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  • TDS Highlights 2013-14

    It has by now come to our notice that, Tax needs to be deducted at source on transactions involving transfer of immovable property not being agricultural land. A new section 194-IA has been inserted…

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  • Service Tax Voluntary Compliance Encouragement Scheme 2013

    It has come to the attention of the government that out of the nearly 17 assessees under Service Tax, only 7 lakhs file their returns. Taking serious note of the low figure of tax filings, the Finance…

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  • Provisions Relating to Tax on Distributed Income

    Chapter XII-EA relating to securitization trust is proposed to be inserted with effect from the 1st day of June, 2013. Securitization is a process that pools various types of contractual debts like…

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  • Section 10 Announcements in the Finance Bill, 2013

    With the introduction of ‘Chapter XII – EA – special provisions relating to tax on distributed income by securitization trust – has been introduced. A few provisions, in exempt income, relating to…

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  • Other proposals in business income

    We have already discussed the major announcements in the area of business income, these are the other proposals that were announced in the finance Bill, 2013

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  • Deduction under section 32AC for investment in Plant and Machinery

    To propel growth in the manufacturing sector, investment based deduction has been introduced. There has been a lot of relief to the manufacturers on announcement of extra deduction on Investment…

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  • Deductions under Chapter VI A

    The last budget brought bad news to the assessee with the amendments primarily to section 80C which reduced the rate of premium limits. This situation is still continuing with little amendment.

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  • Industry Specific Budget Highlights 2013-14

    In our earlier budget highlights we have already given you a quick overview of what were the most important announcements of 2013. This document takes up those highlights and gives a more detailed…

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  • Budget Highlights 2013-14

    The overwhelming expectations of people from the budget 2013 have come to an end but contrary to expectations, it has not brought any major relief to the common people of the country.

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  • Finance Bill 2013 on Agricultural Land

    In the definition of agricultural income and capital asset under section 2(1A) and section 2(14) respectively, it has been proposed to amend the definition of vicinity of agricultural land

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