Union Budgets

The Point of Taxation Rules have been introduced to determine the point in time when the services shall be deemed to be provided.

Alternate Minimum Tax @ 18.5% has been proposed on LLPs. Annual income tax filing by a Liaison Office made applicable. Jurisdiction of TPO enlarged over International Transactions.

Basic MAT rate has been proposed to be increased from existing 15% to 18%. Reduction in surcharge for domestic companies.

TDS rates have got changed due to abolition of surcharge and cess. The revised and important TDS rates are given in the table format.

FBT has been abolished and MAT rate has been proposed to be increased from 10% to 15%. Major changes in TDS rates.

It talks about this newly introduced provisions and possible implications/hardship which may be caused on enactment of the above provisions.