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THE UNION BUDGET 2009-10 SUSHIL BUDHIA ASSOCIATES Chartered Accountants 106/107 SHRIKANT CHAMBERS NEXT TO RK STUDIO, V.N PURAV MARG, CHEMBUR, MUMBAI 400071.

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Presentation on theme: "THE UNION BUDGET 2009-10 SUSHIL BUDHIA ASSOCIATES Chartered Accountants 106/107 SHRIKANT CHAMBERS NEXT TO RK STUDIO, V.N PURAV MARG, CHEMBUR, MUMBAI 400071."— Presentation transcript:

1 THE UNION BUDGET 2009-10 SUSHIL BUDHIA ASSOCIATES Chartered Accountants 106/107 SHRIKANT CHAMBERS NEXT TO RK STUDIO, V.N PURAV MARG, CHEMBUR, MUMBAI 400071. Phone: 91-22) 25206534 Fax: (91-22) 25208079 Website: www.sbaindia.co.in AN OVERVIEW

2 Sushil Budhia Associates Chartered Accountants

3 AN OVERVIEW OF UNION BUDGET 2009-10 KEY FOCUS OF THE BUDGET  INFRASTRUCTURE DEVELOPMENT  AGRICULTURAL DEVELOPMENT  RESTORING EXPORT GROWTH  CONTROL FISCAL DEFICIT THROUGH INSTITUTIONAL REFORMS  RESTORE GDP GROWTH @ 9%  RATIONALISATION OF TAX. Sushil Budhia Associates Chartered Accountants

4 Proposals relating to Direct Tax Rates of Tax Marginal increase in the Basic Exemption Limit. Tax slab rates in case of individuals, HUFs, Association of Persons or Body of Individuals as Under : Income SlabRate of Tax Upto Rs. 160,000 1 Nil Rs. 160,001 to Rs. 300,00010% Rs. 300,001 to Rs. 500,00020% Above Rs. 500,00030% No surcharge to be levied while computing total income. 2% Education cess and 1% secondary and higher education cess aggregating to 3% payable on income-tax to continue. 1 This will be Rs. 190,000 for a resident woman assessee below the age of 65 years and Rs. 240,000 for a resident individual who is of the age of 65 years or more Sushil Budhia Associates Chartered Accountants

5 Tax rates for companies: Domestic Companies Foreign Companies Rate of tax30%40% Surcharge thereon where taxable income exceeds Rs. 10,000,000 10%2.5% Education cess payable on income tax and surcharge 2% Secondary and Higher Education cess on income tax and surcharge 1% Effective tax rate33.99%42.23% Tax rates for firms (including LLP): Rate of Tax Rate of tax30% Education cess payable on income tax2% Secondary and Higher Education cess on income tax1% Effective tax rate30.90% No surcharge to be levied while computing the total income of firms. Sushil Budhia Associates Chartered Accountants

6 Minimum Alternate Tax (MAT): Type of CompanyDomestic CompaniesForeign Companies Rate of tax15% Surcharge10%2.5% Education cess3% Effective rate16.995%15.836% MAT credit as per 115JAA to be allowed to be carried forward for 10 assessment years (previously 7 years), immediately succeeding assessment year in which tax credit becomes allowable. Sushil Budhia Associates Chartered Accountants Website: www.sbaindia.co.in

7 Tax on distributed Profits of Indian companies: Rate of tax15% Surcharge thereon10% Education Cess and Secondary and Higher Education Cess payable on income tax and surcharge 3% Effective tax rate16.995% Tax on distributed income to unit holders of mutual funds : Category of Mutual funds Money Market Mutual funds or liquid funds Other Funds Income distributed to an individual or HUF Income distributed to any person other than individual or HUF Rate of tax25%12.5%20% Surcharge10% Education Cess3% Effective rate28.325%14.1625%22.66% Sushil Budhia Associates Chartered Accountants

8 DIRECT TAX PROPOSALS  INDIVIDUALS & HUF BASIC EXEMPTION LIMIT FOR INDIVIDUALS & HUF INCREASED AS FOLLOWS: CATEOGORY OF ASSESSEEEXISTING EXEMPTION LIMIT PROPOSED EXEMPTION LIMIT SENIOR CITIZENS225000240000 WOMEN180000190000 OTHERS150000160000 NO CHANGE IN TAX RATES SURCHARGE REMOVED, BUT EDUCATION CESS CONTINUES. Sushil Budhia Associates Chartered Accountants

9 INCREASE IN DEDUCTION U/S 80DD FROM RS.75000 TO RS.100000 FOR MEDICAL TREATMENT OF SEVERE DISABILITY OF DEPENDANT. DEDUCTION U/S 80E IN RESPECT OF INTEREST ON EDUCATION LOAN NOW ALLOWABLE FOR PURSUING ANY COURSE AFTER SENIOR SECONDARY EDUCATION. ESOPS, CONTRIBUTION TO SUPERANNUATION IN EXCESS OF RS.100000 AND OTHER FRINGE BENEFITS AND AMMENITIES (AS MAY BE PRESCRIBED) LIABLE TO TAX AS PERQUISITES IN THE HANDS OF EMPLOYEES. Sushil Budhia Associates Chartered Accountants

10  PARTNERSHIP FIRMS: NO CHANGE IN TAX RATES NO SURCHARGE. (EDUCATION CESS CONTINUES) NO FBT UPWARD REVISION OF ALLOWABLE LIMITS OF SALARY TO PARTNERS EXISTING PROPOSED TYPE OF FIRMPROFIT ALLOWABLE SALARY TO PARTNER PROFIT ALLOWABLE SALARY TO PARTNER A)PROFESSIONAL UPTO FIRST 1,00,000 OR LOSS 90% OF PROFIT OR RS.50000 IN CASE OF LOSS UPTO 300000 OR LOSS 90% OF PROFIT OR RS.150000T NEXT 10000060%BALANCE PROFIT60% OF PROFIT BALANCE PROFIT40% B )OTHER THAN PROFESSIONAL UPTO FIRST 75 000 OR LOSS 90% OF PROFIT OR RS.50000 IN CASE OF LOSS UPTO 300000 OR LOSS 90% OF PROFIT OR RS.150000T NEXT 75000- 150000 60%BALANCE PROFIT 60% OF PROFIT BALANCE PROFIT40% Sushil Budhia Associates Chartered Accountants

11  CHARITABLE TRUSTS. ANONYMOUS DONATION :  NOT LIABLE TO TAX IN CASE OF WHOLLY RELIGIOUS TRUSTS  IN CASE PARTLY RELIGIOUS AND PARTLY CHARITABLE TRUST : ANONYMOUS DONATIONS RECEIVED TOWARDS MEDICAL OR EDUCATIONAL INSTITUTION EXEMPT TO THE EXTENT OF 5% OF INCOME OR RS.100000/- WHICHEVER IS HIGHER  IN CASE OF ALL OTHER CHARITABLE TRUST : ANONYMOUS DONATIONS RECEIVED EXEMPT TO THE EXTENT OF 5% OF INCOME OR RS.1,00,000 WHICHEVER IS HIGHER TIME LIMIT FOR FILING APPLICATION FOR EXEMPTION U/S 10 (23C) EXTENDED TO 30 TH SEPTEMEBER OF THE SUCCEEDING FINANCIAL YEAR. APPROVAL ONCE GRANTED TO TRUST U/S 80G TO CONTINUE PERPETUALLY UNLESS WITHDRAWN BY TAX AUTHORITIES. Sushil Budhia Associates Chartered Accountants

12  CORPORATES INCREASE IN THE MINIMUM ALTERNATE TAX FROM 10% TO 15%. CARRY FORWARD OF MAT CREDIT EXTENDED TO 10 CONSECUTIVE YEARS WITH EFFECT FROM 1.4.2006 NO CHANGE IN RATES OF TAX. TAX HOLIDAY U/S 10A/10B FOR STPI/EOU EXTENDED UPTO 31.3.2011. FBT ABOLISHED Sushil Budhia Associates Chartered Accountants

13  OTHER DIRECT TAX AMMENDMENTS RELATED TO “BUSINESS INCOME” WEIGHTED DEDUCTION OF 150% FOR R&D EXPENSES U/S 35D EXTENDED TO ALL MANUFACTURING BUSINESSES. 100% DEDUCTION U/S 35AD FOR CAPITAL EXPENDITURE FOR SPECIFIED BUSINESS. DEDUCTION U/S 80IB (10) FOR HOUSING PROJECTS NOT ALLOWABLE IF: 1) CONSTRUCTION IS ON WORKS CONTRACT BASIS 2) IF MORE THAN ONE UNIT IS ALLOTTED TO AN INDIVIDUAL OR HIS RELATIVE. TERMINAL DATE FOR COMMENCING POWER GENERATION /DISTRIBUTION FOR ELIGIBILITY OF TAX HOLIDAY U/S 80 IA (4) (iv) EXTENDED TILL 31.3.2011. Sushil Budhia Associates Chartered Accountants

14 INDIVIDUALS,PARTNERSHIP FIRMs & HUFs CARRYING ON BUSINESS & HAVING GROSS RECEIPTS/SALES BELOW RS.40 LAKHS ELIGIBLE TO OPT FOR PRESUMPTIVE INCOME @ 8% OF GROSS SALES/RECEIPTS WITHOUT MAINTAINING BOOKS OF ACCOUNTS. (EFFECTIVE -A.Y.2011-12) PRESUMPTIVE INCOME U/S 44AE FOR TRUCK OWNERS NOT OWNING MORE THAN 10 TRUCKS ENHANCED TO RS.5000/P.M./PER VEHICLE FOR HEAVY GOODS VEHICLE & RS. 4500/P.M./PER VEHICLE FOR OTHER GOODS VEHICLE. (EFFCETIVE –A.Y.2011-12) ASSESSEE’S PAYING TAX UNDER PRESUMPTIVE INCOME U/S 44AD NOT LIABLE TO ADVANCE TAX. LIMIT OF CASH PAYMENT TO TRANSPORTERS INCREASED TO RS.35,000 FROM EXISTING LIMIT OF RS.20,000 Sushil Budhia Associates Chartered Accountants

15  INCOME FROM OTHER SOURCES TRANSACTION WITHOUT CONSIDERATION OR FOR INADEQUATE CONSIDERATION LIABLE TO TAX U/S 56 W.E.F. 1.10.2009. IMMOVABLE PROPERTY PURCHASED FOR CONSIDERATION BELOW STAMP DUTY VALUATION LIABLE IN THE HANDS OF THE PURCHASER IF THE DIFFERENCE IN VALAUATION EXCEEDS RS.50,000 W.E.F 1.10.2009 Sushil Budhia Associates Chartered Accountants

16  OTHER AMMENDMENTS 100% DEDUCTION FOR DONATIONS MADE TO ELECTORAL TRUSTS. ADVANCE TAX PAYABLE ONLY IN CASE TAX PAYABLE EXCEEDS RS.10,000 WEALTH TAX EXEMPTION LIMIT INCREASED TO RS.30,00,000 FROM EXISTING LIMIT OF RS.15,00,000 COMMODITY TRANSACTION TAX ABOLISHED. Sushil Budhia Associates Chartered Accountants

17  TDS PROVISIONS  TDS ON ALL NON-SALARY PAYMENTS NOT LIABLE TO SURCHARGE & EDUCATION CESS  PAYMENT TO TRANSPORTERS NOT LIABLE TO TDS U/S 194C W.E.F. 1.10.2009. TDS WILL BE DEDUCTIBLE AS FOLLOWS: IN CASE P.A.N. IS NOT FURNISHED BY DEDUCTEE TILL 31.3.2010 TDS @ 1% IN CASE OF INDIVIDUAL/HUF AND 2% IN CASE OF OTHERS W.E.F 1.4.2010 - TDS WILL BE 20%  TDS ON PAYMENT TO CONTRACTORS/SUBCONTRACORS INCLUDING PAYMENT FOR ADVERTISING U/S 194C LIABLE @ 1% IN CASE OF INDIVIDUA/HUF AND 2% FOR OTHERS.  DEDUCTEES NOT FURNISHSING PAN LIABLE TO TDS @ 20% W.E.F.1.4.2010.  TDS ON RENT : (w.e.f 01.10.2009) REDUCED TO 2% IN CASE OF RENTING OF MACHINERY AND FURNITURE. REDUCED TO 10% FOR RENTING OF IMMOVABLE PROPERTY. Sushil Budhia Associates Chartered Accountants

18 RATIONALISATION OF TAX PROVISIONS TRANSFER PRICING: CBDT TO FRAME SAFE HARBOR RULES. TRANFER PRICE TO BE TREATED AT “ ARMS LENGTH PRICE” IF WITHIN 5% PLUS OR MINUS OF ARITHMATICAL MEAN OF PRICE DETERMINED BY MOST APPROPRIATE METHOD. SETTING UP OF ALTERNATE DISPUTE RESOLUTION MECHANISM. TAX ASSESSMENTS: TDS RETURNS TO BE ASSESSED WITHIN TWO YEARS FROM THE END OF THE FINANCIAL YEAR IN WHICH RETUNS HAVE BEEN FILED. ASSESSING OFFICER MAY ASSESS /REASSESS ANY ISSUE IF THE ASSESSMENT IS REOPENED. Sushil Budhia Associates Chartered Accountants

19 AMMENDMENTS TO SERVICE TAX Sushil Budhia Associates Chartered Accountants

20 AMMENDMENTS TO SERVICE TAX NO CHANGE IN THE RATES NEW SERVICES ADDED (EFFECTIVE ON PASSING OF THE BILL)  SERVICE PROVIDED IN RELATION TO TRANSPORT OF GOODS BY RAIL  SERVICE PROVIDED IN RELATION TO TRANSPORT OF COASTAL CARGO AND GOODS THROUGH INLAND WATER INCLUDING NATIONAL WATERWAYS  ADVICE, CONSULTANCY OR TECHNICAL ASSISTANCE PROVIDED IN THE FIELD OF LAW (THIS TAX WOULD NOT BE APPLICABLE IN CASE EITHER THE SERVICE PROVIDER OR SERVICE RECEIVER IS AN INDIVIDUAL).  COSMETIC AND PLASTIC SURGERY SERVICE OTHER THAN MEDICAL REASONS. Sushil Budhia Associates Chartered Accountants

21 CHANGE IN SCOPE OF SERVICES  MANUFACTURING NOT RESULTING IN MANUFACTURE OF EXCISABLE GOODS TO BE LIABLE TO SERVICE TAX UNDER “BUSINESS AUXILLIARY SERVICES “.  STOCK SUB BROKERS EXEMPT FROM SERVICE TAX SERVICES PROVIDED TO INSTALLATIONS,STRUCTURES AND VESSELS IN CONTINENTAL SHELF LIABLE TO SERVICE TAX ( EFFECTIVE FROM 7.7.09) Sushil Budhia Associates Chartered Accountants

22 EXEMPTION FROM SERVICE TAX (EFFECTIVE FROM7.7.09)  INTER STATE AND INTRA STATE TRANSPORATION OF PASSENGERS IN A VEHICLE BEARING CONTRACT CARRIAGE PERMIT WITH SPECIFIED CONDITION  INTER BANK PURCHASE AND SALE OF FOREX BETWEEN SCHEDULED BANKS  PAYMENT BY EXPORTER TO “GOODS TRANSPORT AGENCY”IN RELATION TO EXPORTS  PAYMENT OF COMMISSION UPTO 10% BY EXPORTERS TO NON-RESIDENTS. Sushil Budhia Associates Chartered Accountants

23 SIMPLIFICATION OF RULES & PROCEEDURES FOR CLAIM OF SERVICE TAX REFUND BY EXPORTERS:  SIMPLIFIED FORMAT BEING PRESCRIBED  SELF CERTIFICATION TO BE ACCEPTED IN CASE REFUND CLAIM IS LESS THAN 0.25% OF THE F.O.B VALUE OF EXPORTS AND CERTIFICATION BY CHARTERED ACCOUNTANT OF THE ASSESSEE TO BE ACCEPTED IN CASE REFUND CLAIM EXCEEDS 0.25% OF F.O.B.VALUE  CONDITION OF CLAIMING REFUND ONCE IN A QUARTER IS BEING DISPENSED WITH  TERMINAL HANDLING CHARGES ADDED TO LIST OF ELIGIBLE SERVICES Sushil Budhia Associates Chartered Accountants

24 OTHER AMMENDMENTS  TAXABLE VALUE IN WORKS CONTRACT TO INCLUDE GOODS SUPPLIED FREE OF COST OR SUPPLIED UNDER ANY OTHER CONTRACT. (EFFECTIVE FROM 07.07.09). RESTRICTION NOT TO APPLY TO CURRENT CONTRACTS WHERE EXECUTION HAS COMMENCED OR PAYMENT MADE ON OR BEFORE 07.07.2009. PROVIDER OF TAXABLE AND EXEMPT GOODS NOT MAINTAINING SEPARATE ACCOUNTS OF INPUTS TO CHARGE 6% SERVICE TAX ON EXEMPT SERVICES INSTEAD OF 8%. Sushil Budhia Associates Chartered Accountants

25 Other Indirect Taxes Sushil Budhia Associates Chartered Accountants

26 No change in the peak customs rate. Changes in tariff inter alia are as under: Customs Particulars 1V* FromTo Set Top Boxes * Exempt5% LCD Panels * 10%5% Parts for manufacture of mobile phones and accessories + Exempt from special CVD Unworked corals + 5%Nil 10 specified life saving drugs + 10% 5% with Nil CVD Specified heart devices, namely artificial heart and PDA/ ASD occlusion device + 7.5%5% Permanent magnets for PM synchronous generator above 500KW used in wind operated electricity generators + 7.5%5% Bio-diesel + 7.5%2.5% ‘Mechanical harvester’ for coffee plantation + 7.5%5% CVD on such harvesters + 8%Nil Serially numbered gold bars (other than tola bars) and gold coins * Rs. 100 per 10GramRs. 200 per 10 gram Other forms of gold * Rs. 250 per 10 GramRs. 500 per 10 gram Silver * Rs. 500 per kgRs. 1,000 per kg Cotton waste and wool waste * 15%10% Rock phosphate * 5%2% Sushil Budhia Associates Chartered Accountants

27 OTHERS: LIST OF SPECIFIED RAW MATERIALS/ INPUTS IMPORTED BY MANUFACTURER-EXPORTERS OF SPORTS GOODS WHICH ARE EXEMPT FROM CUSTOMS DUTY, SUBJECT TO SPECIFIED CONDITIONS, TO BE EXPANDED BY INCLUDING FIVE ADDITIONAL ITEMS. LIST OF SPECIFIED RAW MATERIALS AND EQUIPMENT IMPORTED BY MANUFACTURER-EXPORTERS OF LEATHER GOODS, TEXTILE PRODUCTS AND FOOTWEAR INDUSTRY WHICH ARE FULLY EXEMPT FROM CUSTOMS DUTY, SUBJECT TO SPECIFIED CONDITIONS, TO BE EXPANDED. CONCESSIONAL CUSTOMS DUTY OF 5% ON SPECIFIED MACHINERY FOR TEA, COFFEE AND RUBBER PLANTATIONS TO BE REINTRODUCED FOR ONE YEAR. CVD EXEMPTION ON AERIAL PASSENGER ROPEWAY PROJECTS TO BE WITHDRAWN. SUCH PROJECTS WILL NOW ATTRACT APPLICABLE CVD. Sushil Budhia Associates Chartered Accountants

28 CUSTOMS DUTY EXEMPTION ON CONCRETE BATCHING PLANTS OF CAPACITY 50 CUM PER HOUR OR MORE TO BE WITHDRAWN. SUCH PLANTS WILL NOW ATTRACT CUSTOMS DUTY OF 7.5%. ON PACKAGED OR CANNED SOFTWARE, CVD EXEMPTION TO BE PROVIDED ON THE PORTION OF THE VALUE WHICH REPRESENTS THE CONSIDERATION FOR TRANSFER OF THE RIGHT TO USE SUCH SOFTWARE, SUBJECT TO SPECIFIED CONDITIONS. CUSTOMS DUTY ON INFLATABLE RAFTS, SNOW-SKIS, WATER SKIS, SURF-BOATS, SAIL-BOARDS AND OTHER WATER SPORTS EQUIPMENT TO BE FULLY EXEMPTED Sushil Budhia Associates Chartered Accountants

29 Excise There is no change in the CENVAT rate of 1 4%. Changes proposed vis-à- vis excise tariff inter alia are as under: Rate Structure Excise duty rate on items currently attracting 4% to be raised to 8% with certain exceptions for essential items Automobile Sector Specific component of excise duty applicable to large cars/ utility vehicles of engine capacity 2000 cc and above to be reduced from Rs. 20,000 per vehicle to Rs. 15,000 per vehicle. Excise duty on petrol driven trucks/ lorries to be reduced from 20% to 8%. Excise duty on chassis of such trucks/ lorries to be reduced from ‘20% + Rs. 10,000’ to ‘8% + Rs. 10,000’. Sushil Budhia Associates Chartered Accountants

30 Petroleum Sector. EXCISE DUTY ON SPECIAL BOILING POINT SPIRITS TO BE REDUCED TO 14%.. EXCISE DUTY ON NAPHTHA TO BE REDUCED TO 14%.. DUTY PAID HIGH SPEED DIESEL BLENDED WITH UPTO 20% BIO-DIESEL TO BE FULLY EXEMPTED FROM EXCISE DUTIES.. THE AD VALOREM COMPONENT OF EXCISE DUTY OF 6% ON PETROL INTENDED FOR SALE WITH A BRAND NAME TO BE CONVERTED INTO A SPECIFIC RATE OF RS. 14.50 PER LITRE INSTEAD OF ‘6% + RS. 13 PER LITRE’.. THE AD VALOREM COMPONENT OF EXCISE DUTY OF 6% ON DIESEL INTENDED FOR SALE WITH A BRAND NAME TO BE CONVERTED INTO A SPECIFIC RATE OF RS. 4.75 PER LITRE INSTEAD OF ‘6% + RS. 3.25 PER LITRE’. Sushil Budhia Associates Chartered Accountants

31 Textiles. EXCISE DUTY ON MANMADE FIBRE AND YARN TO BE INCREASED FROM 4% TO 8%.. EXCISE DUTY ON PTA AND DMT TO BE INCREASED FROM 4% TO 8%.. EXCISE DUTY ON POLYESTER CHIPS TO BE INCREASED FROM 4% TO 8%.. EXCISE DUTY ON ACRYLONITRILE TO BE INCREASED FROM 4% TO 8%.. THE SCHEME OF OPTIONAL EXCISE DUTY OF 4% FOR PURE COTTON TO BE RESTORED.. EXCISE DUTY FOR MAN-MADE AND NATURAL FIBRES OTHER THAN PURE COTTON, BEYOND THE FIBRE AND YARN STAGE, TO BE INCREASED FROM 4% TO 8% UNDER THE EXISTING OPTIONAL SCHEME.. AN OPTIONAL EXCISE DUTY EXEMPTION TO BE PROVIDED TO TOPS OF MANMADE FIBRE MANUFACTURED FROM DUTY PAID TO BE AT PAR WITH TOPS MANUFACTURED FROM DUTY PAID STAPLE FIBRE.. SUITABLE ADJUSTMENTS TO BE MADE IN THE RATES OF DUTY APPLICABLE TO DTA CLEARANCES OF TEXTILE GOODS MADE BY EXPORT ORIENTED UNITS USING INDIGENOUS RAW MATERIALS/ INPUTS FOR MANUFACTURE OF SUCH GOODS. Sushil Budhia Associates Chartered Accountants

32 Miscellaneous. FULL EXEMPTION FROM EXCISE DUTY TO BE PROVIDED ON GOODS OF CHAPTER 68 OF CENTRAL EXCISE TARIFF MANUFACTURED AT THE SITE OF CONSTRUCTION FOR USE IN CONSTRUCTION WORK AT SUCH SITE.. EXCISE DUTY EXEMPTION ON ‘RECORDED SMART CARDS’ AND ‘RECORDED PROXIMITY CARDS AND TAGS’ TO BE MADE OPTIONAL. MANUFACTURERS HAVE THE OPTION TO PAY THE APPLICABLE EXCISE DUTY AND AVAIL THE CREDIT OF DUTY PAID ON INPUTS.. EVA COMPOUND MANUFACTURED ON JOB WORK FOR FURTHER USE IN MANUFACTURE OF FOOTWEAR TO BE EXEMPTED FROM EXCISE DUTY.. BENEFIT OF SSI EXEMPTION SCHEME TO BE EXTENDED TO PRINTED LAMINATED ROLLS BEARING THE BRAND NAME OF OTHERS BY EXCLUDING THIS ITEM FROM THE PURVIEW OF THE BRAND NAME RESTRICTION.. ON PACKAGED OR CANNED SOFTWARE, EXCISE DUTY EXEMPTION TO BE PROVIDED ON THE PORTION OF THE VALUE WHICH REPRESENTS THE CONSIDERATION FOR TRANSFER OF THE RIGHT TO USE SUCH SOFTWARE, SUBJECT TO SPECIFIED CONDITIONS. '. EXCISE DUTY ON BRANDED ARTICLES OF JWELLERY TO BE REDUCED FROM 2% TO NIL. Sushil Budhia Associates Chartered Accountants

33 Disclaimer: This publication is intended as a service to clients and to provide clients with the details of the budget proposals, it has been prepared for general guidance of interest only, and does not constitute professional advice. No person should act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this publication Sushil Budhia Associates, its members, employees and agents accept no liability, and disclaim all responsibilities, for the consequences of any person acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it This publication is for private circulation only. Sushil Budhia Associates Chartered Accountants


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