Others News

Need for Increasing The Tax GDP Ratio

28 February 2013 at 13:38

Presenting the Union Budget in the Parliament today, the Finance Minister Shri P.Chidambaram underlined the need for increasing the Tax GDP ratio. The Finance Minister said that in FY 2011-12, the Tax GDP ratio was 5.5 percent for direct taxes and

Posted in Others | 2022 Views

Clarity in Tax Laws, Stable Tax Regime, Non-Adversarial Tax Administration, Dispute Resolution and Independent Judiciary - The Theme of Tax Proposals

28 February 2013 at 13:38

Presenting the Union Budget in the Parliament today, the Finance Minister Shri P.Chidambaram underlined the theme of the tax proposals to be based on the following parameters:- • Clarity in tax laws. • Stable tax regime. • Non

Posted in Others | 2040 Views

Customs Duty on Imported Luxery Goods Such as high End Motor Vehicles, Motorcycles, etc. Increased

28 February 2013 at 13:36

However, Environment-Friendly Vehicles given benefit of Extended Period of Concession Aircraft Manufacture, Repair and Overhaul Industry also given Certain Concessions Duty free limit for Bringing Jewellery by Elligible Passengers increased The cu

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Tax Administration Reforms Commission to be Set Up

28 February 2013 at 13:35

The Finance Bill 2013-14 proposes to set up a Tax Administration Reforms Commission(TARC). Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that proposed Commission will review the application of tax

Posted in Others | 2214 Views

Work on the Direct Taxes Code (DTC) in Progress

28 February 2013 at 13:34

The Finance Minister Shri P.Chidambaram has said that the work on Direct Taxes Code (DTC) is in progress. Presenting the Union Budget in the Lok Sabha today, he said that the DTC is not intended to be an amended version of the Income-Tax Act, 1961

Posted in Others | 3888 Views

Modified Provisions of General Anti-Avoidance Rules(GAAR) to Come into Effect from 1ST April, 2016

28 February 2013 at 13:34

The Finance Bill 2013 proposes to bring the modified provisions of General Anti-Avoidance Rules (GAAR) into effect from 1.4.2016. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that Finance Act 201

Posted in Others | 3978 Views

Commodities Transaction Tax (CTT) Introduced in a Limited Way; Agricultural Commodities will be Exempt

28 February 2013 at 13:33

The Finance Bill 2013 proposes to introduce Commodities Transaction Tax(CTT) in a limited way. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that CTT shall be levied on non-agricultural commoditie

Posted in Others | 4389 Views

Securities Transaction Tax (STT) Reduced

28 February 2013 at 13:31

The Finance Bill 2013-14 proposes reduction in the rates of Securities Transaction Tax (STT) in respect of certain transactions. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram proposed the following

Posted in Others | 4335 Views

Final withholding Tax Levied at the Rate of 20 Per Cent

28 February 2013 at 13:29

The Finance Bill 2013-14 proposes levy of Final Withholding Tax at the rate of 20 per cent on profits distributed by unlisted companies to shareholders through buy-back of shares. Presenting the Union Budget in the Lok Sabha today, the Finance Min

Posted in Others | 4401 Views

TDS at the Rate of 1 Percent Applied on the Value of Transfer of Immovable Property Exceeding Rs.50 Lakh

28 February 2013 at 13:28

The Finance Bill 2013-14 proposes levy of TDS at the rate of 1 percent on the value of the transfer of immovable property where the consideration exceeds Rs.50 lakh. However, agricultural land will be exempt. Presenting the Union Budget in the Lok S

Posted in Others | 6468 Views