Forwards Markets Commission to be merged with SEBI- FM has proposed the same to strengthen regulation of commodity forward markets and reduce wild speculation. Forward Contract (Regulation) Act, 1952 shall stand repealed and on that date undertaking shall be transferred, and vest with SEBI.
Central Board of Excise and Customs specifies the following documentation, time limits and procedure with respect to filing of registration applications for single premises, which shall come into effect from 1-3-2015.
Advocate Anandaday Misshra Change in Excise & Service Tax Rate Central Excise duty to be rounded off to 12.5 % (from 12.36 %) Service tax to be increased from 12.36 % to 14 %. Date of levy of new rate shall be notified after enactment of Finance Bill 2015. Till the time it is notified the […]
The Digital India programme reiterates Government’s commitment to make India a knowledge and innovation based society. Accordingly, the Government also realizes that, in this internet age it will have to work through gadgets and technology to serve its population online, in the course ensuring time efficiency, speed and transparency.
Increase in the limit of deduction of Mediclaim- In view of continuous increase in medical expenditure, it is proposed to increase the limit of deduction under section 80D from Rs. 15,000 to Rs. 25,000. In case of senior citizens, the limit of deduction is proposed to be increased from Rs. 20,000 to Rs. 30,000.
Change in Rate of Service Tax Rate The Service Tax rate is being increased from 12% plus Education Cesses to 14%. Effective increase in Service Tax rate will be from existing rate of 12.36% (inclusive of cesses) to 14%. w.e.f: The new Service Tax rate shall come into effect from a date to be notified […]
On a optimistic note, introduction of common Goods and Services Tax (GST) could be a game changer. The economic situation is therefore upbeat, on a rise and forward looking so far as growth and reforms are concerned. So far as goods and services are concerned, there are many items on which excise duty has been increased from 6% to 12% including mobile handsets. On certain input and raw materials, duties have been rationalized or hiked.
In the budget it is proposed to reduce the tax on companies from 30% to 25% and increase the Dividend Distribution Tax (DDT) from 15% to 17% with usual Education Cess @2% and Secondary and Higher Education Cess @1%.
Income tax department should waive the fees for late filing TSD return u/s 234E for Q1, Q2 and Q3 if TDS return file within due date of Q4 TDS return because in the writ petition decided by Bombay High court, department has taken the stand that due to not filing of TDS return they are not able to give tax credit to deductee within time limit and because of this deficiency they have to bear extra cost which is now compensated by levying late filing fees u/s 234E.
1. Change in Service Tax rate: ♣ The Service Tax rate is being increased from 12% plus Education Cesses to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the revised rate of Service Tax. Thus, effective increase in Service Tax rate will be from existing rate of 12.36% (inclusive […]
