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FINANCE (NO. 2) ACT, 1998 The Finance (No. 2) Act, 1998, outlines various amendments and provisions related to income tax, affecting both corporate and non-corporate taxpayers for the assessment year 1998-99. Key changes include maintaining the previous year's tax rates, specifying tax deduction rates for non-salary incomes, and revising the standard deduction for salaried individuals. The Act also introduces new sections for depreciation on intangible assets, tax incentives for the petroleum sector, and provisions for venture capital funds. Additionally, it addresses redesignation of income-tax authorities, removal of certain tax exemptions, and amendments for educational and medical institutions. The Act also extends tax holidays for specific industries and regions and introduces the Kar Vivad Samadhan Scheme for resolving tax disputes.
Budget 2018-2019 Speech of Arun Jaitley ( Minister of Finance ) The 2018-2019 Budget, presented by the Finance Minister, emphasizes economic reforms, infrastructure development, and social welfare. The government aims to double farmers' income by 2022, enhance ease of doing business, and promote digital transactions. Key initiatives include increased MSP for crops, the Ayushman Bharat health scheme, and infrastructure investments in railways and roads. The budget also proposes tax incentives for MSMEs, senior citizens, and salaried taxpayers, along with a new tax on long-term capital gains. Efforts to boost education, healthcare, and rural development are highlighted, with a focus on creating jobs and promoting sustainable growth.
Indirect Taxes - Pre-budget Memorandum - 2015 by ICAI The Institute of Chartered Accountants of India (ICAI) submitted a Pre-Budget Memorandum on Indirect Taxes for 2015 to the Indian government. The memorandum offers suggestions on service tax, CENVAT Credit Rules, excise duty, customs duty, and central sales tax. Key recommendations include introducing service tax audits by Chartered Accountants, redefining terms like "service" and "works contract" for clarity, and addressing anomalies in tax laws to reduce litigation. The ICAI also suggests procedural improvements, such as e-filing for service tax registration and returns, and proposes measures to streamline audits and investigations to prevent undue harassment of taxpayers.
2013 (8) TMI 57 - ITAT DELHI Assessment pursuant to DRP order - 43 issues. Issues decided in favor of assessee:- Addition of freight inward/ import clearing expenses to cost of closing inventory - Addition on account of cost of rejection of semi finished goods and obsolete items - Addition of provision for increase in price of material to the value of closing inventory - Disallowance of cost of scrap material - Adjustment on account of provision for increase in price of material as prior period expenditure or preponement of... ... ...
PRE-BUDGET MEMORANDUM 2013-2014 - ICAI The pre-budget memorandum for 2013-2014 by ICAI suggests several measures to improve tax collection and reduce litigation. Key recommendations include implementing TCS provisions when PAN is not provided, revising TDS rules for insurance policy maturity and interest payments to NBFCs, and reintroducing TDS for transporters. It advocates for uniform stamp duty rates and outsourcing tax return verification. To minimize litigation, it suggests aligning Leave Travel Concession with the financial year, clarifying annual receipts for institutions, and amending depreciation rules for slump sales. It also recommends rationalizing direct tax laws, enhancing deductions, and improving procedural aspects like TDS audits and refund processes.
Explanatory Notes on the provisions relating to direct taxes The Finance Act of 1994 introduced several amendments to direct tax laws, including changes to the Income-tax Act, Wealth-tax Act, Gift-tax Act, and Expenditure-tax Act. Key amendments include the introduction of new tax rates for different income categories, the creation of a new class of tax authorities, and the extension of tax exemptions for certain entities and activities. The Act also introduced new sections, such as estimated income methods for specific businesses, and expanded tax concessions for scientific research and certain savings. Additionally, it addressed issues related to capital gains, tax holidays for export-oriented units, and provided relief for senior citizens and handicapped minors. Changes to procedural aspects, such as the due date for filing returns and the scope of tax deductions at source, were also made.
2024 (8) TMI 31 - MADRAS HIGH COURT Applicability, enforceability and the binding nature of the Regulations, which contemplate waiver of demurrage/detention charges - Whether the importers are liable to pay detention/demurrage charges to the CFS and the shipping lines/steamer agents when the goods have been detained by the Customs Department for verification, and after the verification, it was found that the imported goods were in order? - Whether the waiver certificate for the detention/demurrage charges granted by the Customs De... ... ...
2022 (3) TMI 340 - ITAT AHMEDABAD TP Adjustment - corporate guarantee covered under the limb of international transaction or not? - HELD THAT:- The provisions of section 92B of the Act defines the parameters of what constitutes an international transaction. Although the ambit of international transaction was wide enough, yet due to judicial interpretation, certain classes of transactions were being left out of the transfer pricing net. To tackle the same, by the Finance Act of 2012 an Explanation to Section 92B[2] of the Act was... ... ...
Explanatory Notes to the provisions of the Finance Act 2015 The Finance Act, 2015 introduces several amendments to the Income-tax Act, 1961, and related financial regulations. Key changes include the taxation regime for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), rationalization of the definition of charitable purposes, and alignment of taxation provisions with Income Computation and Disclosure Standards (ICDS). The Act also addresses indirect transfer provisions, residency status for companies, and tax neutrality on mutual fund mergers. It enhances deductions under sections like 80C, 80CCC, 80CCD, and 80D, and provides incentives for investments in specific states. Additionally, it abolishes the Wealth-tax Act, 1957, and introduces measures for improved tax compliance and administration.
Income-tax deduction from salaries under section 192 during the financial year 2012-13 The circular provides guidelines for income tax deduction from salaries under Section 192 of the Income Tax Act, 1961, for the financial year 2012-13. It outlines the tax rates applicable to different income brackets and age groups, including normal rates and those for senior citizens. The document also discusses surcharges, education cess, and the method of tax calculation. Employers are instructed on handling tax deductions, including on non-monetary perquisites and salary from multiple employers. It emphasizes compliance with PAN requirements and the consequences of non-compliance, such as higher TDS rates. The circular includes extensive details on deductions and exemptions under various sections of the Income Tax Act.
FINANCE (NO. 2) ACT, 1991 The Finance (No. 2) Act, 1991, outlines various amendments and provisions related to income tax, wealth tax, gift tax, interest tax, and expenditure tax in India. Key changes include adjustments to income tax rates and surcharges for different categories of taxpayers, introduction of tax deductions for specific investments and contributions, and modifications to tax procedures and compliance requirements. The Act also introduces new provisions for tax incentives aimed at promoting exports, research, and development activities, and includes specific measures to streamline tax administration and enforcement. Additionally, the Act revives interest tax and extends expenditure tax to air-conditioned restaurants, among other updates.
Summary of Budget 2018-19 The 2018-19 budget aims for over 8% economic growth, with a focus on manufacturing, services, and exports. Key initiatives include doubling farmers' income by 2022, boosting agriculture with increased credit and infrastructure funds, and enhancing rural markets. The government plans significant investments in health, education, and social protection, including a major health insurance scheme for 50 crore people. Infrastructure development is prioritized, with significant allocations for railways and road construction. The budget also supports MSMEs, employment, and digital economy initiatives. Tax reforms include changes to corporate tax rates, long-term capital gains tax, and increased cess for health and education.
2017 (7) TMI 867 - ITAT DELHI Best judgment assessment - Unexplained Money - addition u/s 68 - Held that:- It is admitted by the ld AR that order passed u/s 144 of the Act are appealable before the ld CIT(A), however, he stated that for filing an appeal the AO ought to have determined the total assessed income and demand of tax and further issued notice of demand u/s 156 of the Act. He further stated that no notice of demand was issued along with the draft assessment order dated 31.03.2013. According to us the ld AR did not ... ... ...
2014 (10) TMI 200 - CESTAT NEW DELHI (LB) Business auxiliary service - Market promotion in India - Export of services or not - Difference of opinion - majority order - whether the appellant, who is subsidiary company and had entered in the market development agreement with foreign principal located at Singapore is liable to Service tax on the services so rendered by them to its principal company - Held that:- Appellants is admittedly covered under the definition of business auxiliary services. The said services are being provided by the... ... ...
Clarification regarding changes made or proposed in Budget 2012-2013 The circular outlines changes in the Indian Budget 2012-2013 regarding service tax, focusing on simplifying tax processes and preparing for the Goods and Services Tax (GST). The service tax rate is restored to 12%, and a "Negative List" approach is introduced, taxing all services except those specifically exempted. The Place of Provision of Services Rules, 2012, are introduced to determine the location of service provision for tax purposes. The circular also details changes in valuation rules, Cenvat credit rules, and exemptions, aiming to streamline compliance and reduce litigation. The new rules will replace existing export and import service taxation rules.
2022 (1) TMI 158 - CESTAT MUMBAI Levy of service tax - Ground/Market Rent - Marriage Hall Rent - Stall/Ground Rent - Built Own Transfer charges (BOT) e) Hospital - Blood Bank Rent - Pay and Park Fees - Bazar auction/Bazar fees - Rusta Nuksan Bharpai (ROW) - applicability of time limitation - penalties - HELD THAT:- The observations made by the Commissioner, are agreed upon, to the effect that just because the services under consideration have been provided Municipal Authority, the same cannot be said to be a service covered und... ... ...
Charitable Trust, Association & Societies – Analysis of Income-tax and GST Provisions The article provides an in-depth analysis of the income tax and GST provisions applicable to charitable trusts, associations, and societies in India. It outlines the tax exemptions under Sections 11 to 13 of the Income-tax Act, 1961, detailing conditions for income derived from property held under trust. The document also compares different charitable entities-trusts, societies, and Section 8 companies-highlighting their governing acts, registration processes, and compliance requirements. Additionally, it discusses the implications of GST on charitable activities, referencing various notifications and circulars that provide exemptions under specific conditions. The article emphasizes the importance of compliance with tax regulations to maintain the tax-exempt status of charitable entities.
2019 (3) TMI 137 - ITAT BANGALORE Foreign exchange loss on reinstatement of closing balance of foreign currency loan amount - Capital or revenue - CIT (A) held that Exchange Loss on Restatement of Closing Balance of Foreign Currency Loan Amount which is essentially capital in nature is liable to be added back to the Total Income of the Assessee Company. - HELD THAT:- assessee has opted not to press the ground. But in this appeal, assessee intend to argue the ground. We, however, carefully examined the submissions raised by the a... ... ...
Pre Budget Memorandum 2018-2019 By: The Institute of Cost Accountants of India The Institute of Cost Accountants of India (ICAI) presented a Pre-Budget Memorandum for 2018-2019, focusing on taxation reforms and economic growth. The memorandum suggests amendments to direct and indirect taxes, including proposals to broaden the definition of capital assets, revise fair market value definitions, and adjust holding periods for capital gains. It also advocates for increased exemptions and deductions in various tax sections, including those related to education, health, and housing. Additionally, the memorandum addresses GST implementation challenges, proposes rationalization of GST rates, and emphasizes the need for a single registration system. The document aims to enhance India's economic competitiveness and support the government's reform initiatives.
2017 (5) TMI 1735 - ITAT DELHI TP Adjustment - Determination of arm s length price of international transaction of provision of infrastructure support services - comparability analysis of the assessee s international transaction with an uncontrolled transaction - HELD THAT:- BNR Udyog Limited, it is carrying on medical transcription, construction, and financial activities. It is also the member of the National commodities and derivatives exchange Ltd and multi commodity exchange of India. This company has assumed geographical... ... ...
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