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ITAT Hyderabad held that FCCDs are debt hence interest paid/ payable on FCCDs in to be computed by applying LIBOR plus 200 basis points.

Co-ops to pay Minimum Alternative Tax and Surcharge at reduced rates of 15% and 7%

With a change in narrative with a 25-year vision, the goal is to establish an open, digital, and inclusive India. The budget will help India become self-sufficient and set the groundwork for a new India in its centenary year of independence.

'Health and Education Cess' is not allowed as a business expenditure, Union Minister of Finance Nirmala Sitharaman clarified while presenting the Union Budget in the Parliament on Tuesday and noted the need to impart supplementary teaching and to build a resilient mechanism for education delivery.

In order to provide a level playing field between the co-operative societies and companies, the government proposes to reduce the Alternate Minimum Tax rate for co-operative societies to 15 per cent from the current 18.5 per cent, Finance Minister Nirmala Sitharaman announced.