Economy

What does agriculture include? Agriculture includes aquaculture, horticulture, dairy farming, poultry, breeding of livestock, plantation, apart from growing crops.  Are BBMP Officials agriculturists, who cut trees in the city of Bangalore? No. cutting of trees or wood/timber is a business! The land used for agriculture purposes is called as Agricultural …

You would have got many mails or pdf documents covering the highlights of the Union Budget 2018. Hence, I chose to write only the important points here # 1 – Salaried employees – Currently, Rs.15000 per year towards medical reimbursements and Rs.1600 per month towards travelling allowance is available as …

Point 1 – Is there any tax impact on my income of Rs.55 Lakhs per year? Yes! Till FY 2016-17, on your income, the approximate tax works out to Rs.14 lakhs. After this budget (means from 1st April 2017), the tax payable will go up by Rs.1.40 Lakhs (10% on …

Indirect restriction on claiming Housing Loan Interest on let out property: Section 71 of the Act relates to set-off of loss from one head against income from another. In line with the international best practices it is proposed to insert sub-section (3A) in the said section to provide that set-off …

Enabling of Filing of Form 15G/15H for commission payments specified under section 194D The existing provision of sub-section 194D of the Act, inter-alia, provides for tax deduction at source (TDS) at the rate of 5% for payments in the nature of insurance commission beyond a threshold limit of Rs. 15,000 …

Section 115JAA contains provisions regarding carrying forward and set off of tax credit in respect of Minimum Alternate T ax (MAT) paid by companies under section 115JB. Currently, the tax credit can be carried forward upto tenth assessment years. With a view to provide relief to the assessees paying MAT, …

Prime Minister Narendra Modi on Friday launched an Aadhaar-based mobile payment application BHIM App at Digi Dhan Mela to promote and make digital transactions easier. Here are 13 things you need to know about the BHIM app for digital payment: What is BHIM: Bharat Interface for Money (BHIM) is an initiative to enable cashless …

1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes …

This article is in continuation to my previous articles on Black money. Can this government bring back the so-called ‘black money’ stashed abroad?  Can this government tighten the noose on black money offenders within the country?  Not sure. But the only silver lining in the latest development is that the …

Implication of excise duty on 1+1 offers in case of MRP based assessable goods: If MRP is printed even on the free item, duty is attracted on such free item [Indica Laboratories v. CCE (2007) 213 ELT 20 – CESTAT]. However, if the free item is given in a  combi-pack, …