Tax
Denial Of Credit For Non-Registration Thiruvabhranam Commissioner Of Under KVAT Act Is Unjust: Kerala High Court
The Kerala High Court has held that the petitioner/assessee has paid tax at the prescribed rate on the materials procured by him from the Travancore Devaswom Board, and since this amount has already been paid over to the State Exchequer, any denial of credit to the assessee solely on the ground that the Travancore Devaswom Board/Truvabharanam Commissioner was not registered under the KVAT...
Budget 2024-25: Rationalisation Of Provisions On Limitation Period For Imposing Penalties
The Union Finance Minister Nirmala Sitharaman presented the Union Budget in Parliament. The finance minister has proposed the rationalisation of provisions relating to period of limitation for imposing penalties.Section 275 of the Income Tax Act provides for the period of limitation for imposing penalties. Section 275(1) (a) provides that no order imposing penalty shall be passed after the...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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:...