Advent of Alternate Minimum Tax Alternate Minimum Tax (AMT) was introduced by the Finance Act, 2011 w.e.f. 01.04.2012 on Limited Liability Partnerships (LLP), which later on by the Finance Act, 2012 this has been extended to all assesses other than companies. For companies we find separate provisions for MAT (Refer: Minimum Alternate Concept and Calculation) Applicability […]
Amendments in Section 80JJAA in Finance Bill 2013
Section 80JJAA: Amendment in Deduction of wages of new worker in Budget 2013 Crux from Budget 2013 regarding deduction respect of wages for new regular workmen employed u/s 80JJAA. Now only blue collared employees can bring fortune of additional deductions Existing provisions of section 80JJAA The existing provisions contained in section 80JJAA provides for deduction […]
Judicial Decisions in Contradiction to Finance Bill 2013
Judicial Rulings and Finance Bill 2013 ADMEASURING AN AGRICULTURE LAND AS CROW’S FLIES (AERIAL METHOD) OR ROAD DISTANCE METHOD SECTION 2(1A) Proposed Amendment A land shall not be treated as an agriculture land, if such land is situated within the distance measured aerially which should not be more than: (a) 2 Kms from the local […]