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CA IPCC Tax Amendments November 2018

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Get CA IPCC Tax Amendments November 2018 details. Recently ICAI has released CA IPCC TAX Amendments along with other IPCC Amendments which are applicable for November 2018 and November 2018. ICAI also released CA IPCC Tax Supplementary Study material for November 2018 with latest applicable syllabus.

Download CA IPCC Tax Supplementary Study material November 2018

CA IPCC Applicable Study Material for November 2018

1. Study Materials
Part I: Income-tax – September 2016 Edition containing the Income-tax law as amended by the Finance Act, 2016 and significant notifications and circulars issued upto 30.4.2016.
Part II: Indirect Taxes – Edition September 2015, Reprint Edition October 2016) to be read along with Supplementary Study Paper-2016 explaining the amendments made by the Finance Act, 2016 and significant notifications and circulars issued upto 30.4.2016.
2. Practice Manuals – Part I: Income-tax & Part II: Indirect Taxes – October 2016 Edition, wherein the questions have been modified/adapted and answered on the basis of the provisions of tax laws as amended by the Finance Act, 2016.
3. Supplementary Study Paper – 2016 explaining the amendments made by the Finance Act, 2016 and significant notifications and circulars issued upto 30.4.2016. The amendments in the Supplementary Study Paper 2016 have been grouped chapter-wise in line with the Study Material to facilitate combined reading therewith.

TAXATION

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PART – I : INCOME-TAX

CA IPCC TAX AMENDMENTS BY THE FINANCE ACT, 2013

Download New Tax Amendments for November 2018  Exams

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Download Tax Amendments for CA Final :

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1. RATES OF TAX

Section 2 of the Finance Act, 2013 read with Part I of the First Schedule to the Finance Act, 2013, specifies the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2013-14. Part II lays down the rate at which tax is to be deducted at source during the financial year 2013-14 from income subject to such deduction under the Income-tax Act, 1961; Part III lays down the rates for charging income-tax in certain cases, rates for deducting income-tax from income chargeable under the head “salaries” and the rates for computing advance tax for the financial year 2013-14 i.e. A.Y.2014-15. Part III of the First Schedule to the Finance Act, 2013 will become Part I of the First Schedule to the Finance Act, 2014 and so on.

Income Range
Men and Women
(Below 60 Years of Age)
Senior Citizens
(Men and Women above 60 years of age) but below 80 years
Super Senior Citizens
( Men and Women above 80 Years of Age )
Upto Rs.2,00,000/-
Nil
Nil
Nil
2,00,000 to 2,50,000
10%
Nil
Nil
2,50,000 to 5,00,000
10%
10%
Nil
5,00,000 to 10,00,000
20%
20%
20%
Above Rs.10,00,000
30%
30%
30%

Rates for deduction of tax at source for the F.Y.2013-14 from income other than salaries

Part II of the First Schedule to the Act specifies the rates at which income-tax is to be deducted at source during the financial year 2013-14 from income other than “salaries”. These rates of tax deduction at source are the same as were applicable for the F.Y.2012- 13. However, the rate of tax deduction at source has been increased to 25% in respect of royalties and fees for technical services payable by the Government or an Indian concern in pursuance of an agreement made on or after 1.4.1976, to a non-corporate non-resident or a foreign company. Surcharge would be levied on income-tax deducted at source in case of non-corporate non-residents and foreign companies. If the recipient is a non-corporate non-resident, surcharge@10% would be levied on such income-tax if the income or aggregate of income paid or likely to be paid and subject to deduction exceeds ` 1 crore. If the recipient is a foreign company, surcharge@ –

 (i) 2% would be levied on such income-tax, where the income or aggregate of such incomes paid or likely to be paid and subject to deduction exceeds ` 1 crore but does not exceed ` 10 crore; and
(ii) 5% would be levied on such income-tax, where the income or aggregate of such incomes paid or likely to be paid and subject to deduction exceeds ` 10 crore. Surcharge would not be levied on deductions in all other cases. Also, education cess and secondary and higher education cess would not be added to tax deducted or collected at source in the case of a domestic company or a resident non-corporate assessee.

However, education cess @2% and secondary and higher education cess @ 1% on income-tax plus surcharge, wherever applicable, would be added to tax deducted or collected at source in cases of non-corporate non-residents and foreign companies.

Rates for deduction of tax at source from “salaries”, computation of “advance tax” and charging of income-tax in certain cases during the financial year 2013-14

Part III of the First Schedule to the Act specifies the rate at which income-tax is to be deducted at source from “salaries” and also the rate at which “advance tax” is to be computed and income-tax is to be calculated or charged in certain cases for the financial year 2013-14 i.e. A.Y. 2014-15.
It may be noted that education cess @2% and secondary and higher education cess @1% would continue to apply on tax deducted at source in respect of salary payments. CA Final | CA IPCC Tax Amendments for May 2014 Exam

The general basic exemption limit for individuals (men and women)/HUFs/AOPs/BOIs and artificial juridical persons has been retained at ` 2,00,000. There is also no change in the basic exemption limit of ` 2,50,000 for senior citizens, being resident individuals of the age of 60 years or more but less than 80 years. Further, resident individuals of the age of 80 years or more at any time during the previous year would continue to be eligible for a higher basic exemption limit of ` 5,00,000. The tax slabs are shown hereunder –

(iii) Firm/Limited Liability Partnership (LLP)
The rate of tax for a firm for A.Y.2014-15 is the same as that for A.Y.2013-14 i.e. 30% on the whole of the total income of the firm. This rate would apply to an LLP also.
(iv) Local authority
The rate of tax for a local authority for A.Y.2014-15 is the same as that for A.Y.2013-14 i.e. 30% on the whole of the total income of the local authority.
(v) Company
The rates of tax for A.Y.2014-15 are the same as that for A.Y.2013-14.

(1) In the case of a domestic company – 30% on the total income

(2) In the case of a company other than a domestic company – 40% on the total income
However, specified royalties and fees for rendering technical services (FTS) received from Government or an Indian concern in pursuance of an approved agreement made by the company with the Government or Indian concern between 1.4.1961 and 31.3.1976 (in case of royalties) and between 1.3.1964 and 31.3.1976 (in case of FTS) would be chargeable to tax @50%.

Surcharge
The rates of surcharge applicable for A.Y.2014-15 are as follows –

(i) Individual/HUF/AOP/BOI/Artificial juridical person/Co-operative societies/Local Authorities/Firms/LLPs

Where the total income exceeds ` 1 crore, surcharge is payable at the rate of 10% of income-tax computed in accordance with the provisions of para (i)/(ii)/(iii)/(iv) above or section 111A or section 112.
Marginal relief is available in case of such persons having a total income exceeding ` 1 crore i.e. the additional amount of income-tax payable (together with surcharge) on the excess of income over ` 1 crore should not be more than the amount of income exceeding ` 1 crore. CA Final | CA IPCC Tax Amendments for May 2014 Exam
(ii) Domestic company

(a) In case of a domestic company, whose total income > `1 crore but is ≤ `10 crore
Where the total income exceeds ` 1 crore but does not exceed ` 10 crore, surcharge is payable at the rate of 5% of income-tax computed in accordance with the provisions of para (v)(1) above or section 111A or section 112.
Marginal relief is available in case of such companies i.e. the additional amount of income-tax payable (together with surcharge) on the excess of income over ` 1 crore should not be more than the amount of income exceeding ` 1 crore.

(b) In case of a domestic company, whose total income is > `10 crore Where the total income exceeds ` 10 crore, surcharge is payable at the rate of 10% of income-tax computed in accordance with the provisions of para (v)(1) above or section 111A or section 112. CA Final | CA IPCC Tax Amendments for May 2014 Exam
Marginal relief is available in case of such companies i.e. the additional amount of income-tax payable (together with surcharge) on the excess of income over ` 10 crore should not be more than the amount of income exceeding ` 10 crore.

(iii) Foreign company
(a) In case of a foreign company, whose total income > ` 1 crore but is ≤ `10 crore
Where the total income exceeds ` 1 crore but does not exceed ` 10 crore, surcharge is payable at the rate of 2% of income-tax computed in accordance with the provisions of paragraph (v)(2) above or section 111A or section 112.
Marginal relief is available in case of such companies i.e., the additional amount of income-tax payable (together with surcharge) on the excess of income over ` 1 crore should not be more than the amount of income exceeding ` 1 crore.

(b) In case of a foreign company, whose total income is > `10 crore Where the total income exceeds ` 10 crore, surcharge is payable at the rate of 5% of income-tax computed in accordance with the provisions of para (v)(2) above or section 111A or section 112.CA Final | CA IPCC Tax Amendments for May 2014 Exam
Marginal relief is available in case of such companies i.e. the additional amount of income-tax payable (together with surcharge) on the excess of income over `10 crore should not be more than the amount of income exceeding ` 10 crore.

Note – Marginal relief would also be available to those companies which are subject to minimum alternate tax under section 115JB, in cases where the book profit (i.e. deemed total income) exceeds ` 1 crore and ` 10 crore, respectively.

Education cess / Secondary and higher education cess on income-tax

The amount of income-tax as increased by the union surcharge, if applicable, should be further increased by an “Education cess on income-tax”, calculated at the rate of 2% of such income-tax and surcharge, wherever applicable. Education cess is leviable in the case of all assessees i.e., individuals, HUFs, AOP/BOIs, co-operative societies, firms, LLPs, local authorities and companies. Further, “Secondary and higher education cess on income-tax” @1% of income-tax and surcharge, wherever applicable, is leviable to fulfill the commitment of the Government to provide and finance secondary and higher education. No marginal relief would be available in respect of such cess.CA Final | CA IPCC Tax Amendments for May 2014 Exa

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Also Read:

CA IPCC Syllabus CA IPCC Registration CA IPCC Exam Dates
CA IPCC Papers & Mock Tests CA IPCC Study Plan CA IPCC Suggested Answer
CA IPCC Revision Test Papers CA IPCC Study Material CA IPCC Important Dates


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