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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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Category : Income Tax | Comments : 0 | Hits : 610

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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Category : Income Tax | Comments : 0 | Hits : 258

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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Category : Income Tax | Comments : 0 | Hits : 284

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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Category : Income Tax | Comments : 0 | Hits : 514

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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Category : Budget | Comments : 0 | Hits : 1852

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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Category : Budget | Comments : 1 | Hits : 1668

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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Category : Budget | Comments : 0 | Hits : 681

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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Category : Budget | Comments : 0 | Hits : 254

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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Category : Budget | Comments : 2 | Hits : 543

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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Category : Budget | Comments : 0 | Hits : 354

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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Category : Budget | Comments : 0 | Hits : 336

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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Category : Budget | Comments : 0 | Hits : 195

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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Category : Budget | Comments : 0 | Hits : 161

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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Category : Budget | Comments : 0 | Hits : 175

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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Category : Budget | Comments : 0 | Hits : 299

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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Category : Budget | Comments : 0 | Hits : 377

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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Category : Budget | Comments : 0 | Hits : 210

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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Category : Budget | Comments : 1 | Hits : 322

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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Category : Budget | Comments : 0 | Hits : 285

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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Category : Budget | Comments : 0 | Hits : 291

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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Category : Budget | Comments : 0 | Hits : 172

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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Category : Budget | Comments : 0 | Hits : 159

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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Category : Budget | Comments : 0 | Hits : 207

February 28, 2013 Government is determined to plug in the leakages in the implementation of developmental programmes meant for the poor and the deprived of the country. To achieve this, the Government, which made a modest and cautious beginning on the 1st January, 2013, has announced rolling out of ...

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Category : Budget | Comments : 0 | Hits : 154

Government has taken a number of initiatives and steps supporting such initiatives being taken by non-government organizations to ensure the dignity and safety of women. In the backdrop of incidences of violence against women which challenges liberal and progressive credentials of our country, the F...

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Category : Budget | Comments : 0 | Hits : 154

Chidambaram closes with a Vivekananda quote, informing the House that all that was needed to do something is the will to do it.   "We are the 10th largest economy in the world. By 20176 we could become the 7th. By 2021 we could become a $ 5 trillion economy and in the top five. We could becom...

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Category : Budget | Comments : 0 | Hits : 1628

Hon'ble Finance Minister's Presentation of Union Budget in the Parliament on 28th Feb 2013 at 11:00 AM IST.   Watch Live Telecast of Union Budget 2013 at 11.00 AM IST.   Wait HERE for Live Telecast ...

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Category : Budget | Comments : 0 | Hits : 4229

UPA-II's last Budget may offer some sops to salary earners and households as Finance Minister P Chidambaram on Thursday will look to balance the compulsions of growth and fiscal prudence with election year politics. The biggest challenge before Chidambaram, who will be presenting his eighth budget,...

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Category : Budget | Comments : 0 | Hits : 357

More than 6 Per Cent Growth Forecast for Next Fiscal Considerable Enhancement for Social Sector Spending India on Verge of Creating Quality Jobs to Seize ‘Demographic Dividend’   Indian economy is likely to grow between 6.1% to 6.7%  in 2013-14 as the downturn is ...

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Category : Budget | Comments : 0 | Hits : 718

After clearing the IKEA's Rs. 10,500 crore FDI proposal, the Finance Ministry today said it has now forwarded the investment plans of Swedish furniture major to set up single-brand retail stores to the Cabinet Committee on Economic Affairs (CCEA) for final approval. "One proposal (of) M/s...

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Category : Finance | Comments : 0 | Hits : 180