IndianCAs: Budget Highlights [4 Attachments]

 

[Attachment(s) from Ashwin Nagar included below]

Hello Member,

 

Please find attached herewith Budget HighLight for Direct taxes, Indirext taxes and copy of Finance Bill for your perusal and record.

 

| Ashwin Nagar | FCA and SAP-FICO\SEM-BCS |

Success is not permanent and failure is not final

Ph: India: +91-98330-15352  US: +1-323-325-4111

 

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Attachment(s) from Ashwin Nagar

4 of 4 File(s)

Finance Bill 2010.zip

Budget_Hihghlights_2010-11.pdf

Budget Direct Tax Provisions[1].pdf

Budget_-_Direct_Indirect_Taxes_incl.Service_tax2011.docx

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Budget Highlights

• FM announces bumper for common man, ups tax slabs 

Not too impressed with the Budget, says Samir Arora  

Vallabh Bhanshali says Budget 'balanced, pragmatic' 

What's cheaper/costlier after Budget 2010 

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Auto cos breathe easy on FM's pragmatic moves 

Pranab Mukherjee allots Rs 173 crore for infra development 

Union Budget 2010-11: Highlights 

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Budget provides investment linked deduction to new hotels 

Aim to implement Direct Tax Code, GST by 1st April 2011: FM 

Budget 2010: Pranab cuts surcharge for corporates, ups MAT 

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FM's Budget makes tobacco cos cough 

Income Tax Slab Revised

There will be no tax for income upto Rs 1.6 lakh. This was the same earlier.

For income between 1.6 lakh - 5 lakh, the tax liability will be 10%. The older slab was 1.6 - 3 lakh.

For income between 5 lakh - 8 lakh, the tax liability will be 20%. Earlier 20% tax was deducted on Rs 3-5 lakh income.

Individuals with income of above Rs 8 lakh will have tax liability of 30%. Earlier 30% was deducted on income of Rs 5 lakh and above.

The government would allow a deduction of up to Rs 20,000 for investments in long-term infrastructure bonds. The deduction would be in addition to Rs 100,000 allowed under Section 80C of India's Income Tax Act.

e-Payment & e-Return Mandatory- Service Tax

NOTIFICATION NO

01/2010–ST., Dated: February 19, 2010

In exercise of the powers conferred by sub-sections (1) and (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely :-

1. Short title and commencement.- (1) These rules may be called the Service Tax (Amendment) Rules, 2010.

(2) They shall come into force on the 1st day of April, 2010.

2. In the Service Tax Rules 1994 (hereinafter referred to as the said rules), in rule 6, in sub-rule (2), for the proviso, the following proviso, shall be substituted, namely:-

"Provided that where an assessee has paid a total service tax of rupees ten lakh or more including the amount paid by utilisation of CENVAT credit, in the preceding financial year, he shall deposit the service tax liable to be paid by him electronically, through internet banking."

3. In the said rules, in rule 7, after sub-rule (2), the following proviso shall be inserted, namely:-

"Provided that where an assessee has paid a total service tax of rupees ten lakh or more including the amount paid by utilisation of CENVAT credit, in the preceding financial year, he shall file the return electronically".

F. No. 137/13/2010 - CX.4

(Madan Mohan)
Under Secretary to Government of India

Note.- The principal rules were published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i), dated the 28th June, 1994 vide notification No. 2/94-Service Tax, dated the 28th June, 1994, [G.S.R. 546(E), dated the 28th June, 1994] and were last amended by notification No. 17/2006-Service Tax, dated 25th April, 2006, [G.S.R. 247 (E), dated the 25th April, 2006, and vide notification No. 10/2009 - Service Tax, dated the 17th March 2009, [G.S.R. 171 (E), dated the 17th March, 2009].

--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
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Review of Indian Economy

REVIEW OF INDIAN ECONOMY FOR THE YEAR 2009-10- SEE ATTACHMENT

--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
          +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
          vmvsr@yahoo.co.uk
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A Glossary of Budget Terms

A Glossary of Budget Terms
Appropriation Bill: It is presented to Parliament for its approval, so that the government can withdraw from the Consolidated Fund the amounts required for meeting the expenditure charged on the Consolidated Fund. No amount can be withdrawn from the Consolidated Fund till the Appropriation Bill is voted is enacted   Capital Budget: It consists of capital receipts and payments. It also incorporates transactions in the Public Account. It has two components: Capital Receipt and Capital Expenditure. Capital Expenditure: It consists of payments for acquisition of assets like land, buildings, machinery, equipment, as also investments in shares etc, and loans and advances granted by the Central government to state and union territory governments, government companies, corporations and other parties. Capital Receipt: The main items of capital receipts are loans raised by the government from public which are called market loans, borrowings by the government from the Reserve Bank of India and other parties through sale of Treasury Bills, loans received from foreign governments and bodies and recoveries of loans granted by the Central government to state and union territory governments and other parties. It also includes proceeds from disinvestment of government equity in public enterprises. Central Plan: It consists of the government's budget support to the Plan and the internal and extra budgetary resources raised by public enterprises   Consolidated Fund: It is made up of all revenues received by the government, loans raised by it, and also its receipts from recoveries of loans granted by it. All expenditure of the government is incurred from the Consolidated Fund and no amount can be withdrawn from the Fund without authorisation from Parliament   Contingency Fund: It is an imprest placed at the disposal of the President and is used by the government to incur all its urgent and unforeseen expenditure. Parliamentary approval for such expenditure and for withdrawal of an equivalent amount from the Consolidated Fund is subsequently obtained and the amount spent from the Contingency Fund is recouped to the Fund. Demands for Grants: It is a statement of estimates of expenditure from the Consolidated Fund and is required to be voted by the Lok Sabha. Generally, one Demand for Grant is presented in respect of each ministry or department. Expenditure Budget: It contains expenditure estimates made for a scheme or programme under both revenue and capital heads. These estimates are brought together and shown on a net basis at one place by major heads   Finance Bill: This contains the government's proposals for levy of new taxes, modification of the existing tax structure or continuance of the existing tax structure beyond the period approved by Parliament. It is submitted to Parliament along with the Budget for its approval   Fiscal Deficit: It is the difference between the revenue receipts plus certain non-debt capital receipts and the total expenditure including loans (net of repayments). This indicates the total borrowing requirements of the government from all sources. Monetised Deficit: It indicates the level of support extended by the Reserve Bank of India to the government's borrowing programme. Non-Plan Expenditure: It includes both revenue and capital expenditure on interest payments, the entire defence expenditure (both revenue and capital expenditure), subsidies, postal deficit, police, pensions, economic services, loans to public enterprises and loans as well as grants to state governments, union territory governments and foreign governments. Plan Expenditure: It includes both revenue and capital expenditure of the government on the Central Plan, Central assistance to state and union territory plans. It forms a sizeable proportion of the total expenditure of the Central government. Primary Deficit: It is the difference between fiscal deficit and interest payments   Public Account: It is an account in which money received through transactions not relating to the Consolidated Fund is kept. Besides the normal receipts and expenditure of the government relating to the Consolidated Fund, certain other transactions enter government accounts in respect of which the government acts more as a banker, for example, transactions relating to provident funds, small savings collections, other deposits etc. Such money is kept in the Public Account and the connected disbursements are also made from it. Public Account funds do not belong to the government and have to be paid back some time or the other to the persons and authorities who deposited them. Parliamentary authorisation for payments from the Public Account is not required . Revenue Budget: It consists of the revenue receipts of the government (which is tax revenues plus other revenues) and the expenditure met from these revenues. It has two components: Revenue Receipt and Revenue Expenditure   Revenue Deficit: It refers to the excess of revenue expenditure over revenue receipts. Revenue Expenditure: It is meant for the normal running of government departments and various services, interest charges on debt incurred by the government and subsidies. Broadly speaking, expenditure which does not result in creation of assets is treated as revenue expenditure. All grants given to state governments and other parties are also treated as revenue expenditure even though some of the grants may be for creation of assets. Revenue Receipt: It includes proceeds of taxes and other duties levied by the Centre, interest and dividend on investments made by the government, fees and other receipts for services rendered by the government   Source: Government Budget Documents

 

--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
          +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
          vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

e-Payment of excise Duty Lowered

e-payment floor for excise duty lower

The Finance Ministry has lowered the threshold for payment of excise duty through the Internet banking route.

The Central Board of Excise and Customs (CBEC) has now stipulated that Internet banking should be the payment mode for all central excise assesses that fork out "Rs 10 lakh or more (including the cenvat credit utilisation) in a preceding financial year." Hitherto, e-payment of excise duty was mandatory only for those central excise assesses that paid excise duty of Rs 50 lakh and above (other than cenvat credit utilisation) in a financial year. Meanwhile, the CBEC has also now stipulated that assesses who pay excise duty of over Rs 10 lakh in a financial year, must file their monthly or quarterly returns electronically

 

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

 

 

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

 

 

Notification No. 04/2010-Central Excise (N.T.)

 

New Delhi, the 19^th February, 2010.

 

G.S.R.     (E).- In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further to amend the Central Excise Rules, 2002, namely:-

 

1.    Short title and commencement.-

            (1) These rules may be called the Central Excise (Amendment) Rules, 2010.

            (2) They shall come into force from the 1^st April, 2010.

 

2.         In the Central Excise Rules, 2002 (hereinafter referred to as the said rules), in rule 8, in sub-rule (1), in third proviso, for the words "duty of fifty lakhs rupees or more, other than the amount of duty paid by utilization of CENVAT credit, in the preceding financial year," the words, "total duty of rupees ten lakh or more including the amount of duty paid by utilization of CENVAT credit in the preceding financial year" shall be substituted

 

3.         In the said rules, in rule 12, in sub-rule (1), after the second proviso and before third proviso, the following proviso shall be inserted, namely:-

 

"Provided also that where an assessee has paid total duty of rupees ten lakh or more including the amount of duty paid by utilization of CENVAT credit in the preceding financial year, he shall file the monthly or quarterly return, as the case may be, electronically:"

 

 

 

F.No. 201/20/2009-CX.6

 

 

 

(V.P. Singh)

Under Secretary to the Government of India

 

Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section(i), dated 1^st March, 2002 vide notification No. 4/2002-Central Excise (N.T.), dated the 1^st March, 2002, [G.S.R. 143 (E), dated the 1^st  March, 2002] and were last amended, vide, notification No. 17/2009-Central Excise (N.T.), dated the 7^th July, 2009, [G.S.R. 482 (E) dated the  7^th July, 2009].  

 

IndianCAs: 10 Mudras. Its really good. [1 Attachment]

 

[Attachment(s) from Ashwin Nagar included below]

The presentation shows 10 Mudras. Its really good.
 

| Ashwin Nagar | FCA and SAP-FICO\SEM-BCS |

Success is not permanent and failure is not final

Ph: India: +91-98330-15352  US: +1-323-325-4111

 

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Attachment(s) from Ashwin Nagar

1 of 1 File(s)

MUDRA GYAAN.pps

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DGFT Circular on Confirming Membership of CAs

Government of India
Ministry of Commerce and Industry
(Department of Commerce)
Directorate General of Foreign Trade
Udyog Bhawan, New Delhi 110 011

Dated 9th February, 2010

Circular No. 23 /2009-2014

To
All Regional authorities

Subject: Confirming membership of Chartered accountants with the Institute of Chartered Accountants of India

The Institute of Chartered Accountants of India has informed that with a view to strengthening the process of certification being issued by chartered accountants, they have hosted a link http://220.227.161.82/locm.asp on ICAI website, to enable anyone to seek confirmation to the effect that certificate received by him has been issued by a member of the Institute holding full time Certificate of Practice (i.e. a member authorized to issue such a certificate). This will ensure that none of the authorities act on the certificates issued either by non members or members not holding Certificate of Practice.

All RAs to make use of the above facility to confirm about the membership of the chartered accountants.

This issues with the approval of competent authority.

Sd/-

(Rajiv Arora)
Joint Director General of Foreign Trade

(Issued from File No. 01/93/180/66/AM-10/PC-2(B)

 

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Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
          +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
          vmvsr@yahoo.co.uk
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IndianCAs: TDS rates in case of Section 194-C and 194-I gets simplified

 

TDS rates in case of Section 194-C and 194-I gets simplified this year. With several deductors requesting the department to ease the rates in these cases, department has finally take a call to streamline these rates.

 

Contract Payments:

Earlier, contract payments were attracting 2% TDS rate. If such contract is an advertisement contract then it was charged at 1%. Also all sub contracts were charged at 1% TDS rate.

The amendment in Section 194-C, makes it to be applied differently. The new rates includes, 1% for contracts received from Individuals/ HUF and 2% in case of others. These rates are same for both contracts and sub-contracts. Also note, there is nothing separate for Advertisement contracts.

Note: For Transport Contracts, if the Deductee provides the PAN, then, rate of TDS will be ZERO from 01st October 2009 to 31st March 2010. If the PAN is not provided then, TDS has to be made at 1% for Individuals/ HUF and 2% for others.

New rates for Contract:

1. One Percent (1%) where payment for a contract are to individuals/ HUF.
2. Two Percent (2%) where payment for a contract are to any other entity.

 

Rent Payments:

Earlier, rent payments were deducted at 10% in case of Plant/Machinery/ Equipments for all parties. In case of Land/Building/ Furniture/ Fittings, it was deducted at 15% for Individuals and 20% for others. Now the new amendment reduces the TDS rates and also makes it same for all types of Parties.

The newly amended 194-I section states that, the renting of Plant/Machinery/ Equipments for all parties will entertain TDS at 2% and renting of Land/Building/ Furniture/ Fittings at 10% for all types of party.

The reduction of these rates is said to be due to, blockage of Working Capital funds in most of the cases because of higher TDS rates.

New rates for Rent:

1. Two Percent (2%) where payment for a rent is for Plant/Machinery/ Equipments.
2. Ten Percent (10%) where payment for a rent is for Land/Building/ Furniture/ Fittings.

 

 

Applicable from October 2009

The amendment of rates in section 194-C and 194-I will be with effect from October 01, 2009. Any payments made till then should be made at earlier rates and not at new rates.

 

| Ashwin Nagar | FCA and SAP-FICO\SEM-BCS |

Success is not permanent and failure is not final

Ph: India: +91-98330-15352  US: +1-323-325-4111

 

Facebook : http://www.facebook.com/ashwinnagar

Twitter      : http://twitter.com/ashwinnagar

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Pune Branch Elections Results

Congratulations to all:

 

SR NO	NAME	No. of Votes
1	CA  DHAMANKAR REKHA VIVEK	678
2	CA INAMDAR SHRIPAD SUBHASH	668
3	CA AGARWAL NARENDRA SURESH	625
4	CA DHONGDE JAGDEESH VISHWANATH	593
5	CA KULKARNI VIJAYKANT JAGANNATH	554
6	CA PAWAR  SANJAY NARAYAN	553
7	CA MUNDADA SATYANARAYAN GOVERDHANLAL	540
8	CA GOVANDE ANANT MOHAN	506

 

Those who couldnot make it:

 

9	CA SHAHA SUNIL	553
10	CA DHOBLEPATIL  SAIDEEP SHANKARRAO	323
11	CA JAIN DINESH PARASMAL	315
12	CA GADO SHOBHANA EKNATH	307
13	CA OSWAL PRAKASH MANGILAL	193
14	CA PANDE ASHISH KUMAR	116
15	CA CHOUDRY HANAMANTHRAO REVANASIDDAPPA	94

 

A very peacful and orderly elections where 980 people voted.

Amarjit Chopra President and G Ramaswami vice President of ICAI

In todays council meeting at New Delhi, Amarjit Chopra elected as President and G Ramaswami elected as vice President of ICAI.

Shri Amarjit Chopra has more than three decades of standing and during his tenure in the Central Council he has been the Chairman of the Accounting Standards Board, Auditing and Assurance Standards Board, and Corporate Laws Committee for two years each and has been the Chairman of Expert Advisory Committee, Financial Reporting Review Board, Committee on Corporate Governance and Committee on Internal Audit for an year each.