Chapter 1 – Budget HighlightsDirect Tax Individuals and HUFs 1. Tax slabs for individuals extended 2. Business assets out of deemed gifts 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...
Budget 2010 to 2011
|Author:||Mr Vispi Patel|
|Profession:||Vispi T. Patel Chartered Accountants|
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