payable
by
Existing
Rate (%)
Proposed Rates
(%)
Delivery based Purchase
of units of an Equity
Oriented Fund entered
into recognised stock
exchange
Purchaser 0.1 Nil
Delivery based Sale of
units of an Equity
Oriented Fund entered
into recognised stock
exchange
Seller 0.1 0.001
Sale of futures in securities Seller 0.017 0.01
Sale of an Equity Oriented
Fund to the Mutual Fund
Seller 0.25 0.001
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WEALTH TAX:
1. Provisions for facilitating electronic filing of Annexure-less Return of Net Wealth:
Section 14 of the Wealth Tax Act provides for furnishing of Return of Net Wealth as on the
valuation date in the prescribed form. Currently, certain documents and reports are required to
be furnished along with the Return of Net Wealth.
It is proposed to insert Section 14A and 14B in the Wealth Tax Act, to provide for the
provisions relating to Electronic Filing of Annexure-less Return of Net Wealth. This will be in
similar lines of the Section 139C and 139D of the Income Tax Act.
This amendment will be effective from 1st
June, 2013.
2. Amendment of the Definition of Urban Land:
The Definition of Urban Land under the Wealth Tax Act is proposed to be amended in the
similar way as for the amendment of the definition of Capital Asset under section 2(14)(iii) of
the Income Tax Act.
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8
CENTRAL EXCISE:
The standard rate of Central Excise Duty has been kept unchanged at 12% ad valorem.
Product wise Analysis:
Sr.
No.
Item Name Current Basic
Excise Rate
Proposed Basic
Excise Rate
1. SUVs 27% 30%
2. Truck Chassis 14% 13%
3. Mobile Phones
(Retail Sale Price exceeding Rs
2000/-)
1% 6%
4. Cigarettes
(length exceeding 65 mm)
30% 48%
5. Marble tiles and slabs Rs 30 per sq.mtr Rs 60 per sq.mtr
Complete exemption from excise duty has been provided for the following products:
Tapioca sago (sabudana) and tapioca starch manufactured and consumed actively in the
manufacture of tapioca sago.
Henna powder or paste, not mixed with any other ingredient
27%
14%
1%
30% 30%
30%
13%
6%
48%
60%
0%
20%
40%
60%
80%
Item
Name
SUVs Truck
Chassis
Mobile
Phones
(Retail
Sale Price
exceeding
Rs 2000/-)
Cigarettes (length
exceeding
65 mm)
Marble
tiles and
slabs
1 2 3 4 5
Current Basic Excise Rate Proposed Basic Excise Rate
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Ships and other vessels. Consequently, there will be no CVD on these ships and vessels
when imported
Handmade carpets and carpets and other textile floor coverings of coiror jute, whether or
not handmade
Intermediate goods manufactured and consumed captively by exempted units under Area
Based Exemption Scheme in Himachal Pradesh and Uttarakhand.
Other Proposed Amendments:
Excise duty of 4% is being levied on silver manufactured from zinc/lead smelting.
Compounded levy on stainless steel "Patta Patti" is being increased from Rs 30,000 per
machine per month to Rs 40,000 per machine per month.
It is being clarified that the item "trimmed or untrimmed sheets or circles of copper
intended for use in the manufacture of handicrafts or utensils" presently leviable to excise duty
at Rs. 3500 per MT includes copper and copper alloys including brass.
'Zero excise duty route', as existed prior to Budget 2011-12, is being restored in respect of
branded readymade garments and made ups. In the case of cotton there will be zero duty at the
fibre stage and, in the case of spun yarn of manmade fibres, there will be a duty of 12% at the
fibre stage. The 'Zero excise duty route' will be in addition to the CENVAT route now available.
Branded Ayurvedic medicaments and medicaments of Unani, Siddha, Homeopathic or bio-
chemic system are being brought under MRP based assessment with abatement of 35% from
MRP.
CUSTOMS:
The peak rate of the Customs is retained at 10%. Further the rate of CVD is also retained. The
effective Customs Rate shall be 28.85%.
Product Wise Analysis: Increase
Sr.
No. Item Name
Existing Basic
Custom Duty
Rate
Proposed
Basic Custom
Duty Rate
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1. new passenger cars and other
motor vehiclesCIF >US$ 40,000
75% 100%
2. motor cycle with engine capacity
>800cc
60% 75%
3. yachts and motor boats 10% 25%
4. raw silk 5% 15%
5. Set Top Boxes for TV 5% 10%
Product Wise Analysis: Decrease
Sr.
No. Item Name
Existing
Basic
Custom
Duty Rate
Proposed Basic
Custom Duty
Rate
1. Dehulled oat grain 30% 15%
2. hazel nuts 30% 10%
3. de-oiled rice bran oil cake 10% Nil
4. stainless steel wire cloth stripe 10% 5%
5. pre-forms of precious and
semi-precious stones
10% 2%
6. bituminous coal 5% 2%
0%
20%
40%
60%
80%
100%
120%
Item
Name
motor
cycle
with
engine
capacity
>800cc
yachts
and
motor
boats
raw silk Set Top
Boxes
for TV
1 2 3 4 5
Current Basic Excise
Rate
Proposed Basic Excise
Rate
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7. textile machinery & parts 7.5% 5%
Other Proposed Amendments:
a) Full exemption from export duty is being provided to galvanized steel sheets falling nder
certain sub-headings, retrospectively w.e.f. 01.03.2011.
b) Baggage Rules are being amended to,-
i. raise the duty free allowance in respect of jewellery for an Indian passenger who has
been residing abroad for over one year or a person who is transferring his residence to
India from Rs.10,000 to Rs.50,000 in case of a gentleman passenger and from Rs.20,000
to Rs.1,00,000 in case of a lady passenger.
ii. raise the duty free allowance for crew member of vessel/aircraft from Rs.600 to Rs.1500.
SERVICE TAX:
1. Rate of Service Tax:
The Service Tax rate has been retained to 12 %. The effective rate shall be 12.36% (inclusive of
Education Cess at the rate of 2% and Secondary and Higher Education Cess at the rate of 1%).
2. Inclusion of Services in the Negative List:
0%
5%
10%
15%
20%
25%
30%
35%
ItemName
dehulledoatgrain
hazelnuts
de-oiledricebranoil…
stainlesssteelwire…
pre-formsofprecious…
bituminouscoal
textilemachinery&…
1 2 3 4 5 6 7
Current Basic Excise Rate
30% 30% 10%
Proposed Basic Excise
Rate 15% 10% 0%
Current Basic Excise Rate
Proposed Basic Excise
Rate
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The following services have been included in the Negative List of Services:
a) Vocational Courses offered by institutions affiliated to the State Council of Vocational
Training
b) Testing Activities in relation to Agricultural Produce
3. Retrospective Exemption:
Retrospective exemption is being extended to the Indian Railways on the service tax leviable on
various taxable services provided by them during the period prior to the 1st day of July 2012, to
the extent show cause notices have been issued upto the 28th day of February 2013. Section 99
is being added for this purpose, in Chapter V of the Finance Act, 1994.
4. Rationalisation of Abatement for Residential Construction Service:
At present taxable portion for service tax purpose is prescribed as 25% uniformly for
constructions where value of land is included in the amount charged from the service recipient.
This is being rationalized.
Accordingly, where the carpet area of residential unit is upto 2000 square feet, or the
amount charged is less than Rs. One Crore, in the case of 'construction of complex,
building or civil structure, or a part thereof, intended for sale to a buyer, wholly or partly
except where the entire consideration is received after issuance of completion certificate
by the competent authority', taxable portion for service tax purpose will remain at 25%.
In all other cases taxable portion for service tax purpose will be 30%.
This amendment will be effective from 1st
March, 2013.
5. Review of Exemptions: (Effective from 1st
April, 2013)
a) Rationalization of exemption limit prescribed for charitable organizations, providing service
towards any other object of general public utility. So far, the limit was 25 Lakh Rupees per
annum. Now, they will be covered by the threshold exemption.
b) Exemption provided to restaurants other than those having (i) air-conditioning and (ii)
license to serve liquor, is being rationalized.
Condition regarding 'license to serve liquor' is being omitted. Therefore, with effect from 1st
April, 2013, service tax will be levied on taxable service provided in restaurants with air-
conditioning or central air heating in any part of the establishment at any time during the year.
c) Rationalization of exemption to transport of goods by road and rail/vessel.
6. Exemptions Withdrawn:
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a) Services provided by an educational institution by way of renting of immovable property.
b) Temporary transfer or permitting the use or enjoyment of a copyright relating to
cinematographic films was fully exempt so far.
Now, this exemption will be restricted to exhibition of cinematograph films in a cinema hall or a
cinema theatre.
c) Services by way of vehicle parking to general public.
d) Services provided to Government, a local authority or a governmental authority, by way of
repair or maintenance of aircraft.
7. Amnesty Scheme For Non-Filers and Stop-Filers:
To encourage voluntary compliance and broaden the tax base, it is proposed to provide one time
amnesty by way of (i) waiver of interest and penalty; and (ii) immunity from prosecution, to the
stop filers, non-filers or non-registrants or service providers (who have not disclosed true
liability in the returns filed by them during the period from October 2007 to December 2012)
who pay the "tax dues".
Details of the scheme are available in Chapter VI of the Finance Bill, 2013. The scheme will be
operational from the date on which the Finance Bill, 2013 receives the assent of the President.
8. Advance Ruling:
The scope of advance ruling 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.
GOODS AND SERVICE TAX (GST):
1. A sum of Rs. 9,000 Crores towards the first instalment of the balance of CST compensation
provided in the Budget.
2. Work on Draft GST Constitutional amendment bill and GST law expected to be taken
forward.
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1. General Anti-Avoidance Rule (GAAR):
The General Anti-Avoidance Rule (GAAR) was introduced by the Finance Act, 2012. The
provisions of Chapter-X-A and Section 144BAA were supposed come into force with effect
from 1st
April, 2014.
It is proposed that these provisions shall be effective from 1st
April, 2016 and shall apply from
the Assessment Year 2016-17 and subsequent assessment years.
2. Tax Residency Certificate:
The provisions of Sections 90 and 90A of the Income Tax Act empowers the Government to
enter into and adopt agreements with the Governments of Foreign Countries for the purpose of
granting relief for avoidance of double taxation, exchange of information and recovery of taxes.
In exercise of this power, the Central Government has entered into various Double Taxation
Avoidance Agreements (DTAAs) with different countries.
Section 90 (4) prescribes the submission of Tax Residency Certificate containing prescribed
particulars as a condition for claiming benefits under these sections.
It is proposed to amend Section 90 and 90A in order to provide that the submission of
Tax Residency Certificate is a necessary but not sufficient condition for claiming the
benefits under these sections.
This amendment will be effective retrospectively from 1st
April, 2013 and will apply for
Assessment Year 2013-14 and subsequent assessment years.
3. Capital Market:
India’s Capital Market is among the best regulated markets. It is proposed to amend the SEBI
Act to strengthen the regulator under consideration. Some of the proposals finalized in
consultation with SEBI are:
a) Designated Depository Participants, authorized by SEBI, may register different classes of
portfolio investors, subject to compliance of KYC.
b) SEBI will simplify the procedures and prescribe uniform registration and other norms for
entry for foreign portfolio investors.
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c) The following Rule will be laid down:
“ Where an Investor has a stake of 10% or less in a company, it will be treated as FII
and where an Investor has a stake of more than 10%, it will be treated as FDI.”
d) FIIs will be permitted to participate in the exchange traded currency derivative segment to
the extent of their India rupee exposure in India.
e) FIIs will also be permitted to use their investment in corporate bonds and Government
Securities as collateral to meet their margin requirements.
f) SEBI to prescribe requirement for angel investor pools by which they can be recognised as
Category I AIF venture capital funds.
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