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.
This document provides information about income tax laws in India. It discusses the history of income tax in India and how the current Income Tax Act was established in 1961. It also outlines the different tax slabs and rates for individuals in India based on gender and age. Additionally, it explains the process for computing total income, which includes income from five sources: salaries, house property, business/profession, capital gains, and other sources. Specific provisions for calculating income from salaries and house property are described. The document concludes with a bibliography.
Gst Alert 10 : Changes in registration and return filing normsMeet Raval
The document summarizes recent changes made to key GST rules in India that will impact how taxpayers avail credits and comply. Key changes include:
1) Stricter registration processes requiring Aadhaar authentication and increased processing times from 3 to 7 or 30 days.
2) Increased powers for officers to suspend or cancel registrations for violations like incorrect credit claims or return filing discrepancies.
3) Restrictions on input tax credit claims to 105% of the amount in GSTR 2B from January 2021.
4) Tighter return filing rules preventing filing if earlier returns are not filed and restrictions on using credits if returns are not filed.
5) A new rule restricting the use of
#Comprehensive Guide on TDS Under GST# By SN PanigrahiSN Panigrahi, PMP
#Comprehensive Guide on TDS Under GST# By SN Panigrahi,
Essenpee Business Solutions,
Tax Deducted at Source, GST,
Government or Local Authorities,
PSU Contracts,
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 analyzes changes to India's service tax relating to the 2015 Union Budget. Key changes include:
- The service tax rate is increased from 12% to 14%.
- Education and SHE cess are subsumed into the 14% tax rate.
- A new 2% Swachh Bharat cess will be imposed on taxable services, resulting in a total service tax rate of 16%.
- Various penalty provisions and rates are amended.
The document summarizes key highlights of the Union Budget 2014-2015 for direct and indirect taxes in India. For direct taxes, it outlines changes to income tax slabs and rates for individuals, senior citizens, companies and firms. It also discusses changes to deductions, exemptions and tax rates for capital gains and dividends. For indirect taxes, it summarizes changes to service tax rates and exemptions, and introduces service tax on radio taxis. It also discusses changes to interest rates on late payment of taxes.
The document summarizes several proposed amendments to the Income Tax Act of India that were proposed in the 2012 Union Budget.
1) The threshold for mandatory tax audit and presumptive taxation was increased from 60 lakh rupees to 1 crore rupees to reduce compliance burden on small businesses.
2) Senior citizens without business income were exempted from paying advance tax to reduce their compliance burden.
3) The limit for deducting life insurance premium under section 80C was reduced from 20% to 10% of the sum assured for policies issued on or after April 1, 2012.
4) Tax deduction at source of 1% was introduced for transfer of immovable property other than agricultural
This document provides information about income tax laws in India. It discusses the history of income tax in India and how the current Income Tax Act was established in 1961. It also outlines the different tax slabs and rates for individuals in India based on gender and age. Additionally, it explains the process for computing total income, which includes income from five sources: salaries, house property, business/profession, capital gains, and other sources. Specific provisions for calculating income from salaries and house property are described. The document concludes with a bibliography.
Gst Alert 10 : Changes in registration and return filing normsMeet Raval
The document summarizes recent changes made to key GST rules in India that will impact how taxpayers avail credits and comply. Key changes include:
1) Stricter registration processes requiring Aadhaar authentication and increased processing times from 3 to 7 or 30 days.
2) Increased powers for officers to suspend or cancel registrations for violations like incorrect credit claims or return filing discrepancies.
3) Restrictions on input tax credit claims to 105% of the amount in GSTR 2B from January 2021.
4) Tighter return filing rules preventing filing if earlier returns are not filed and restrictions on using credits if returns are not filed.
5) A new rule restricting the use of
#Comprehensive Guide on TDS Under GST# By SN PanigrahiSN Panigrahi, PMP
#Comprehensive Guide on TDS Under GST# By SN Panigrahi,
Essenpee Business Solutions,
Tax Deducted at Source, GST,
Government or Local Authorities,
PSU Contracts,
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 analyzes changes to India's service tax relating to the 2015 Union Budget. Key changes include:
- The service tax rate is increased from 12% to 14%.
- Education and SHE cess are subsumed into the 14% tax rate.
- A new 2% Swachh Bharat cess will be imposed on taxable services, resulting in a total service tax rate of 16%.
- Various penalty provisions and rates are amended.
The document summarizes key highlights of the Union Budget 2014-2015 for direct and indirect taxes in India. For direct taxes, it outlines changes to income tax slabs and rates for individuals, senior citizens, companies and firms. It also discusses changes to deductions, exemptions and tax rates for capital gains and dividends. For indirect taxes, it summarizes changes to service tax rates and exemptions, and introduces service tax on radio taxis. It also discusses changes to interest rates on late payment of taxes.
The document summarizes several proposed amendments to the Income Tax Act of India that were proposed in the 2012 Union Budget.
1) The threshold for mandatory tax audit and presumptive taxation was increased from 60 lakh rupees to 1 crore rupees to reduce compliance burden on small businesses.
2) Senior citizens without business income were exempted from paying advance tax to reduce their compliance burden.
3) The limit for deducting life insurance premium under section 80C was reduced from 20% to 10% of the sum assured for policies issued on or after April 1, 2012.
4) Tax deduction at source of 1% was introduced for transfer of immovable property other than agricultural
Tax Laws
Scope of Study
Scheme of Act
What is Income Tax?
Extends to Whole of India
Modules at a Glance
Modules in Brief
Match the Columns
True of False
Multiple Choice Questions
This document discusses various tax deductions available under Sections 80C and 80D of the Indian Income Tax Act. Section 80C allows deductions up to Rs. 1.5 lakh for contributions to specified savings instruments like PPF, EPF, life insurance premiums, NPS, etc. Section 80D allows a deduction of up to Rs. 25,000 for health insurance premiums and Rs. 5,000 for medical checkups. The document provides details of the new income tax slabs introduced in the FY 2020-21 budget and explains how taxpayers can reduce their taxable income and tax liability by claiming deductions under Sections 80C and 80D.
This document provides highlights of the Union Budget 2014-2015 for India. Some key points include:
- The basic income tax exemption limit has been increased by Rs. 50,000. Tax rates remain unchanged.
- Deduction limits under Section 80C have been increased from Rs. 100,000 to Rs. 150,000.
- Service tax rate remains at 12% and is extended to new services like radio taxis.
- Exemptions under the mega exemption notification have been extended to some services and withdrawn from others.
- Changes have been made to provisions around interest on late payment of taxes, e-payment of service tax, and the reverse charge mechanism.
This document discusses various tax deductions available under Sections 80C, 80CCC, 80CCD, 80GG, 80EE, and 80TTA of the Indian Income Tax Act. It provides details on the maximum deductions allowed, eligible investments and expenses, requirements that must be met to claim the deductions, and changes to the deductions for the financial years 2014-15 and 2015-16.
Budget 2016-2017 - analysis of direct tax proposalsoswinfo
This document provides an analysis of key changes proposed in the Indian Budget 2016 relating to direct taxes. Some key points summarized are:
1. No change in basic tax exemption limits and rates for individuals. Surcharge of 15% for income over Rs. 1 crore. Section 87A rebate limit increased to Rs. 5,000. Section 80GG deduction limit for individuals without HRA enhanced to Rs. 5,000 per month.
2. Section 80CCC deduction limit increased from Rs. 1 lakh to Rs. 1.5 lakh. Section 10(12) and 10(13) exemptions for provident fund and superannuation fund limited to 40% of accumulated amount for contributions made
This document outlines income tax rates for various types of individuals and entities in India. It provides income tax slabs and rates for:
1) Resident individual/HUF/AOP/BOI between the ages of 60-79 years and 80+ years. Tax rates range from nil for income up to Rs. 30,000-50,000 to 30% for income over Rs. 10,00,000.
2) Firms, LLPs, and local authorities which are all taxed at a flat rate of 30% on total income.
3) Domestic and foreign companies which are taxed at 30% and 40% respectively.
It also defines key tax terms
Section 80G allows tax deductions for donations made to certain funds and charitable institutions. It allows deductions without any limit (no limit donations) as well as deductions with certain limits (with limit donations). No limit donations include donations to various government funds and select charitable institutions, and are eligible for a 100% or 50% tax deduction depending on the fund/institution. With limit donations include other charitable donations and are eligible for a 100% or 50% tax deduction subject to a limit of 10% of gross total income.
The budget document highlights changes made in the 2015 budget related to taxation. Key points include reducing the corporate tax rate, enacting new laws against black money, increasing penalties for black money holders and evaders, and amending laws like FEMA and the Benami Transactions Act to tackle black money in real estate and allow seizure of foreign assets. It also includes tax proposals related to individuals like increasing deductions for health insurance and medical expenditure. Service tax was increased and new proposals for excise, CENVAT credit and mutual funds were introduced.
“Highlights - Budget 2015-16 - Service Tax" containing descriptions of entire amendments that took place through the Union Budget, 2015 in the field of Indirect taxes, formerly covering Service Tax.
come and join afterschoool and spread management education to common people so that they may become entrepreneurs. spread knowledge about business, entrepreneurship and commerce.
The 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 direct tax proposals in the Union Budget 2015-16 of India. Some key points:
- Corporate tax rates will be reduced from 30% to 25% over the next four years. Royalty and technical fees for non-residents will be taxed at 10% instead of 25%.
- Tax deductions have been increased for medical expenditures, investments in pension plans, donations to certain funds.
- Measures are proposed to curb black money in real estate transactions by requiring payments over 20,000 rupees to be made via checks or electronic transfers.
- The implementation of GAAR has been deferred by two years and will now apply from FY 2017-18. Higher
The document discusses various types of income and tax deductions in India. It covers five main types of income: salary, house property, business/profession, capital gains, and other sources. It then outlines the tax deductions available under sections 80C, 80D, 80E, 80G, 80GG, 80GGA, 80-IA, and 80U for contributions to insurance/provident funds, medical expenses, education loans, donations, rent paid, research donations, certain business undertakings, and disability. The purpose of tax deductions is to provide incentives for investment, welfare initiatives, savings, and infrastructure development.
Latest Updates And All Latest Issues Of Income Tax IndiaPraveen Kumar
Income Tax Act classifies income into four main heads: salary, house property, capital gains, and business/profession. Key points include: (1) employees can sometimes claim both HRA and interest on housing loans; (2) losses from rent properties can offset income from other heads; and (3) surplus from derivative contracts is non-speculative capital gains. Certain items like art are now considered capital assets. Various deductions and compliances like TDS, advance tax payments, and annual returns are required under the Income Tax Act.
Under GST, provisions for tax deduction at source (TDS) and tax collection at source (TCS) have been introduced.
For TDS, certain category of persons are required to deduct 2% tax at source from payments made to suppliers of goods or services exceeding Rs. 2.5 lakhs. TCS is required to be collected at 1% of the net value of taxable supplies made through electronic commerce operators (ECOs) by other registered suppliers.
ECOs are required to register under GST and file statements containing details of outward supplies made through them along with tax collected. Tax deducted/collected must be deposited within 10 days. Rectification of mistakes is allowed by
The document provides information about tax planning for salaried employees. It discusses the history of Indian taxation and outlines various forms of income under salary such as basic pay, allowances, bonus, perquisites, and retirement benefits. It examines tax treatment of different allowances like house rent allowance, entertainment allowance, transport allowance, and special allowances. The document also covers perquisites including rent-free accommodation, use of motor cars, reimbursement of medical expenses, and more. It provides details on calculating tax exemptions for various allowances and perquisites. Finally, it discusses some tax planning strategies like investing in a spouse's name, taking advantage of home loan tax benefits, and investing in Public Provident Fund.
This document discusses the payment of GST (Goods and Services Tax) in India. It provides examples of the different types of GST (CGST, SGST, UTGST, IGST) that are applicable in various situations like inter-state supplies, intra-state supplies, and supplies between states and union territories. It also discusses the concept of input tax credit, the order in which input tax credit must be utilized (IGST first, then CGST, then SGST), and provides an example to illustrate this. Additionally, it briefly explains the compensation cess that is levied on luxury and demerit goods to compensate states for potential loss of revenue under GST.
Union Budget 2014 is an earnest commencement to the economic agenda laid down by the government signifying the intent of kick starting capital spending both in public & private sector.
It is heartening to see the budget in pursuit of fiscal prudence with a focused objective to simplify tax administration in order to advance the ease of doing business.
BDO India LLP brings an overview of key changes from a tax and regulatory perspective and its impact on the economic trajectory.
EY Budget Connect: Highlights and impact analysis of India's Union Budget 201...EY
This guide provides a quick reference to all India budget 2014-15 announcements. It also features key economic indicators and an economist's take on the impact of the budget announcement.
For further information visit: http://www.ey.com/BudgetConnect2014
Tax Laws
Scope of Study
Scheme of Act
What is Income Tax?
Extends to Whole of India
Modules at a Glance
Modules in Brief
Match the Columns
True of False
Multiple Choice Questions
This document discusses various tax deductions available under Sections 80C and 80D of the Indian Income Tax Act. Section 80C allows deductions up to Rs. 1.5 lakh for contributions to specified savings instruments like PPF, EPF, life insurance premiums, NPS, etc. Section 80D allows a deduction of up to Rs. 25,000 for health insurance premiums and Rs. 5,000 for medical checkups. The document provides details of the new income tax slabs introduced in the FY 2020-21 budget and explains how taxpayers can reduce their taxable income and tax liability by claiming deductions under Sections 80C and 80D.
This document provides highlights of the Union Budget 2014-2015 for India. Some key points include:
- The basic income tax exemption limit has been increased by Rs. 50,000. Tax rates remain unchanged.
- Deduction limits under Section 80C have been increased from Rs. 100,000 to Rs. 150,000.
- Service tax rate remains at 12% and is extended to new services like radio taxis.
- Exemptions under the mega exemption notification have been extended to some services and withdrawn from others.
- Changes have been made to provisions around interest on late payment of taxes, e-payment of service tax, and the reverse charge mechanism.
This document discusses various tax deductions available under Sections 80C, 80CCC, 80CCD, 80GG, 80EE, and 80TTA of the Indian Income Tax Act. It provides details on the maximum deductions allowed, eligible investments and expenses, requirements that must be met to claim the deductions, and changes to the deductions for the financial years 2014-15 and 2015-16.
Budget 2016-2017 - analysis of direct tax proposalsoswinfo
This document provides an analysis of key changes proposed in the Indian Budget 2016 relating to direct taxes. Some key points summarized are:
1. No change in basic tax exemption limits and rates for individuals. Surcharge of 15% for income over Rs. 1 crore. Section 87A rebate limit increased to Rs. 5,000. Section 80GG deduction limit for individuals without HRA enhanced to Rs. 5,000 per month.
2. Section 80CCC deduction limit increased from Rs. 1 lakh to Rs. 1.5 lakh. Section 10(12) and 10(13) exemptions for provident fund and superannuation fund limited to 40% of accumulated amount for contributions made
This document outlines income tax rates for various types of individuals and entities in India. It provides income tax slabs and rates for:
1) Resident individual/HUF/AOP/BOI between the ages of 60-79 years and 80+ years. Tax rates range from nil for income up to Rs. 30,000-50,000 to 30% for income over Rs. 10,00,000.
2) Firms, LLPs, and local authorities which are all taxed at a flat rate of 30% on total income.
3) Domestic and foreign companies which are taxed at 30% and 40% respectively.
It also defines key tax terms
Section 80G allows tax deductions for donations made to certain funds and charitable institutions. It allows deductions without any limit (no limit donations) as well as deductions with certain limits (with limit donations). No limit donations include donations to various government funds and select charitable institutions, and are eligible for a 100% or 50% tax deduction depending on the fund/institution. With limit donations include other charitable donations and are eligible for a 100% or 50% tax deduction subject to a limit of 10% of gross total income.
The budget document highlights changes made in the 2015 budget related to taxation. Key points include reducing the corporate tax rate, enacting new laws against black money, increasing penalties for black money holders and evaders, and amending laws like FEMA and the Benami Transactions Act to tackle black money in real estate and allow seizure of foreign assets. It also includes tax proposals related to individuals like increasing deductions for health insurance and medical expenditure. Service tax was increased and new proposals for excise, CENVAT credit and mutual funds were introduced.
“Highlights - Budget 2015-16 - Service Tax" containing descriptions of entire amendments that took place through the Union Budget, 2015 in the field of Indirect taxes, formerly covering Service Tax.
come and join afterschoool and spread management education to common people so that they may become entrepreneurs. spread knowledge about business, entrepreneurship and commerce.
The 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 direct tax proposals in the Union Budget 2015-16 of India. Some key points:
- Corporate tax rates will be reduced from 30% to 25% over the next four years. Royalty and technical fees for non-residents will be taxed at 10% instead of 25%.
- Tax deductions have been increased for medical expenditures, investments in pension plans, donations to certain funds.
- Measures are proposed to curb black money in real estate transactions by requiring payments over 20,000 rupees to be made via checks or electronic transfers.
- The implementation of GAAR has been deferred by two years and will now apply from FY 2017-18. Higher
The document discusses various types of income and tax deductions in India. It covers five main types of income: salary, house property, business/profession, capital gains, and other sources. It then outlines the tax deductions available under sections 80C, 80D, 80E, 80G, 80GG, 80GGA, 80-IA, and 80U for contributions to insurance/provident funds, medical expenses, education loans, donations, rent paid, research donations, certain business undertakings, and disability. The purpose of tax deductions is to provide incentives for investment, welfare initiatives, savings, and infrastructure development.
Latest Updates And All Latest Issues Of Income Tax IndiaPraveen Kumar
Income Tax Act classifies income into four main heads: salary, house property, capital gains, and business/profession. Key points include: (1) employees can sometimes claim both HRA and interest on housing loans; (2) losses from rent properties can offset income from other heads; and (3) surplus from derivative contracts is non-speculative capital gains. Certain items like art are now considered capital assets. Various deductions and compliances like TDS, advance tax payments, and annual returns are required under the Income Tax Act.
Under GST, provisions for tax deduction at source (TDS) and tax collection at source (TCS) have been introduced.
For TDS, certain category of persons are required to deduct 2% tax at source from payments made to suppliers of goods or services exceeding Rs. 2.5 lakhs. TCS is required to be collected at 1% of the net value of taxable supplies made through electronic commerce operators (ECOs) by other registered suppliers.
ECOs are required to register under GST and file statements containing details of outward supplies made through them along with tax collected. Tax deducted/collected must be deposited within 10 days. Rectification of mistakes is allowed by
The document provides information about tax planning for salaried employees. It discusses the history of Indian taxation and outlines various forms of income under salary such as basic pay, allowances, bonus, perquisites, and retirement benefits. It examines tax treatment of different allowances like house rent allowance, entertainment allowance, transport allowance, and special allowances. The document also covers perquisites including rent-free accommodation, use of motor cars, reimbursement of medical expenses, and more. It provides details on calculating tax exemptions for various allowances and perquisites. Finally, it discusses some tax planning strategies like investing in a spouse's name, taking advantage of home loan tax benefits, and investing in Public Provident Fund.
This document discusses the payment of GST (Goods and Services Tax) in India. It provides examples of the different types of GST (CGST, SGST, UTGST, IGST) that are applicable in various situations like inter-state supplies, intra-state supplies, and supplies between states and union territories. It also discusses the concept of input tax credit, the order in which input tax credit must be utilized (IGST first, then CGST, then SGST), and provides an example to illustrate this. Additionally, it briefly explains the compensation cess that is levied on luxury and demerit goods to compensate states for potential loss of revenue under GST.
Union Budget 2014 is an earnest commencement to the economic agenda laid down by the government signifying the intent of kick starting capital spending both in public & private sector.
It is heartening to see the budget in pursuit of fiscal prudence with a focused objective to simplify tax administration in order to advance the ease of doing business.
BDO India LLP brings an overview of key changes from a tax and regulatory perspective and its impact on the economic trajectory.
EY Budget Connect: Highlights and impact analysis of India's Union Budget 201...EY
This guide provides a quick reference to all India budget 2014-15 announcements. It also features key economic indicators and an economist's take on the impact of the budget announcement.
For further information visit: http://www.ey.com/BudgetConnect2014
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
The document summarizes key income tax implications in India for the financial year 2022-23 based on amendments made in the Finance Act 2022.
It outlines that income tax rates, health and education cess rates, and surcharge rates remain unchanged for FY2022-23. It introduces provisions for taxation of virtual digital assets at 30% and mandatory TDS of 1% on transfer of such assets. It also allows individuals to file an updated income tax return within 24 months of the assessment year on payment of additional tax. The document provides details of various deductions available under Chapter VI-A of the Income Tax Act.
This document summarizes key changes from the Indian Budget 2017 relating to direct taxes, indirect taxes, and other financial measures. For individuals, the document outlines changes such as reduced income tax rates, increased deduction limits, and simplified income tax returns. For corporates and professionals, it discusses changes like the corporate tax rate and presumptive taxation. The document also summarizes changes to capital gains tax, TDS/TCS provisions, and introduces new penalties for non-compliance. Regarding indirect taxes, it notes that the Goods and Services Tax is expected to be implemented soon and replaces existing service tax and excise duty laws.
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.
VGGlobal - Highlights of union budget 2015Jatin Gupta
The document summarizes key aspects of the Finance Bill 2015 presented by the Indian government. It highlights that the bill aims to create a more investment-friendly environment by lowering the corporate tax rate to 25% over 4 years and providing tax exemptions for REITs and offshore fund management. However, it also notes that the burden of economic spending has been shifted to states and public sector units. The document also provides details on changes to personal income tax, corporate tax, indirect taxes like service tax and customs duty.
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
1 highlights of income tax provisions in budget 2018Subramanya Bhat
The document summarizes key changes to India's income tax provisions in the 2018 budget. Some key points:
- Long-term capital gains (LTCG) over Rs. 1 lakh from listed equity shares will now be taxed at 10%. All LTCG until January 31, 2018 will be exempt.
- Standard deduction of Rs. 40,000 introduced for salaried employees in lieu of transport/medical exemptions.
- Deduction limits for senior citizens increased for interest income, health insurance premiums, and medical expenditure.
- Corporate tax rate reduced to 25% for domestic companies with turnover up to Rs. 250 crores.
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 provides an analysis of key amendments proposed in the Budget 2013 relating to direct taxes, indirect taxes, and other recommendations. Some key highlights include:
- No change in income tax slabs but rebate up to Rs. 2000 for income up to Rs. 5 lakhs. Surcharge increased for high income individuals and companies.
- Commodities transaction tax of 0.01% introduced on commodity derivative sales.
- Additional tax of 20% introduced on buyback of shares of unlisted companies.
- Investment allowance of 15% introduced for new capital investments over Rs. 100 crores between FY14-15.
- Higher deduction limits for health insurance, equity savings schemes, and interest
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.
Greetings
Union budget for FY 2018-19 was presented by Hon'ble Finance Minister Shri. Arun Jaitely . As most of you are aware, this budget is unique being presented before election in 2019
Union Budget 2020:Clause by Clause Analysis of Direct Tax ProvisionsDVSResearchFoundatio
The document provides a clause by clause analysis of direct tax provisions in the Union Budget 2020-21. It summarizes key changes related to income tax slabs and rates, capital gains tax, taxation of dividends, rationalization of tax audit provisions, introduction of tax deducted at source on e-commerce transactions, and widening the scope of tax collected at source. The analysis covers amendments proposed to various sections of the Income Tax Act relating to these provisions. The changes are aimed at simplifying compliance, reducing litigation and widening the tax base.
What are the Income Tax amendments of budget 2022? What is the taxability of cryptocurrency? What is an updated return? What exemption is available for the amount received for Covid treatment?
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.
This document provides an overview and analysis of key highlights from the Budget Connect+ 2015 publication. It includes summaries of income tax rates and proposals, customs duty changes, excise duty rates, service tax changes, and CENVAT credit rules. It also provides data on key economic indicators like GDP growth, inflation, fiscal deficit, and trade balances. The challenges and outlook for the Indian economy as identified in the Economic Survey 2014-15 are also briefly outlined, such as the need for increased investment in agriculture.
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.
Similar to VGGlobal highlights of finance budget 2013 (20)
Accretive SDU communique - Tax Contours of India Budget 2016-17
VGGlobal highlights of finance budget 2013
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