Bimal JainFCA, FCS, LLB, B.Com (Hons)Mobile: +91 98106 04563; E-mail: bimaljain@hotmail.comDear Professional Colleague,The Union Budget, 2014 presented by the Finance Minister today is promising on buildingconsumers confidence, investor
SUPER BUDGET ANALYSISKEY HIGHLIGHTS1) Fiscal Deficit targeted at 4.1% for 2014-15 and to bring it to 3% by 2016-17.2) GST to be introduced by the year end.3) No retrospective amendments by this Government.4) A new committee under
Income Tax Provision of Advance Tax Ruling applicable to Residents. Scope of Income Tax Settlement Commission widens. Basic limit of Exemption increased to 2.50 lac. In case of Senior Citizen, it is increased to 3.00 lac. No changes of Income Tax rat
Sale of space or time for advertisements on segments such as internet websites, out-of-home media, on film screen in theatres, bill boards, conveyances, buildings, cell phones, Automated Teller Machines, tickets, commercial publications, aerial adve
DIRECT TAXES PROPOSALS: Personal Income-tax exemption limit raised by ` 50,000/- that is, from 2 lakh to `2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from ` 2.5 lakh to ` 3 lakh in the case o
THE CURRENT ECONOMIC SITUATION AND THE CHALLENGES Decisive vote for change represents the desire of the people to grow, free themselves from the curse of poverty and use the opportunity provided by the society. Country in no mood to suffer une
The launching of all programs depends first and foremost on the resources of the treasury. (Arthashastra, Kautilya) Therefore for a robust economy, a progressive budget is an imperative. The count down for the budget has be
10th July, 2014 is the day Finance Minister Arun Jaitley will present maiden budget of Modi government. Emphatic election win on the backdrop of massive campaign which promised moon to the citizens means the hopes from new government is very high. Bu
Karniti Part-44: Why one who pays tax only suffers? Arjuna (Fictional Character): Krishna, currently everywhere discussions are going on about the upcoming Budget. But Krishna, most of the taxpayers feel that the tax burden should be minimize
I. International Tax Foreign Tax Credit Q. 1. Currently Taxpayers are unable to carry forward unutilized (excess) Foreign Tax Credit (FTC) to future years, and set off such unutilized FTC against the tax liability in the succeeding years. Thi
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