"29 February 2016" Archive

Surplus on sale of shares and securities- Capital Gains or Business Income

Circular No.6/2016- Income Tax (29/02/2016)

Over the years, the courts have laid down different parameters to distinguish the shares held as investments from the shares held as stock-in-trade. The Central Board of Direct Taxes ('CBDT) has also, through Instruction No. 1827, dated August 31, 1989 and Circular No.4 of 2007 dated June 15, 2007, summarized the said principles for guida...

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Delhi VAT: Due date for Filing Form 9 for year 2014-15 extended to 31/03/2016

CIRCULAR NO. 39 of 2015-16 (29/02/2016)

I, S.S. Yadav, Commissioner, Value Added Tax, do hereby extend the last date of filing of online return in Form 9 for the year 2014-15, prescribed under Rule 4 of Central Sales Tax (Delhi) Rules, 2005 to 31/03/2016....

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Union Budget- Key Direct tax proposals

Union budget for the year 2016-17 has been presented by the finance minister, this budget facing basic challenges global slowdown and additional fiscal burden due to 7th Central pay Commission recommendation. This budget focusing on the agricultural, farmer’s welfare and infrastructure investment and financial sector reforms. ...

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Posted Under: Income Tax | ,

Services Tax Provisions under Budget 2016 in Q & A Format

Question - What is Krishi Kalyan Cess? Answer - An enabling provision is being made to levy Krishi Kalyan Cess on all taxable services @ 0.5% with effect from 1st June, 2016, to finance and promote initiatives to improve agriculture....

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Budget 2016: Reflections on Budget Proposals In Indirect Taxes

Some changes have been made in customs and excise duty rates on certain inputs, raw materials, intermediate products etc, besides simplifying procedures so as to reduce cost and improve competitiveness in sectors like capital goods, information technology, defence, textile, mineral, fuels / oils, chemicals, paper, newsprint, maintenance, ...

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Posted Under: Income Tax |

Revised Guidelines for Stay of Demand by AO till CIT(A)’s Order

F.No.404/72-93-ITCC (29/02/2016)

The CBDT has issued Office memorandum F.No.404/72-93-ITCC dated 29.02.2016 by which it has revised Instruction No. 1914 dated 21.03.1996 and issued fresh guidelines for stay of demand at the first appeal stage....

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TDS on payments for procuring or canvassing for advertisements

Circular No. 05/2016- Income Tax (29/02/2016)

Law Related to Tax Deduction at Source (TDS) on payments by television channels and publishing houses to advertisement companies for procuring or canvassing for advertisements....

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TDS on payments for production of content or programme for telecasting

Circular No. 04/2016- Income Tax (29/02/2016)

Law Relating to Tax Deduction at Source (TDS) on payments by broadcasters or television channels to production houses for production of content or programme for telecasting....

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8 Changes in Personal Taxes by Union Budget 2016-17

There has been no change in personal tax rates. The basic exemption limit continues at Rs.2.50 lacs. Tax Rebate of Rs. 2000 available to small tax payers under Section 87A has been increased from Rs. 2,000 to Rs. 5,000. This will benefit about around 2 crore marginal tax payers....

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Beneficial provisions of Budget 2016 for Individual tax payers

The Finance Minister has presented his third budget in parliament toady containing various direct and indirect tax proposals. In this article I intend to discuss some of the proposals which are beneficial to individual tax payers. Please note that at present these are only proposal until are passed by the parliament....

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Posted Under: Income Tax | ,
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