Union Budget 2013

[Parveen Komal]

In Budget: TDS at 1 pc on sale of non- agricultural land of more than 50 lacs. Tax on royalty and fee for technical services increased from 10% to 25% for non residents.

Extension of date for filing details of central purchases (Form T-2) to 01-04-2013 for GTO of 10 cr and more. For others to be notified. [DVAT Notification of 28-02-2013].

In Budget, there is no change in income-tax and service tax rates. Rs 2000 rebate for income upto 5 L, Rs 1 L additional interest deduction to 1st home buyer upto 25 Lac Loan. Service tax disclosure scheme introduced, CTT introduced.

Penalty proceeding u/s 271(1)(c ) imposed on the basis of that the assessee declared short term gains on the sale of the stock options instead of long term capital gains is not justified. [High Court of Delhi at New Delhi, Jaswinder Singh Ahuja].

One time waiver of interest and penalty and immunity from prosecution to stop-filers, non-filers or non-registrants who pay service tax from October 2007 to December 2012.

XBRL:

For any Query, Clarification and Assistance in XBRL filing and conversion services, kindly contact Asra at 9811081088.

[Parveen Komal]

More info on budget can be found here

http://blogs.indiabook.com/2013/02/28/india-union-budget-2013-14-important-highlights/

[Parveen Komal]

Commodity Transaction Tax at 0.01 percent imposed w.e.f. 01-06-2013 on sale of commodity derivatives other than agricultural products. STT reduced in some cases.

FM Clarifies: ITD to accept Tax Residency Certificate as proof of residential status of contracting state. For Mauritius, Circular 789 of 13.04.2000 applicable.

W.e.f. 01/03/2013- New composition schemes A and B for civil contractors notified u/s 16(12) DVAT Act with various tax rates% (3and6; 1and3; 2and3) and certain general conditions.

[Parveen Komal]

Commodity Transaction Tax at 0.01 percent imposed w.e.f. 01-06-2013 on sale of commodity derivatives other than agricultural products. STT reduced in some cases.

FM Clarifies: ITD to accept Tax Residency Certificate as proof of residential status of contracting state. For Mauritius, Circular 789 of 13.04.2000 applicable.

W.e.f. 01/03/2013- New composition schemes A and B for civil contractors notified u/s 16(12) DVAT Act with various tax rates% (3and6; 1and3; 2and3) and certain general conditions.

[Parveen Komal]

Deduction of 15pc in 2 years for investment of more than 100 crore in new assets by companies from 01-04-2013 to 31-03-2015. Proposed section 32AC.
Two new composition schemes for Registered Dealers engaged exclusively in works contracts like civil construction w.e.f. 01-04-2013. [DVAT Notification of 28-02-2013].
CPE Teleconference is to be held on 05.03.2013 on Finance Bill 2013 from 11am to 01pm. Speaker CA. Girish Ahuja. For attending please visit your nearest regional council/branch. [CPEC 0120-3045957].

[Parveen Komal]

The due date for e-filing the VAT 15 return under the Punjab VAT Act, 2005 has been extended to 15.03.2013.
Revised audit report formats (as per SA 700 Revised) applicable for audits of financial statements for the FY 2012-13 and onwards. See Announcement in March 2013 journal / ICAI website.
Bank branch audit reports to also provide information with respect to memorandum of changes. See Announcement in March 2013 Journal / ICAI website.
Today (06-03-2013) is last day for deposit of Service Tax (e-payment). 07-03-2013 (Thursday) is the last date for deposit of TDS/ TCS for February 2013.
Additional interest deduction up to Rs. 1 lac to first home buyer on loan from FI up to 25 lac taken for property up to 40 lacs in FY 2013-14.Section 80EE.