Punjab VAT notification dated 21-feb-2014 regarding singe stage taxation is attached hereunder also the download link is present at the bottom.
The Central Board of Direct Taxes (CBDT) has extended the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns e-filed with refund claims within the time allowed under section 139 of the Income Tax Act.
First-time homebuyers can avail an additional income-tax deduction, till March 31 this year, of up to Rs 1 lakh paid as interest on a loan amount of less than Rs 25 lakh for a property value of not more than R40 lakh. For the deduction to be availed, the loan has to be sanctioned between April 1, 2013, and March 31, 2014.
What are C3 & C9 Corrections?
The Finance Bill 2014, as introduced in the Lok Sabha today, 17.02.2014, is available for download. The highlights of the Budget are as follows:
The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period upto 30.06.20 14. The rates can be reviewed at the time of regular Budget.
Changes In Service tax
Changes in Central Excise in interim Budget 2014-15
Highlights of Finance Minister P Chidambaram's Vote on Account or Interim Budget speech.
12.12: FM ends speech with a long Tamil couplet.
12.10: FM hopes to peg revenue deficit at 3.3% and fiscal deficit target at 4.1% next year.
The CBDT has issued Instruction No. 1/2014 dated 15.01.2014 to the Chief Commissioners stating that though the Citizens Charter prescribes a time limit of one month for a decision u/s 197 on application for no deduction of tax or deduction of tax at lower rate, there is considerable delay in issuing the lower/non deduction certificate.
The CBDT has issued Circular No. 6 of 2014 dated 11.02.2014 in which the issue as to whether mutual funds/specified companies are required to pay additional income-tax under sub-section(2) to section 115R of the Act not only on income distributed by way of dividend but also on payments made at the time of redemption/repurchase of units as well as at the time of allotment of bonus units to existing investors has been considered in great detail
tax 'N' accounts people
Tarun Kumar Gupta
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