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Benefit under Section 80-D of the Income Tax Act for CGHS Extended to Similar Schemes of the Central Government and State Governments
28 February 2013 at 13:42The Finance Bill 2013 proposes extension of benefits under Section 80-D of the Income Tax Act to such schemes of the Central Govt and State Govts that are similar to Central Govt. Health Scheme(CGHS). Presenting the Union Budget in the Lok Sabha t
Two More Services included in the Negative list for Service Tax
28 February 2013 at 13:42‘Voluntary Compliance Encouragement Scheme’ Proposed to Motivate Defaulters to File Service tax Returns and Pay Dues All Air Conditioned Restaurants to Come under Service Tax Net To motivate about 10 lakh of those registered assess
Need for Increasing The Tax GDP Ratio
28 February 2013 at 13:38Presenting 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
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 13:38Presenting 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
Customs Duty on Imported Luxery Goods Such as high End Motor Vehicles, Motorcycles, etc. Increased
28 February 2013 at 13:36However, 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
Tax Administration Reforms Commission to be Set Up
28 February 2013 at 13:35The 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
Work on the Direct Taxes Code (DTC) in Progress
28 February 2013 at 13:34The 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
Modified Provisions of General Anti-Avoidance Rules(GAAR) to Come into Effect from 1ST April, 2016
28 February 2013 at 13:34The 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
Commodities Transaction Tax (CTT) Introduced in a Limited Way; Agricultural Commodities will be Exempt
28 February 2013 at 13:33The 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
Securities Transaction Tax (STT) Reduced
28 February 2013 at 13:31The 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
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