Posts by: Ashish Ahuja

There is lots of confusion in the mind of various exporters regarding period for export realisation and procedure if exports are not realised within prescribed time and overall what is the current prescribed time for export realisation. I will try to provide a simple to understand but comprehensive analysis of RBI policy on this matter. …

Budget 2012 has inserted Provision to Section 68 the effect of which is that any share application, share capital or share premium received in a privately held company shall be treated as unexplained income u/s 68 unless the same is corroborated by the payer of such amount. This was a long standing loophole which has …

In Budget 2012 new Section 54GB is proposed to be inserted to provide exemption from long term capital gain on sale of residential house by Individual or HUF if the net consideration received is invested in equity shares of eligible company. The details of the section 54GB in plain terms is given as under: Exemption …

Amendment proposed in Budget 2012 in definition of related persons u/s 40A(2)(b) to include a company in which the assessee company has a substantial interest. In plain terms where a company has substantial interest in another company, then any transactions between them are required to be reported in tax audit (if applicable) and is subject …

Consequential amendment has been made in section 10(10D) and 80C of Income tax requiring Sum Assured to be at least 10 times of premium to require getting the benefits of the mentioned sections. This is consequential to the guidelines of IRDA requiring the policies to provide at least 10 times Sum Assured. Tagged With: 10 …

In the budget proposals of 2012 an explanation has been inserted in Section 2(14) i.e. the definition of “Capital Asset” to include “any rights in or in relation to an Indian company, including rights of management or control or any other rights whatsoever” as a capital asset. So any sale of rights in relation to …

Increase in excise rate by 10% to 12% 5% to 6% 1% to 2%

Service tax rate is increased from 10to 12% ( Increase by 2%) Service tax is applicable on all services except negative list

exemption limit in case of Individual is increased by Rs. 20000/- now basic exemption limit is Rs. 200000/- Tax slab is 20% from Rs. 8 to 10Lacs Deduction  on saving bank interest till Rs. 10000/- No advance tax for senior citizen unless there is Business Income No change in Corporate tax rates Compulsory reporting of …

In case of Senior Citizen relief is provided regarding the payment of advance tax unless the income is form Business activities. No compliance regarding the payment of advance tax unless there is business income Tagged With: budget 12-13 rajiv rebate, rajiv gandhi equity investment, Rajiv Gandhi Equity Scheme, rajiv gandhi scheme in budget 12-13, tax …