Tax
Finance Minister Proposes Amendment In Income Tax Act To Include Reference Of Black Money Act, 2015 For Obtaining Tax Clearance Certificate
The Finance Minister Nirmala Sitharaman has proposed the amendment in the Income Tax Act to include the reference of Black Money Act, 2015 for the purposes of obtaining a tax clearance certificate.The existing provisions of sub-section (1A) of section 230 of Income Tax Act specify that no person who is domiciled in India, shall leave India, unless he obtains a certificate from the income-tax authorities stating that he has no liabilities under Income-tax Act, 1961, or the Wealth-tax Act, 1957,...
Budget 2024-25: Income From Letting Out Of House Property Taxable Under “Income From House Property”
The Union Finance Minister Nirmala Sitharaman presented the Union Budget in Parliament. The provisions of Finance Bill, 2024 relating to direct taxes seek to amend the Income-tax Act, 1961 to continue reforms in the direct tax system through tax reliefs, removing difficulties faced by taxpayers and rationalisation of various provisions. Section 28 of the Act specifies kinds of income that shall be chargeable to income-tax under the head 'Profits and gains of business or profession'.It has been...
Budget 2024-25: Major Announcements For MSME
On July 23, the Union Budget for 2024-25 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman.Here are major announcements for the MSMEsSupport for promotion of MSMEsThis budget provides special attention to MSMEs and manufacturing, particularly labour-intensive manufacturing. The Finance Minster has formulated a package covering financing, regulatory changes and technology support for MSMEs to help them grow and also compete globally, as per interim budget. New assessment model...
Budget 2024-25: States To Lower Stamp Duties For Properties Purchased By Women
On July 23, the Union Budget for 2024-25 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman.“We will encourage states which continue to charge high stamp duty to moderate the rates for all, and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes,” the Finance Minister in the Budget Speech said.The Finance Minister has proposed the amendment in the provisions of TDS on sale of...
Finance Minister Announces Establishment Of Additional Tribunals To Speed Up Insolvency Resolutions, Recovery: Budget 2024-25
While presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman said that the services of the Centre for Processing Accelerated Corporate Exit (C-PACE) will be extended for voluntary closure of LLPs to reduce the closure time.“The IBC has resolved more than 1,000 companies, resulting in direct recovery of over Rs 3.3 lakh crore to creditors. In addition, 28,000 cases involving over Rs 10 lakh crore have been disposed of, even prior to admission,” the Finance Minister in the...
Budget 2024-25: Major Announcements On Customs Duty Proposals
On July 23, the Union Budget for 2024-25 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman.Here are major announcements in respect of the Customs Duty proposals: 1. Medicines For Cancer Patients The Customs duty on three more medicines namely Trastuzumab Deruxtecan, Osimertinib, Durvalumab is proposed to be fully removed, to provide relief to cancer patients. Till today the 10% custom duty is charged. 2. Mobile Phone, mobile PCBA and Mobile Charger The Basic customs duty...
Budget 2024 Update: Simplification Of Income Tax Act, Tax Reassessment, Capital Gains Taxation
On July 23, the Union Budget for 2024-25 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman by which it was proposed that the Income-tax Act, 1961 to be made concise and easy to read.The opening of reassessment beyond three years from end of assessment year only if escaped income is 50 lakh or more, up to a maximum period of five years from end of assessment year.The time limit for search cases to be reduced from 10 years to 6 years before the year of search.The Short-term...
Capital Gain On Share Market Income Increased: Budget 2024-25
On July 23, the Union Budget for 2024-25 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman.The Finance Minister has increased the capital gain on share market income, which may prove to be a major setback to the share market investors.The short-term capital gains tax (STCG) on certain assets would be twenty percent, while the long-term capital gains tax (LTCG) on all financial and non-financial assets would rise to twelve and a half percent from ten percent in the Union...
Budget 2024-25: Major Announcements For Students & Youths
On July 23, the Union Budget for 2024-25 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman. Here are major announcements for the youths: EPFO registration The job situation in the nation will improve thanks to the three programs the administration has suggested for promoting employment for fresh applicants. Employers will be encouraged to hire new applicants for their organizations by the salary subsidy for employees and the support provided to them;...
Income Tax Slabs Under New Regime Revised, Standard Deduction Increased: Finance Minister Lays Budget 2024
Union Finance Minister Nirmala Sitharaman today revised the Direct Income tax rates under the new regime.The revised rates are as follows:0-3L income- nil tax3-7L income- 5% tax7-10L income- 10% tax10-12L income- 15% tax12-15L income- 20% taxAbove 15L income- 30% taxEarlier, the rates under the new regime were as follows:0-3L: nil3-6L: 5%6-9L: 10%9-12L: 15%12-15L: 20%Above 15L: 30%Sitharaman presented the Budget for the 7th time. She has also enhanced the Standard deduction under the new regime...
Gujarat High Court Upholds SAD Refund For Betel Nuts, Rules No Distinction Between Industrial And Edible Varieties
The Gujarat High Court has upheld the decision of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) allowing the refund of Special Additional Duty (SAD) on betel nuts. The court observed that there is no distinction between industrial grade betel nuts and edible supari.The division bench comprising Justices Bhargav D. Karia and Niral M. Mehta ruled, “Considering the facts of the case which is not in dispute that there is no distinction between the areca nuts betle nuts as...
Object Of Introduction Of Faceless Assessment Stands Defeated If Show Cause Notice U/s 148 Is Issued By Jurisdictional AO: Punjab & Haryana HC
While pointing that scheme of faceless assessment is applicable from the stage of show cause notice u/s 148 as well as 148A, the Punjab & Haryana High Court ruled that notice u/s 148 cannot be issued by Jurisdictional Assessing Officer after introduction of faceless assessment scheme. Since the Revenue Department had issued show-cause notice u/s 148 relying on the Board's Memorandum and Instructions, the High Court clarified that circulars, instructions and letters issued by Board...