Download indirect tax amendments file in pdf format. These direct tax amendments are applicable to the students who are eligible to appear in ca ipcc nov 2019. In order to bring certainty, the following amendments are proposed to be effected with retrospective effect from a. 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. Bharat law ravi gupta house, t195, mangolpuri industrial area, phase i, new delhi110 083. Circular clarifying issues in respect of challenges faced by registered persons in implementation of provisions of gst issued click here.
Today we are providing ca ipcc tax amendments applicable for nov 2016. 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. Mar 01, 20 in budget 20,no change has been proposed to amend basic service tax rates it remains at 12% plus 3 % surcharge. All information in this book, unless otherwise stated, is up to date as of 1 june 2014. The corporate income tax cit rate in albania is 10%. Finance no 2 act, 2019, as amended by taxation law amendment act, 2019. Every effort has been made to avoid errors and omissions in this publication. Below we have given some tables that list tax slab rates for fy 20162017 ay 20172018.
Income taxes are a source of revenue for governments. Ca intermediate ipcc income tax short notes in pdf is colourful pdf which is issued by icai. When the law making body changes a particular law to come into effect from some previous date i. Amendments to the indirect tax legislation in 2016 sell or use their own compressed liquefied natural gas. 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. Gst is the new indirect tax implemented in india from 1st july 2017. Feb 15, 2018 cbdt has issued explanatory notes to the provisions of the finance act, 2017 vide circular no. The threshold income tax exemption limit for men has been extended to rs 2, 00,000 which was. You dont have to cover all the amendments till the date of your examination. Home page of central board of indirect taxes and customs. Service tax ay 2012 for may 2012 attempt visit us at. The tax payers in particular who are having income in excess of rs. Direct tax amendments for may 2019 nov 2019 exams in pdf.
Budget 2016 has replaced the separate advance tax payment schedule for individuals with the same schedule as applicable to companies. Claim for refund of duty 33 substitution of new section 28 for section 28. Systematic approach to income tax, service tax and vat. Gst rates are often changing due the government decisions, and decisions are taken in the gst council meeting held by the council members. Revision lecture on summary of indirect taxes amendments applicable for june 2020 ca final exams by ca. 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. 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. Cbdt has released itr5 which is applicable for income tax return itr of firms, aops, bois and llps for a. The all revised itr forms are available in pdf format.
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. For ca ipcc taxation amendments for ca ipcc taxation amendments incometax u0026amp. 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. Determination of duty where goods consist of articles liable to different rates of duty. Senior citizens aged 60 years but less than 80 years at any time during the previous year.
We have updated the tds rate chart considering the amendments made by finance act, 2017. Also, check the direct tax amendments applicable for nov 2019. The amendment is proposed to be effective from ay 202021 page 33. It is 15% of new machines purchased andorinstallednew amendment in one year is more than 25 croresthis investment allowa. 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. This can also be accessed via cakart android app and can be read on move using your android mobile phones. Pass through status to certain alternative investment funds section 1023fb w. Custom duty is an indirect tax levied on import or export of goods in and out of country. Official pdf, 32 pages world bank documents world bank group. These pdf files include, amendments made by the finance act 2015 in income tax i. The central government has notified ten icdss effective from a. Worldwide tax summaries corporate taxes 201415 quick access to information about corporate tax systems in 155 countries worldwide. Dec 26, 2015 retrospective tax are the most dishonest sort of amendments to the existing tax laws. 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.
Indirect taxes indirect taxes are the charges levied by the state on consumption, expenditure, privilege, or right but not on income or property. 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. The free ebook indirect taxation free pdf ebook is uploaded at. Income tax amendmentsnew provisions of finance act 2020. Proposals for amendments to indirect tax legislation. Cbdt has issued explanatory notes to the provisions of the finance act, 2017 vide circular no. The tax authoritys approach to tax audits either can be the more traditional manual style, or may. Income tax department has released the itr5 excel utility for ay 20 14,which can be used to e file income tax return. Ca manoj batra ca final idt ca final idt online classes. 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. List of most due date chart of all statutory payments for f y 20 14 pertains to central laws.
The above persons will be obliged to submit a request for registration under edtwa not later than 29 february 2016. Income tax return statistics assessment year 20 14 version 1. 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. 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.
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. Tax deducted at source tds rate chartslab for read more. It has released latest excel base utility for taxpayers to submit annual income tax return for asstt. Tax amendments applicable for assessment year prometrics. Union budget 2014 focus stability and continuity revenue generation simplicity objectivity widen the tax base compliance enhancement facilitation measures 3. Download study material method is very simple just click on download and save direct tax file to your computer.
Edition based on provisions applicable for ay 20 14 2. 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. 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. Analysis of all amendments applicable to fy 201718 ay 201819. The rates for deduction of incometax at source during the fy 202021 from. 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. Dropping the 1% additional manufacturing tax provide guarantee to compensate states for any revenue. Comparative analysis of the companies amendment bill, 2020 visavis the companies act, 20. 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. Tax amendments to file incometax return for ay 2014. 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.
In the budget 20 announcement the tax slabs has been broadened for men and senior citizens by the indian finance ministry. This is a tax levied on the income of companies under the incometax act, 1961. 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 20 14 a i. Income tax department has started uploading itr1 sahaj and itr4s sugam online or offline. These pdf file for direct tax are to be downloaded and saved to your computer and can take the printout of the same. When goods are imported from outside, the tax known as import custom duty. The file will be provided in text format and will contain certificate details for all requested pans. Amendments income tax return for ay 2014 simple tax india. Final latest icai study module full pdf for 1 chapter. 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. Excel utility for income tax return form itr5 now available. Amendments cover a major part in your exam paper either it is direct tax or indirect tax.
In the case of indian companies the rate of incometax shall be 25% of the total income. These tax slab rates for income tax can be applied to. 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. 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. Budget 2016 2017 have been presented on parliament on 29th feb 2016 this union budget 20162017 will be applicable for financial year 201617. 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. 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. Due date of direct and indirect tax payment for f y 20 14.
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. Here we are providing all tax updates for cs professional and cs executive june 2020 examination. Therefore, the wealth tax act, 1957 and rules thereunder would not be. 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. Net direct tax collections for fy17 aprilaug rises 15% to rs. Aug 20, 2014 indirect tax amendments indian budget 2014 1. Income tax slabs for assessment year 2014 financial year. Download caipcc income tax amendments file in pdf format.
Pdf contribution of indirect taxes on gdp of bangladesh. They are used to fund public services, pay government. Fy 20142015 ay 20152016, fy 20152016 ay 20162017 tax slab for general taxpayers. Official website of association of retired teachers, farook college.
As applicable for assessment year 2014 tax rates for. 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. Direct tax laws amendments made by the finance act, 20 applicable for june 2014 and december 2014 examination page 2 marginal relief. The file also contains detailed analysis of the amendment by analyzing the memorandum explaining finance bill and overruled case decisions. Amendments play an important role in the examination and especially in direct and indirect taxation. Dear professional colleague, we are sharing with you important changes in indirect taxes union budget 20. Edition based on provisions applicable for ay 20 14 3. On the tax front, the budget reiterated the governments intent to stimulate growth, incentivise affordable housing, encourage start ups. Service tax was a tax levied by the central government of india on services provided or agreed. However, for the corporate sector as well as for persons who are having the requirement of tax. Direct taxes, especially in a tax bracket system, can become a disincentive to work hard and earn more money, because the more money a person earns, the more taxes he pays.
Section 32ac of income tax act investment allowance. 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. The tax collected during this interval stands at 1. 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. This pdf format is relevant for may 2019 examination and amended for may 2019 examination. Any person wishing to act on the basis of these tax updates should do so only after cross checking with the original source. Tds rates chart for financial year 201718 assessment year 201819 vide finance act 2017 i.
Amendments ca final indirect taxes gst, customs and ftp. 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. This ebook covers amendment relevant for caipcc income tax for may2018 attempt. 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. Cs tax updates for june 2020 exams, cs tax amendments june. 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. What is the due date of direct and indirect tax payment.
In the previous post, we have given ca ipcc tax study material for nov 2016 and ipcc tax question papers of previous exams i. By law, taxpayers must file an income tax return annually to determine their tax obligations. The tax collected by central board of indirect taxes and customs. New amendments are proposed, scope of some provisions have been expanded, some proposed amendments are removed, so on and so forth. Analysis of all amendments applicable to fy 201718 ay. 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. Ca final direct tax amendments for ay maynov 20 by prof siddharth surana. Economic indicators direct tax indirect taxes regulatory landscape.
Assessment year for which this return form is applicable this return form is applicable for assessment year 20 2014 only, i. These income tax returns in most cases have to be filed by 31st july, 20. 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. Gst indirect tax law paper4b amendments applicability of the provisions of gst law for may, 2020 examination. 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. 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. The circulars, notifications, amendments made upto 30th april 2018. 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.
Provisional assessment of duty 32 amendment of section 19. Direct tax amendments for may 2019 nov 2019 exams in pdf format. This file contains direct tax amendments made by finance act 2012 applicable for ca final nov 20 term. Ca intermediate amendments for may 2020 exams icai aubsp. Ay 2014 to ay 201718 for certain prescribed sectors. 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. Ipcc tax study material notes and amendments may 2018. Special provisions in case of land or building 9 1 0. Indirect tax amendments gst cacmacs inter and final. No change in peak rate of customs 10%, central excise 12% and service tax rates 12%. Indirect tax amendments for final may and nov 20 exam. Concept of additional depreciation amendment ca cs cwa.