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UNION BUDGET 2013-14




                        -DIRECT TAX
       Prepared By- Arvind Rathi (Article Assistant)
       Sandesh Mundra & Associates.
SURCHARGE
 A surcharge of 10 % on persons whose taxable
 income exceeded 1 cr Rs.
Applicable to individuals, HUFs , firms and entities.
Increase of the surcharge from 5 % to 10 % on the
 domestic companies,whose taxable income
 exceeded 10 cr Rs.
In case of the foreign companies, there would be an
 increase of surcharge from 2 % to 5 %.


                   Prepared By- Arvind Rathi (Article
                     Assistant),Sandesh Mundra &
                              Associates.
RELIEF & WELFARE MEASURES

   Rebate of Rs 2000 for individuals having total
    income up to Rs 5 lakh.

   Raising the limit of percentage of eligible
    premium for life insurance policies of person
    with disability or disease.

   Deduction for contribution to health schemes
    similar to CGHS.

   One hundred percent deduction for donation to
    National Children’s Fund.


                         Prepared By- Arvind Rathi
                         (Article Assistant),Sandesh
                           Mundra & Associates.
SECURITIES TRANSACTION TAX

S.NO   NATURE OF              PAYABLE BY            EXISTING      PROPOSED
       TAXABLE ST                                   RATES(IN %)   RATES(IN %)

1.     Delivery based       Purchaser               0.1           Nil
       purchase of units of
       an equity oriented
       fund entered into
       in a recognised
       stock exchange.
2.     Delivery based sale    Seller                0.1           0.001
       of units of an
       equity oriented
       fund entered into
       in a recognised
       stock exchange.
3.     Sale of a futures in   Seller                0.017         0.01
       securities.
4.     Sale of a unitof an    Seller                 0.25         0.001
       equity oriented
       fund the mutual Prepared By- Arvind Rathi
       fund.               (Article Assistant),Sandesh
                             Mundra & Associates.
KEY MAN INSURANCE POLICY
 “Keyman insurance”, - insurance against the death of a key person of the
  company.
 During the term, the company “assigns” the policy to the employee
 Collects the “surrender value” from the key employee.
 Employee pays subsequent premiums, and gets proceeds at maturity.
 Normally, proceeds are taxable in the hands of whoever gets it.
 Employee argues that it was not a keyman insurance policy any more. And
  thus, the proceeds were tax free.
 It is now stated that if a keyman insurance policy is assigned, proceeds will
  be fully taxed.
 The change works for any assignment done or proceeds received after
  April 1, 2013.
 The lesson to learn is: Don’t screw with the Income Tax Dept.

        Delhi Hc-
       Rajan Nanda
                              Prepared By- Arvind Rathi
                              (Article Assistant),Sandesh
                                Mundra & Associates.
PENALTY- U/S 271FA
SECTION          Nature of                Authority who can levy   Quantum of Penalty
                 Failure/Default          penalty
Section 271FA    Failure   to     furnish Prescribed Income Tax    Rs. 100/- for every day
                 annual      information authority.                during which failure
                 return required u/s.                              continues.
                 285BA or failure to
                 furnish such return
                 within     the     time
                 prescribed.



This Amendment
Will Take
Effect From
1st April,2014.
                            Prepared By- Arvind Rathi
                            (Article Assistant),Sandesh
                              Mundra & Associates.
GENERAL ANTI AVOIDANCE RULES
           (GAAR)
 The GAAR objective was to "counter aggressive tax avoidance
  schemes."
 It empowers officials to deny the tax benefits on transactions or
  arrangements.
 The GAAR proceedings has to be approved by a pannel.
 The directions issued by the Approving Panel shall be binding on the
  taxpayer as well as the income-tax authorities.
 No appeal can be made against such directions.
 The Assessing Officer can send a reference to the GAAR panel for
  one or more assessment years.


                        Prepared By- Arvind Rathi (Article
                          Assistant),Sandesh Mundra &
                                   Associates.
APPLICABILITY OF SURCHARGE
     ON TDS PROVISION




PARTICULARS                                      PROPOSED RATE (%)
Non Resident Other Than Company-                 10
Having total income exceeding Rs 1 Cr.

Foreign Company-Having total income              2
exceeding Rs 1 Cr but less than 10 Cr.

Others-Having total income exceeding Rs 10 5
Cr.                           Prepared By- Arvind Rathi (Article
                                Assistant),Sandesh Mundra &
                                         Associates.
INVESTMENT IN NEW PLANT OR
   MACHINERY (SEC-32AC)
o Section 32AC shall be effective from the 1st April 2013.
o A manufacturer or producer of any article acquires or installs a new asset
  between April 1, 2013 to March 31, 2015 & the aggregate cost of the assets
  exceeds INR 100 cr, then deduction shall be allowed as under,
A.Y. 2014-15 – 15% of the actual cost of new asset where,asset acquired &
  installed between April 1,2013 to March 31,2014 & the aggregate cost of the new
  assets exceeds INR 100 cr.
A.Y. 2015-16 – 15% of the actual cost of new asset where,asset acquired &
  installed between April 1,2013 to March 31,2015 after subtracting the amount
  deducted in AY 2014-15.




                               Prepared By- Arvind Rathi
                               (Article Assistant),Sandesh
                                 Mundra & Associates.
TAXABILITY ON BUY BACK OF
         SHARES
• When a company purchase its own shares in accordance with the
  provisions of Sec 77A of the Companies Act, 1956.
• In relation to buy-back of shares of an unlisted company.Such
  additional income-tax is payable at the rate of 20% on the
  distributed income.
• The tax paid by the company on distribution of income in
  accordance with the buy-back of shares will be the final tax
• No credit of taxes shall be available either to the company or to the
  shareholder


                                                         In Armstrong World
                                                              Industries
                                                              Mauritius
                          Prepared By- Arvind Rathi        Multiconsult Ltd.
                          (Article Assistant),Sandesh
                            Mundra & Associates.
INCOME TAX RATES
• No Changes In The Slab Rates.
• Slab Rate,For Individuals, Hindu Undivided Families,
  Association of Persons and Body of Individuals
 INCOME (INR)*                  RATE (%)^@
 0-2,00,000                     Nil
 2,00,001-5,00,000              10
 5,00,001-10,00,000             20
 10,00,000 & Above              30

@ Surcharge of 10% is levied if the total income exceeds INR 1 crore.
^ Education cess of 2% and Secondary Education cess of 1%
    is leviable on the amount of income-tax.
*The exemption limits are as follow- INR 2,50,000
for resident individuals of the age of 60 years
or more INR 5,00,000 for Very Senior Citizens
 of the age of 80 years or more.
                                      Prepared By- Arvind Rathi
                                      (Article Assistant),Sandesh
                                        Mundra & Associates.
STAMP DUTY VALUATION FOR
COMPUTATION OF INCOME UNER HEAD “
      BUSINESS INCOME”-43CA
Stamp-duty valuation will be considered as full value consideration in cases
where agreed consideration is less.

It is only applicable were immovable property is a capital asset and not
stock-in-trade.

 The date of an agreement fixing the value of consideration for the transfer
of the property and the date of registration of the transfer of the property are
not the same.

The stamp duty value may be taken as on the date of the agreement for
transfer provided the consideration, in a mode other than cash.
                             Prepared By- Arvind Rathi
                             (Article Assistant),Sandesh
                               Mundra & Associates.
TDS ON TRANSFER OF
      IMMOVABALE PROPERTY
 Section 194-IA has been introduced to provide that in
  case of transfer of immoveable property,other than
  agricultural land, by a resident.
 The transferee shall deduct tax at the rate of 1% thereof.
 No deduction is required to be made in case the
  consideration for transfer of immoveable property is less
  than fifty lakhs rupees.

                                                       Allahbad
                                                         KAN
                                                     construction
                       Prepared By- Arvind Rathi
                       (Article Assistant),Sandesh
                         Mundra & Associates.
AGRICULTURE LAND SEC 2(1)A
 A land shall not be treated as an agriculture land, if such
land is situated within the distance measured aerially which
should not be more than:

 REGARDING DISTANCE     BEYOND (KMs)
 10,000 – 1,00,000      2
 1,00,000 – 10,00,000   6
 > 10,00,000            8

Any                     Would Be Rural                    CIT v. Lal
Muncipality.            Agriculture Land.                  Singh




                            Prepared By- Arvind Rathi
                            (Article Assistant),Sandesh
                              Mundra & Associates.
LIFE INSURANCE POLICY
                 SEC 10(10D)

 If the premium payable for any of the years during the term of the
policy does not exceed 15% (earlier 10%) of the actual capital sum
assured, will be Exempt for the Insurance on the life of any person
who is-
I. A a person with disability or a person with severe disability as
      referred to in section 80U.
II. Suffering from disease or ailment as specified in the rules made
      under section 80DDB.

                          Prepared By- Arvind Rathi
                          (Article Assistant),Sandesh
                            Mundra & Associates.
MEDICAL SCHEME SEC 80D
Finace Bill, 2013 proposes to expand the scope of deduction under
section 80D by expanding the eligible schemes on
which deduction shall be available by amending section 80D with
effect from 1.04.2014 which provides as under:

    In section 80D of the Income-tax Act, in sub-section (2), in clause (a), after the
    words “Central Government Health Scheme”, the words “or such other scheme as
    may be notified by the Central Government in this behalf” shall be inserted with
    effect from the 1st day of April, 2014.’




                                 Prepared By- Arvind Rathi
                                 (Article Assistant),Sandesh
                                   Mundra & Associates.
RAJIV GANDHI EQUITY SCHEME
 Continued because of prestige behind the name.

To enable first time investors to park funds in MFs and listed shares and extended
tax benefits to three successive years.

The limit for investors wanting to invest in RGESS has been raised to Rs 12 lakh from
Rs 10 lakh earlier.

Under the scheme, an individual with an income of less than Rs 12 lakh would get
tax incentives for investing up to Rs 50,000 in the stock market.

The RGESS, which was originally announced in the Budget for 2012-13, seeks to
provide tax benefits to first-time investors in stock markets.




                                 Prepared By- Arvind Rathi
                                 (Article Assistant),Sandesh
                                   Mundra & Associates.
AMENDMENT IN
           SEC 80-IA(4)

Finance Bill 2012 proposes for the words, figures and letters "the 31st day of
March, 2012" in section 80-IA(4)(iv) the words, figures and letters "the 31st
day of March, 2013" shall be substituted.

This amendment will take
effect from 1st April, 2013
and will, accordingly, apply
in relation to assessment                      Analysis/Conclusion-
year 2013-14 and subsequent                    As per the proposed amendment, the
assessment years.
                                               eligibility cut-off for carrying out the
                                               aforesaid activities has been extended by
                                               a period of one year i.e., up to 31 March
                                               2013.

                               Prepared By- Arvind Rathi
                               (Article Assistant),Sandesh
                                 Mundra & Associates.
SPECIAL AUDIT SEC 142(2A)
The powers of the AO to direct special audit have been
widened. The AO can now order a special audit not only due to
the reason of nature and complexity of accounts but he can
now order a special audit in the following additional
circumstances:

a) The volume of the accounts;
b) Doubts about the correctness of accounts;
c) Multiplicity of transactions in the accounts;
d) Specialized nature of business activity of assessee.

                                                                    Delhi
                                                                Development
                                                                 Authority v.
                                                                  Union of
                                                                    India
                          Prepared By- Arvind Rathi (Article
                            Assistant),Sandesh Mundra &
                                     Associates.
DEFECTIVE RETURN SEC 139(9)
   Filling return without paying self assessment tax,
   Now it will be treated as Defective return.


                                                   If AO gives notice-
                                                   Rectify in 15 days
                                                   otherwise,
                                                   return would be invalid.




Note- The tax together with interest, if any,
payable in accordance with the provisions of
section 140A, has been paid on or before the
date of furnishing of the return. Prepared By- Arvind Rathi
                                     (Article Assistant),Sandesh
                                       Mundra & Associates.
BAD DEBTS SEC 36(1)(Vii)

In case of Banks and Financial Institutions.

 The amount of deduction in respect of the bad debts.

 Actually written off under section 36(1)(vii) shall be
limited to the amount by which such bad debts exceeds the
credit balance in the provision without any distinction
between rural advances and other advances.
                                                       DCIT v.
                                                     Karnataka
                                                      Bank Ltd
                       Prepared By- Arvind Rathi
                       (Article Assistant),Sandesh
                         Mundra & Associates.
IMMOVABLE PROPERTY
  RECEIVED FOR INADEQUATE
CONSIDERATION SEC 56(2) (Vii) (b)
Where any immovable property is received for a consideration which is less than the
stamp duty value of the property by an amount exceeding Rs. 50,000.

 The stamp duty value of such property as exceeds such consideration, shall be
chargeable to tax in the hands of the individual or HUF as income from other sources.

The existing provisions provide that where any immovable property is received by an
individual or HUF without consideration.

The stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of
such property would be charged to tax as income from other sources.

The existing provision does not cover a situation where the immovable property has
been received by an individual or HUF for inadequate consideration.
                                  Prepared By- Arvind Rathi                     In CIT v.
                                                                           Khoobsurat Resorts
                                  (Article Assistant),Sandesh                    (P.) Ltd
                                    Mundra & Associates.
COMMODITIES TRANSACTION TAX




S.NO    TAXABLE                    RATE                  PAYABLE BY
        COMMODITIES
        TRANSACTION
1.      Sale Of Commodity          0.01 Percent          Seller
        Derivative

                The Tax is proposed
                to be levied at the rate,
                given in the table above.
                    Prepared By- Arvind Rathi
                         (Article Assistant),
                    Prepared By- Arvind Rathi (Article
                Assistant),Sandesh MundraAssociates.
                Sandesh Mundra & & Associates.
ROYALTY/ FTS TO NON-RESIDENT
          SEC 115A
Agreement after
1/6/2005=10%.


Argument by
department- Most of                  Question arises- We have
the DTA the rate is                  DTAA with 84 countries,
more than 10% .                      but what about other
                                     countries????
ex- US/UK=15%


Now the rate stands
increased to 25%.     Prepared By- Arvind Rathi
                      (Article Assistant),Sandesh
                        Mundra & Associates.
CASE LAW- GUJARAT HC V.
  MAGANBHAI PATEL
       167C/179
1. Director liable for tax due if Company has not paid as well
   as Partners of LLP.

2.Unless He proves fault not breach of trust.

3.The word tax due has changed- even the Penalty &
   Interest will also calculated.

                       Prepared By- Arvind Rathi
                       (Article Assistant),Sandesh
                         Mundra & Associates.
TAX RESIDENCY CETIFICATE (TRC)
 TRC containing prescribed particulars was a necessary but not sufficient
 condition for availing benefits of DTAA.

 This provision was for those coming from jurisdictions other than
 Mauritius, depending on provisions of treaties with those nations.

 This provision was in the explanatory memorandum to the Finance Act,
 2012. In this Budget, however, the provision was added to the Finance Bill
 itself.

 The ministry clarified that TRC would be taken as a proof of residence for
 these jurisdictions. For beneficial ownership, however may check other
 documents as well.

                             Prepared By- Arvind Rathi
                             (Article Assistant),Sandesh
                               Mundra & Associates.
APPROVAL FROM JOINT
   CIT IS NOT MANDATORY IF APPROVAL FROM
  CIT IS OBTAINED FOR ASSESSMENT IN SEARCH
                    CASES.
A. With a view to remove the procedural ambiguity, the proposed proviso
   makes it clear that section 153D shall not apply requiring approval by Joint
   CIT.

B. where the assessment / reassessment order is passed by the Assessing
   Officer with the prior approval of the Commissioner under sub-section (12) of
   section 144BA.

C. It is because an order passed under Section 144BA(12) is with the approval of
   an authority higher than the JCIT.
                                                                         Akil
                                                                       Gulamali
                                                                      Somji v. ITO
                               Prepared By- Arvind Rathi
                               (Article Assistant),Sandesh
                                 Mundra & Associates.
SEIZED ASSETS ARE NO LONGER
AVAILABLE FOR ADJUSTMENT TOWARDS
      ADVANCE TAX LIABILITY

"Existing liability" does not include advance tax payable in
accordance with the provisions of the Act.

Various Courts have taken a view that the term "existing liability"
includes advance tax liability of the assessee.

In some of the cases, it was held that amount of cash seized from
assessee in search proceedings under section 132 can be adjusted
against his advance tax liability.


                      Prepared By- Arvind Rathi
                      (Article Assistant),Sandesh
                        Mundra & Associates.
UNION BUDGET 2013-14




                           -INDIRECT TAX

        Prepared By- Arvind Rathi (Article
    Assistant),Sandesh Mundra & Associates.
CENTRAL EXCISE
Offences cognizable and non bailable:
Offences relating to excisable goods,involving evasion of duty or contravention of
provisions pertaining to utilization of Credit.
where the duty leviable thereon under the CE Act exceeds Rs. 50 lakhs, shall be
cognizable & non-bailable.

Expansion in the scope of Advance Ruling proceedings:
1. Any new business of production or manufacture proposed to be undertaken by an existing
   producer or manufacturer.
2. Advance ruling can be sought, is proposed to be amended to cover the question of
   admissibility of credit of service.
3. Resident public limited companies has been notified as a person eligible for seeking
    Advance Ruling.




                                    Prepared By- Arvind Rathi (Article
                                Assistant),Sandesh Mundra & Associates.
DUTY IMPACT ON CERTAIN GOODS

No change in the basic rate of excise duty- 12%.


Readymade garments- Sold under a “brand name”,are subject
to Excise Duty at the rate of 12.36% from 10.30%,
w.e.f. April 1, 2012.


Mobile handsets- Including cellular phones having retail sale price
more than Rs. 2000/- is being increased from 1% to 6%.



Cigarettes-Excise Duty on cigarettes and other products of CETH 2402,
has been increased,to about 18%.




                                       Prepared By- Arvind Rathi (Article
                                   Assistant),Sandesh Mundra & Associates.
DUTY IMPACT ON CERTAIN GOODS

Excise duty on SUVs- Including utility vehicles is being increased
from 27% to 30%, with immediate effect, the duty increase does not
affect SUVs used as taxis.


Branded Ayurvedic Medicaments- They are being brought
under MRP based assessment with an abatement of 35% from the
MRP.


Marble slabs- Excise Duty is being increased on marble slabs and tiles
from Rs 30 per square meter to Rs 60 per square meter.




                                     Prepared By- Arvind Rathi (Article
                                 Assistant),Sandesh Mundra & Associates.
FULL EXEMPTION FROM CENTRAL
           EXCISE DUTY
 Tapioca starch manufactured and consumed captively in the
  manufacture of tapioca sago.

 All goods for the manufacture of fertilizers.

 Henna powder or paste, not mixed with any other ingredient.

 All handmade carpets and carpets and other textile floor coverings
  of coir and jute,whether or not handmade.


                                     Prepared By- Arvind Rathi (Article
                                 Assistant),Sandesh Mundra & Associates.
CENVAT CREDIT RULES,2004
 An explanation has been inserted after Rule 3(5B) stating
 that non-payment of duty payable On removal of inputs
 or capital goods, would be recoverable in terms of Rule
 14.
It is applicable in respect of cases falling under sub-rules
 (5), (5A) and (5B) of Rule 3, i.e. duty payment on removal
 of inputs or capital goods as such or after being used, and
 on write off of any value of the inputs or capital goods
 fully or partially in the books of accounts.
      Alpump Pvt. Ltd. vs.
       Commissioner of
     Central Excise, Chennai
                                   Prepared By- Arvind Rathi (Article
                               Assistant),Sandesh Mundra & Associates.
SERVICE TAX




    Prepared By- Arvind Rathi (Article
Assistant),Sandesh Mundra & Associates.
SERVICE TAX VOLUNTARY
   COMPLIANCE ENCOURAGEMENT
           SCHEME, 2013
1) To encourage voluntary compliance of filing returns and payment of tax dues, by making
   truthful declaration of the tax dues.
2) The declarant shall be granted immunity from penalty, interest or any other proceedings on
    payment of the tax dues.
3) The eligibility criteria of the scheme are set out below:
     a) The scheme is applicable for the tax dues.
     b) The declaration to be made on or before December 31, 2013.
     c) Declaration cannot be filed by a person who has furnished return .

4) The timeliness for making payment of declared tax dues are as follows:

      a) At least 50% of the tax dues to be paid on or before December 31, 2013.
      b) Balance tax dues to be paid on or before June 30, 2014.

5) The tax dues so paid shall not be refundable under
any circumstances.
                                      Prepared By- Arvind Rathi (Article
                                  Assistant),Sandesh Mundra & Associates.
DEFAULTS
 SECTION 89- Term of imprisonment for failure to deposit service
tax collected but not paid within 6 months increased from 3 years to 7
years. Further, the offence is made cognizable.

 DEFAULT IN PAYMENT OF SERVICE TAX- To hold officers of
companies responsible for conduct of business, liable for contravention
of the provisions of the Act.Maximum penalty is Rs.1,00,000.

 SERVICE TAX REGISTRATION CAPPED- To cap penalty
for failure to obtain registration,maximum of Rs.10,000.




                              Prepared By- Arvind Rathi (Article
                          Assistant),Sandesh Mundra & Associates.
RATIONALIZATION OF ABATEMENT

 S.NO    SERVICE                    TAX BASE ON           CONDITION
                                    WHICH TAX TO BE
                                    CALCULATED,POST
                                    ABATEMENT(%)
 1.      The servic provided        25                    For residential unit
         by way of                                        having a carpet
         construction of                                  area up to 2000 sq.
         complex, buildings,                              ft. or where the
         civil structure                                  amount charged is
         intended for sale                                less then Rs. 1 Cr.
         prior to issuance of       30                    For Other Than
         completion                                       Above.
         certificate.




                    Prepared By- Arvind Rathi (Article
                Assistant),Sandesh Mundra & Associates.
EXEMPTIONS
           RATIONALIZED

S.NO   TAXABALE SERVICE               EXISTING                    AMENDMENTS
                                      NOTIFICATION


1.     Educational Institution        Services provided to or     The words ‘provided to
                                      by an educational           or by’ has been replaced
                                      institution in respect of   with ‘provided to’.
                                      education exempted
                                      from Service Tax.
2.     Restaurant Services            Services provided in        The condition that the
                                      relation to serving of      restaurant should have a
                                      food or beverages by a      license to serve alcoholic
                                      restaurant, eating joint    beverage has been
                                      or a mess.                  deleted.



                      Prepared By- Arvind Rathi (Article
                  Assistant),Sandesh Mundra & Associates.
NEGATIVE LIST

A. Certain Educational Services forms part of Negative List of Services.

B. The scope of the entry has been enlarged by including ‘State Council of Vocational
   Training’ as an approved vocational education course.

C. The scope of the Negative List has been curtailed, and a course run by an institute
   affiliated to the National Skill Development Corporation set up by the Government
   of India has been removed.

D. Any process amounting to manufacture or production of goods on which duties of
   excise is leviable under the CE Act or under a State Excise Act on the manufacture
   of alcoholic.



                                   Prepared By- Arvind Rathi (Article
                               Assistant),Sandesh Mundra & Associates.
EXEMPTIONS
                    WITHDRAWN


I. Service provided by an educational institution by way of
     renting of immovable property.
II. Temporary transfer or permitting the use or enjoyment of a
     copyright relating to cinematographic films was fully exempt so
     far, this exemption will be restricted to exhibition of
     cinematograph films in a cinema hall or a cinema theater.
III. Services by way of vehicle parking to general public.
IV. Services provided to government, a local authority, by way of
     repair or maintenance of aircraft.

                           Prepared By- Arvind Rathi (Article
                       Assistant),Sandesh Mundra & Associates.
WRONGFUL INVOCATION OF
  EXTENDED PERIOD OF
      LIMITATION
 where a demand has been raised invoking the larger period of limitation,
i.e. 5 years, and the Court finds that the demand for the larger period is
not sustainable.

Because the charges of fraud, suppression, wilful misstatement are not
sustainable, the Department can determine the Service Tax liability for the
normal period and raise a demand accordingly.

It seeks to clarify that in cases where the demand for the normal period
(18 months) is sustainable but a Notice has been issued for 5 years, the
same can be severed and the entire demand need not be set aside.

                                Prepared By- Arvind Rathi (Article
                            Assistant),Sandesh Mundra & Associates.
ADVANCE RULLING


 It is being extended to cover resident public limited
companies.

 A notification is being issued for this purpose,under
section 96A(b)(iii) of the Finance act,1994.




                          Prepared By- Arvind Rathi (Article
                      Assistant),Sandesh Mundra & Associates.
Participate in our next event ….




              Prepared By- Arvind Rathi (Article
          Assistant),Sandesh Mundra & Associates.
Will This Budget Help Us?????

For any information contact us at 079 40032950 /
9426024975

Email us at –
sandesh@knowledgecloud.in
info@consultconstruction.com
info@aarnasoft.net

Check our new software on consolidation of accounts at
www.consolidationofaccounts.com




                      Prepared By- Arvind Rathi (Article
                  Assistant),Sandesh Mundra & Associates.

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Budget 2013

  • 1. UNION BUDGET 2013-14 -DIRECT TAX Prepared By- Arvind Rathi (Article Assistant) Sandesh Mundra & Associates.
  • 2. SURCHARGE  A surcharge of 10 % on persons whose taxable income exceeded 1 cr Rs. Applicable to individuals, HUFs , firms and entities. Increase of the surcharge from 5 % to 10 % on the domestic companies,whose taxable income exceeded 10 cr Rs. In case of the foreign companies, there would be an increase of surcharge from 2 % to 5 %. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 3. RELIEF & WELFARE MEASURES  Rebate of Rs 2000 for individuals having total income up to Rs 5 lakh.  Raising the limit of percentage of eligible premium for life insurance policies of person with disability or disease.  Deduction for contribution to health schemes similar to CGHS.  One hundred percent deduction for donation to National Children’s Fund. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 4. SECURITIES TRANSACTION TAX S.NO NATURE OF PAYABLE BY EXISTING PROPOSED TAXABLE ST RATES(IN %) RATES(IN %) 1. Delivery based Purchaser 0.1 Nil purchase of units of an equity oriented fund entered into in a recognised stock exchange. 2. Delivery based sale Seller 0.1 0.001 of units of an equity oriented fund entered into in a recognised stock exchange. 3. Sale of a futures in Seller 0.017 0.01 securities. 4. Sale of a unitof an Seller 0.25 0.001 equity oriented fund the mutual Prepared By- Arvind Rathi fund. (Article Assistant),Sandesh Mundra & Associates.
  • 5. KEY MAN INSURANCE POLICY  “Keyman insurance”, - insurance against the death of a key person of the company.  During the term, the company “assigns” the policy to the employee  Collects the “surrender value” from the key employee.  Employee pays subsequent premiums, and gets proceeds at maturity.  Normally, proceeds are taxable in the hands of whoever gets it.  Employee argues that it was not a keyman insurance policy any more. And thus, the proceeds were tax free.  It is now stated that if a keyman insurance policy is assigned, proceeds will be fully taxed.  The change works for any assignment done or proceeds received after April 1, 2013.  The lesson to learn is: Don’t screw with the Income Tax Dept. Delhi Hc- Rajan Nanda Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 6. PENALTY- U/S 271FA SECTION Nature of Authority who can levy Quantum of Penalty Failure/Default penalty Section 271FA Failure to furnish Prescribed Income Tax Rs. 100/- for every day annual information authority. during which failure return required u/s. continues. 285BA or failure to furnish such return within the time prescribed. This Amendment Will Take Effect From 1st April,2014. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 7. GENERAL ANTI AVOIDANCE RULES (GAAR)  The GAAR objective was to "counter aggressive tax avoidance schemes."  It empowers officials to deny the tax benefits on transactions or arrangements.  The GAAR proceedings has to be approved by a pannel.  The directions issued by the Approving Panel shall be binding on the taxpayer as well as the income-tax authorities.  No appeal can be made against such directions.  The Assessing Officer can send a reference to the GAAR panel for one or more assessment years. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 8. APPLICABILITY OF SURCHARGE ON TDS PROVISION PARTICULARS PROPOSED RATE (%) Non Resident Other Than Company- 10 Having total income exceeding Rs 1 Cr. Foreign Company-Having total income 2 exceeding Rs 1 Cr but less than 10 Cr. Others-Having total income exceeding Rs 10 5 Cr. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 9. INVESTMENT IN NEW PLANT OR MACHINERY (SEC-32AC) o Section 32AC shall be effective from the 1st April 2013. o A manufacturer or producer of any article acquires or installs a new asset between April 1, 2013 to March 31, 2015 & the aggregate cost of the assets exceeds INR 100 cr, then deduction shall be allowed as under, A.Y. 2014-15 – 15% of the actual cost of new asset where,asset acquired & installed between April 1,2013 to March 31,2014 & the aggregate cost of the new assets exceeds INR 100 cr. A.Y. 2015-16 – 15% of the actual cost of new asset where,asset acquired & installed between April 1,2013 to March 31,2015 after subtracting the amount deducted in AY 2014-15. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 10. TAXABILITY ON BUY BACK OF SHARES • When a company purchase its own shares in accordance with the provisions of Sec 77A of the Companies Act, 1956. • In relation to buy-back of shares of an unlisted company.Such additional income-tax is payable at the rate of 20% on the distributed income. • The tax paid by the company on distribution of income in accordance with the buy-back of shares will be the final tax • No credit of taxes shall be available either to the company or to the shareholder In Armstrong World Industries Mauritius Prepared By- Arvind Rathi Multiconsult Ltd. (Article Assistant),Sandesh Mundra & Associates.
  • 11. INCOME TAX RATES • No Changes In The Slab Rates. • Slab Rate,For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals INCOME (INR)* RATE (%)^@ 0-2,00,000 Nil 2,00,001-5,00,000 10 5,00,001-10,00,000 20 10,00,000 & Above 30 @ Surcharge of 10% is levied if the total income exceeds INR 1 crore. ^ Education cess of 2% and Secondary Education cess of 1% is leviable on the amount of income-tax. *The exemption limits are as follow- INR 2,50,000 for resident individuals of the age of 60 years or more INR 5,00,000 for Very Senior Citizens of the age of 80 years or more. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 12. STAMP DUTY VALUATION FOR COMPUTATION OF INCOME UNER HEAD “ BUSINESS INCOME”-43CA Stamp-duty valuation will be considered as full value consideration in cases where agreed consideration is less. It is only applicable were immovable property is a capital asset and not stock-in-trade.  The date of an agreement fixing the value of consideration for the transfer of the property and the date of registration of the transfer of the property are not the same. The stamp duty value may be taken as on the date of the agreement for transfer provided the consideration, in a mode other than cash. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 13. TDS ON TRANSFER OF IMMOVABALE PROPERTY  Section 194-IA has been introduced to provide that in case of transfer of immoveable property,other than agricultural land, by a resident.  The transferee shall deduct tax at the rate of 1% thereof.  No deduction is required to be made in case the consideration for transfer of immoveable property is less than fifty lakhs rupees. Allahbad KAN construction Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 14. AGRICULTURE LAND SEC 2(1)A A land shall not be treated as an agriculture land, if such land is situated within the distance measured aerially which should not be more than: REGARDING DISTANCE BEYOND (KMs) 10,000 – 1,00,000 2 1,00,000 – 10,00,000 6 > 10,00,000 8 Any Would Be Rural CIT v. Lal Muncipality. Agriculture Land. Singh Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 15. LIFE INSURANCE POLICY SEC 10(10D) If the premium payable for any of the years during the term of the policy does not exceed 15% (earlier 10%) of the actual capital sum assured, will be Exempt for the Insurance on the life of any person who is- I. A a person with disability or a person with severe disability as referred to in section 80U. II. Suffering from disease or ailment as specified in the rules made under section 80DDB. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 16. MEDICAL SCHEME SEC 80D Finace Bill, 2013 proposes to expand the scope of deduction under section 80D by expanding the eligible schemes on which deduction shall be available by amending section 80D with effect from 1.04.2014 which provides as under: In section 80D of the Income-tax Act, in sub-section (2), in clause (a), after the words “Central Government Health Scheme”, the words “or such other scheme as may be notified by the Central Government in this behalf” shall be inserted with effect from the 1st day of April, 2014.’ Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 17. RAJIV GANDHI EQUITY SCHEME  Continued because of prestige behind the name. To enable first time investors to park funds in MFs and listed shares and extended tax benefits to three successive years. The limit for investors wanting to invest in RGESS has been raised to Rs 12 lakh from Rs 10 lakh earlier. Under the scheme, an individual with an income of less than Rs 12 lakh would get tax incentives for investing up to Rs 50,000 in the stock market. The RGESS, which was originally announced in the Budget for 2012-13, seeks to provide tax benefits to first-time investors in stock markets. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 18. AMENDMENT IN SEC 80-IA(4) Finance Bill 2012 proposes for the words, figures and letters "the 31st day of March, 2012" in section 80-IA(4)(iv) the words, figures and letters "the 31st day of March, 2013" shall be substituted. This amendment will take effect from 1st April, 2013 and will, accordingly, apply in relation to assessment Analysis/Conclusion- year 2013-14 and subsequent As per the proposed amendment, the assessment years. eligibility cut-off for carrying out the aforesaid activities has been extended by a period of one year i.e., up to 31 March 2013. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 19. SPECIAL AUDIT SEC 142(2A) The powers of the AO to direct special audit have been widened. The AO can now order a special audit not only due to the reason of nature and complexity of accounts but he can now order a special audit in the following additional circumstances: a) The volume of the accounts; b) Doubts about the correctness of accounts; c) Multiplicity of transactions in the accounts; d) Specialized nature of business activity of assessee. Delhi Development Authority v. Union of India Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 20. DEFECTIVE RETURN SEC 139(9) Filling return without paying self assessment tax, Now it will be treated as Defective return. If AO gives notice- Rectify in 15 days otherwise, return would be invalid. Note- The tax together with interest, if any, payable in accordance with the provisions of section 140A, has been paid on or before the date of furnishing of the return. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 21. BAD DEBTS SEC 36(1)(Vii) In case of Banks and Financial Institutions.  The amount of deduction in respect of the bad debts.  Actually written off under section 36(1)(vii) shall be limited to the amount by which such bad debts exceeds the credit balance in the provision without any distinction between rural advances and other advances. DCIT v. Karnataka Bank Ltd Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 22. IMMOVABLE PROPERTY RECEIVED FOR INADEQUATE CONSIDERATION SEC 56(2) (Vii) (b) Where any immovable property is received for a consideration which is less than the stamp duty value of the property by an amount exceeding Rs. 50,000.  The stamp duty value of such property as exceeds such consideration, shall be chargeable to tax in the hands of the individual or HUF as income from other sources. The existing provisions provide that where any immovable property is received by an individual or HUF without consideration. The stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property would be charged to tax as income from other sources. The existing provision does not cover a situation where the immovable property has been received by an individual or HUF for inadequate consideration. Prepared By- Arvind Rathi In CIT v. Khoobsurat Resorts (Article Assistant),Sandesh (P.) Ltd Mundra & Associates.
  • 23. COMMODITIES TRANSACTION TAX S.NO TAXABLE RATE PAYABLE BY COMMODITIES TRANSACTION 1. Sale Of Commodity 0.01 Percent Seller Derivative The Tax is proposed to be levied at the rate, given in the table above. Prepared By- Arvind Rathi (Article Assistant), Prepared By- Arvind Rathi (Article Assistant),Sandesh MundraAssociates. Sandesh Mundra & & Associates.
  • 24. ROYALTY/ FTS TO NON-RESIDENT SEC 115A Agreement after 1/6/2005=10%. Argument by department- Most of Question arises- We have the DTA the rate is DTAA with 84 countries, more than 10% . but what about other countries???? ex- US/UK=15% Now the rate stands increased to 25%. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 25. CASE LAW- GUJARAT HC V. MAGANBHAI PATEL 167C/179 1. Director liable for tax due if Company has not paid as well as Partners of LLP. 2.Unless He proves fault not breach of trust. 3.The word tax due has changed- even the Penalty & Interest will also calculated. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 26. TAX RESIDENCY CETIFICATE (TRC) TRC containing prescribed particulars was a necessary but not sufficient condition for availing benefits of DTAA. This provision was for those coming from jurisdictions other than Mauritius, depending on provisions of treaties with those nations. This provision was in the explanatory memorandum to the Finance Act, 2012. In this Budget, however, the provision was added to the Finance Bill itself. The ministry clarified that TRC would be taken as a proof of residence for these jurisdictions. For beneficial ownership, however may check other documents as well. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 27. APPROVAL FROM JOINT CIT IS NOT MANDATORY IF APPROVAL FROM CIT IS OBTAINED FOR ASSESSMENT IN SEARCH CASES. A. With a view to remove the procedural ambiguity, the proposed proviso makes it clear that section 153D shall not apply requiring approval by Joint CIT. B. where the assessment / reassessment order is passed by the Assessing Officer with the prior approval of the Commissioner under sub-section (12) of section 144BA. C. It is because an order passed under Section 144BA(12) is with the approval of an authority higher than the JCIT. Akil Gulamali Somji v. ITO Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 28. SEIZED ASSETS ARE NO LONGER AVAILABLE FOR ADJUSTMENT TOWARDS ADVANCE TAX LIABILITY "Existing liability" does not include advance tax payable in accordance with the provisions of the Act. Various Courts have taken a view that the term "existing liability" includes advance tax liability of the assessee. In some of the cases, it was held that amount of cash seized from assessee in search proceedings under section 132 can be adjusted against his advance tax liability. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 29. UNION BUDGET 2013-14 -INDIRECT TAX Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 30. CENTRAL EXCISE Offences cognizable and non bailable: Offences relating to excisable goods,involving evasion of duty or contravention of provisions pertaining to utilization of Credit. where the duty leviable thereon under the CE Act exceeds Rs. 50 lakhs, shall be cognizable & non-bailable. Expansion in the scope of Advance Ruling proceedings: 1. Any new business of production or manufacture proposed to be undertaken by an existing producer or manufacturer. 2. Advance ruling can be sought, is proposed to be amended to cover the question of admissibility of credit of service. 3. Resident public limited companies has been notified as a person eligible for seeking Advance Ruling. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 31. DUTY IMPACT ON CERTAIN GOODS No change in the basic rate of excise duty- 12%. Readymade garments- Sold under a “brand name”,are subject to Excise Duty at the rate of 12.36% from 10.30%, w.e.f. April 1, 2012. Mobile handsets- Including cellular phones having retail sale price more than Rs. 2000/- is being increased from 1% to 6%. Cigarettes-Excise Duty on cigarettes and other products of CETH 2402, has been increased,to about 18%. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 32. DUTY IMPACT ON CERTAIN GOODS Excise duty on SUVs- Including utility vehicles is being increased from 27% to 30%, with immediate effect, the duty increase does not affect SUVs used as taxis. Branded Ayurvedic Medicaments- They are being brought under MRP based assessment with an abatement of 35% from the MRP. Marble slabs- Excise Duty is being increased on marble slabs and tiles from Rs 30 per square meter to Rs 60 per square meter. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 33. FULL EXEMPTION FROM CENTRAL EXCISE DUTY  Tapioca starch manufactured and consumed captively in the manufacture of tapioca sago.  All goods for the manufacture of fertilizers.  Henna powder or paste, not mixed with any other ingredient.  All handmade carpets and carpets and other textile floor coverings of coir and jute,whether or not handmade. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 34. CENVAT CREDIT RULES,2004  An explanation has been inserted after Rule 3(5B) stating that non-payment of duty payable On removal of inputs or capital goods, would be recoverable in terms of Rule 14. It is applicable in respect of cases falling under sub-rules (5), (5A) and (5B) of Rule 3, i.e. duty payment on removal of inputs or capital goods as such or after being used, and on write off of any value of the inputs or capital goods fully or partially in the books of accounts. Alpump Pvt. Ltd. vs. Commissioner of Central Excise, Chennai Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 35. SERVICE TAX Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 36. SERVICE TAX VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME, 2013 1) To encourage voluntary compliance of filing returns and payment of tax dues, by making truthful declaration of the tax dues. 2) The declarant shall be granted immunity from penalty, interest or any other proceedings on payment of the tax dues. 3) The eligibility criteria of the scheme are set out below: a) The scheme is applicable for the tax dues. b) The declaration to be made on or before December 31, 2013. c) Declaration cannot be filed by a person who has furnished return . 4) The timeliness for making payment of declared tax dues are as follows: a) At least 50% of the tax dues to be paid on or before December 31, 2013. b) Balance tax dues to be paid on or before June 30, 2014. 5) The tax dues so paid shall not be refundable under any circumstances. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 37. DEFAULTS  SECTION 89- Term of imprisonment for failure to deposit service tax collected but not paid within 6 months increased from 3 years to 7 years. Further, the offence is made cognizable.  DEFAULT IN PAYMENT OF SERVICE TAX- To hold officers of companies responsible for conduct of business, liable for contravention of the provisions of the Act.Maximum penalty is Rs.1,00,000.  SERVICE TAX REGISTRATION CAPPED- To cap penalty for failure to obtain registration,maximum of Rs.10,000. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 38. RATIONALIZATION OF ABATEMENT S.NO SERVICE TAX BASE ON CONDITION WHICH TAX TO BE CALCULATED,POST ABATEMENT(%) 1. The servic provided 25 For residential unit by way of having a carpet construction of area up to 2000 sq. complex, buildings, ft. or where the civil structure amount charged is intended for sale less then Rs. 1 Cr. prior to issuance of 30 For Other Than completion Above. certificate. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 39. EXEMPTIONS RATIONALIZED S.NO TAXABALE SERVICE EXISTING AMENDMENTS NOTIFICATION 1. Educational Institution Services provided to or The words ‘provided to by an educational or by’ has been replaced institution in respect of with ‘provided to’. education exempted from Service Tax. 2. Restaurant Services Services provided in The condition that the relation to serving of restaurant should have a food or beverages by a license to serve alcoholic restaurant, eating joint beverage has been or a mess. deleted. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 40. NEGATIVE LIST A. Certain Educational Services forms part of Negative List of Services. B. The scope of the entry has been enlarged by including ‘State Council of Vocational Training’ as an approved vocational education course. C. The scope of the Negative List has been curtailed, and a course run by an institute affiliated to the National Skill Development Corporation set up by the Government of India has been removed. D. Any process amounting to manufacture or production of goods on which duties of excise is leviable under the CE Act or under a State Excise Act on the manufacture of alcoholic. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 41. EXEMPTIONS WITHDRAWN I. Service provided by an educational institution by way of renting of immovable property. II. Temporary transfer or permitting the use or enjoyment of a copyright relating to cinematographic films was fully exempt so far, this exemption will be restricted to exhibition of cinematograph films in a cinema hall or a cinema theater. III. Services by way of vehicle parking to general public. IV. Services provided to government, a local authority, by way of repair or maintenance of aircraft. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 42. WRONGFUL INVOCATION OF EXTENDED PERIOD OF LIMITATION  where a demand has been raised invoking the larger period of limitation, i.e. 5 years, and the Court finds that the demand for the larger period is not sustainable. Because the charges of fraud, suppression, wilful misstatement are not sustainable, the Department can determine the Service Tax liability for the normal period and raise a demand accordingly. It seeks to clarify that in cases where the demand for the normal period (18 months) is sustainable but a Notice has been issued for 5 years, the same can be severed and the entire demand need not be set aside. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 43. ADVANCE RULLING  It is being extended to cover resident public limited companies.  A notification is being issued for this purpose,under section 96A(b)(iii) of the Finance act,1994. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 44. Participate in our next event …. Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.
  • 45. Will This Budget Help Us????? For any information contact us at 079 40032950 / 9426024975 Email us at – sandesh@knowledgecloud.in info@consultconstruction.com info@aarnasoft.net Check our new software on consolidation of accounts at www.consolidationofaccounts.com Prepared By- Arvind Rathi (Article Assistant),Sandesh Mundra & Associates.