Budget 2013: important things for the middle class

Budget 2013: important things for the middle class 1) You can look forward to more tax-free bonds in the coming days, as some institutions are expected to raise around Rs 25,000 crore via tax-free bonds in 2012-13. The finance minister has also permitted some institutions to issue tax free bonds in 2013-14 up to Rs 50,000 crore.2) The hikeContinue reading “Budget 2013: important things for the middle class”

BUDGET 2013-14: KEY HIGHLIGHTS IN DIRECT TAXES

BUDGET 2013-14: KEY HIGHLIGHTS IN DIRECT TAXES Ø  Little room to give away tax revenues or raise tax rates in a constrained economy. Ø  No case to revise either the slabs or the rates of Personal Income Tax. Even a moderate increase in the threshold exemption will put hundreds of thousands of Tax Payers outsideContinue reading “BUDGET 2013-14: KEY HIGHLIGHTS IN DIRECT TAXES”

Government resolution to provide tax administration free from corruption, bias or favouritism

Government resolution to provide tax administration free from corruption, bias or favouritism TO REITERATE GOVERNMENT’S RESOLUTION TO PROVIDE A TAX ADMINISTRATION THAT IS FREE OF CORRUPTION, BIAS OR FAVOURITISM OFFICE MEMORANDUM [F.NO. C. 14014/2/2013-VIG], DATED 22-1-2013 In the recent past, instances of some officers of the Central Board of Direct Taxes (CBDT) and Central BoardContinue reading “Government resolution to provide tax administration free from corruption, bias or favouritism”

Direction for fixing new appeals on 60th day of its filing dispensed with

ITAT’S NOTE ON DEPARTMENT’S GENERAL GRIEVANCES IN THE MATTER OF REPRESENTATION AND ADJUDICATION OF CASES FIXED BEFORE EACH BENCH OF ITAT DELHI NOTE, DATED 21-1-2013 The CIT-DR (Admn.), vide letter dated 27th December, 2012, (Annexure) has expressed their grievance with regard to cases fixed before each Bench, which usually exceed 20. She has stated that due to paucityContinue reading “Direction for fixing new appeals on 60th day of its filing dispensed with”

CLARIFICATION ON ISSUES RELATING TO EXPORT OF COMPUTER SOFTWARE

CLARIFICATION ON ISSUES RELATING TO EXPORT OF COMPUTER SOFTWARE (CIRCULAR NO. 1/2013 [F. NO. 178/84/2012-ITA.I ], DATED 17-1-2013) SECTION 10A, READ WITH SECTIONS 10AA & 10B OF THE INCOME-TAX ACT, 1961 – FREE TRADE ZONE – DIRECT TAX BENEFITS – CLARIFICATION ON ISSUES RELATING TO EXPORT OF COMPUTER SOFTWARE CIRCULAR NO. 1/2013 [F. NO. 178/84/2012-ITA.I],Continue reading “CLARIFICATION ON ISSUES RELATING TO EXPORT OF COMPUTER SOFTWARE”

CENTRALISED PROCESSING OF STATEMENTS OF TDS SCHEME, 2013

CENTRALISED PROCESSING OF STATEMENTS OF TAX DEDUCTED AT SOURCE SCHEME, 2013 NOTIFICATION NO. 3/2013[F.NO.142/39/2012-SO(TPL)], DATED 15-1-2013 In exercise of the powers conferred by sub-section (2) of section 200A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following scheme for centralised processing of statements of tax deductedContinue reading “CENTRALISED PROCESSING OF STATEMENTS OF TDS SCHEME, 2013”