Required Voluntary Article Contributors
We at Ahuja & Ahuja are looking for voluntary contributors who would like to write for our website voluntarily to show their technical accomplishments. The articles can be on the…
Procedure for Extension of Period for Export Realisation
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…
Budget 2012 Income Tax: Section 68 amended – Share application etc. treated as unexplained unless corroborated by the payer
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…
Budget 2012 Income Tax: New Section 54GB, Exemption from Capital Gain if invested in Equity
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…
Budget 2012 Income Tax: Sec 40A(2)(b) amended to include related companies
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…
Budget 2012 Income Tax: Exemption and decuction for Life Insurance policies now require Sum Assured atleat 10 times of premium
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…
Budget 2012 Income Tax: Retrospective Amendment to Section 2(14) to defeat the Supreme Court Ruling in Vodafone Tax Case
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…
Budget 2012: Excise proposal
Increase in excise rate by 10% to 12% 5% to 6% 1% to 2%
budget 2012: Service tax Proposal
Service tax rate is increased from 10to 12% ( Increase by 2%) Service tax is applicable on all services except negative list
Budget 2012: Income tax proposal
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…