Voluntary Compliance Encouragement Scheme, 2013 – A Defaulter Friendly Scheme a new scheme has been introduced for defaulter - service tax assessees named as Service Tax Voluntary Compliance Encouragement Scheme. While announcing this scheme, it was said by hon'ble Finance Minister that there are nearly 17,00,000 registered assessees under service tax,  |
| Income Tax Calculator for FY 2013-14 / AY 2014-15 CA Srikant Agarwal We have uploaded below Income Tax Calculator for Financial Year 2013-14 or Assessment Year 2014-15 after making the changes effected by union budget 2013-2014. The calculator calculates Income Tax from Financial Year 2006-07 to 2013-14 and also contains Income Tax Rate for the...  |
| S. 87A Income Tax Credit/Rebate of Rs. 2,000 – FAQ Frequently Asked Questions (FAQ's) Q1. Whether basic exemption limit for Individuals, HUF's, AOP & BOI under the Income Tax Act, 1961 has been raised from Rs. 2,00,000/- to Rs. 2,20,000/- Ans. NO, the basic exemption limit remains unchanged at Rs. 2 Lakh for FY 2013-14 (AY 2014-15)....  |
| Union Budget 2013-14 – Highlights of Direct Tax Proposals The Direct Taxes Code Bill is to be re-introduced before the end of this Budget Session. The Bill is expected to give due weightage to the recommendations of the Parliamentary Standing Committee on Finance and incorporate the best global practices. The other major proposals on the direct taxes...  |
| Highlights of Budget 201 3-14 – Service Tax, Excise, Custom Duty, GST Service tax Voluntary Compliance Encouragement Scheme, 2013 (VCES) is proposed to be introduced to encourage voluntary compliance and broaden the tax base. In this scheme, it is proposed to provide one time amnesty by way of (i) waiver of interest and penalty; and (ii) immunity from prosecution,...  |
| Residency Status based on TRC could not be question by IT department – FM FINANCE MINISTRY ISSUES CLARIFICATION REGARDING TAX RESIDENCY CERTIFICATE (TRC) Concerns on Language of Dtaa To be Addressed When Finance Bill is Taken up for Consideration: Finance Ministry Concern has been expressed regarding the clause in the Finance Bill that amends Section 90 of the Income-tax...  |
| Budget – Focused on Fundamentals Dr. Sanjiv Agarwal The Union Budget 2013-14 presented by Finance Minister, P. Chidambaram, his 8th one, could be termed as a balanced, focused and a reasonable one from the point of view of economy and all the stakeholders. Though it may be missing the much needed ignition or spark to put the...  |
| Administrative Measures for Optimum Efficiency of the Tax Regime Posted: 28 Feb 2013 07:11 PM PST Slew of Administrative Measures for Optimum Efficiency of the Tax Regime The Finance Minister has proposed to continue the series of administrative measures for improving the overall efficiency of the tax regime. Presenting the Union Budget in the Lok Sabha today, Shri P.Chidambaram said that he...  |
| Union Budget 2013-14 – ICAI Perspective Tax Proposals of the Union Budget 2013-14 The aim of Budget 2013-14 aptly addresses the need of the hour i.e., to accelerate growth through sustainable development and inclusive growth. The tax proposals are also in tandem with this overall aim of the budget, proposed to be achieved by focusing on...  |
| Economic Survey-2012-13 – ICAI Perspective The Institute of Chartered Accountants of India (ICAI) welcomes the Economic Survey 2012-13 which shows that although the economy exhibited moderate growth rate during 2012-13 but its growth rate is much higher and better than the global growth rate and growth rate achieved by developed economies....  |
