Indirect tax amendments for ay 2013 14 pdf

Aug 20, 2014 indirect tax amendments indian budget 2014 1. Direct tax laws income tax and wealth tax and indirect tax laws service tax, value added tax and central sales tax covered in the syllabus. Corporate and indirect tax rate survey 2014 assets. Supplement income tax act as amended by the finance act, 2012 as applicable for assessment year 20 14 tax rates the income tax rates for the assessment year 20 14 previous year 1 april 2012 31 march is as follows. Taxation administration act 1953, proposed minerals resource rent tax consequential amendments and transitional provisions act 2012 and eight other acts to align the self actuating system for the goods and services tax, the luxury car tax, the wine equalisation tax and fuel tax credits with the self assessment system for income.

India income tax slabs for assessment year 2014 financial year 201220 general tax payers income tax slab in rs. Cbdt has released itr5 which is applicable for income tax return itr of firms, aops, bois and llps for a. The provisions of cgst act, 2017 and igst act, 2017, including significant circulars and notifications issued upto 31st october, 2019, are applicable for may, 2020 examination. The corporate income tax cit rate in albania is 10%.

Service tax was a tax levied by the central government of india on services provided or agreed. Ay 2014 to ay 201718 for certain prescribed sectors. Amendments to the indirect tax legislation in 2016 sell or use their own compressed liquefied natural gas. The provisions of finance bill, 2017 relating to direct taxes seek to amend the income tax act, 1961 the act and the finance act, 2016 a. Direct tax laws amendments made by the finance act, 20 applicable for june 2014 and december 2014 examination page 3 subject to a local rate, it should not be situated within the areas as specified in item a or item b of clause ii of the proviso, to qualify income derived from any such building as agricultural income. Official pdf, 32 pages world bank documents world bank group. The act has also amended the above item b of section 214iii so as to provide that the following land. Income tax, central excise, customs, vat and service tax pose the peculiar problem of being subjected to frequent changes either by legislative amendments or by issue of notifications, orders, trade notices etc. Rates of income tax in respect of income liable to tax for the assessment year 201718. Tax guide and in our regular magazine, indirect tax briefing. Ca institute has released october 2019 edition of study material for direct tax law and international taxation. May 17, 20 all those tax payers who are claiming relief of tax in terms of section 90 or 90a or 91 of the income tax act and are filing their income tax return for the ay 20 14 and subsequent years will now be required to furnish their income tax return electronically under digital signature or transmitting the data in the return electronically and. The above persons will be obliged to submit a request for registration under edtwa not later than 29 february 2016. Any other individual and huf individual being resident who is of the age of 60 years or more individual being resident who is of the age of 80 years or more.

The corporate tax rate for fy 20 onwards is 26 percent. As applicable for assessment year 2014 tax rates for. Indirect taxes indirect taxes are the charges levied by the state on consumption, expenditure, privilege, or right but not on income or property. The central board of direct taxes recently has amended certain provisions of the income tax rules concerning filing of the income tax return. On the tax front, the budget reiterated the governments intent to stimulate growth, incentivise affordable housing, encourage start ups.

Tax amendments to file income tax return for ay 20 14 it is well known fact that tax payers are now required filing their income tax return for the financial year 2012 relevant to the assessment year 20 14. In the budget 20 announcement the tax slabs has been broadened for men and senior citizens by the indian finance ministry. Analysis of all amendments applicable to fy 201718 ay 201819. Rates of incometax in respect of income liable to tax for the assessment year 201718. Investment allowance is not reduced while calculating closing wdv. Amendments play an important role in the examination and especially in direct and indirect taxation. In the case of indian companies the rate of incometax shall be 25% of the total income. Taxes on incomethis is a tax on the income of individuals, firms etc.

This can also be accessed via cakart android app and can be read on move using your android mobile phones. Income tax slabs for assessment year 2014 financial. Important amendment in income tax, in budget 2017 fy 201718 1 deemed sale value for sale of unquoted shares introduced. These income tax returns in most cases have to be filed by 31st july, 20. Tax amendments to file incometax return for ay 2014. Tax amendments applicable for assessment year prometrics. If you would like to discuss developments in indirect tax, or if you would like access to our eva service or copies of our publications, please contact one of the ey indirect tax leaders listed in this report, or your usual ey indirect tax contact. The central government has notified ten icdss effective from a. This research paper is based on secondary data and examined total tax collection from 2014 to 201718 in terms of direct tax and indirect tax. These are applicable to all assesses other than an individual or a hindu undivided family who are not subject to tax audit under section 44ab of the said act for the purposes of computation of income chargeable to incometax under the head profits and gains of business or profession or income from other. Union budget 2014 focus stability and continuity revenue generation simplicity objectivity widen the tax base compliance enhancement facilitation measures 3. The tax mix is shifting toward taxes on consumption figure 1.

These direct tax amendments are applicable to the students who are eligible to appear in ca ipcc nov 2019. Amendments brought in by the finance act, 2012 a amendments made in income tax act amendments made in income tax act rates of income tax for assessment year 20 14 a i. Direct tax laws amendments made by the finance act, 20 applicable for june 2014 and december 2014 examination page 2 marginal relief. Students looking for direct tax amendments have landed on the correct page but those who are looking for amendments in gst shall follow this link gst amendments applicable for nov 2019. Measures for promoting affordable housing and real estate sector d. Feb 15, 2018 cbdt has issued explanatory notes to the provisions of the finance act, 2017 vide circular no. Gst indirect tax law paper4b amendments applicability of the provisions of gst law for may, 2020 examination. Income tax act 1961 as amended by finance act, 2014. Section 32ac of income tax act investment allowance. May 29, 2018 this investment allowance is only for fy 201415,fy 201516 and fy 201617 fy means financial year earlier it was 15% of new machines installed in fy 20 14 and fy 201415 if aggregate of machine cost exceeds 100 cr total of both years combined. Income tax return statistics assessment year 20 14 version 1. Provisions relating to direct taxes income tax department. Download direct tax amendments for may 2019 file in pdf format.

Although, the budget proposes that the reduced corporate tax rate be extended to companies with turnover in ay 2018 19 up to inr 4bn, it fell short on rationalising the ddt. Indirect taxes no change in the normal rates of 12 percent for excise duty and service tax. General rate of duty of central excise on nonpetroleum products has been increased from 10% to 12% w. The study material contains all relevant amendments made by finance act, 20 and is applicable for the assessment year 201415 relevant for june 2014 and december 2014 examination. Tax amendments 20 by werksmans tax practice introduction as in prior years, this publication deals only with the substantive amendments that are likely to be of general interest, and excludes comment on highly technical or esoteric amendments. Amendments by finance act 20 applicable to fy 2014 ay. Ed rates basic excise duty is levied us 31 of central excise act. Income tax slabs for assessment year 2014 financial year. Changes made in direct tax law by union budget 201718 a. Percentage share of major tax categories in total tax revenue. Special provisions in case of land or building 9 1 0. Changes made in direct tax law by union budget 201718. Taxation trends in the european union 2019 european commission.

Some of the points mentioned in this new amendment are really very very important for practical filing of the income tax return by the tax payers for the assessment year 20 14. Assessment year ay 202021 is applicable for ca final may 2020 and nov 2020 examinations. Ca manoj batra ca final idt ca final idt online classes. Proposals for amendments to indirect tax legislation. The tax authoritys approach to tax audits either can be the more traditional manual style, or may. On 23 and 29 december 2016, the ministry of finance published proposals for amendments to regulations for application of the value added tax act and regulations for application of the excise duties and tax warehouses act suggesting new rules for proportional deduction and annual. The tax collected during this interval stands at 1. The free ebook indirect taxation free pdf ebook is uploaded at. Customs duties levied on imports, excise duties on production, sales tax or value added tax vat at some stage in productiondistribution process, are examples of indirect taxes because.

Robust income tax collections has led to an increase of 15% in net direct tax collections during the five month period between april and august, for the financial year 201617. Net direct tax collections for fy17 aprilaug rises 15% to rs. Amendments income tax return for ay 2014 simple tax india. One stop solution for ca cs cwa direct indirect tax gst business news. The file also contains detailed analysis of the amendment by analyzing the memorandum explaining finance bill and overruled case decisions. This file contains direct tax amendments made by finance act 2012 applicable for ca final nov 20 term. The new study material has been amended by the finance no. Every effort has been made to give the latest information, wherever possible including changes made by the finance act, 20.