File your Income Tax Return for the A.Y.2008-09 latest by 31st March 2010.
Don't wait for the last date.
Tuesday, March 23, 2010
Friday, March 12, 2010
Budget 2010
1.
Turnover over which accounts need to be audited has been enhanced to Rs. 60 Lakhs for Business and Rs. 15 Lakhs for the profession. Similarly the turnover limit for the presumptive taxation has also been increased to Rs. 60 Lakhs.
2.
Surcharge on domestic companies has been reduced from 10% to 7.5%. The lower rate of surcharge will be applicable in case of MAT u/s 115JB.
3.
Rate of Minimum Alternative tax has been increased from current rate of 15% to 18% of the book profits.
4.
Direct Tax Code and Goods & Service Tax is likely to implement w.e.f 1st April 2011.
5.
IFRS in also going to implement w.e.f 1st April 2011.
Therefore this is a transition period of economy as well as professionals.
Turnover over which accounts need to be audited has been enhanced to Rs. 60 Lakhs for Business and Rs. 15 Lakhs for the profession. Similarly the turnover limit for the presumptive taxation has also been increased to Rs. 60 Lakhs.
2.
Surcharge on domestic companies has been reduced from 10% to 7.5%. The lower rate of surcharge will be applicable in case of MAT u/s 115JB.
3.
Rate of Minimum Alternative tax has been increased from current rate of 15% to 18% of the book profits.
4.
Direct Tax Code and Goods & Service Tax is likely to implement w.e.f 1st April 2011.
5.
IFRS in also going to implement w.e.f 1st April 2011.
Therefore this is a transition period of economy as well as professionals.
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