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Amendments in Delhi VAT Act: VAT Rate 4 % to 5% from 13-01-2010 and More.

January 18, 2010

The latest notification of Delhi VAT Department has made some changes about the rate of VAT percentage and increase some formalities to claim “Input Tax Credit”. Some synopsis of latest notification of Delhi VAT on 14-1-2009 as follows. The notification has approved the amendment in Delhi Value Added Tax Act, 2004.
VAT Rate Increment from 4% [...]

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New Provisions for Tax Treatment on Gifts from 1-10-2009

January 2, 2010

When a gift or a specified property is received without consideration from a non-relative whether in cash or in kind or any property is purchased for an inadequate consideration it shall be treated as income from other sources and taxable in the hand of the recipient under the new provisions for gift. In this article [...]

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Surcharge, Education Cess, SHEC for A.Y. 2010-2011

October 12, 2009

There has been major changes with regard to surcharge, education cess, SHEC, after approval of the finance (No. 2) ACT, 2009. I have received so many queries about surcharge and education cess rates and applicability for A.Y. 2010-2011. I classified this article so that everyone can understand in a very simple manner.
All rates applicable w.e.f. [...]

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