Budget 2013: Impact of corporate tax proposals
Posted Date : 01-Mar-2013 , 08:29:10 am | Posted By CASANSAAR
Under the corporate tax, although there are no changes proposed to Income tax rates but the surcharge is proposed to increase from 5 to 10 % on domestic companies having income exceeding INR 10 crore. In case of foreign companies (if income exceeds INR 10 crores), surcharge will increase f...
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Budget 2013: Buyback of shares by unlisted companies taxed
Posted Date : 01-Mar-2013 , 08:07:25 am | Posted By CASANSAAR
Union finance minister P Chidambaram in his budget 2013 has decided to levy a withholding tax of 20 % on profits distributed by unlisted companies to shareholders through buyback of shares. The move will deter unlisted companies opting for buyback of shares. Tax consultants ...
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Budget 2013: MCA to get higher allocation at Rs 255.28 cr for next fiscal
Posted Date : 01-Mar-2013 , 08:05:24 am | Posted By CASANSAAR
The Corporate Affairs Ministry will get higher budgetary allocation at Rs 255.28 crore in the next fiscal, with increased funding for think-tank IICAand investigation agency SFIO, among others. According to the Budget proposals, the government has earmarked Rs 255.28 cr...
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Budget |
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Scheme to promote voluntary compliance with service tax
Posted Date : 01-Mar-2013 , 08:00:53 am | Posted By CASANSAAR
The proposed scheme to encourage voluntary compliance with service tax announced in the Union budget is a tool to broaden the tax base. It excludes cases where the assessees have disputed the levy, or against whom the government has initiated action.
What the Service Tax Voluntary Complianc...
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Service Tax |
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Banks can act as insurance brokers, KYC norms simplified
Posted Date : 28-Feb-2013 , 09:34:00 pm | Posted By CASANSAAR
With an aim to increase insurance sector's penetration, the government today said banks can act as brokers to sell policies and also simplified KYC norms for buying the product.
In a boost to the sagging insurance sector, Finance Minister P Chidambaram in his Budget also announced that insurance co...
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Banking |
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Amendment in definition of Capital Asset – Agricultural Land
Posted Date : 28-Feb-2013 , 09:21:11 pm | Posted By CASANSAAR
The existing provisions contained in clause (14) of section 2 of the Income-tax Act define the term “capital asset” as property of any kind held by an assessee, whether or not connected with his business or profession. Certain categories of properties including agricultura...
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Income Tax |
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More decisions will be announced: Chidambaram
Posted Date : 28-Feb-2013 , 07:42:16 pm | Posted By CASANSAAR
Indicating that his hands were tied because the economy is “challenged”, Finance Minister P Chidambaram on Thursday said more “measures and decisions” will be announced during the Budget passage in Parliament.
Addressing a post-Budget press conference, he said Budget...
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Income Tax |
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Penalty u/s. 271FA for non-filing of Annual Information Return
Posted Date : 28-Feb-2013 , 06:19:19 pm | Posted By CASANSAAR
Section 285BA mandates furnishing of annual information return by the specified persons in respect of specified transactions within the time prescribed under sub-section (2) thereof. Sub-section (5) of the section empowers the Assessing Officer to issue notice if the annual ...
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Income Tax |
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Govt to enable online filing of Wealth Tax Returns
Posted Date : 28-Feb-2013 , 06:13:15 pm | Posted By CASANSAAR
Section 14 of the Wealth-tax Act provides for furnishing of return of net wealth as on the valuation date in the prescribed form and verified in the prescribed manner setting forth particulars of the net wealth and such other particulars as may be prescribed. Currently, certain documents, repor...
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Income Tax |
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Exclusion of time in computing period of limitation for completion of assessments & reassessments
Posted Date : 28-Feb-2013 , 06:03:53 pm | Posted By CASANSAAR
The existing provisions of section 153, inter alia, provide the time limit for completion of assessment and reassessment of income by the Assessing Officer.
Explanation to section 153 provides that certain periods specified therein shall be excluded while computing the p...
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Income Tax |
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ROI filed without payment of Self Assessment tax to be treated as defective return
Posted Date : 28-Feb-2013 , 06:01:43 pm | Posted By CASANSAAR
The existing provisions contained in sub-section (9) of section 139 provide that where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of fif...
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Income Tax |
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Highlights of the Union Budget 2013-14
Posted Date : 28-Feb-2013 , 02:17:15 pm | Posted By CASANSAAR
The Union Budget for 2013-14 aims at higher growth rate leading to inclusive and sustainable development as ‘mool mantra’.
· Finance Minister makes three promises: to women, youth and the poor.
· ...
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Budget |
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Budget Summary
Posted Date : 28-Feb-2013 , 02:16:10 pm | Posted By CASANSAAR
The Union Budget for 2013-14 aims at ‘higher growth leading to inclusive and sustainable development.’ With this asmool mantra, the Finance Minister Shri P Chidambaram has sought to increase allocation to key areas and provide incentives for investments and savings while containing the f...
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Budget |
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Relief for Taxpayers in the Bracket of Rs.2 Lakh to 5 Lakh Tax Credit of Rs.2000 to Every Person with Total Income upto 5 Lakh
Posted Date : 28-Feb-2013 , 02:14:38 pm | Posted By CASANSAAR
The Finance Bill 2013-14 proposes a relief of Rs.2000 to every person who has a total income upto Rs.5 lakh in a financial year.
Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that 1.80 crore taxpayers are expected to benefit to the value o...
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Budget |
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Surcharge of 10 Per Cent on Persons with Taxable Income Exceeding Rs.1 Crore
Posted Date : 28-Feb-2013 , 02:12:59 pm | Posted By CASANSAAR
The Finance Bill 2013-14 proposes a surcharge of 10 per cent on persons whose taxable income exceed Rs. 1 crore per year. This will apply to individuals, HUFs, firms and entities with similar tax status. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said...
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Budget |
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Additional Deduction of Interest upto Rs.1 Lakh on Home Loan for First Home Buyer
Posted Date : 28-Feb-2013 , 02:12:05 pm | Posted By CASANSAAR
The Finance Bill 2013-14 proposes additional tax benefit to the first – home buyer who takes a loan for an amount not exceeding Rs.25 lakh. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram proposed that a person taking a loan for his first home from a...
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Budget |
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Securities Transaction Tax (STT) Reduced
Posted Date : 28-Feb-2013 , 01:59:45 pm | Posted By CASANSAAR
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 fol...
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Commodities Transaction Tax (CTT) Introduced in a Limited Way; Agricultural Commodities will be Exempt
Posted Date : 28-Feb-2013 , 01:55:16 pm | Posted By CASANSAAR
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 commodities future contracts at the same rate as on equity futu...
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No Change in the Normal Rates of Excise Duty and Service Tax
Posted Date : 28-Feb-2013 , 01:53:23 pm | Posted By CASANSAAR
There is no change in the peak rate of basic customs duty of 10% for non-agricultural products. Presenting the Union Budget in Lok Sabha today, the Finance Minister announced that there will be no change in the normal rate of excise duty of 12% and the normal rate of service tax of 12%....
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Budget |
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Fiscal Deficit for the Year 2013-14 Estimated at 4.8 Per Cent, to be Brought Down to 3 Per Cent by 2016-17
Posted Date : 28-Feb-2013 , 01:52:24 pm | Posted By CASANSAAR
The fiscal deficit for the current year has been contained at 5.2 per cent and the fiscal deficit for the year 2013-14 is estimated at 4.8 per cent. Presenting the Budget 2013-14 in Parliament today, the Finance Minister Sh. P. Chidambaram said that the revenue deficit for the current year will...
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Budget |
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Modified Provisions of General Anti-Avoidance Rules(GAAR) to Come into Effect from 1ST April, 2016
Posted Date : 28-Feb-2013 , 01:51:04 pm | Posted By CASANSAAR
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 2012 introduced GAAR. A number of representations were r...
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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
Posted Date : 28-Feb-2013 , 01:50:14 pm | Posted By CASANSAAR
The 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 today, the Finance Minister Shri P.Chidambar...
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Voluntary Compliance Encouragement Scheme’ Proposed to Motivate Defaulters to File Service tax Returns and Pay Dues
Posted Date : 28-Feb-2013 , 01:49:21 pm | Posted By CASANSAAR
To motivate about 10 lakh of those registered assesses of service tax, who are not filing returns and paying tax dues, the Finance Minister has proposed to introduce a one-time scheme called ‘Voluntary Compliance Encouragement Scheme’ in 2013-14 Budget proposals. Under this scheme a defa...
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Budget |
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Tax Administration Reforms Commission to be Set Up
Posted Date : 28-Feb-2013 , 01:37:38 pm | Posted By CASANSAAR
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 policies and tax laws.
TARC will submit pe...
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Budget |
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TDS at the Rate of 1 Percent Applied on the Value of Transfer of Immovable Property Exceeding Rs.50 Lakh
Posted Date : 28-Feb-2013 , 01:34:45 pm | Posted By CASANSAAR
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 Sabha today, the Finance Minister Shri P.C...
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Budget |
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Final withholding Tax Levied at the Rate of 20 Per Cent
Posted Date : 28-Feb-2013 , 01:33:48 pm | Posted By CASANSAAR
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 Minister Shri P.Chidambaram said some tax avoidance arra...
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Budget |
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Rajiv Gandhi Equity Savings Scheme(RGESS) Liberalised
Posted Date : 28-Feb-2013 , 01:32:31 pm | Posted By CASANSAAR
The Finance Bill 2013-14 proposes liberalisation of the Rajiv Gandhi Equity Savings Scheme(RGESS) that was launched in FY 2012-13. The first time investors will now be allowed to invest in mutual funds as well as listed shares.
This investment can be done not in one year alone, but in thre...
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Budget |
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Banks to be infused with Rs 14,000 Crore Capital to meet basel III Norms-Financial inclusion on Bank Agenda
Posted Date : 28-Feb-2013 , 01:30:48 pm | Posted By CASANSAAR
The Finance Minister Shri P.Chidambaram has taken steps in the budget to ensure adequate capitalization of the public sector banks. The Public sector banks will be provided with an infusion of Rs 14,000 crore additional capital in 2013-14 budget estimates to enable them to meet the BASELIII norms.He...
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Budget |
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New Measures for Welfare of SC/ST, Women and Minorities
Posted Date : 28-Feb-2013 , 01:28:52 pm | Posted By CASANSAAR
Sharing the concerns of the Members of the House for the welfare of the scheduled castes and the scheduled tribes, the Finance Minister Shri P.Chidambaram announced that the Budget has sub plans for them and reiterated that the funds allocated to the sub plans cannot be diverted and must be spent fo...
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Rs. 5,87,082 Crore for States/ UTs under Tax Share, Non-Plan Grants, Loans and Central Assistance
Posted Date : 28-Feb-2013 , 01:25:36 pm | Posted By CASANSAAR
The Government is expected to transfer resources to the tune of Rs. 5,87,082 crore for States/ UTs under share of taxes, non-plan grants, loans and central assistance. Announcing this in Lok Sabha today while presenting the Budget 2013-14, the Finance Minister Shri P. Chidambaram said that central f...
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