Indirect tax amendments for ay 2013-14 pdf

In this article you can find all relevant tax amendments for june 2020 exams like tax rates, amendments relating to income from capital gains, amendments relating to deductions, amendments of service tax etc. It is 15% of new machines purchased andorinstallednew amendment in one year is more than 25 croresthis investment allowa. Proposals for amendments to indirect tax legislation. The tax collected during this interval stands at 1. This can also be accessed via cakart android app and can be read on move using your android mobile phones. May 29, 2018 apart from normal depreciation and additional depreciation, investment allowance is also available on new machinery installed during 20 14 fypy and 201415amt of deduction. Pdf contribution of indirect taxes on gdp of bangladesh. An individual with a tax liability of rs 10,000 or or more in a financial year is required to pay advance tax in that year as per current income tax law.

A direct tax is the opposite of an indirect tax, where the tax is levied on one entity, such as a seller, and paid by another, such as a sales tax paid by the buyer in a. Amendments to the indirect tax legislation in 2016 sell or use their own compressed liquefied natural gas. Determination of duty where goods consist of articles liable to different rates of duty. This ebook covers amendment relevant for caipcc income tax for may2018 attempt. Cbdt has issued explanatory notes to the provisions of the finance act, 2017 vide circular no. This file contains direct tax amendments made by finance act 2012 applicable for ca final nov 20 term. As applicable for assessment year 2014 tax rates for. Aug 20, 2014 indirect tax amendments indian budget 2014 1.

All information in this book, unless otherwise stated, is up to date as of 1 june 2014. By law, taxpayers must file an income tax return annually to determine their tax obligations. Final latest icai study module full pdf for 1 chapter. The tax collected by central board of indirect taxes and customs. Download study material method is very simple just click on download and save direct tax file to your computer. Concept of additional depreciation amendment ca cs cwa. Applicable tax rates in fy 2012 ay 2014 for individuals april 22, 20 by alok patnia the slab of income tax rates for fy 2012 ay 2014 is to some extent different from that of slab of fy 1112 ay 2012. Section 32ac of income tax act investment allowance. Tax updates applicable for june 2015 examination disclaimer these tax updates have been prepared purely for academic purposes only and it does not necessarily reflect the views of icsi. Amendments cover a major part in your exam paper either it is direct tax or indirect tax. Custom duty is an indirect tax levied on import or export of goods in and out of country. Therefore, the wealth tax act, 1957 and rules thereunder would not be. Direct tax amendments for may 2019 nov 2019 exams in pdf format.

These direct tax amendments are applicable to the students who are eligible to appear in ca ipcc nov 2019. Be it enacted by the queens most excellent majesty, by and with the advice and consent of the council and keys in tynwald assembled, and by the authority. However there are amendment in negative list addition deletions and abatement rates,penalties and a new amnesty scheme for service tax defaulters has been proposed. Fy 20142015 ay 20152016, fy 20152016 ay 20162017 tax slab for general taxpayers. Home page of central board of indirect taxes and customs. Ca ipcc incometax u0026 service tax amendments cum changes for may 2012 attempt u0026 8 services. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. The file also contains detailed analysis of the amendment by analyzing the memorandum explaining finance bill and overruled case decisions. Income tax department has started uploading itr1 sahaj and itr4s sugam online or offline. Dropping the 1% additional manufacturing tax provide guarantee to compensate states for any revenue.

Gst rates are often changing due the government decisions, and decisions are taken in the gst council meeting held by the council members. Ay 1617, exemption for transport allowance shall be increased from 800 p. Amendments of indirect tax for may 2020 exams for ca final by ca mahesh gour duration. The threshold income tax exemption limit for men has been extended to rs 2, 00,000 which was. Senior citizens aged 60 years but less than 80 years at any time during the previous year. Service tax was a tax levied by the central government of india on services provided or agreed. Official website of association of retired teachers, farook college. Feb 15, 2018 cbdt has issued explanatory notes to the provisions of the finance act, 2017 vide circular no. Direct tax amendments for may 2019 nov 2019 exams in pdf. They are used to fund public services, pay government. Download caipcc income tax amendments file in pdf format.

Income tax amendmentsnew provisions of finance act 2020. Claim for refund of duty 33 substitution of new section 28 for section 28. Tax amendments to file incometax return for ay 2014. Aug 06, 2019 current financial year is 201920it starts from 1 april 2019 till 31 march 2020itr will be filed after end of the yearsince itr is filed in next year,financial year 201920 is called assessment year 202021similarlylast financial year was 201819it started from 1 april 2018 till 31 march 2019itr to. So, today we talk about what is the due date of direct and indirect tax payment in the india in ay 201415 fy 20 14.

Download indirect tax amendments file in pdf format. Ca intermediate ipcc income tax short notes in pdf is colourful pdf which is issued by icai. The corporate income tax cit rate in albania is 10%. It has released latest excel base utility for taxpayers to submit annual income tax return for asstt. This research paper is based on secondary data and examined total tax collection from 20 14 to 201718 in terms of direct tax and indirect tax and its subtypes. Ca manoj batra ca final idt ca final idt online classes. Every effort has been made to avoid errors and omissions in this publication.

Income taxes are a source of revenue for governments. Tds rates chart for financial year 201718 assessment year 201819 vide finance act 2017 i. Revision lecture on summary of indirect taxes amendments applicable for june 2020 ca final exams by ca. Below we have given some tables that list tax slab rates for fy 20162017 ay 20172018. These pdf files include, amendments made by the finance act 2015 in income tax i. Regarding monitoring of work of cas and ensuring quality tax audit, icai issued guidance to its members for limiting the tax audit assignments in a financial year. Pass through status to certain alternative investment funds section 1023fb w. The tax authoritys approach to tax audits either can be the more traditional manual style, or may. 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.

Today we are providing ca ipcc tax amendments applicable for nov 2016. Jun 25, 20 income tax department has released the itr5 excel utility for ay 20 14,which can be used to e file income tax return. In place of wealth tax, surcharge on individuals with income inr 1 crore increased from 10% to 12% sukanya samriddhi account scheme for girl child investments in the scheme by parent or legal guardian eligible for deduction under section 80c interest and withdrawals from the scheme exempt from tax effective from ay 2015 16. Cbdt has released itr5 which is applicable for income tax return itr of firms, aops, bois and llps for a. Indirect tax in 2014 7 01 indirect taxes shift continues 02 legislation continues to change rapidly 03 excise taxes continue to rise 04 fastchanging landscape in global trade 05 increasing cooperation between tax authorities and focus on enforcement more than ever, governments are improving and. Amendments income tax return for ay 2014 simple tax india. Dear professional colleague, we are sharing with you important changes in indirect taxes union budget 20.

The slab of income tax rates for fy 2012 ay 20 14 is to some extent different from that of slab of fy 1112 ay 2012. An income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction. Bharat law ravi gupta house, t195, mangolpuri industrial area, phase i, new delhi110 083. Special provisions in case of land or building 9 1 0. 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. Official pdf, 32 pages world bank documents world bank group. 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. In the previous post, we have given ca ipcc tax study material for nov 2016 and ipcc tax question papers of previous exams i. 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.

We have updated the tds rate chart considering the amendments made by finance act, 2017. Budget 2016 has replaced the separate advance tax payment schedule for individuals with the same schedule as applicable to companies. In the budget 20 announcement the tax slabs has been broadened for men and senior citizens by the indian finance ministry. Please provide us with your gstin details to give you input tax credit of gst paid on all your future purchases. 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 2014 a i. Ipcc tax study material notes and amendments may 2018. Any person wishing to act on the basis of these tax updates should do so only after cross checking with the original source. Tax deducted at source tds rate chartslab for read more. Net direct tax collections for fy17 aprilaug rises 15% to rs. The central government has notified ten icdss effective from a. Comparative analysis of the companies amendment bill, 2020 visavis the companies act, 20.

In order to bring certainty, the following amendments are proposed to be effected with retrospective effect from a. Also, check the direct tax amendments applicable for nov 2019. Tax amendments applicable for assessment year prometrics. Duties and tax warehouses act suggesting new rules for proportional deduction and annual adjustments of input vat in the cases of mixed use of assets, amendments to the requirements for proving the application of 0% vat rate for supplies related to vessels, new rules for excise duty labels. These pdf file for direct tax are to be downloaded and saved to your computer and can take the printout of the same. The all revised itr forms are available in pdf format. Union budget 2014 focus stability and continuity revenue generation simplicity objectivity widen the tax base compliance enhancement facilitation measures 3. The rates for deduction of incometax at source during the fy 202021 from. Amendments play an important role in the examination and especially in direct and indirect taxation.

Union budget 2014 impact on the private equity investments 4 key policy initiatives total expenditures budgeted at rs 16,65,297 crores and 30% hike in plan expenditure at rs 555,322 crores for fy 2014 to allocate rs 2,03,672 crores for defence sector out of which 86,741 crores towards capital expenditure. Mar 01, 20 in budget 20,no change has been proposed to amend basic service tax rates it remains at 12% plus 3 % surcharge. Finance no 2 act, 2019, as amended by taxation law amendment act, 2019. Income tax department has released the itr5 excel utility for ay 20 14,which can be used to e file income tax return. However, for the corporate sector as well as for persons who are having the requirement of tax. Indirect tax amendments for final may and nov 20 exam. 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.

Analysis of all amendments applicable to fy 201718 ay. Income tax return statistics assessment year 20 14 version 1. Edition based on provisions applicable for ay 20 14 2. Due date of direct and indirect tax payment for f y 20 14. 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.

Indirect taxes indirect taxes are the charges levied by the state on consumption, expenditure, privilege, or right but not on income or property. Ca intermediate amendments for may 2020 exams icai aubsp. Gst is the new indirect tax implemented in india from 1st july 2017. Direct tax laws amendments made by the finance act, 20 applicable for june 2014 and december 2014 examination page 2 marginal relief. Amendments ca final indirect taxes gst, customs and ftp. You dont have to cover all the amendments till the date of your examination.

Edition based on provisions applicable for ay 20 14 3. When the law making body changes a particular law to come into effect from some previous date i. 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 file will be provided in text format and will contain certificate details for all requested pans. Tax is direct and indirect taxes goods and service tax gst income tax in india with slab rates tds as per norms pdf download now. The circulars, notifications, amendments made upto 30th april 2018. This is a tax levied on the income of companies under the incometax act, 1961. Budget 2016 2017 have been presented on parliament on 29th feb 2016 this union budget 20162017 will be applicable for financial year 201617. Worldwide tax summaries corporate taxes 201415 quick access to information about corporate tax systems in 155 countries worldwide. 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. Excel utility for income tax return form itr5 now available. Ay 2014 to ay 201718 for certain prescribed sectors.

Income tax legislation amendment bill 2019 section 1 c page 5 c e income tax legislation amendment bill 2019 1 a bill to confirm certain temporary taxation orders. The above persons will be obliged to submit a request for registration under edtwa not later than 29 february 2016. In the case of indian companies the rate of incometax shall be 25% of the total income. Indirect tax amendments gst cacmacs inter and final. 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. No change in peak rate of customs 10%, central excise 12% and service tax rates 12%. New amendments are proposed, scope of some provisions have been expanded, some proposed amendments are removed, so on and so forth. These tax slab rates for income tax can be applied to. You can use this pdf for a short revision of income tax law and by using this short notes of income tax you can revise income tax in a very short time.

Systematic approach to income tax, service tax and vat. Cs tax updates for june 2020 exams, cs tax amendments june. However, as usual, tax authorities applied this amendment retrospectively in pending assessments of assessment year up to ay 20 14, to which the amendment was not at all intended. On the tax front, the budget reiterated the governments intent to stimulate growth, incentivise affordable housing, encourage start ups. Assessment year for which this return form is applicable this return form is applicable for assessment year 20 2014 only, i. So any changes in direct and indirect taxes made in budget 201617 will be applicable for financial year 20162017 from 1st april onwards or the date notified therein. Gst indirect tax law paper4b amendments applicability of the provisions of gst law for may, 2020 examination. When goods are imported from outside, the tax known as import custom duty. The tax payers in particular who are having income in excess of rs. This pdf format is relevant for may 2019 examination and amended for may 2019 examination. Economic indicators direct tax indirect taxes regulatory landscape. 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. These income tax returns in most cases have to be filed by 31st july, 20. List of most due date chart of all statutory payments for f y 20 14 pertains to central laws.

Provisional assessment of duty 32 amendment of section 19. For ca ipcc taxation amendments for ca ipcc taxation amendments incometax u0026amp. Analysis of all amendments applicable to fy 201718 ay 201819. Ca final direct tax amendments for ay maynov 20 by prof siddharth surana. Dec 26, 2015 retrospective tax are the most dishonest sort of amendments to the existing tax laws. The free ebook indirect taxation free pdf ebook is uploaded at. Here we are providing all tax updates for cs professional and cs executive june 2020 examination.

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. Income tax slabs for assessment year 2014 financial year. Circular clarifying issues in respect of challenges faced by registered persons in implementation of provisions of gst issued click here. 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. Students may note that the finance act, 2015 has abolished the levy of wealth tax under the we alth tax act, 1957 with effect from a. The amendment is proposed to be effective from ay 202021 page 33. Service tax ay 2012 for may 2012 attempt visit us at.