We use cookies to give you the best online experience. By using our website you agree to our use of cookies in accordance with our cookie policy. Learn more here.Close Me
3. Deduction in respect of investment in long-term
infrastructure bonds Corporates
4. Surcharge decreased from 10 per cent to 7.5 per cent
5. MAT increased from 15 per cent to 18 per cent
6. Formula of computation for Tax holiday for SEZ units made
applicable retrospectively from AY 2006-07
7. Investment-linked tax incentives extended for 2 star and
above Hotels for any part of India
8. Extension of sunset clause for tax holiday for housing
projects
9. Increased in the weighted deduction for in-house research and
development and payment made to research organization
10. Rationalization of provisions with regard to allowability of
deduction where TDS is applicable in respect of payments made to a
resident Non-residents
11. Source Rule emphatically brought in to nullify the Supreme
Court judgement
12. Scope of presumptive taxation for companies engaged in
provision of services in relation to prospecting for or exploration
or extraction of mineral oil restricted Other amendments
13. Conversion of company into LLP tax neutral
14. Transfer of shares for without or inadequate consideration
exceeding Rs. 50,000 taxable in the hands of a company or a firm at
fair market value
15. Threshold limit for tax audit increased
16. Basic limit for applicability of withholding tax
increased
17. Rate of interest with regard to non-payment of withholding
taxes increased
18. High court may condone the delay in filing of appeals
19. The deductor / collector of tax to continue to furnish TDS /
TCS certificates to the deductee / collectee even after April 1,
2010
20. Penalty for non-compliance with tax audit report
increased
21. Commissioners empowered to cancel the registration of
charitable organization
22. Trade/Business receipts incidental to charitable activities
permitted up to Rs. 10,00,000
To read this document in its entirety please click here.
(http://www.mondaq.com/pdf/clients/94816.pdf)
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The Indian government has, in the recent past, introduced a mandatory requirement of furnishing Tax Residency Certificate, for non-residents seeking tax treaty benefits.
Stamp duty is a very important factor in structuring transactions, specially with many of the states in India imposing high stamp duties on documents to shore up their revenues.
We have entered into a new era of education, wherein instead of students heading abroad for pursuing their dream courses, Foreign Universities are offering such courses in India.
This year while presenting the Budget, the Indian Finance Minister observed that the Tax Residency Certificate certifies that an entity is a resident but it does not certify that it is a beneficial owner.
It is often a topic of dispute amongst the various judicial authorities that whether the high end educational institutions, especially schools, providing modern and equipped educational aids, maintaining the highest standards of hygiene, offering air-conditioned classroom, buses etc. are involved in activities which are charitable or commercial in nature.
Service tax is one of the indirect taxes, where the service provider is required to collect tax on the services rendered by him and deposit the same with Government.
