Shoddy Budget

FM withdraws proposal to tax EPF/Superannuation Fund

Income Tax - In View of pressure from all quarters Finance Mister Arun Jaitley has withdrawn the Proposal to Tax 60% of EPF/Superannuation Fund Proposed in Union Budget 2016 and which was to come into effect from 01.04.2016....

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Budget 2016: Phasing out of deductions and exemptions

Income Tax - The Finance Minister in his Budget Speech, 2015 has indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with corresponding phasing out of exemptions and deductions. The Government proposed to implement this decision in a phased manner....

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Tax on Non-compete fees & exclusivity rights in case of Profession

Income Tax - It is proposed to amend clause (va) of section 28 of the Act to bring the non-compete fee received/receivable( which are recurring in nature) in relation to not carrying out any profession, within the scope of section 28 of the Act i.e. the charging section of profits and gains of business or profession. ...

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Tax on income by way of dividend in excess of Rs. 10 lakh

Income Tax - Under the existing provisions of clause (34) of section 10 of the Act, dividend which suffer dividend distribution tax (DDT) under section 115-O is exempt in the hands of the shareholder. Under section 115-O dividends are taxed only at the rate of fifteen percent at the time of distribution in the hands of company declaring dividends....

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(Ab)Normal period for issuing notices under Service Tax

Income Tax - At present, in cases other than fraud, suppression etc cases the Service Tax Authorities can issue Show Cause Notice (SCN) within 18 months from the relevant date for non/short payment of Service Tax. Now, vide amendment to section 73 of the Finance Act, 1994 (Act) it is being proposed to increase the limitation period from […]...

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Rail Budget 2016: e-ticket on concessional passes for journalists

Income Tax - E-Booking of Tickets on the Concessional Passes for Journalists to be Introduced Sale of Tickets through Helpline Terminals for Short Distance Travellers The Minister of Railways Shri Suresh Prabhakar Prabhu said that Indian Railways intends to commence sale of tickets through hand held terminals for the benefit of the suburban and short ...

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Recent Posts in "Shoddy Budget"

FM withdraws proposal to tax EPF/Superannuation Fund

In View of pressure from all quarters Finance Mister Arun Jaitley has withdrawn the Proposal to Tax 60% of EPF/Superannuation Fund Proposed in Union Budget 2016 and which was to come into effect from 01.04.2016....

Read More
Posted Under: Finance | ,

Budget 2016: Phasing out of deductions and exemptions

The Finance Minister in his Budget Speech, 2015 has indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with corresponding phasing out of exemptions and deductions. The Government proposed to implement this decision in a phased manner....

Read More
Posted Under: Finance |

Tax on Non-compete fees & exclusivity rights in case of Profession

It is proposed to amend clause (va) of section 28 of the Act to bring the non-compete fee received/receivable( which are recurring in nature) in relation to not carrying out any profession, within the scope of section 28 of the Act i.e. the charging section of profits and gains of business or profession. ...

Read More
Posted Under: Finance |

Tax on income by way of dividend in excess of Rs. 10 lakh

Under the existing provisions of clause (34) of section 10 of the Act, dividend which suffer dividend distribution tax (DDT) under section 115-O is exempt in the hands of the shareholder. Under section 115-O dividends are taxed only at the rate of fifteen percent at the time of distribution in the hands of company declaring dividends....

Read More
Posted Under: Finance |

(Ab)Normal period for issuing notices under Service Tax

At present, in cases other than fraud, suppression etc cases the Service Tax Authorities can issue Show Cause Notice (SCN) within 18 months from the relevant date for non/short payment of Service Tax. Now, vide amendment to section 73 of the Finance Act, 1994 (Act) it is being proposed to increase the limitation period from […]...

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Posted Under: Finance |

Krishi Kalyan Cess- Service Tax Rate to be 15% from 01.06.2016

#Budget 2016 Krishi Kalyan Cess is proposed to be levied with effect from 1st June, 2016 on any or all the taxable services at the rate of 0.5% on the value of such taxable services. Credit of Krishi Kalyan Cess paid on input services shall be allowed to be used for payment of the proposed Cess on the service provided by a service provide...

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Posted Under: Finance | ,

Tax on 60% of EPF/ NPS Contribution wef 01.04.2016

In order to bring greater parity in tax treatment of different types of pension plans, it is proposed to amend section 10 so as to provide that in respect of the contributions made on or after the 1 stday of April, 2016 by an employee participating in a recognised provident fund and superannuation fund, up to 40 % of the accumulated balan...

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Posted Under: Finance | ,

Rail Budget 2016: e-ticket on concessional passes for journalists

E-Booking of Tickets on the Concessional Passes for Journalists to be Introduced Sale of Tickets through Helpline Terminals for Short Distance Travellers The Minister of Railways Shri Suresh Prabhakar Prabhu said that Indian Railways intends to commence sale of tickets through hand held terminals for the benefit of the suburban and short ...

Read More
Posted Under: Finance |

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