casantoshgupta.com


SANTOSH B. GUPTA & CO. CHARTERED ACCOUNTANTS


	Home Team Services Corporate Services Audit Corporate Finance Services for Non-Residents Accounting Services Payroll Benefits of Outsourcing Income Tax GST Corporate Governance TDS Management Assurance Knowledge Bank Calculators GST Calculator Tax Calculator TDS Calculator Calculate Net Profit Calculate Net Worth Effective Capital HRA NSC EMI Auto Loan Calculator Home Loan Calculator Get No. Of Instalment Bulletins Notification Circular Income Tax Company Law Service Tax Excise Matters Customs RBI SEBI FEMA Labour Laws Central Sales Tax Accounting Standards The LLP Act 2008 Accounting Standard (INDAS) Others GST VAT Delhi VAT Maharastra VAT Gujarat VAT Telangana VAT Tamil Nadu VAT IGST UTGST Compensation Cess Utilities Rates of TDS TDS Rates for N.R.I us 195 Rates of Income Tax Cost Inflation Index Rates of NSC Interest Gold and Silver Rates Rates of Depreciation Under Income Tax Act Rates of Depreciation Under Companies Act ROC Fee Structure (As per Companies Act, 2013) ROC Filing Fees (As per Companies Act, 2013) Application & Petition Fees (NCLT) Rates of Stamp Duty Limited Liability Partnership Fees National Industries of Classification IFSC Codes MICR Codes HSN Rate List Comparison of Deduction u/s 80TTA & 80TTB Links Quick Links Important Links GST/VAT Links Ease Of Doing Business Acts Direct Tax Income Tax Act Wealth Tax Act Income Declaration Scheme 2016 Indirect Tax Service Tax(Finance Act, 1994) The Central Excise Act, 1944 Customs Act, 1962 Central Sales Tax Act, 1956 Entry Tax Act Corporate Laws Companies Act, 2013 Companies Act, 1956 The Limited Liability Partnership ACT, 2008 The Securities and Exchange Board of India Act, 1992 VAT Laws Delhi Value Added Tax Act, 2004 Maharashtra Value Added Tax Act (2002) Rajasthan Value Added Tax Act, 2003 Bihar Value Added Tax Act, 2005 Karnataka Value Added Tax Act, 2003 Andhra Pradesh Value Added Tax Act, 2005 The Uttar Pradesh Value Added Tax Act 2008 West Bengal Value Added Tax Act, 2003 Punjab Value Added Tax Act Haryana Value Added Tax Act Telangana VAT Act 2005 Gujarat Value Added Tax Act, 2003 Tamilnadu VAT ACT, 2006 Other Statutes The Indian Partnership Act, 1932 Societies Registration Act, 1860 Reserve Bank of India Act, 1934 Competition Act, 2002 Monopolies and Restrictive Trade Practices Act, 1969 Foreign Exchange Management Act, 1999 The Employees' State Insurance Act, 1948 The Employees' Provident Funds and Miscellaneous Provisions Act, 1952 Profession Tax Act Right To Information Act, 2005 Equalisation Levy Act, 2016 The Insolvency And Bankruptcy Code, 2016 Maharashtra Real Estate Regulatory Authority and Rules The Real Estate (Regulation and Development) Act, 2016 GST Laws IGST Act , 2017 Central Goods and Services Tax Act, 2017 Union Territory Goods and Services Tax Act, 2017 GST (Compensation to States) Act, 2017 Rules Direct Tax Rules Income Tax Rules Wealth Tax Rules 1957 Income Declaration Scheme Rules 2016 Indirect Tax Rules Customs Valuation Rules Service Tax Rules Central Sales Tax (Delhi) Rules, 2005 Central Sales Tax (Maharashtra) Rules Entry Tax Rules Cenvat Credit Rules, 2017 GST Valuation Rules , 2016 Corporate Laws Rules Companies Rules, 2014 The Companies Unpaid Dividend Rules, 1978 Limited Liability Partnership Rules, 2009 LLP Winding up Rules, 2012 VAT Laws Rules Delhi Value Added Tax Rules, 2005 Maharashtra Value Added Tax Rules, 2005 Haryana Value Added Tax Rules, 2003 Andhra Pradesh Value Added Tax Rules, 2005 The West Bengal Value Added Tax Rules, 2005 The Uttar Pradesh Value Added Tax Rules, 2008 Punjab Value Added Tax Rules Rajasthan Value Added Tax Rules, 2006 Bihar Value Added Tax Rules, 2005 Karnataka Value Added Tax Rules, 2005 Telangna VAT Rules 2005 Gujarat Value Added Tax Rules, 2006 Tamilnadu VAT Rules, 2007 Other Statutes Baggage Rules, 2016 Profession Tax Rules NBFC Acceptance of Public Deposits (Reserve Bank) Directions, 1998 NBFC and Miscellaneous Non-Banking Companies (Advertisement) Rules, 1977 NBFC Auditor’s Report (Reserve Bank) Directions, 2008 Delhi Labour Welfare Fund Rules, 1997 Cost records and audit Rules, 2014 Equalisation Levy Rules, 2016 NCLT And NCLAT Rules The Insolvency and Bankruptcy of India Rules GST Rules Central Goods and Services Tax Rule, 2017 Forms Income Tax Forms Wealth Tax Forms ROC Forms (As per Companies Act, 1956) Companies Unpaid Dividend Forms Limited Liability Partnership (LLP) LLP Winding up Service Tax Forms NBFCs Forms FEMA Forms ROC Forms (As per Companies Act, 2013) Income Declaration Forms VAT Forms DVAT Forms MVAT Forms Bihar VAT Forms Karnataka VAT Forms UPVAT Forms Haryana VAT Forms WB Vat Forms Punjab VAT Forms Tamil Nadu VAT Forms CGST Forms GST Forms Accounts and Records Advance Ruling Appeals and Revision Assessment and Audit Composition Demands and Recovery Input Tax Credit Inspection, Search and Seizure Offences and Penalties Payment of Tax Refund Registration Returns Transitional Provisions Value of Supply News Query Careers Admin Login Time Sheet Contact Us

TIMES GUIDE TO PERSONAL TAX

Proposal:

A tax rebate of Rs 2,000 is proposed to be allowed for taxpayers earning total income of up to Rs 5 lakh.

Impact:

The basic threshold limit for tax trigger now effectively stands increased at Rs 2.2 lakh for taxpayers with income up to Rs 5 lakh.No relief for taxpayers earning total income above Rs 5 lakh.

Proposal:

An additional deduction of Rs 1 lakh is proposed on interest payable by individuals taking new home loans up to Rs 25 lakh during 2013-14 for purchase of their first residential property (of a value not exceeding Rs 40 lakh).The unutilized deduction amount can be carried forward to the next year.

Impact:

This additional deduction will enable tax saving up to Rs 33,990 for first-time property buyers and also encourage the home loan market.The existing deduction for bank interest (including the limit of Rs 1.5 lakh for self-occupied property) under the head Income from House Property continues.

Proposal:

Eligibility conditions of Rajiv Gandhi Equity Savings Scheme (RGESS) are proposed to be liberalized: investment in listed equity oriented mutual funds will also qualify.The deduction shall be allowed for 3 consecutive years and lastly,the income limit for taxpayers eligible under the scheme stands increased to Rs 12 lakh from Rs 10 lakh.

Impact:

This would make the scheme slightly more attractive for first-time investors,enabling annual tax savings of up to Rs 7,725 for three years.However,the maximum amount of deduction continues to be Rs 25,000 per year.

Proposal:

Donations made to National Childrens Fund proposed to be allowed as a 100% tax deduction.

Impact:

This will enable taxpayers to avail 100% deduction on donations made to National Childrens Fund.This move is intended to treat the National Childrens Fund on a par with other funds of national importance,such as the PMs National Relief Fund.

Proposal:

It is proposed that the buyer of immovable property exceeding Rs 50 lakh in value will need to deduct tax at source at 1% of the sale value.

Impact:

While this will help bring to tax the transactions in the real estate sector,there would be an additional compliance burden for the buyer.Interestingly,there are no exceptions for individual buyers either.

Proposal:

Transfer of immovable property for inadequate consideration is proposed to be taxed in the hands of the buyer.If date of agreement is prior to the date of registration,the differential value will be computed as of the agreement date.

Impact:

While the seller is already liable to tax on the stamp value of the property,it is now proposed to also tax the purchaser (paying insufficient consideration) to the extent of value deficiency.Certain exceptions have been carved out.

Proposal:

Return of income filed without payment of taxes payable will be considered as a defective return.

Impact:

However,a leeway has been given to taxpayers to cure such a defect by paying the taxes within 15 days of receiving notice of defective return.

Proposal:

It is proposed to enable online/ electronic filing of wealth-tax return as well.

Impact:

This will make filing of wealth tax returns easier.

Proposal:

It has been proposed to reduce Securities Transaction Tax ( STT ) for certain transactions such as equity futures on recognized stock exchanges (from 0.017% to 0.01%),redemption of equity-oriented mutual fund units (from 0.25% to 0.001%) and sale of equityoriented mutual fund units on recognized stock exchanges (from 0.1% to 0.001%).STT of 0.1% levied on the purchaser of equity-oriented mutual fund units on stock exchange is also abolished.

Impact:

This will help in reducing the costs of such transactions and give a fillip to investor sentiments.

Proposal:

It is proposed to levy Commodities transaction tax (CTT) at 0.01% on sale of non-agricultural commodity derivatives,traded in recognized associations this is proposed to be payable by the seller.

Impact:

This is a new levy similar to STT being levied on equity derivative transactions.This will lead to increase in transaction cost in commodity trading.

Times of India, New Delhi, 01-03-2013

63513 Times Visited

USEFUL LINKS

SOCIAL MEDIA

CONTACT US

Office - 487, First Floor, Behind State Bank Of India
Sec 19 Dwarka New Delhi - 110078.
Mobile: +91 9310101144 / 8802021144
E-mail :casantoshgupta@gmail.com

SANTOSH B. GUPTA & CO.

CHARTERED ACCOUNTANTS

USEFUL LINKS

SOCIAL MEDIA

CONTACT US