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Budget 2016 : Deduction of 100% profits to Affordable Housing Projects u/s 80IBA:- Section 80IBA is proposed to be inserted in Income Tax Act, which governs the deduction of 100% profits from affordable housing projects.


Following are the proposed provisions :- Conditions to be satisfied by such housing projects. The housing project must satisfy the following conditions to claim benefit under this section.


  1. The project must be approved by competent authority after 01-06-2016 but on or before 31-03-2019.
  • Where the approval in respect of a housing project is obtained more than once, the date of first approval should be taken as the date of approval of the project.


  1. The project must be completed within a period of three years from the date of approval by the competent authority
  • The project will be deemed to be completed where certificate of completion in obtained from competent authority in writing.


  1. The shops and commercial built up area cannot exceed 3% of total built up area of the project. 
  1. The minimum area of project land should be;
  • In case of metro cities  :  1000 Sq Meters or more
  • In other cities              :  2000 Sq Meters of more


  1. The project should be located ; 
  • In case of metro cities :  within the area of 25 kilometres of the municipal limits of these cities
  • In case of other cities :   within the jurisdiction of municipality or cantonment board.


  1. The carpet area Residential units in the housing project should not exceed; 
  • In case of metro cities :  30 Sq Meter (322.91 Sq Feet)
  • In other cities             :  60 Sq Meter (645.83 Sq Feet)


  1. If an individual is allotted a residential unit in the project, no other unit should be allotted to the;
  •  same individual
  • spouse of the individual
  • minor children of such individual


  1. The project should utilise the FAR 
  • In case of metro cities :  Not less than 90%
  • In other cities             :  Not less than 80%


  1. Separate books to be maintained for such project.
  2. If the project is not completed within 3 years from the date of approval, the profits which were allowed as deduction under this section shall be deemed to profits of the year in which such time limit of completion expires.



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Posted by on in Budget

Gujarat State Budget Highlight

1. E-Commerce Transactions to be covered under purview of Entry Tax:- 

It has been proposed to impose Entry tax on the goods coming in the State through e-commerce as the trade of State dealers is affected adversely & also the State suffers loss of tax revenue due to sale of goods in the State from outside the State under e-commerce transactions.

2. Pay 100% provisional refund within 30 days to small dealers:- 

In order to promote trade friendly measures in case of small dealers, it has been proposed to pay 100% provisional refund within 30 days from the date of submission of all documents where refund due is upto Rs. 1 lakh. This will be subject to the following conditions:

  • The dealers whose annual refund upto Rs. 1 lakh has been paid in the previous year will get this benefit in the subsequent year.
  • The dealer should be holding Registration Certificate for more than 2 years.

3. Amnesty Scheme for recovery of tax dues:- 

The recovery of tax dues under the Sales Tax Act and the VAT Act has been pending due to issues of interpretation, non-availability of statutory forms and pending before Appellate Authority etc. Thus tax amount actually due to the State remains outstanding. To address this Amnesty Scheme has been proposed as follows: 

  • Dues outstanding upto 31.12.2015 in the Sales Tax Act, VAT Act, Motor Spirit Act and CST Act will be covered under the scheme. 
  • Interest and penalty will be remitted on full payment of outstanding principal tax amount. However in case of tax evasion, full amount of principal tax, interest and 25% of penalty amount will have to be paid. 
  • The scheme will extend to the cases in appeal also where the appeal has been withdrawn.

4. Products proposed to be fully exempted or taxed at a lower rate:- 

It has been proposed to fully exempt the following products for giving a boost to the economy.

  • Bamboo and bamboo‐articles (except furniture)
  • Pedal Rickshaw & cycle rickshaw
  • Mosquito net
  • Sanitary napkins & adult diapers
  • Frozen semen

Ceramic products are proposed to be charged at a lower tax rate.

Further, rate of electricity duty charged from hotels/ restaurants & private hospitals is proposed to be reduced.

5. Products proposed to be taxed at higher rate as compared to present tax rate:- 

It has been proposed to charger a higher rate of tax on following products: 

  • Vehicles purchased by institutions (institutional purchases)
  • Luxury car/ SUV & luxury two wheeler
  • Pan Masala

It has also been proposed to levy tax (including additional tax) on industrial salt used in manufacture of goods.

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Posted by on in Budget

Dear Customer,

Finance Minister Mr. P Chidambaram presented the Interim Budget for fiscal year 2014-15 on Monday, 17th Feb, 2014 to cover expenditure until the government's term ends in May this year. 

Here are the some highlights from Finance Bill 2014 with related to Direct and Indirect Taxes.
  1. No changes in direct tax rates and provisions
  2. There are some reliefs in tax rates in excise duty to offer temporary boost to some sectors
    • Excise duty on small cars, motorcycles and commercial vehicles cut from 12 to 8%
    • Excise duty on SUVs cut from 30 to 24%, large and mid-segment cars from 27-24% to 24-20%
    • Excise duty on mobile handsets reduced - 6% if CENVAT benefit is availed and 1% if CENVAT benefit is not availed off
    • Excise duty on capital goods, non-consumer durables cut from 12 to 10%
  3. Service tax - Mega exemption notification amended to include:
    • Services provided by the cord blood banks
    • Services by way of loading, unloading, packing, storage or warehousing of rice
    • Transportation of rice by rail or a vessel or by a Goods Transport Agency by way of transport in a goods carriage is exempt from Service Tax
    • Milling of paddy into rice is exempt from service tax.
  4. Moratorium on interest on student loans taken before March 31, 2009; to benefit 9 lakh borrowers (Government will pay interest till Dec 2013 on education loans taken before March 31, 2009)
  5. Amendments in Customs duty:
    • The basic customs duty structure on non-edible grade industrial oils and its fractions, fatty acids and fatty alcohols rationalized at 7.5%
    • A concessional custom duty of 5% has been provided on capital goods imported by the Bank Note Paper Mill India Private Limited
  6. The Government appeals to all political parties to resolve and pass the GST laws and Direct Tax Code in 2014-15
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