| Budget 2010-11: Taxation of certain transactions without consideration or for inadequate consideration Posted: 26 Feb 2010 07:30 PM PST Under the existing provisions of section 56(2)(vii), any sum of money or any property in kind which is received without consideration or for inadequate consideration (in excess of the prescribed limit of Rs. 50,000/-) by an individual or an HUF is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Change in Income tax provisions on Conversion of a private company or an unlisted public company into a LLP Posted: 26 Feb 2010 07:10 PM PST The Finance (No. 2) Act, 2009 provided for the taxation of LLPs in the Income-tax Act on the same lines as applicable to partnership firms. Section 56 and section 57 of the Limited Liability Partnership Act, 2008 allow conversion of a private... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Income of a non-resident providing services or facilities in connection with prospecting for, or extraction or production of, mineral oil Posted: 26 Feb 2010 06:56 PM PST Under the existing provisions contained in section 44BB(1) of the Income-tax Act, income of a non-resident taxpayer who is engaged in the business of providing services or facilities in connection with, or supplying plant and machinery on hire used,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Act will specify Proportion of the total pipeline capacity to be made available for use on common carrier basis Posted: 26 Feb 2010 06:53 PM PST One of the conditions for availing the benefit under section 35AD in the case of laying and operating a cross-country natural gas or crude or petroleum oil pipeline network for distribution, including storage facilities being an integral part of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Investment linked deduction for new two stars or above category hotel in India Posted: 26 Feb 2010 06:44 PM PST In view of the high employment potential of this sector, it is proposed to provide investment linked incentive to the hotel sector, irrespective of location, under section 35AD of the Income-tax Act. The investment-linked tax incentive allows 100... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Weighted deduction on payments made to associations engaged in research in social science or statistical research and exemption in respect of the income of such associations Posted: 26 Feb 2010 06:37 PM PST Section 35 of the Income-tax Act provides for deduction in respect of expenditure on research and development. The existing provisions of section 35(1)(ii) provide for a weighted deduction from business income to the extent of 125 per cent of any... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Weighted deduction for approved in-house scientific research and development Posted: 26 Feb 2010 06:35 PM PST Under the existing provisions of section 35(2AB) of the Income-tax Act, a company is allowed weighted deduction of 150 per cent of the expenditure (not being expenditure in the nature of cost of any land or building) incurred on scientific research... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Power of Commissioner to Cancel registration obtained by trust under section 12A Posted: 26 Feb 2010 06:26 PM PST Section 12AA provides the procedure relating to registration of a trust or institution engaged in charitable activities. Section 12AA(3) currently provides that if the activities of the trust or institution are found to be non-genuine or its... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Computation of exempted profits in the case of units in Special Economic Zones (SEZs) Posted: 26 Feb 2010 06:20 PM PST Section 10AA was inserted in the Income-tax Act by the Special Economic Zone Act, 2005 with effect from 10.2.2006. Through the Finance (No.2) Act, 2009, section 1 0AA(7) of the Income-tax Act, 1961 was amended and the words "by the undertaking" were... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| New Income tax slab proposed in budget 2010-11 and its impact on Male individual, Female Individual, HUF and senior citizen Posted: 26 Feb 2010 06:14 PM PST The Finance Minister, in the Budget today, changed the tax slabs for men, women and senior citizens. The highest tax slab has now been raised from Rs 5 lakh to Rs 8 lakh. The FM has also increased the limit of deduction available under section 80C.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Tax proposals to hit Indian Companies in Financial Year 2010-11 Posted: 26 Feb 2010 05:54 PM PST Manufacturing companies will have to shell out an additional Rs 25,500 crore on 2 per cent increase excise duty for the financial year 2010-11. The rise in excise duty accounts for 21 per cent of profit before tax of manufacturing companies studied... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-2011: Budget Speech delivered by Finance Minister in Parliament Posted: 26 Feb 2010 05:49 PM PST In 2009, when I presented the interim Budget in February and the regular Budget in July in this august House, the Indian economy was facing grave uncertainties. Growth had started decelerating and the business sentiment was weak. The economy's... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Ruling in Ishikawajima-Harima Heavy Industries superseded.. Finally! Posted: 26 Feb 2010 10:47 AM PST In Ishikawajima-Harima Heavy Industries 288 ITR 408 the Supreme Court held {on a misreading of s. 9 (1) (vii)} that in order to be chargeable to tax in the hands of the non-resident, fees for technical services had to be rendered in India as well as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Reforms process in tax administration taken forward Posted: 26 Feb 2010 10:42 AM PST The General Budget 2010-11 has carried forward the process of reforms in tax administration in the country. The citizen-centric initiative "Sevottam" which was launched as a pilot project at Pune, Kochi and Chandigarh, will be extended to four more... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11 proposed Major concessions for R&D in Scientific and Social Sectors Posted: 26 Feb 2010 10:38 AM PST The Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, provides boost to the research and development (R&D) activity across all sector of economy. Weighted deduction on expenditure incurred on... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010: 1 percent Interest Subvention for Housing Loan up to Rs. 10 Lakh Extended Up to March 31, 2011 Posted: 26 Feb 2010 10:35 AM PST The Finance Minister, Shri Pranab Mukherjee, while presenting the Union Budget 2010-11, in the Lok Sabha today, announced that the allocation for the Rajiv Awas Yojana has been increased by over 700 per cent from last year's Rs. 150 crore to Rs.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010: Central excise on petrol and diesel raised by Rs. one per liter Posted: 26 Feb 2010 10:32 AM PST In the Union Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, the rate reduction in Central Excise duties has been partially rolled back and the standard rate on all non-petroleum products enhanced from... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Additional one per cent interest subvention and 6 month loan repayment period extension to farmers in budget 2010 Posted: 26 Feb 2010 10:27 AM PST Shri Pranab Mukherjee, Union Finance Minister, while presenting the Union Budget in Lok Sabha today, informed that an incentive of additional one per cent interest subvention to farmers who repay short-term crop loans as per schedule, is proposed to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Charts showing tax rate and impact of Budget 2010 on taxation of senior citizens Posted: 26 Feb 2010 10:17 AM PST New income tax rates proposed in budget 2010 for senior citizens for assessment year 2011-12/ financial year 2010-11. In the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Impact of Budget 2010 on taxation of resident woman below the age of 65 years Posted: 26 Feb 2010 10:01 AM PST New income tax rates proposed in budget 2010 for resident woman below 65 years of age for assessment year 2011-12/ financial year 2010-11.Chart showing Tax impact for resident woman below 65 years of age [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Impact of Budget 2010 on taxation of resident individuals below the age of 65 years and HUF Posted: 26 Feb 2010 09:44 AM PST New income tax rates proposed in budget 2010 for male resident individual and Hindu undivided family for assessment year 2011-12/ financial year 2010-11. No Surcharge. Education and SHE cess will be applicable . Impact of Budget 2010 on taxation of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Fund house allowing Dividend stripping by big clients Posted: 26 Feb 2010 09:14 AM PST Saving on taxes is not a big problem if one has the means to do it within the limits of law. Investors who have made short-term profits in 'high-gain' asset classes like equities, real estate and bullion are going all out to save on taxes. Affluent... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| A brief on proposed changes in Budget 2010-11 in respect of Direct and Indirect Taxes Posted: 26 Feb 2010 09:06 AM PST On the Direct Tax side, goods concessions were announced for Individuals- the new rate of taxes shall be exempted till income of 1.6 lakhs, 10% upto 5 lakhs, 20% from 5 to 8 lakhs and 30% above 8 lakhs. Further additional tax deduction of 20K was... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Important changes proposed in respect of Income tax laws in budget 2010-2011 Posted: 26 Feb 2010 08:54 AM PST There is no change in the rates of Income Tax for Partnership firms, Limited Companies. But Current surcharge of 10 per cent on domestic companies reduced to 7.5 per cent and Minimum alternate tax on the book profits is increased from 15% to 18%.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government increased Penalty for failure to get account audited in Budget 2010-11 Posted: 26 Feb 2010 03:05 AM PST Finance Minister in his Finance Bill 2010 proposed to increase the maximum penalty, leviable under section 271 B for failure to get accounts audited under section 44AB or to furnish a report of such audit, from one lakh rupees to one lakh fifty... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Limit of turnover or gross receipts for the purpose of Tax audit and presumptive taxation increased: Budget 2010-11 Posted: 26 Feb 2010 03:03 AM PST In order to reduce compliance burden of small businesses and professionals, it is proposed to increase the aforesaid threshold limit from forty lakh rupees to sixty lakh rupees in the case of persons carrying on business and from ten lakh rupees to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Change in provisions related to disallowance of expenditure on account of non-compliance with TDS provisions : Budget 2010-11 Posted: 26 Feb 2010 02:53 AM PST The existing provisions of section 40(a)(ia) of Income-tax Act provide for the disallowance of expenditure like interest, commission, brokerage, professional fees, etc. if tax on such expenditure was not deducted, or after deduction was not paid... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| New Income tax slabs for Individual, Senior Citizens, and females HUF, Firms, Companies and others as amended by budget 2010 Posted: 26 Feb 2010 02:46 AM PST These rates are also applicable for charging income-tax during the financial year 2010-11 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Amendment in section 9 related to Income deemed to accrue or arise in India to a non-resident : Budget 2010 Posted: 26 Feb 2010 02:33 AM PST Section 9 provides for situations where income is deemed to accrue or arise in India. Vide Finance Act, 1976, a source rule was provided in section 9 through insertion of clauses (v), (vi) and (vii) in sub-section (1) for income by way of interest,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010: Change in definition of "charitable purpose" under the Income Tax Act Posted: 26 Feb 2010 02:28 AM PST For the purposes of the Income-tax Act, "charitable purpose" has been defined in section 2(15) which, among others, includes "the advancement of any other object of general public utility". However, "the advancement of any other object of general... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Major Amendment in Central Excise Duty Posted: 26 Feb 2010 02:20 AM PST Note: Changes come into effect immediately unless otherwise specified. Major proposals about Central Excise duty are the following:A. General CENVAT Rate for non-petroleum goods:The standard rate of excise duty of 8% on non-petroleum products is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010-11: Summary of Major Amendment in Custom duty Laws Posted: 26 Feb 2010 01:27 AM PST Goods imported in pre-packaged form and intended for retail sale and certain specified goods namely, ready-made garments, mobile phones and watches are being provided an outright exemption from additional duty of customs of 4%. In addition, outright... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Amendment in Service tax Act, Rules and Notifications made by Budget 2010 Posted: 26 Feb 2010 01:19 AM PST Chapter V of the Finance Act, 1994 is being amended to,- a) insert an explanation in sub-section (3) of Section 73 to clarify that no penalty shall be imposed where service tax along with interest has been paid before issuance of notice by... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010: Service tax Exemption provided and withdrawn Posted: 26 Feb 2010 01:16 AM PST Statutory taxes charged by the foreign governments are being excluded from taxable value for levy of service tax under the Air passenger transport service. 2) Exemption from service tax is being provided to services relating to 'Erection,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Budget 2010 covered New Services covered under service tax and amended scope of existing services Posted: 26 Feb 2010 01:13 AM PST The existing taxable service 'Intellectual Property Right (IPR)' excludes copyright from its scope. Copyrights on (a) cinematographic films and (b) sound recording are being brought under the ambit of service tax. However, copyright on original... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Highlights and Major Amendment in service tax laws made in Budget 2010-11 Posted: 26 Feb 2010 01:08 AM PST New Services under service tax net, Scope of service tax extended on few services in budget 2010, amendment in service tax act in budget 2010, service tax exemption in budget 2010, withdrawal of service tax exemption in budget 2010 [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Union Budget 2010 Rationalised provisions relating to Tax Deduction at Source (TDS) Posted: 26 Feb 2010 12:22 AM PST Under the scheme of deduction of tax at source as provided in the Income-tax Act, every person responsible for payment of any specified sum to any person is required to deduct tax at source at the prescribed rate and deposit it with the Central... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| FM raised Income Tax Exemption Limit for Individual and HUF Posted: 26 Feb 2010 12:01 AM PST Income up to Rs 1.6 lakh – nil. Income above Rs 1.6 lakh and up to Rs 5 lakh – 10 per cent. Income above Rs 5 lakh and up to Rs 8 lakh – 20 per cent. Income above Rs 8 lakh – 30 per cent [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Interest subvention for exporters will continue till 31St March 2011 Posted: 25 Feb 2010 11:55 PM PST The Finance Minister proposed to extend the concessional export finance regime for select exporters for one more year till March 31, 2011, thus giving the slowdown-hit sector further relief. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| GST will be implemented from1st April 2011 Posted: 25 Feb 2010 11:52 PM PST Finance minister Pranab Mukherjee today said he would introduce major reforms for indirect taxes in the form of Goods and Services Tax (GST) from April 1 next year. The government was earlier scheduled to introduce GST by April 1 this year. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Major highlights of Union Budget 2010-11 Posted: 25 Feb 2010 11:44 PM PST # Income up to Rs 1.6 lakh - nil Income above Rs 1.6 lakh and up to Rs 5 lakh - 10 per cent Income above Rs 5 lakh and up to Rs 8 lakh - 20 per cent Income above Rs 8 lakh - 30 per cent. # Income Tax department ready with two-page Saral-2 return... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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