AMENDMENTS IN THE CENTRAL EXCISE ACT, 1944: 1) Sub section (3) of Section 3A, which empowers the Central Government to charge excise duty on the basis of capacity of production in respect of notified goods, is being amended so as to insert an Explanation to provide that factor relevant to production includes factors relevant to […]
Amendments carried out through the Finance Bill, 2015 come into effect on the date of its enactment unless otherwise specified. AMENDMENTS IN THE CUSTOMS ACT, 1962: 1) Section 28 is being amended so as to: (i) Insert a proviso in sub-section (2) thereof to provide that in cases not involving fraud or collusion or wilful […]
MEASURES TO CURB BLACK MONEY Mode of taking or accepting certain loans, deposits and specified sums and mode of repayment of loans or deposits and specified advances The existing provisions contained in section 269SS of the Income-tax Act provide that no person shall take from any person any loan or deposit otherwise than by an account payee cheque or account payee bank draft or online transfer through a bank account, if the amount of such loan or deposit is twenty thousand rupees or more.
Explanatory Memoranda to notification Nos. 6 to 11/2015-Customs, dated 01.03.2015 Sr. No. Notification No. Description 1. 6/2015-Customs Seeks to increase the Additional Duty of Customs (commonly known as Road Cess) levied on motor spirit (petrol). 2. 7/2015- Customs Seeks to increase the Additional Duty of Customs (commonly known as Road Cess) levied on High Speed […]
F. No. 334/5/2015-TRU D.O.F. No. 334/5/2015-TRU dated February 28th, 2015 The Finance Minister has, while presenting the Union Budget 2015-16, introduced the Finance Bill in the Lok Sabha on the 28th of February, 2015. Clauses 105 to 116 of the Bill cover the amendments made to Chapter V of the Finance Act, 1994. Chapter VI […]
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 new service tax rate. The revised rate shall come into effect from a date to be notified.
Excise duty structure on certain goods is being restructured as follows: 1) Wafers for use in the manufacture of integrated circuit (IC) modules for smart cards from 12% to 6%. 2) Inputs for use in the manufacture of LED drivers and MCPCB for LED lights, fixtures and LED lamps from 12% to 6%. 3) Mobiles […]
Reduction in duty on certain inputs to address the problem of duty inversion: 1) ‘Metal parts’ for use in the manufacture of electrical insulators. 2) Ethylene-Propylene-non-conjugated-Diene Rubber (EPDM), Water blocking tape and Mica glass tape for use in the manufacture of insulated wires and cables. 3) Magnetron upto 1 KW for use in the manufacture […]
The Finance Bill, 2015 proposes to make amendments in direct tax provisions by proposing amendments to the Income-tax Act, 1961, Wealth-tax Act, 1957, Finance Act, 1994 and Finance (No.2) Act, 2004. A gist of the main amendments is given below:- Direct Taxes 2. Rates of tax 2.1 It is proposed that there will be no […]
Key Features of Budget 2015-2016 Presented in Lok Sabha by Finance Minister 2015-16 INTRODUCTION Credibility of Indian economy has been re-established in the last nine months. Indian economy about to take-off on a fast growth trajectory. Most growth forecasts have upgraded Indian economic growth while downgrading global economic growth. Economically empowered States are equal partners […]
