| Income Tax rate, Dividend Distribution Tax Rate, STT rate, Wealth Tax Rate, MAT Tax rate and rate applicable to special income for A.Y. 2011-12 / F.Y. 2010-11 as provided in Budget 2010 Posted: 28 Mar 2010 08:12 PM PDT Basic exemption limit remains the same. The slab for 10% tax has been revised to Rs. 5,00,000/- from the existing Rs. 3,00,000/- in case of Individuals, HUFs, AOPs and BOIs. Surcharge of 10% applicable to domestic companies has been reduced to 7.5%.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| TDS Rate for financial Year 2010-11/ Assessment year 2011-12 and Amendment made by union budget 2010 Posted: 28 Mar 2010 07:51 PM PDT Download tds rate for financial year 2010-11, Download tds rate for Assessment year 2010-11, TDs chart for f.y. 2010-11, tds chart for A.Y. 2011-12, tds changes in budget 2010, tds rates, tds calculator, tds rate for financial year 2010-11, tds... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Amendment proposed by union budget 2010 in Provisions dealing with Settlement Commission Posted: 28 Mar 2010 07:03 PM PDT Entire scheme of the eligibility, powers and procedure before the settlement commission was overhauled by Finance Act, 2007, w.e.f. 1.6.2007. In the overhauled scheme, search / requisition cases covered by the provisions of section 153A of the Act... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Implementation of Unique Document Identification Number postponed to 1st July 2011: Budget 2010 Posted: 28 Mar 2010 06:57 PM PDT Section 282B was inserted by the Finance Act (No. 2) Act, 2009, with effect from the 01-10-2010. Under this provision, an income tax authority is required to allot a computer generated Document Identification Number before issue of every notice,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Power of the High Court to condone the delay u/s. 256 (reference) and 260A (Appeal): Budget 2010 Posted: 28 Mar 2010 06:52 PM PDT Under the existing provisions, appeal u/s. 260A of the Act against the order of the Income Tax Appellate Tribunal can be filed with the High Court within a period of 120 days from the receipt of the order of the ITAT. Prior to introduction of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Tax Neutrality on conversion of Company into Limited Liability Partnership: Budget 2010 Posted: 28 Mar 2010 06:44 PM PDT Finance Act, 2009, introduced several provisions in the Act to treat LLP as a partnership firm for the tax purposes in all respects. The Finance Bill, 2010, takes the process of amendment further, primarily for small companies having turnover of Rs.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Incentive to Special Economic Zone ("SEZ") provided in Union Budget 2010 Posted: 28 Mar 2010 06:35 PM PDT The Income Tax Act, 1961 provides an incentive for units in SEZs under section – 10AA. The exemption is required to be calculated based on profits earned by such units from their export. The provision of Sec – 10AA(7) provides the way in which the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| New Hotel Project and Convention Centers in NCT – Deduction under section 80 ID: Budget 2010 Posted: 28 Mar 2010 06:28 PM PDT This section was introduced by the Finance Act, 2007, for encouraging investment in the hotels and convention centers in the National capital territory of Delhi and the districts of Faridabad, Gurgaon, Gautam Budh Nagar and Gaziabad. This provision... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Deduction for eligible housing projects U/s. 80IB (10): Budget 2010 Posted: 28 Mar 2010 06:25 PM PDT Section 80IB(10) allows 100% of the profits as deduction from a housing project, provided it complies with various conditions stipulated therein. The said section provided that the housing project should be completed on or before the 31st March,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Prohibition of dual deduction U/s. 35AD and Chapter VIA: Budget 2010 Posted: 28 Mar 2010 06:17 PM PDT Under the existing provisions, benefit of any deduction Under Chapter VIA is denied to the businesses which are specified businesses, irrespective of any claim being made and / or allowed. The Finance Bill 2010 proposes to amend section 35AD(3) and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Modification of the Conditions u/s. 35AD, applicable to cross-country Gas pipelines: Budget 2010 Posted: 28 Mar 2010 06:15 PM PDT The Finance Bill, 2010 proposes that the assessee is required to make available such proportion of its total pipeline capacity as specified by regulations made by the Petroleum and Natural Gas Regulatory Board established under Section 3(1) of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Government monitoring end use of funds raised through IPO to prevent fund diversion Posted: 28 Mar 2010 05:56 PM PDT Corporate affairs minister Salman Khurshid said his ministry is studying ways to prevent over-pricing of initial public offers and monitoring the end use of funds raised through IPOs to prevent fund diversion.Khurshid also said his ministry is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service tax on Distribution of Films and the Health Care Industry would lead to double levy Posted: 28 Mar 2010 05:27 PM PDT The Finance Bill for 2010-11 has proposed to levy service tax on services related to the transfer of cinematographic films and sound recording under Section 65(105)(zzzzt). As we know, Intellectual Property service in terms of Section 65(55b) of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Provisions of Section 269SS and 269T under Income Tax Act Posted: 28 Mar 2010 05:17 PM PDT while taking loans and accepting deposits one also has to keep in mind the restrictions imposed under the Income Tax Act on the mode of taking such loans and deposits. Such provisions regulating the mode of accepting or taking loans or deposits and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBDT instructed its staff to disallow mark to market forex derivative loss Posted: 27 Mar 2010 09:33 PM PDT The Central Board of Direct Taxes (CBDT) has asked income-tax authorities to disallow the forex derivative loss claimed by companies on the basis of 'marked to market' valuation. Simply put, forex derivative loss, recognised on MTM basis, would be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Vodafone Essar given clean chit be special auditor Posted: 27 Mar 2010 09:21 PM PDT VODAFONE Essar, the country's second-largest GSM telco, has been cleared of any wrongdoing by the government-appointed special auditors. Auditor SK Mehta and Co in their 140-page report said there were no discrepancies in the books of Vodafone Essar... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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