Video Presentation: Rate of interest on delayed payment & increase in period of limitation for non-fraud cases under ST, Excise & Customs

Custom Duty, Excise Duty, Service Tax - Vide Union Budget, 2016, Interest rates on delayed payment of duty/ taxes across all indirect taxes is proposed to be made uniform at 15% per annum, except in case of Service tax collected but not deposited with the Central Government, in which case the rate of interest will be 24% per annum from the date on which the Service tax payment ...

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Computation of Book Profit for Ind AS Compliant Companies

Income Tax - Central Board of Direct Taxes (CBDT) constituted MAT- Ind AS Committee to suggest framework for computation of book profit for purposes of levy of Minimum Alternate Tax (MAT) under Section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereafter....

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RCM ON RENT A CAB SERVICE-Is it that COMPLEX?

Service Tax - It’s been a while now since the amendment has come on Reverse Charge Liability on Rent a Cab Service. But, the Finance Departments of the Big Corporates are still facing hardship in calculating the correct amount of Reverse Charge Liability they need to deposit with the Service Tax Department, especially when they receive diversified in...

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How to account Income Tax Provision, TDS & Advance Tax

Income Tax - [1] Provision for Income Tax : This provision is created from profit. This is below the line entry. After adjusting necessary items from gross profit, ( e.g. depreciation booked in books of accounts and depreciation allowable as per income tax rules ) taxable income arrives. On that taxable profit we have to make provision for income tax ...

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Basics of Section 195 of Income Tax Act, 1961

Income Tax - To Whom does Section 195 applies? a) A resident Making Payment to Non-Resident and, b) A Non-Resident making payment to a Non-resident. As per Section 195, it says Any person responsible for paying to non-resident…any person not only includes Resident but also non-resident making payment to a non-resident...

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Lok Sabha Passes Finance Bill 2016

Custom Duty, Excise Duty, Income Tax, Service Tax - As per the reports received by us Finance bill 2016 is passed by Lok Sabha today . Finance bill 2016 was having 128 clauses proposing amendment to Income Tax Act, 1961. Finance bill 2016 was presented in Lok Sabha by Finance Minister Arun Jaitley  on 29th February 2016. Bill passed by Lok Sabha has 47 […]...

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Vacancy for Equity Research Analyst

CA CS ICWA - Vacancy for Equity Research Analyst with a Leading Company for CA, CFA, MBA / PGDM  having such experience. Job Description – Financial analysis of Indian listed stocks entailing: . Write research reports . Creation of financial model (in MS Excel) to forecast key company financial metrics, PER, EPS, NPAT, etc. . Monitor the stock ...

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Every Wednesday declared as taxpayers’ day by CBEC

Custom Duty, Excise Duty, Service Tax - We are pleased to inform you that CBEC vide Letter F. No. DGST/19/2015 dated 12.04.2016 to ICAI has informed that every Wednesday would be taxpayers day wherein heads of all offices in the field will meet the taxpayers/ other stakeholders from 9 AM to 1 PM without any prior appointment in order to address their grievances relating to Cen...

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ITAT directive on Adjournment requests & Covered appeals

Income Tax - Representatives of our Bar Association have had a meeting with the Hon’ble President of the Tribunal. On a representation made by us, the Hon’ble President has readily acceded to our request that during the month of May, a lenient view may be taken as regards requests for adjournments....

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High Level Committee Report on CSR Compliance

Company Law - Major recommendations of the Committee include, inter-alia, the following:It would be desirable to conduct a review of the CSR provision of the Act after three years. Ceiling on administrative overhead cost should be increased from 5% to not more than 10% of the CSR expenditure. Definition of the term “net profit” us...

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Corroborative evidence should be correlated to prove clandestine clearance

Shri Avinash M Baliga & Others Vs.Commissioner of Central Excise (CESTAT – New Delhi) -  it was held that in order to prove clandestine removal of excisable goods, the department should take reasonable steps and provide correlated corroborative evidence to prove that the assessee has made cladenstine removal of goods. Further, it was also held that the statements of the various parties ...

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Department cannot reject certificate issued by competent authority

Dhar Cement Ltd. Vs. C.C.E. (CESTAT-New Delhi) -  It was held that the Department cannot reject the certificate issued by the competent authority. In case the certificate was obtained by mis-representation or not presenting full facts the only option left to the department is to approach the competent authority with all the evidences to modify/canc...

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Source of fund not relevant for proving unjust enrichment

Executive Engineer,Central Workshop Division, Chattisgarh State Electricity Board Vs. C.C.E., Raipur (CESTAT New Delhi) -  It was held that the unjust enrichment can’t be proved by establishing the source of funds out of which the excise duty has been paid. Further it was held that in the case of State owned Undertakings which are funded, controlled and monitored by the State Government, the doctrine of unjust enrichm...

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CENVAT allowed on fabrication of capital goods – CESTAT

CCE & ST, Raipur Vs. M/s. Mahamaya Steel Industries Ltd. (CESTAT New Delhi) -  It was held that CENVAT credit on various items used in the fabrication of capital goods can be availed. In the present case, the assessee provided sufficient evidence to prove the usage of different items in the installation of capital goods....

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Goods imported/ purchased inter-State used in Works contract, would be exempt from VAT

Commissioner, Delhi Value Added Tax Vs. M/s. ABB Ltd. (Supreme Court) -  Whether the movement of goods in pursuance of Works contract constituted inter-State trade as well as sale/ purchase in the course of import, covered by Section 3(a) and Section 5(2) of the Central Sales Tax Act, 1956 and thus, exempt under the Delhi Value Added Tax Act, 2004....

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Monitoring of pendency in disbursal of rewards to informers

Circular No. 15/2016-Custom Duty - (03/05/2016) -  Several complaints are being received regarding delay in disbursal of rewards to informers. The matter was discussed in the last Conference of Chief Commissioners of Customs/Directors General, held in January 2016 wherein, it was decided to inter-alia put in place a suitable mechanism in the field ...

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Services Exports from India Scheme (SEIS) –Appendix 3E notified

Public Notice No. 7/2015-2020 - (04/05/2016) -  List of services where payment has been received in Indian Rupees which can be treated as receipt in Deemed Foreign Exchange as per guidelines of Reserve Bank of India in terms of Para 3.08(c) of FTP 2015-20 is notified....

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Revised Merchandise Exports from India Scheme (MEIS) Rates

Public Notice No. 06/2015-2020 - (04/05/2016) -  Amendments in Table 2 [containing ITC (HS) code wise list of products with reward rates] of Appendix 3B under the Merchandise Exports India Scheme (MEIS) are notified. MEIS Scheme covers 5012 lines. 2787 lines required submission of proof of landing as reward was not available for all markers. Hence...

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Govt. notifies limit on Sugar Stock for dealers

G.S.R. 471(E) - (29/04/2016) -  Central Government hereby directs that no dealer of sugar shall hold any stock for a period exceeding thirty days from the date of receipt by him of such stock and shall not keep sugar in stock at any time, in the places mentioned below, in excess of the quantities mentioned against each—...

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Mandatory GPS, Alert Button & CCTV in transport vehicles

G.S.R. 478(E) - (02/05/2016) -  Provision of Vehicle Location Tracking Device, Alert Button and CCTV.- (1) All motor vehicles used as transport vehicles, as defined under the Motor Vehicles Act, 1988 (59 of 1988) shall be equipped with or fitted with vehicle location tracking device, CCTV based surveillance system, and one or more...

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FAQs

Article deals with FAQ related to Rectification of errors in case of return filed online. The article explains about how to file Rectification request, what if you get error in filing rectification u/s 154, What if demand been wrongly raised or refund been processed at lesser amount....
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This Article deals with FAQ related to non receipt of Income tax Return due to Change in Address, Bank Details, Home Locked, Wrongs details of bank in ITR etc. In these cases assessee can request for re-issue of Income Tax Refund and procedure for the same is given below....
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1. Error Code 1: Tax computed but GTI(Gross Total Income) is nil or 0? Description: No tax can be computed without providing the details of income. The Assessee should maintain consistency in providing details of income and tax computation in the return of income in the new xml which will be filed in response to […]...
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Article deals with FAQ related to Non receipt of ITR-V, Intimation u/s 143(1), Rectification order U/s. 154 and how to request for reissue of them online. It further deals with CPC Email ID, Helpline Number Working Hours etc....
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1. What is meant by delisting of securities? The term delisting of securities means removal of securities of a listed company from a stock exchange. As a consequence of delisting, the securities of that company would no longer be traded at that stock exchange....
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Income Tax Planning

Top 5 Smart Tax Saving Options

As the end of financial year draws near, many of my friends who were least bothered about tax saving investments throughout the year, have started hunting down options to park...

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Eight Common Myths & Misconceptions about tax

In this article we have discussed right Myth or Mis-Conceptions related to Income Tax Prevalent in the Mind of General Taxpayers related to Personal Taxation. Article Aims to...

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Income tax benefits: for whom can you claim

Income tax laws allow you various benefits in respect of amounts spent or invested. Primarily these tax benefits are available for amounts spent or invested on yourself but fo...

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Income Tax Deductions

Section 80IBA (Affordable Housing Scheme / House For All)

After section 80-IB of the Income-tax Act, section 80-IBA shall be inserted with effect from the 1st day of April, 2017. The section was inserted by Finance Act, 2016. Where t...

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Tips to save Income tax for Salaried Person

Often, investment for most individuals begins and ends with tax planning. Although it is pertinent to avail tax breaks, this should not be the sole focus. Start by jotting dow...

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Health insurance, one of the Best Tax Saving Investment

Today health care services are the most expensive industry. It is nearly impossible to stay healthy and fit in the polluted environment that gives birth to the number of healt...

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Calculators

Calculate Tax for AY 2016-17 & Get Ready to file your Tax Returns

In this article Author has Provided three Income Tax Calculator in Excel Format for Calculation of Tax by Individuals below the Age of 60 Years, 60 or above but less than 80...

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Income tax Calculator for F.Y. 2015-16 A.Y. 2016-17

Income tax Calculator for Financial Year 2015-16 Assessment Year 2016-17 in Excel Format Attached is the Income tax calculator with flexi allocation kit for the FY 2015-2016. ...

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Financial year wise Interest Calculator on FDs (Fixed Deposits)

Online interest calculators are available but none of them provide interest on financial year wise. They generally provide interest for the whole period of investment or inter...

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Rate Charts

Updated Profession Tax Rates in Maharashtra

Maharashtra Government has presented its Additional Budget on 05th June 2014 through its Deputy Chief Minister And Finance Minister Shri Ajit Pawar in his Budget FM has increa...

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Budget 2016: Abatement Chart under Service Tax from 01.04.2016

Insertion of Explanation ‘BA’ after paragraph B: At present, there is abatement of 60% on the gross value of renting of motor-cab services, provided no Cenvat credit has b...

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Income Tax Slabs for FY 2016-17 / AY 2017-18

Income Tax Rate Chart / Income Tax Slabs as Applicable for Assessment Year 2017-18 / Financial Year 2016-17 for Individual, HUF, AOP, BOI, Partnership Firms, LLP and Companies...

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Recent Posts

Monitoring of pendency in disbursal of rewards to informers

Several complaints are being received regarding delay in disbursal of rewards to informers. The matter was discussed in the last Conference of Chief Commissioners of Customs/Directors General, held in January 2016 wherein, it was decided to inter-alia put in place a suitable mechanism in the field ...

Read More

Video Presentation: Rate of interest on delayed payment & increase in period of limitation for non-fraud cases under ST, Excise & Customs

Vide Union Budget, 2016, Interest rates on delayed payment of duty/ taxes across all indirect taxes is proposed to be made uniform at 15% per annum, except in case of Service tax collected but not deposited with the Central Government, in which case the rate of interest will be 24% per annum from th...

Read More

Lok Sabha Passes Finance Bill 2016

As per the reports received by us Finance bill 2016 is passed by Lok Sabha today . Finance bill 2016 was having 128 clauses proposing amendment to Income Tax Act, 1961. Finance bill 2016 was presented in Lok Sabha by Finance Minister Arun Jaitley  on 29th February 2016. Bill passed by Lok Sabha has...

Read More

Computation of Book Profit for Ind AS Compliant Companies

Central Board of Direct Taxes (CBDT) constituted MAT- Ind AS Committee to suggest framework for computation of book profit for purposes of levy of Minimum Alternate Tax (MAT) under Section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies in the year of a...

Read More

Corroborative evidence should be correlated to prove clandestine clearance

it was held that in order to prove clandestine removal of excisable goods, the department should take reasonable steps and provide correlated corroborative evidence to prove that the assessee has made cladenstine removal of goods. Further, it was also held that the statements of the various parties ...

Read More

Department cannot reject certificate issued by competent authority

It was held that the Department cannot reject the certificate issued by the competent authority. In case the certificate was obtained by mis-representation or not presenting full facts the only option left to the department is to approach the competent authority with all the evidences to modify/canc...

Read More

Source of fund not relevant for proving unjust enrichment

It was held that the unjust enrichment can’t be proved by establishing the source of funds out of which the excise duty has been paid. Further it was held that in the case of State owned Undertakings which are funded, controlled and monitored by the State Government, the doctrine of unjust enrichm...

Read More

CENVAT allowed on fabrication of capital goods – CESTAT

It was held that CENVAT credit on various items used in the fabrication of capital goods can be availed. In the present case, the assessee provided sufficient evidence to prove the usage of different items in the installation of capital goods....

Read More

Goods imported/ purchased inter-State used in Works contract, would be exempt from VAT

Whether the movement of goods in pursuance of Works contract constituted inter-State trade as well as sale/ purchase in the course of import, covered by Section 3(a) and Section 5(2) of the Central Sales Tax Act, 1956 and thus, exempt under the Delhi Value Added Tax Act, 2004....

Read More

Vacancy for Equity Research Analyst

Vacancy for Equity Research Analyst with a Leading Company for CA, CFA, MBA / PGDM  having such experience. Job Description – Financial analysis of Indian listed stocks entailing: . Write research reports . Creation of financial model (in MS Excel) to forecast key company financial metrics, P...

Read More

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