Category Archives: Taxes & More

Taxation in case of Private Trust

A private trust is an effective estate planning tool used to resolve many tricky situations such as: providing for the future needs of a special child, protect an estate or carry forward business to next generation. Although there is a lot of consideration before a... read more

How Start-ups stand to gain from Budget 2016

The Finance Minister, in his budget speech, has proposed many incentives to encourage entrepreneurship in India. Some of the tax measures which will be beneficial for new start-ups are as follows- 1. Optional lower tax rate for newly setup manufacturing companies: In... read more

Budget 2016 Highlights for Corporates

—- New manufacturing companies incorporated on or after March 1, 2016 have been provided with an option either to adopt a reduced corporate tax of 27.55% (where the income exceeds Rs 1 crore but does not exceed Rs 10 crore) or 28.84% (where income exceeds Rs 10... read more

Tax Benefits for Senior Citizens

What are the benefits available to senior and very senior citizens? Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the quantum of income up to which a person is not liable to pay tax.... read more

Basic Concepts of Central Sales Tax

Central Sales Tax (CST) is a tax on sales of goods levied by the Central Government of India. CST is applicable only in the case of inter-state sales and not on sales made within the state or import/export of sales. Inter-state sale is when a sale or purchase... read more

Explanation on Different forms used in CST

Certain forms have been prescribed under CST which are used for different purposes. Form C is used for making interstate purchase at lower rate, Form F is used for transferring goods from one branch to another in different state and Forms E1 and E2 are used for... read more

Budget Highlights 2016‐17 for International Taxation

1. Increase in Surcharge Surcharge is increased from 12% to 15% in case of non‐resident individuals 2. Exemption in respect of certain activity related to diamond trading in “Special Notified Zone”. ‐Exemption u/s 9(1)(i) to Foreign Mining Companies through or from... read more

Changes in Direct Taxes made by Budget FY 2016 – 2017

1. Relief to small tax payers (a) Rebate under Sec 87A: With the objective of providing relief to resident individuals in the lower income slab i.e. total income not exceeding Rs. 5,00,000, section 87A is proposed to be amended so as to increase the maximum amount of... read more

Highlights of Union Budget 2016-17

Following are the 9 pillars of this Budget: a. Agriculture and farmers welfare b. Rural employment and infrastructure — Digital Literacy mission scheme to cover over 6 crore households — Revamp of National Land records programme and to be implemented as a Central... read more
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