INDIA FISCAL BUDGET 2014 [analysis of key direct and indirect tax proposals]
|
|
- Doreen Barker
- 5 years ago
- Views:
Transcription
1
2 INDIA FISCAL BUDGET 2014 [analysis of key direct and indirect tax proposals] New Delhi July 14, 2014 presenter Sunil Arora FCA - Partner & Director Sundeep Gupta FCA - Partner & Director
3 DIRECT TAX Hits & Misses Key Proposals Individual Tax Corporate Tax Capital Gains Transfer Pricing Investment Linked Other Key Proposals Post Budget 3
4 Hits & Misses 4
5 HITS 5
6 MISSES 6
7 Key Proposals 7
8 INDIVIDUAL TAX Basic tax slabs for Individuals & HUFs enhanced i.e. FROM TO Income Range (Rs.) Rate (%) Income Range (Rs.) Rate (%) Upto 200,000 Nil Upto 250,000 Nil 200,001 to 500, ,001 to 500, ,001 to 10,00, ,001 to 1,000, ,000,001 and above 30 1,000,001 and above 30 Exemption limit for senior citizens (60 and above) enhanced to Rs. 3,00,000 Exemption limit for very senior citizens (80and above) remains at Rs. 5,00,000 Surcharge remains at 10 per cent on income exceeding Rs. 10 million 8
9 Interest deduction enhanced by Rs 50,000 in respect of self occupied residential property INDIVIDUAL TAX Investment limit in tax saving schemes enhanced by Rs 50,000 Payments exceeding Rs 100,000 towards non-exempt life insurance policies to attract tax-withholding at 2 per cent (effective October 2014) 9
10 CORPORATE TAX Corporate tax rates remain unchanged i.e. COMPANY Income Level (Rs Million) Upto to 100 Above 100 Domestic Companies 30% % 33.99% Foreign Companies 40% % 43.26% Surcharge remain unchanged at 5 per cent and 10 per cent in case of domestic companies 2 per cent and 5 per cent in case of foreign companies where income exceeds Rs.10 million and Rs.100 million respectively Education cess and Secondary & Higher Education cess remain unchanged at 2 per cent at 1 per cent respectively 10
11 CORPORATE TAX Investment Allowance to Manufacturing Units Companies in manufacturing sector allowed 15% on investments in plant & machinery of Rs 250 mn or more installed during the year. Benefit available for investments upto March 31, Under existing law, the threshold was Rs 1000 mn over 2 years for investments upto March 31, 2015 Welcome proposal, as this can result in significant deductions on cost of plant and machinery in the year of investment Although no clarity on carry forward status; perhaps allowed 8 years as against depreciation, which is carried forward indefinitely 11
12 CORPORATE TAX Investment-linked Incentives Upfront 100% deduction for investment in capital assets for specified industries will additionally apply to business of slurry pipelines for iron-ore transportation and semiconductor wafer manufacturers Benefit denied when specified assets are not retained or exclusively used for eight consecutive years in specified businesses Interest on all foreign currency loans and long-term bonds (taken upto June 30, 2017) to enjoy 5% tax 12
13 CORPORATE TAX Disallowance of Payments/Expenditure Expenditure disallowance reduced from 100% to 30% for payments made to residents without meeting withholding tax requirements Now, all payments to residents viz salary, directors fee etc. disallowed if tax withholding compliances not met No disallowance on payments made to non-residents, if tax due is deposited before stipulated date of filing tax return Corporate Social Responsibility (CSR) expenditure as envisaged under Companies Act 2013 not tax deductible 13
14 Dividend Distribution Tax CORPORATE TAX Now to be computed based on total amount set aside for distribution. For instance, where the amount set aside out of profits is 100, distribution tax will be 17. Similarly, if the amount targeted for distribution is 83, this will have to be grossed up to arrive at distribution tax at 17 Overall, a domestic company now pays more taxes as compared to foreign company Particulars Existing Proposed Target distribution Distribution tax 17% 17% Distribution tax computed 14 (83 X 17%) 17 (83/1 17%) Incremental tax impact 3 14
15 CAPITAL GAINS Gains from transfer of Indian securities would necessarily be classified as capital gains. This brings certainty in tax treatment of Foreign Portfolio Investors (FPIs or FIIs). However, not so beneficial in cases where no tax applies in absence of a Permanent Establishment (PE) Unlisted securities held upto 36 months now treated as short term capital assets, increasing capital gains tax by about 10%. Likely to impact capital gains on ESOPs of unlisted companies. Exit of investments by Private Equity funds may also get affected Transfer of Government Securities outside India between nonresidents not liable to capital gains tax 15
16 CAPITAL GAINS Reinvestment benefit under section 54/ 54F available only on when sales proceeds invested in one residential house within India Exemption on investment in specified bonds under section 54EC capped at Rs.5 million even when spread over two years Advances retained in respect of failed negotiations for transfer of capital asset to be taxed as other income 16
17 TRANSFER PRICING Roll back mechanism introduced under Advance Pricing Agreement scheme to cover transactions undertaken in previous four years under specified circumstances Use of multiple year financial data permitted for benchmarking comparable transactions In specified cases, transfer price to be determined on the basis of price range (i.e. differential between upper and lower quartile) and not arithmetic mean 17
18 BUSINESS TRUST New tax regime introduced for taxability of Infrastructure Investment Trust or Real Estate Investment Trusts ( Business Trusts or Trusts ) A Trust can be set up which is listed and which invests into SPVs (i.e. real estate, infrastructure companies) by way of exchange of shares with units of Trust. Listed units are treated at par with shares for capital gains tax. Trust given pass through status. Investors taxable on interest and capital gains income on transfer of units of Trust. Trust taxable on Other incomes (like capital gains on selling shares of SPVs etc.). Migration of shares from direct holding structure to Trust is tax neutral 18
19 OTHER KEY PROPOSALS Interest, Penalties & Prosecution Inaccurate or incorrect information reported by specified financial institutions to attract penalty of Rs 50,000 Deliberate failure to produce books of accounts in tax proceedings may attract penalties and prosecution Interest to accrue from the date when demand first raised in case of deferment of outstanding tax demand 19
20 OTHER KEY PROPOSALS Resident companies exceeding specific threshold can now approach Authority of Advance Ruling. Scope of Settlement Commission to be widened Tax Withholding New provision introduced to enable the deductor to submit tax withholding correction statement within 10 days No time bar on tax officer to carry out an assessment in respect of tax withholding statements 20
21 Post Budget 32
22 POST BUDGET MEASURES Threshold prescribed for tax department to approach tribunals, high court and supreme court. An effective measure to contain litigation Clarified that enhanced rate of 20% on income from debt funds will apply retrospectively (i.e. April 1, 2014). This is likely to affect the markets for FMP instruments Date of implementation of GAAR (scheduled April 1, 2015) still unclear Retrospective amendments may be scrapped 22
23 INDIRECT TAX Hits & Misses Highlights Excise Service Tax Customs 2 3
24 Hits & Misses 24
25 HITS & MISSES 25
26 HIGHLIGHTS GST still on the anvil but no timeline defined General rates unchanged FIAT ruling overturned beneficially Benefit of advance ruling extended to resident companies Pre-deposit mandatory before appeal 2 6
27 SERVICE TAX Interest on delayed payments enhanced to a maximum of 30 per cent Any services of director now included in reverse charge Intermediary to now include facilitation of supply of goods Time limit for adjudication now 6 ~ 12 months E-payment of tax mandatory w.e.f Oct 1 2 7
28 SERVICE TAX CENVAT credit Claim only within 6 months w.e.f. Sept 1 On payment of service tax under full reverse charge; payment to service provider not required now Inclusions in Mega Exemption notification Micro insurance schemes of LIC upto Rs 50,000 sum assured GTA for organic manure Specified services in relation to cotton Foreign tours to foreigners Treatment or disposal of bio-medical waste 2 8
29 SERVICE TAX Exclusions from Negative list radio cabs sale of space/time on internet Exemptions withdrawn Air conditioned coaches for passengers Clinical trials on humans Renting of immovable property to educational institutions Other than specified services to educational institutions viz. transportation, house keeping, catering, security etc. Other than specified services to government/local authority viz. water supply, health, sanitation etc. 29
30 SERVICE TAX Valuation rules amended (w.e.f Oct 1) Works contracts 2 slabs of 40 and 70% now Passenger transport by other than cabs 40% Transport of goods by vessels 40% Radio cabs 40% without CENVAT credit (yet to be notified) 30
31 EXCISE DUTY Few changes in duty rates; basic rate remains unchanged Solar energy sector given impetus - exemption from duty for machinery or equipments for setting up projects E-payment of duty mandatory effective October 1st Delayed payment to attract penalty of 1% per month Activities in nature of packing, re-packing, labeling etc for specified products covered in manufacture viz. vaccines, tooth powder, packaged software, batteries, etc. 31
32 CUSTOM DUTY Few changes in duty rates ; basic rate remains unchanged Free baggage allowance for inbound passengers now Rs 45,000 32
33 ABOUT US Corporate Catalyst India (CCI) (in joint venture with SCS Global) & ASA & Associates LLP chartered accountants (a member firm of NIS Global, UK) 33
34 OUR STRENGTHS ASA - member of NIS Global, UK an international association of independent accounting firms CCI joint venture with SCS Global Own offices in 8citiesi.e. Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Kochi, Ahmadabad & Gurgaon Approximately 50 per cent are overseas clients Offices across India and affiliations worldwide More than 20 years work experience Professional staff strength of about 600 in India & 1,500 through associate network 34
35 OUR SERVICES Business Advisory Inbound investments Transaction Advisory M&A, Restructuring Services Market Research/ Industrial Analysis Tax Expatriates, Transfer Pricing Compliance Bookkeeping, IFRS, SOX Audit Statutory, Internal 35
36 THANK YOU Corporate Catalyst India ASA & Associates LLP
Highlights of Budget Proposals
A) Income Tax Highlights of Budget Proposals Ambalal Patel & Co. i. Tax rates There is no change in Rates of Income Tax, Surcharge or Education Cess. However there are changes in Slabs of Income tax for
More informationUnion Budget 2014 Analysis of Major Direct tax proposals
RATES OF INCOME TAX Union Budget 2014 Analysis of Major Direct tax proposals Basic exemption limit has been increased from Rs 2 lacs to Rs 2.50 lacs for resident individuals or HUF. Income slabs Income
More informationBudget An overview of Finance Bill 2014
Budget 2014 An overview of Finance Bill 2014 Agenda Direct Taxes Personal Taxation Corporate Tax Real Estate Investment Trust Capital Gains NGOs Transfer Pricing Procedures Indirect Taxes Service Tax Excise
More informationDIRECT TAX ALERT An Analysis of the Union Budget
DIRECT TAX ALERT PERSONAL TAXATION Tax rate, surcharge and education cess remain unchanged. The personal tax exemption limit, in case of every individual other than a super senior citizen, has been increased
More information-ARUN ARUN JETHLY. I started out with a hidden desire of. becoming a CA. I strayed into other. activities and then preferred Law because
CICASA RANC CHI different ifferent style ONE INDIA AUGUST 2014 I started out with a hidden desire of becoming a CA. I strayed into other activities and then preferred Law because at that time also the
More informationBUDGET 2014 HIGHLIGHTS
BUDGET 2014 HIGHLIGHTS Table of Contents Direct Tax es Individual Taxation Corporate Taxation International Taxation Indirect Taxes Service Tax Excise Duty Customs Duty Direct Tax Individual Taxation Income
More informationBudget 2014 Snapshot Key proposals for Financial Services Sector
Budget 2014 Snapshot Key proposals for Financial Services Sector Direct Taxes Indirect Taxes FIIs / FPIs Mutual Funds Private Equity & VCs No change in the income-tax rate, surcharge and education cess
More informationVGGLOBAL HIGHLIGHTS OF THE FINANCE BILL VGGlobal
VGGLOBAL HIGHLIGHTS OF THE FINANCE BILL 2014 VGGlobal 2014. www.vgglobal.co.in From the Desk of: CA Ved Parkash Gupta Managing Partner Email: vedgupta@vgglobal.co.in Dear All, One word that comes to mind
More informationUNION BUDGET 2014 INDIA. Gautam Khurana India Law Offices
UNION BUDGET 2014 INDIA Gautam Khurana India Law Offices INDEX 1 Introduction 2 3 4 5 Economic Performance Key Policy Announcement Direct Taxation Indirect Taxation 6 Tax Card 7 Tax Calendar BUDGET 2014
More informationFOREWORD. There is a dearth of job opportunities in India. In order to augment the job opportunities a national multi-skill
FOREWORD The much anticipated Budget 2014 has been delivered amid an environment of price rise and huge expectations from the government. The people of India have decisively voted for a change. Slow decision
More informationIndia Budget Impact Indirect Taxes. CA Smita Bhandari. 19 July 2014
India Budget Impact Indirect Taxes CA Smita Bhandari 19 July 2014 Indirect tax proposals Page 2 ICAI Budget 2014 Goods & Service Tax Introduction of GST part of the manifesto of the new Government. The
More informationAA& Associates. Setting Up >> LLP. business presence in india.
LLP AA& Associates chartered accountants (A member firm of NIS Global) Setting Up >> business presence in india www.asa.in CORPORATE TAX >> CORPORATE TAX IS PAID BY COMPANIES, BRANCHES AND PROJECT OFFICES
More informationHIGHLIGHTS OF BUDGET
HIGHLIGHTS OF BUDGET 2009 10 No.103, Brigade Links, No.54/1, 1st Main Road, Seshadripuram, Bangalore 560 020 Phone: 080-2344 1114 / 2334 3014 www.nprca.in DIRECT TAXES: Tax Rates for FY 2009-10 All (except
More informationDiscussion on Union Budget 2014
Discussion on Union Budget 2014 Jointly Organised by Delhi Chapter of CTC and Northern Region Chapter of IFA - India Branch July 19 th 2014 By : Rahul Garg Union Budget 2014 Slide 1 FM on Union Budget
More informationIncome Tax Budget Analysis
--- 2014 --- Income Tax Budget Analysis (For Private Circulation Only) Surana Maloo & Co. Chartered Accountants 2 nd Floor, Aakash Ganga Complex, Parimal Under Bridge, Nr Suvidha Shopping Center, Paldi,
More informationRegulatory Compliance - India >>
Regulatory Compliance - India >> www.asa.in Once an investor sets-up a business in India, whether it is a liaison office, project office, branch or company, that business needs to comply with Indian regulations.
More informationAs proposed in The Finance Bill, 2017 introduced by Finance Minister of India on 1 st February, 2017.
Budget 2017-18 Highlights for Non-Residents As proposed in The Finance Bill, 2017 introduced by Finance Minister of India on 1 st February, 2017. The Indian Budget has provisions affecting the taxability
More informationT. P. Ostwal & Associates (Regd.) Key Budget Proposal Budget 2012 CHARTERED ACCOUNTANTS
IMPORTANT AMENDMENTS & MAJOR DIRECT TAX PROPOSALS IN FINANCE BILL, 2012 CORPORATE TAX No change in the head corporate tax. Extension of sunset date for tax holiday for power sector to 2013; Initial depreciation
More informationUNION BUDGET Highlights of Tax Proposals
UNION BUDGET 2014-15 Highlights of Tax Proposals From the Editor s Desk The maiden Budget presented by the new NDA Government was clearly short of the Great Expectations that was abuzz before the Budget.
More informationKey highlights of the Union Budget 2017
Key highlights of the Union Budget 2017 Corporate Tax Failure to withhold taxes on payments to residents will lead to disallowance of expenditure even under the head income from other sources Restrictions
More informationIndia Budget highlights A change in direction. 10 July 2014
India Budget highlights A change in direction 10 July 2014 www.deloitte.com/in Direct Taxes Personal Taxation The personal tax exemption limit has been increased by `50,000 which will result in a tax benefit
More informationFINANCE BILL He has proposed to revise the tax slabs upwards as under:
FINANCE BILL - 2010 The 2 nd budget of the 2 nd UPA Government for the year 2010 2011 was presented by the finance minister on 26 th February 2010. The finance minister has attempted to balance his direct
More informationSectoral Impact: Infrastructure
Sectoral Impact: Infrastructure Infrastructure reforms are essential in order to boost investment and provide a much-needed fillip to economic and industrial growth in India. While investment in infrastructure
More informationDirect Tax Proposals
Direct Tax Proposals Tax Rates No change in slabs of income tax or tax rates Surcharge re-introduced/increased Individuals > INR 10 million 10% Domestic Company > INR 100 million 10% Foreign Company >
More informationUnion Budget Impact on the M&A & Private Equity investments in India
Union Budget 2014-15 Impact on the M&A & Private Equity investments in India July 2014 Content 2 03 Overview 04 Key policy initiatives 05 Key incentives to capital markets 06 Direct tax proposals 11 Other
More informationFinance Bill, 2015 Direct Tax Highlights
Finance Bill, 2015 Direct Tax Highlights Bansi S. Mehta & Co. All the following amendment are made effective from Assessment Years 2016-17, unless specifically mentioned otherwise. I - Residential Status,
More informationSetting up >> business presence in india.
Setting up >> business presence in india www.asa.in CORPORATE TAX >> CORPORATE TAX IS PAID BY COMPANIES, BRANCHES AND PROJECT OFFICES OF OVERSEAS COMPANIES ON PROFITS AND OTHER INCOME COMPANY RATE (%)
More informationWeb:
PRESENTED ON 1st FEB 2017 HIGHLIGHTS 1 A Rates of Income-tax Rates of income-tax in respect of income liable to tax for the assessment year 2017-18. Rates for deduction of income-tax at source during the
More informationTotal turnover/ Gross receipts 30% 30% of FY > Rs 50 Cr No change in rate of Surcharge
1. Income Tax Rates: Category of Income New rate of tax Old rate Taxpayer for FY 2017-18 of tax Individuals/ Upto Rs 2.5 L Nil Nil HUF/ BOI/ Rs 2.5 to 5 L 5% 10% AOP/ Rs 5 to 10 L 20% 20% Artificial Above
More informationSIGNIFICANT NOTIFICATIONS / CIRCULARS ISSUED DURING THE PERIOD 16 TH JUNE, 2012 TO 15 TH JULY, 2012
SIGNIFICANT NOTIFICATIONS / CIRCULARS ISSUED DURING THE PERIOD 16 TH JUNE, 2012 TO 15 TH JULY, 2012 A. SERVICE TAX 1. Pursuant to the negative list becoming effective from July 1, 2012, various consequential
More informationFINANCE (NO.2) ACT, 2014 EXPLANATORY NOTES TO THE PROVISIONS OF SAID ACT AMENDMENTS AT A GLANCE
FINANCE (NO.2) ACT, 2014 EXPLANATORY NOTES TO THE PROVISIONS OF SAID ACT Section/Schedule CIRCULAR NO.1/2015 [F.NO.142/13/2014 TPL], DATED 21 1 2015 AMENDMENTS AT A GLANCE Finance (No.2) Act, 2014 First
More informationEXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE(No.2) ACT, 2014
CIRCULAR NO. 01/2015 F. No. 142/13/2014-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ******* Dated, the 21st January, 2015 EXPLANATORY NOTES TO THE
More informationTDS under section 195 of the Income-tax Act. CA Vishal Palwe 16 December 2017 Seminar on International Taxation at WIRC
TDS under section 195 of the Income-tax Act CA Vishal Palwe 16 December 2017 Seminar on International Taxation at WIRC Overview of section 195 Overview of section 195 195(1) Any person paying to non-resident
More informationFinance (No. 2) Bill 2014
Finance (No. 2) Bill 2014 Analysis of Important Income-tax Amendments RASHMIN SANGHVI & ASSOCIATES Notes This is an analysis of only the main Income-tax provisions of the Finance (No. 2) Bill, 2014. Particularly,
More informationBudget Connect+ EY Tax Alert - Financial Services. 11 July 2014
11 July 2014 Budget Connect+ EY Tax Alert - Financial Services Tax Alerts cover significant tax news, developments and changes in legislation that affect Indian businesses. They act as technical summaries
More informationWIRC INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA. Preamble
WIRC INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Workshop on Service Tax Subject : 1. Point of Taxation Rules, 2011 - amended till date 2. Reverse Charge Mechanism [Section 68(2)] 3. Amendments in Service
More informationUnion Budget : Impact on the Private Equity investments in India. Grant Thornton India LLP. All rights reserved.
Union Budget 2013-14: Impact on the Private Equity investments in India Grant Thornton India LLP. All rights reserved. Union Budget 2013-14 Impact on the Private Equity investments 2 Contents 03 An overview
More informationImportant Service Tax Amendments through Union Budget 2016 (By CA. Vikas Khandelwal) 1. Krishi Kalyan Cess (Applicable w. e. f
Important Service Tax Amendments through Union Budget 2016 (By CA. Vikas Khandelwal) 1. Krishi Kalyan Cess (Applicable w. e. f. 01.06.2016): Effective rate of service tax is being increased from 14.5%
More informationFinance (No. 2) Bill 2014
Finance (No. 2) Bill 2014 Proposed Income Tax Amendments Mr. R.N. LAKHOTIA Leading Income Tax Consultant & Author The Finance Minister presented the Finance (No.2) Bill 2014 along with the Union Budget
More informationINDIRECT TAXES SERVICE TAX. Amendments effective from
INDIRECT TAXES SERVICE TAX Amendments effective from 02.02.2017 Amendment in Mega Exemption Notification No. 25/2012 ST dated 20.06.2012 Services provided or agreed to be provided by the Army, Naval and
More informationTax Dispute Resolution in India - How to effectively handle? Sanjay Sanghvi 29 April 2017
Tax Dispute Resolution in India - How to effectively handle? Sanjay Sanghvi 29 April 2017 Income Tax in India An overview Residents taxed on worldwide income Non-residents taxed on Indian sourced income
More informationFB.COM/SUPERWHIZZ4U Income Tax Amendment for the Assessment
FB.COM/SUPERWHIZZ4U Income Tax Amendment for the Assessment Year 2014-15 - SIPOY SATISH Highlights of Change in Direct Taxes in the Union Budget 2013 1. Rate of Income Tax for Individual a) Slab Rate Assessment
More informationCORPORATE CATALYST (INDIA) PVT LTD. (in joint venture with SCS Global) Setting up >> business presence in india
CORPORATE CATALYST (INDIA) PVT LTD (in joint venture with SCS Global) Setting up >> business presence in india CORPORATE TAX >> CORPORATE TAX IS PAID BY COMPANIES, BRANCHES AND PROJECT OFFICES OF OVERSEAS
More informationINDIA BUDGET 2016 SUMMARY OF IMPORTANT PROPOSED AMENDMENTS.
INDIA BUDGET 2016 SUMMARY OF IMPORTANT PROPOSED AMENDMENTS. Income Tax Amendment - Personal SN Description Impact Author remarks 1 For Income more than one crore surcharge Negative More tax from super
More informationBudget Presented For: Klaus Vogel Group Presented By: Mr. Kuntal Dave Date: March 8, 2013
Budget 2013 Presented For: Klaus Vogel Group Presented By: Mr. Kuntal Dave Date: March 8, 2013 Index Direct Tax Proposals Implications of amendments proposed in the Finance Bill, 2013 2 Direct Tax Proposals
More informationTax & You: Budget Direct Tax
Tax & You: Budget 2015 - Direct Tax The direct tax proposals in Budget 2015 are straight forward and a step ahead towards reducing tax litigation. With no retrospective amendments being proposed, this
More informationIncome Tax treatment for Infrastructure Investment Trust ( InvIT ) distributions
Income Tax treatment for Infrastructure Investment Trust ( InvIT ) distributions Frequently Asked Questions 1. What will be the nature of the distributions by InvIT? Distributions to the unitholders of
More informationINDIA BUDGET,2009 Analysis of important provisions July 13, 2009 (Budget presented on 6 th July 2009)
INDIA BUDGET,2009 Analysis of important provisions July 13, 2009 (Budget presented on 6 th July 2009) Doing common things, Uncommonly well. July 13 2009 A Finance & Accounts Outsourcing Company A Finance
More informationTax matters for. 18 February 2012
Tax matters for Mutual Fund 18 February 2012 Contents 1 Indian Tax regime for Mutual Fund and its constituents 2 Important Decisions 3 Recent Controversy 2 Indian Tax regime for Mutual Fund and its constituents
More informationCLARIFICATION ON ISSUES RELATING TO CENVAT CREDIT RULES 2004
May 25, 2011 CLARIFICATION ON ISSUES RELATING TO CENVAT CREDIT RULES 2004 The Board has issued Circular No. 943/04/2011 CX, dated: April 29, 2011 and has clarified the eligibility of credit with respect
More informationEXPLANATORY NOTES - SERVICE TAX. The following changes are being proposed in the Finance Bill, [refer clause 125 of the Finance Bill, 2007]
EXPLANATORY NOTES - SERVICE TAX The following changes are being proposed in the Finance Bill, 2007. [refer clause 125 of the Finance Bill, 2007] (I) Secondary and Higher Education Cess: A cess @ 1% is
More informationAs proposed in The Finance Bill, 2016 introduced by Finance Minister of India on 29th February, 2016.
1 Budget 2016-2017 Highlights for Non-Residents As proposed in The Finance Bill, 2016 introduced by Finance Minister of India on 29th February, 2016. The Indian Budget presented by the Finance Minister
More informationSAMVIT ACADEMY IPCC MOCK EXAM
Disclaimer (Read carefully) SUGGESTED ANSWERS - Group 1 Tax (Code GST) The answers given below are prepared by the faculty of Samvit Academy as per their views and experience. The working notes, notes
More informationVinodh & Muthu Chartered Accountants. Newsletter MAY 2016
Vinodh & Muthu Chartered Accountants Newsletter MAY 2016 2 Dear Readers, Welcome to our newsletter. VMCA brings you the significant developments in taxation during the month of May 2016. We hope this edition
More informationPre-Budget proposal of construction sector for
Pre-Budget proposal of construction sector for 0-7 8 9 0 7 Direct Taxes Income Tax Introduction of Transfer Pricing provisions to domestic transaction Applicability of alternate minimum tax on persons
More informationIMPORTANT AMENDMENTS OF THE FINANCE ACT, /6/2011 Lecture Meeting of BCAS - C.A.Vipul Gandhi
IMPORTANT AMENDMENTS OF THE FINANCE ACT,2010 22/6/2011 Lecture Meeting of BCAS - C.A.Vipul Gandhi 1 TAX RATES AND SLABS OF INCOME TAX RATES FOR INDIVIDUAL,HUF,AOP & BOI, ARTIFICIAL JUDICIAL PERSON U/S
More informationIncome Tax Act DIVISION ONE 1 DIVISION TWO 2
Income Tax Act SECTION DIVISION ONE 1 Income-tax Act, 1961 Arrangement of Sections I-3 Text of the Income-tax Act, 1961 as amended by the Finance (No. 2) Act, 2014 1.1 Appendix : Text of remaining provisions
More informationPoint of Taxation Rules and Taxable Event
Point of Taxation Rules and Taxable Event Vivek Kohli, Ashwani Sharma and Anuj Kakkar * This article deals with the Point of Taxation Rules, 2011 introduced in the Budget 2011 for levy of service tax.
More informationUNION BUDGET An SKP Perspective
UNION BUDGET 2016-17 An SKP Perspective SKP UNION BUDGET 2016-17 ANALYSIS Direct Tax Proposals Indirect Tax Proposals 2 DIRECT TAX PROPOSALS 3 RATES OF TAX No change in personal tax rates or basic exemption
More informationCorporate Update Budget Special July 2009 *
Corporate Update Budget Special July 2009 * Content Page No. Budget At a Glance 2-3 Direct Taxes - Income-Tax 3-5 TAX Indirect Taxes - Customs - - Excise - Service Tax 6 7 8-11 WTS Alliance - Infoletter
More informationBudget Analysis of 2015 C. Shah & Co.
Budget Analysis of 2015 www.cshah.in Table of Contents 1 Rates of Taxation & Abolition of Wealth Tax... 4 2 Tax Benefits... 4 3 Residential Status... 6 4 Boost to Investment and Industry... 7 4.1 Investment
More informationBudget Highlights
Budget Highlights 2018-19 DIRECT TAX PROPOSALS Chartered Accountants 1 st Floor, Sapphire Business Centre, Above SBI Vadaj Branch, Usmanpura, Ashram Road, Ahmedabad-380013 Email: apcca@apcca.com Website:
More informationUnion Budget 2015 Tax proposals February 28, 2015
Union Budget 2015 Tax proposals February 28, 2015 New Delhi Mumbai Bangalore Hyderabad 1 Union Budget 2015 Efforts on various fronts to implement Goods and Services Tax ( GST ) from next year Effective
More informationIssues in Taxation of Income (Non-Corporate)
Issues in Taxation of Income (Non-Corporate) By CA Mahavir Jain B.Com.; DISA; FCA Partner : JMT & Associates Email: jmtca301@gmail.com Issues in Taxation of Non-Corporate Income is a very vast subject.
More informationUPDATE ON AMENDMENTS TO CGST ACT, 2017
UPDATE ON AMENDMENTS TO CGST ACT, 2017 Dear Person, August 31, 2018 TEAM TRD An amendment to CGST Act, 2017 has been introduced on 29 th August, 2018 with the following objective by The Central Government:-
More informationUnion Budget Impact on the Real Estate sector
Union Budget 2014-15 Impact on the Real Estate sector July 2014 Content 2 03 Overview 04 Key policy initiatives 05 Direct tax proposals 10 Indirect tax proposals Overview The real estate sector has witnessed
More informationCase Studies in Service Tax - Covering various important Issues/ Aspects. July 2014
Case Studies in Service Tax - Covering various important Issues/ Aspects July 2014 Index 1 Exemption limit of Rs. 10 lakh 2 Reverse Charge Mechanism 3 Place of Provision of Service 4 CENVAT Credit on Input
More information1
TAX & LEGAL & GENERAL INFORMATION A. Taxation on investing in Mutual Funds As per the taxation laws in force as at the date of this Scheme Information Document and the enactment of Finance Bill 2008,,the
More informationTDS provisions for payment to nonresident under Section 195 of the Income-tax Act
TDS provisions for payment to nonresident under Section 195 of the Income-tax Act Seminar on issues in TDS ICAI, Mumbai CA Shailendra S. Sharma 23 January 2016 Agenda Brief overview of TDS provisions Concept
More informationCS Professional Programme Solution June Paper - 6 Module-III Advanced Tax Laws and Practice Part-A
CS Professional Programme Solution June - 2013 Paper - 6 Module-III Advanced Tax Laws and Practice Part-A Answer: 2013 - June [1] (a) (i) Ch-14 The statement is True. As per Section 115 BBD, dividend from
More informationFINANCE BILL 2017-DIRECT TAX PROPOSALS AT GLANCE
FINANCE BILL 2017-DIRECT TAX PROPOSALS AT GLANCE COMPILED BY: CA.ARUN GUPTA ca.arungupta77@gmail.com A. Rates of Taxes: 1. It is proposed to make the following changes in tax rates: In case of Resident
More informationARTICLE. On Finance Bill (Budget) Proposals 2013 Income Tax Act, 1961 By CA. SATISH AGARWAL
ARTICLE On Finance Bill (Budget) Proposals 0 Income Tax Act, 96 By CA. SATISH AGARWAL Mobile : +99808957 Phone : +95769 Office : 9/4, East Patel Nagar, (Near Jaypee Sidharthe Hotel) New Delhi - 0008 :
More information11 July Budget Connect+ EY Technology Tax Alert 2014
11 July 2014 Budget Connect+ EY Technology Tax Alert 2014 Foreword The Finance Minister presented his maiden Budget on 10 July 2014 in the backdrop of two consecutive years of slow growth in India. However,
More informationTHE BUDGET Dhiren Shah & Co. Chartered Accountants Ahmedabad
THE BUDGET 2019-20 Dhiren Shah & Co. Chartered Accountants Ahmedabad Address : 2nd & 3rd Floor, Swastik Avenue, Swastik society, Navrangpura, Ahmedabad- 380009. Contents Particulars Page No About Us 1
More informationAn overview of Transfer Pricing
An overview of Transfer Pricing WIRC of ICAI Vispi T. Patel Vispi T. Patel & Associates 19 th June, 2013 Agenda Transfer Pricing Origin, Evolution and Basic Concepts TP Indian Perspective Indian Transfer
More informationTax Withholding Section 195 and CA certification
Tax Withholding Section 195 and CA certification October 1, 2011 Bijal Desai Presentation Outline Non-resident payments Withholding tax Lower or NIL withholding of tax CA Certification Consequences of
More informationIndia Budget Statement 2014
HEMANT ARORA & CO. Chartered Accountants India Budget Statement 2014 Direct Tax Proposal HEMANT ARORA & CO. INDIA BUDGET STATEMENT 2014 Page 1 HEMANT ARORA & CO. Chartered Accountants Offices - Gurgaon
More informationSwachh Bharat Cess ('SBC') - Is it really so Swachh?
1 of 5 12/11/2015 6:27 PM Click to Print Click to Close Swachh Bharat Cess ('SBC') - Is it really so Swachh? NOVEMBER 12, 2015 By Naresh K Sheth, CA & Shraddha Mehta, CA Preamble and Background: SECTION
More informationCHAPTER 8: RECOVERY OF TAX TAX DEDUCTED AT SOURCE
CHAPTER 8: RECOVERY OF TAX TAX DEDUCTED AT SOURCE SECTIONS RATE PARTICULARS 192: Deduction of Tax on Slab Every Employer has a liability to deduct TDS on salary on monthly basis on tax from salary Rate
More informationSectoral Impact- Outsourced Manufacturing or Job Work - GST Revised Law
Sectoral Impact- Outsourced Manufacturing or Job Work - GST Revised Law DISCLAIMER: The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily
More informationINDIA BUDGET
INDIA BUDGET 2018-19 Author Jairaj Purandare Tags Budget Business Connection Capital Gains India Investment Activity Tax Policy INTRODUCTION All eyes were set on the Indian Finance Minister on February
More informationCBDT Circular - FAQs on indirect transfer related provisions under the Income-tax Act
22 December 2016 CBDT Circular - FAQs on indirect transfer related provisions under the Income-tax Act The Finance Act, 2012 introduced indirect transfer related provisions under Section 9(1)(i) of the
More informationTAX RECKONER
TAX RECKONER 2018-19 The rates are applicable for the Financial Year 2018-19 (AY 2019-20) and subject to enactment of the Finance Bill, 2018 Note: The tax rate card will be re-visited post enactment of
More informationBudget 2017 Synopsis Part II Analysis of Rupiya
Budget 2017 Synopsis Part II Analysis of Rupiya Facts & Findings: Out of 125 crore Indians only 15% ie 19 crore pay income tax % of Taxpayers (Out of 19 Crore) % Contribution To Tax Revenue 01% 26% 1%
More informationUnderstanding GST Model Law Input Tax Credit
05.12.2016 Understanding GST Model Law Input Tax Credit By CA Madhukar N Hiregange CA Roopa Nayak This is the eight in the series of proposed articles on the GST Model law. No 7 was on Input Services tax
More informationMVDCO ADVISORY SERVICES
NEWSLETTER For Private Circulation Only February 2016 MVDCO ADVISORY SERVICES CONTENTS Income Tax 2 Taxation of Expatriates 4 Trade Receivables Discounting System or TReDS 8 Page Page 1 of 1 of 9 9 INCOME
More informationMONTHLY COMMUNIQUÉ JUNE 2011
INCOME TAX Income Tax Issuance and Authentication of Form 16A: Presently, in relation to withholding Service Tax taxes/tds, the certificate in Form 16A is generated by the deductors and issued to FEMA
More informationAn overview of Transfer Pricing
An overview of Transfer Pricing CTC Vispi T. Patel Vispi T. Patel & Associates Agenda Transfer Pricing Origin, Evolution and Basic Concepts TP Indian Perspective Indian Transfer Pricing Regulations v OECD
More informationIndirect tax issues. Workshop on Tax and Accounting Developments in Indian Real Estate Sector
Workshop on Tax and Accounting Developments in Indian Real Estate Sector Indirect tax issues Manoj Mishra Associate Director, Tax & Regulatory Services Grant Thornton India LLP. All rights reserved. Contents
More informationUnion Budget CA. Ashok Batra. (The author is a member of the Institute. He can be reached at )
1449 Changes in the Finance Act, 1994 And Rules [Except Mega Exemption Notification, Negative List Changes And Cenvat Credit Rules, 2004 Changes] One of the striking features of the Finance Bill, 2015
More informationAbatement. Taxab le %
(1) (2) (3) (4) 1 Services in relation to financial leasing including hire purchase 90 10 Nil i.e. assessee is entitled to claim full CENVAT 2 Transport of goods by rail 70 30 With effect from 01.04.2015
More informationContents. 2 Nikro Management Services
Budget 2017 Contents 1 Income Tax (Amendments to the Inland Revenue Act No.10 of 2006) 1.1 Investment Incentives.. 3 1.2 Revision of capital allowances... 3 1.3 Revision of time bar provisions.. 4 1.4
More information1 Income Tax (Amendments to the Inland Revenue Act No.10 of 2006) Specific concessions will be announced for: Any investment not less than USD 500mn.
Circular to Clients Budget Proposals 2017 Taxation 1 Income Tax (Amendments to the Inland Revenue Act No.10 of 2006) 1.1 Investment Incentives 1.1.1 100% capital allowances will be granted on investment
More informationSalient features of the Finance Bill, 2015 [Relating to direct taxes]
1 Salient features of the Finance Bill, 2015 [Relating to direct taxes] [Published in 373 ITR (Jour) 1 (Part-1)] By. S.K. Tyagi The Finance Bill, 2015 or the Union Budget, 2015-16, was presented in the
More informationAn overview and practice aspects of withholding tax under Section 195 of the Income-tax Act Seminar on TDS, ICAI Western Region Mumbai
An overview and practice aspects of withholding tax under Section 195 of the Income-tax Act Seminar on TDS, ICAI Western Region Mumbai CA Shailendra S. Sharma 02 April 2016 Agenda Brief overview of TDS
More informationqwertyuiopasdfghjklzxcvbnmqwertyui opasdfghjklzxcvbnmqwertyuiopasdfgh jklzxcvbnmqwertyuiopasdfghjklzxcvb nmqwertyuiopasdfghjklzxcvbnmqwer
qwertyuiopasdfghjklzxcvbnmqwertyui opasdfghjklzxcvbnmqwertyuiopasdfgh jklzxcvbnmqwertyuiopasdfghjklzxcvb nmqwertyuiopasdfghjklzxcvbnmqwer ALL ABOUT REVERSE CHARGE AND JOINT CHARGE MECHANISM tyuiopasdfghjklzxcvbnmqwertyuiopas
More informationService tax. (d) substitute the word "client" with the words "any person" in the specified taxable services;
Page 1 of 8 Service tax Clause 85 seeks to amend Chapter V of the Finance Act ' 1994 relating to service tax in the following manner, namely:-(/) sub-clause (A) seeks to amend section 65 of the said Act,
More informationIncome-tax and Death are the only two inevitable things in life In India, taxes were levied even in ancient times refer to Manu Smriti & Arthashastra
Income-tax and Death are the only two inevitable things in life In India, taxes were levied even in ancient times refer to Manu Smriti & Arthashastra Why to Pay Tax? It was only for the good of his subjects
More informationWho can use this form Who cannot use this form Mode of filing. Individuals whose total income includes:
INCOME TAX: Central Board of Direct Taxes (CBDT) has notified the rules for filing incometax returns for the Assessment Year (AY) 2013-14: Income Tax Service Tax Central Excise Customs FEMA ITR Form Who
More informationTaxability of Crossborder. under Service tax. September 2014
Taxability of Crossborder transactions under Service tax September 2014 Contents 1 Relevance 2 Place of Provision of Services Rules, 2012 3 Infosys Ruling 4 Global Developments 5 Key areas for consideration
More information