"01 March 2015" Archive

International Tax Update: Budget POEM 2015

Budget 2015 introduced in India on 28.02.2015 has made significant changes as far as International taxation are concerned. Major ones include:- Reduction in rate of tax on non-residents for royalties/fees for technical services from 25% to 10%, Offshore funds not to be taxable in India in respect of fund manager located in India....

Read More
Posted Under: Income Tax | ,

Budget 2015- All About Service Tax Proposals

Ist Full Year Budget of New Government has been introduced in Parliament on 28th February, 2015. This Article intends to outline key amendments made in Service Tax. A. Changes effective from enactment of Finance Bill I. Rate of service tax Present rate: 12.36% (12% + 3% as Education Cess) Revised rate: Consolidated 14% (subsuming Educatio...

Read More
Posted Under: Income Tax | ,

Budget 2015- Impact on Corporates, Common Man and Economy

A lot was expected from the Honorable Finance Minister when he rose to present the budget of the Union for the year 2015-16 on February 28, 2015. Expectations were riding high and it was believed that budget will focus on growth and investments and will provide assistance to common man from inflation, increase in tax slabs was highly expe...

Read More
Posted Under: Income Tax |

Union Budget 2015 – Key takeaways for individuals

The expectation from the Government was to reduce the tax burden for overall middle class, however there was no alteration in the income tax slabs, only some additional deductions are been introduced in the budget. The Finance Minister has said that individuals can now increase its non-taxable income close to Rs 450,000 a year if they pla...

Read More
Posted Under: Income Tax |

Budget 2015- Significant changes in Excise & Service Tax

Central Excise: Rate- 1. Existing rate of 12% ad valorem will be @12.5% adv. from 01.03.2015 under the head CENVAT (Basic) duty. Levy of Primary Education Ccess and S&H Education Cess @ 2% and 1% respectively on the quantum of Cenvat (Basic) duty will be exempted from 01.03.2015. Other basic excise duty ad valorem with a few exceptions ar...

Read More
Posted Under: Income Tax | ,

Budget 2015- Simplification of Section 76 of Finance Act, 1994

This article is an attempt to analyse the changes made in section 76 of the Finance Act which concerns with levy of penalty for non-payment or short payment of service tax for reasons other than fraud, collusion, wilful misstatement or suppression of facts with intend to evade payment of duty. ...

Read More
Posted Under: Income Tax |

Exemption to Education Cess & SHE Cess- Really Lucrative?

Budget 2015 delivered a staggering blow by hiking the rate of service tax from 12.36% (including Education Cess and SHE Cess) to 14%. Likewise, the rate of excise duty was increased from 12.36% (including Education Cess and SHE Cess) to a consolidated rate of 12.5%. ...

Read More
Posted Under: Income Tax | ,

Service Providers be ready to fulfill the Dream of Modi’s ‘Swachh Bharat’

It is a regular practice of the government to follow tactics that are illusive and misleading. One of the tricks adopted by the government while increasing the rate of service tax is that during the Budget Speech, the Hon’ble Finance Minister announced increase in rate of service tax from 12.36% (inclusive of Education Cess and SHE Cess...

Read More
Posted Under: Income Tax |

Budget 2015 – Addition to Services under Reverse Charge Mechanism

The budget 2015 has also bought some additions to the reverse charge list. Altogether 3 services have been added to this list w.e.f. 01/04/2015 by notification no. 7/2015 dt 01/03/2015. These are: 1. Services provided or agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company”; ...

Read More
Posted Under: Income Tax | ,

All about eForm GNL-4 under Companies Act,2013

Rules Governing the eForm-  eForm GNL-4 is required to be filed pursuant to Rule 10 of the Companies (Registration offices and Fees) Rules, 2014 which are reproduced for your reference. Rule 10: Procedure on receipt of any application or form or document electronically (1)The Registrar shall examine or cause to be examined every applicat...

Read More
Posted Under: Income Tax |

Draft Scheme for setting up of IFSC Banking Units

International Financial Services Centre (IFSC) An International Financial Services Centre (IFSC) is set up at Gandhinagar, Gujarat as a part of a Special Economic Zone (SEZ). To operationalise the IFSC, a Notification under the Foreign Exchange Management Act, 1999 (FEMA) shall be issued by Reserve Bank of India (RBI) in March 2015, makin...

Read More
Posted Under: Income Tax |

Indirect Tax Proposals to Maximize Benefits to the Economy

The Finance Minister Shri Arun Jaitley while presenting the Budget announced in the Lok Sabha steps to broaden the Tax Base that will maximize benefits to the economy. The Service Tax rate is being increased from 12% plus Education Cesses to 14%. The new service tax rate shall subsume the ‘Education Cess’ and ‘Secondary and [&hellip...

Read More
Posted Under: Income Tax |

FM Outlines Measures to Curb Black Money in Budget 2015-16

Finance Minister Shri Arun Jaitley Outlines Measures to Curb Black Money in Budget 2015-16 The Finance Minister, Shri Arun Jaitley signaled the government’s intent to curb generation of black money in real estate in the Budget 2015-16. Presenting the Budget in the Lok Sabha today he proposed amendments in the Income Tax Act prohibiting ...

Read More
Posted Under: Income Tax |

Budget 2015: Tax Measures Announced to Promote Swachh Bharat Initiatives and Public Health

The Central Government will impose a Swachh Bharat Cess on all or certain taxable services at a rate of 2% from a date to be notified. The Finance Minister Shri Arun Jaitley announced in his Budget Speech that the proceeds from this Cess would be utilized for Swachh Bharat initiatives. In a related development, the […]...

Read More
Posted Under: Income Tax |

Budget 2015- Incentives for Andhra Pradesh and Telangana

Section 94 of the Andhra Pradesh Reorganisation Act, 2014 inter alia provides that the Central Government shall take appropriate fiscal measures, including offer of tax incentives to the State of Andhra Pradesh and the State of Telangana, to promote industrialization and economic growth in both the States....

Read More
Posted Under: Income Tax |

Rationalisation of provisions relating to TDS and TCS

Budget 2015-16 -Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payment at the specified rate if the payment exceeds the specified threshold. The person deducting tax (‘the deductor’) is r...

Read More
Posted Under: Income Tax |

Section 194A- Amendment in provisions related to TDS on interest

It is proposed to amend the provisions of the section 194A of the Act to expressly provide from the prospective date of 1st June, 2015 that the exemption provided from deduction of tax from payment of interest to members by a co-operative society under section 194A(3)(v) ) of the Act shall not apply to the payment of interest on time depo...

Read More
Posted Under: Income Tax | ,

New Investment Pattern For Non-Govt PF/Superannuation/Gratuity Funds wef 01.04.2015

New Investment Pattern For Non-Government Provident Funds, Superannuation Funds And Gratuity Funds With Effect From 1st April, 2015 Government notifies the Investment Pattern for Non-Government Provident Funds, Superannuation Funds and Gratuity Funds. This is reviewed from time to time and revisions are effected based on the developments ...

Read More
Posted Under: Income Tax |

प्राइवेट कंपनी में फण्ड जुटाने के तरीके, कम्पनीज एक्ट 2013 के प्रावधानों के अनुसार

चुकी कम्पनीज एक्ट 2013 जब से आया है एक कंपनी को फण्ड रेज करने के ऊपर बहुत सारे कंडीशन लग गया है I जैसे कंपनी प्राइवेट या पब्लिक निम्न के...

Read More
Posted Under: Income Tax |

Fund Managers in India not to constitute business connection of offshore funds

The existing provisions of section 9 of the Act deal with cases of income which are deemed to accrue or arise in India. Section 9(1)(i) provides a set of circumstances in which income is deemed to accrue or arise in India, and is taxable in India. One of the conditions for the income of a […]...

Read More
Posted Under: Income Tax |

Sec. 80G deduction for Donations to Swachh Bharat Kosh & Clean Ganga Fund

It is proposed to provide that donations made by any donor to the Swachh Bharat Kosh and donations made by domestic donors to Clean Ganga Fund will be eligible for a deduction of hundred per cent from the total income. However, any sum spent in pursuance of Corporate Social Responsibility under sub-section (5) of section 135 of the Compan...

Read More
Posted Under: Income Tax |

Section 80G- 100% deduction for Donation to National Fund for Control of Drug Abuse

Budget 2015-16 One hundred per cent deduction for National Fund for Control of Drug Abuse Under the existing provisions of section 80G, an assessee is allowed a deduction from his total income in respect of donations made by him to certain funds and charitable institutions. The deduction is allowed at the rate of hundred percent […...

Read More
Posted Under: Income Tax |

Obtaining and quoting of TAN not to apply to notified deductors or collectors

Budget 2015-16 Relaxing the requirement of obtaining TAN for certain deductors Under the provisions of section 203A of the Act, every person deducting tax (deductor) or collecting tax (collector) is required to obtain Tax Deduction and Collection Account Number (TAN) and quote the same for reporting of tax deduction/collection to the Inco...

Read More
Posted Under: Income Tax |

Form No.15G/15H for non TDS deduction on life insurance policy payment

Budget 2015-16 – Enabling of filing self-declaration in Form No.15G/15H for non-deduction of tax at source onpayment made under life insurance policy The Finance (No.2) Act, 2014, inserted section 194DA in the Act with effect from 1.10.2014 to provide for deduction of tax at source at the rate of 2% from payments made under life in...

Read More
Posted Under: Income Tax |

Changes in Advance Ruling Under Section 96A(b)(iii) of Finance Act, 1994

Notification No. 09/2015-Service Tax (01/03/2015)

Seeks to notify the “resident firm” as the class of persons for the purpose of sub-clause (iii) of clause (b) of section 96A of the Finance Act, 1994. CBEC vide Notification No. 11/2015-Central Excise (N.T.), Dated: March 1, 2015, Notification No. 27/2015-Customs (NT), Dated: March 1, 2015 & Notification No. 9/2015- ST, Dated: Mar...

Read More

Changes In Abatement Notification No. 26/2012-ST Dated 20-6-2012

Notification No. 08/2015-Service Tax (01/03/2015)

CBEC with effect from 1st April 2015 vide Notification No. 8/2015-ST, Dated: March 01, 2015 has amended the Abatement Notification No. 30/2012 dated 20.06.2012 as follows: (i) The taxable portion of service of transportation by rail, road and vessel shall be 30% subject to a uniform condition of non-availment of CENVAT Credit on inputs, c...

Read More

Changes in RCM: Notification No. 7/2015-ST dated 01.03.2015

Notification No. 07/2015-Service Tax (01/03/2015)

Seeks to amend notification No. 30/2012-Service Tax dated 20th June, 2012, so as to prescribe, the extent of service tax payable by the service provider and any other person liable for paying service tax other than the service provider. CBEC with effect from 1st April 2015 vide Notification No. 7/2015-ST, Dated: March 01, 2015has amended ...

Read More

Changes in Mega Exemption List of Services

Notification No. 06/2015-Service Tax (01/03/2015)

16. Services by an artist by way of a performance in folk or classical art forms of (i) music, or (ii) dance, or (iii) theatre, if the consideration charged for such performance is not more than one lakh rupees...

Read More

Changes in Service Tax Rules, 1994 Vide Notification No. 5/2015-ST dated 01-03-2015

Notification No. 05/2015-Service Tax (01/03/2015)

Notification No. 5/2015-ST, Dated: March 01, 2015,  Seeks to amend Service Tax Rules, 1994 so as to prescribe,- (i) definition of an ‘aggregator’ and the ‘brand name or trade name’  (ii) the person liable to pay service tax for certain specified services;  (iii) for issuing digitally signed invoices and their authentication by ...

Read More

No Service Tax on Transport of Goods for Export by road from place of removal to land customs station

Notification No. 04/2015-Service Tax (01/03/2015)

Seeks to amend notification No. 31/2012-Service Tax, dated 20th June, 2012, so as to exempt services provided for transportation of export goods by road from the place of removal to a land customs station (LCS). CBEC vide Notification No. 4/2015-ST, Dated: March 01, 2015 has exempted services provided by goods transport agencyto an export...

Read More

Notification No. 42/2012-ST dated. 29.6.2012 rescinded

Notification No. 03/2015-Service Tax (01/03/2015)

NOTIFICATION. 3/2015-ST, Dated: March 01, 2015 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the Government of India in the Ministry of […]...

Read More

Limit of deduction under 80CCC raised to Rs. 1.50 Lakh

Budget 2015-16 – Raising the limit of deduction under Section 80CCC Under the existing provisions contained in sub-section (1) of the section 80CCC, an assessee, being an individual is allowed a deduction upto one lakh rupees in the computation of his total income, of an amount paid or deposited by him to effect or keep […]...

Read More
Posted Under: Income Tax | ,

Wealth Tax Returns not to be filed from Assessment Year 2016-17

Abolition of levy of wealth-tax under Wealth-tax Act, 1957 Wealth-tax Act, 1957 (‘the WT Act’) was introduced w.e.f. 01.04.1957 on the recommendation of Prof. Nicholas Kaldor for achieving twin major objectives of reducing inequalities and helping the enforcement of Income-tax Act through cross checks. Accordingly, all the assets of t...

Read More
Posted Under: Income Tax | ,

Budget 2015- Section 80U deduction Limit Raised

Raising the limit of deduction under Section 80U for persons with disability and severe disability The existing provisions of section 80U, inter alia, provide for a deduction to an individual, being a resident, who, at any time during the previous year, is certified by the medical authority to be a person with disability (as defined [&hel...

Read More
Posted Under: Income Tax | ,

Budget 2015- Section 80DD deduction Limit Raised

Raising the limit of deduction under section 80DD for persons with disability and severe disability The existing provisions of section 80DD, inter alia, provide for a deduction to an individual or HUF, who is a resident in India, who has incurred— a) Expenditure for the medical treatment (including nursing), training and rehabilitation ...

Read More
Posted Under: Income Tax | ,

Section 80DDB- Limit Raised & Relaxed Condition of Certificate

Raising the limit of deduction under section 80DDB Under the existing provisions of section 80DDB of the Act, an assessee, resident in India is allowed a deduction of a sum not exceeding forty thousand rupees, being the amount actually paid, for the medical treatment of certain chronic and protracted diseases such as Cancer, full blown [&...

Read More
Posted Under: Income Tax | ,

Steps Being Taken for Increasing Financing to MSMES

Steps Being Taken for Increasing Financing to Micro, Small And Medium Enterprises (Msmes) Debt Financing: 1)     Loans to Medium Enterprises are being brought under Priority Sector Lending. 2)     A separate sub-limit of 7.5% in Priority Sector Lending is being created for the Micro Enterprises. 3)     RBI has received 72 appl...

Read More
Posted Under: Income Tax |

Changes proposed in priority sector lending (psl)

NA (01/03/2015)

Changes proposed in priority sector lending (psl)-regarding Since the vision of Priority Sector Lending (PSL) first took shape, the structure of the Indian economy, the contribution by various sectors to GDP and the demographic profile has changed significantly. These emerging realities have also shaped the perception of national prioriti...

Read More

Step taken and to be taken by Govt for Banking Reforms

Performance of Public Sector Banks has remained sub-optimal so far.  The Government is taking various steps to improve the situation both on governance side and otherwise.  The focus of these reforms is to improve the quality of deliberations in bank boards, leading to better asset quality and further resulting in better market valuatio...

Read More
Posted Under: Income Tax |

Section 80D- Hike in Deduction Limit for Mediclaim

Amendment in section 80D relating to deduction in respect of health insurance premia The existing provisions contained in section 80D, inter alia, provide for deduction of a. upto fifteen thousand rupees to an assessee, being an individual in respect of health insurance premia, paid by any mode, other than cash, to effect or to keep [&hel...

Read More
Posted Under: Income Tax | ,

Pass through status to Category –I and II Alternative Investment Funds

Pass through status to Category –I and Category –II Alternative Investment Funds The existing provisions of section 10(23FB) of the Act provide that any income of a Venture Capital Company (VCC) or a Venture Capital Fund (VCF) from investment in a Venture Capital Undertaking (VCU) shall be exempt from taxation. Section 11 5U of the [&...

Read More
Posted Under: Income Tax |

Resident firm specified as class of person for Advance Ruling

Notification No. 11/2015-Central Excise (N.T.) (01/03/2015)

In exercise of the powers conferred by sub-clause (iii) of clause (c) of section 23A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby specifies resident firm as class of persons for the purposes of the said sub-clause...

Read More

Notification No. 10/2015-Central Excise (N.T.) Dated: March 1, 2015

Notification No. 10/2015-Central Excise (N.T.) (01/03/2015)

In pursuance of rule 12CCC of the Central Excise Rules, 2002 and rule 12AAA of the CENVAT Credit Rules, 2004, the Central Government hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance...

Read More

Notification No. 9/2015-Central Excise (N.T.), Dated: March 1, 2015

Notification No. 09/2015-Central Excise (N.T.) (01/03/2015)

Provided that it shall be sufficient to provide a letter of undertaking by a manufacturer against whom no show cause notice has been issued under sub-sections (4) or (5) of section 11A of Central Excise Act, 1944 or where no action is proposed under any notification issued in pursuance of rule 12CCC of Central Excise Rules, 2002 or rule 1...

Read More

Notification No. 8/2015-Central Excise (N.T.) Dated: March 1, 2015

Notification No. 08/2015-Central Excise (N.T.) (01/03/2015)

Where the return is submitted under sub-rule (3) by the assessee after the due date as mentioned in that sub-rule, the assessee shall pay to the credit of the Central Government, an amount calculated at the rate of one hundred rupees per day subject to a maximum of twenty thousand rupees for the period of delay in submission of each retur...

Read More

Excise Duty Registration/De-registration/cancellation – Documentation & procedure

Notification No. 07/2015-Central Excise (N.T.) (01/03/2015)

Provided that if the applicant makes an application for extension of time beyond the period of three months, the jurisdictional authority on the basis of the reasons given by the applicant and upon hearing the applicant in person, grant further time of one month for migration to the PAN based registration...

Read More

Notification No. 6/2015-Central Excise (N.T.), Dated: March 1, 2015

Notification No. 06/2015-Central Excise (N.T.) [G.S.R. 151(E)] (01/03/2015)

The CENVAT credit on inputs shall be allowed even if any inputs as such or after being partially processed are sent to a job worker and from there subsequently sent to another job worker and likewise, for further processing, testing, repairing, re-conditioning or for the manufacture of intermediate goods necessary for the manufacture of f...

Read More

Notification No. 5/2015-Central Excise (N.T.) Dated: March 1, 2015

Notification No. 05/2015-Central Excise (N.T.) (01/03/2015)

in sub-rule (2), after the words approve the declaration, the words including that of the maximum packing speed at which each of the packing machines available in his factory can be operated for packing of notified goods of various retail sale prices shall be inserted....

Read More

Notification No. 4/2015-Central Excise (N.T.), Dated: March 1, 2015

Notification No. 04/2015-Central Excise (N.T.) (01/03/2015)

The quantity of notified goods, having retail sale prices as specified in column (2) of Table-1 or Table-2 below, deemed to be produced by use of one operating packing machine, having maximum packing speed at which it can be operated for packing of notified goods as specified in column (3) or column (4) or column (5) of the said Table-1...

Read More

Notification No. 3/2015-Central Excise (N.T.), Dated: March 1, 2015

Notification No. 03/2015-Central Excise (N.T.) (01/03/2015)

In exercise of the powers conferred by sub-sections (1) and (2) of section 4A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 49/2008-Central Excise (N.T.),...

Read More

Income Tax Inspector jailed for Possession of Disproportionate Assets

Three Years Rigorous Imprisonment to Then Inspector of Income Tax for Possession of Disproportionate Assets The Special Judge for CBI Cases at Jabalpur (Madhya Pradesh) has convicted Shri Brijendra Nath Bala @ B.N. Bala, then Inspector, Income Tax, Ayakar Bhawan, Napier Town, Jabalpur and sentenced him to undergo three years Rigorous Impr...

Read More
Posted Under: Income Tax |

Budget 2015-16- Implications on Direct and Indirect Taxes

1. No change in Basic Exemption Limit for Individuals. 2. Limit U/s. 80D raised from Rs.15000 to Rs. 25000. Further increase for Senior Citizens from Rs 20000 to Rs. 30000. 3. Increase in limits of deduction under Section 80DD and 80U for disabled person from Rs. 50,000 to Rs. 75,000. It is further proposed to raise the limit of deduction...

Read More
Posted Under: Income Tax |

Budget 2015-16 Decoded!!

It is the balanced budget but more or less poorer one. One cannot make happy everyone happy so few are enjoying this budget & remaining one’s are feeling disappointed. Budget is oriented towards providing benefits & amenities to the corporate industry along with all the Dhanna Seth’s. For a common people (AAM Aadmi) it is presenting d...

Read More
Posted Under: Income Tax |

Budget 2015: Key Changes in Service Tax, Excise and Custom Duty

Hike in Service tax rates (From date to be notified): Service tax rate has been increased from 12.36% (including Education Cess and Secondary and Higher Education Cess) to flat 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...

Read More
Posted Under: Income Tax | ,

Notification No. 27/2015-Customs (N.T.) Dated: March 1, 2015

Notification No. 27/2015-Customs (N.T.) (01/03/2015)

In exercise of the powers conferred by sub-clause (iii) of clause (c) of section 28E of the Customs Act, 1962 (52 of 1962), the Central Government hereby specifies "resident firm" as class of persons for the purposes of the said sub-clause....

Read More

Notification No. 17/2015-Central Excise, Dated: March 1, 2015

Notification No. 17/2015-Central Excise (01/03/2015)

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sections 91 and 93 of the Finance (No. 2), Act, 2004 (23 of 2004) and sections 136 and 138 of the Finance Act, 2007 (22 of 2007), the Central Government being satisfied that it is necessary in the public interest so ...

Read More

Notification No. 16/2015-Central Excise, Dated: March 1, 2015

Notification No. 16/2015-Central Excise (01/03/2015)

In the said notification, in the TABLE, - (i) serial numbers 1A and 1B and the entries relating thereto shall be omitted;...

Read More

Notification No. 15/2015-Central Excise, Dated: March 1, 2015

Notification No. 15/2015-Central Excise [G.S.R. 145(E)] (01/03/2015)

G.S.R. 145(E) In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sections 136 and 138 of the Finance Act, 2007 (22 of 2007),...

Read More

Notification No. 14/2015-Central Excise, Dated: March 1, 2015

Notification No. 14/2015-Central Excise [G.S.R. 144(E)] (01/03/2015)

Notification No. 14/2015-Central Excise G.S.R. 144(E) In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sections 91 and 93 of the Finance (No. 2) Act, 2004 (23 of 2004), the Central Government being satisfied that it is necessary in the public interest so to do, he...

Read More

Notification No. 13/2015-Central Excise, Dated: March 1, 2015

Notification No. 13/2015-Central Excise (01/03/2015)

In the said notification, in the TABLE, after serial number 8 and the entries relating thereto, the following serial number and the entries shall be inserted, namely:-...

Read More

Notification No. 12/2015-Central Excise, Dated: March 1, 2015

Notification No. 12/2015-Central Excise (01/03/2015)

in the opening paragraph, in the first proviso, for the figures, letters and words "31st day of March, 2015", the figures, letters and words "31st day of March, 2016" shall be substituted;...

Read More

Notification No. 11/2015-Central Excise, Dated: March 1, 2015

Notification No. 11/2015-Central Excise [G.S.R. 141(E)] (01/03/2015)

G.S.R. (E).- In exercise of the powers conferred by section 133 of the Finance Act, 1999 (27 of 1999), read with section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts high speed diesel oil, falling under heading 2710 of the First...

Read More

Notification No. 11/2015-Customs, Dated : March 1, 2015

Notification No. 11/2015-Customs (01/03/2015)

All goods [except populated Printed Circuit Boards (PCBs) ] required for use in the manufacture of the following, namely,-(i). All goods specified against S.Nos.1 to 68 of the TABLE to the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 25/1998-Customs, dated the 2nd June, 1998 vide number G...

Read More

Notification No. 10/2015-Central Excise, Dated: March 1, 2015

Notification No. 10/2015-Central Excise [G.S.R. 140(E)] (01/03/2015)

Notification No. 10/2015-Central Excise In exercise of the powers conferred by section 111 of the Finance (No.2) Act, 1998 (21 of 1998), read with section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts motor spirit commonly known ...

Read More

Notification No. 10/2015-Customs, Dated : March 1, 2015

Notification No. 10/2015-Customs (01/03/2015)

(A) in the Table,- (i) after S.No. 113 and the entries relating thereto, the following S.No. and entries shall be inserted (ii) against S.No. 125, for the entry in column (4), the entry " 5%" shall be substituted...

Read More

Notification No. 9/2015-Central Excise, Dated: March 1, 2015

Notification No. 09/2015-Central Excise [G.S.R. 139 (E)] (01/03/2015)

In the said notification, in the Table, after S.No. 1 and the entries relating thereto, the following S. No. and entries shall be inserted, namely:-...

Read More

Notification No. 8/2015-Central Excise, Dated: March 1, 2015

Notification No. 08/2015-Central Excise (01/03/2015)

section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance...

Read More

Notification No. 7/2015-Central Excise, Dated: March 1, 2015

Notification No. 07/2015-Central Excise [G.S.R.137(E)] (01/03/2015)

Notification No. 7/2015-Central Excise G.S.R.137(E) In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government being satisfied that it is necessary in the public interest so to do, hereby makes...

Read More

Notification No. 6/2015-Central Excise, Dated: March 1, 2015

Notification No. 06/2015-Central Excise (01/03/2015)

for the portion beginning with words and packed in and ending with the words and figure or column (4), the , words, brackets, figures and letters having maximum packing speed as specified in column (3) or column (4) or column (5) of Table-1, as the case may be, at which they can be operated for packing of specified goods which are packed ...

Read More

Notification No. 5/2015-Central Excise, Dated: March 1, 2015

Notification No. 05/2015-Central Excise [G.S.R.135 (E)] (01/03/2015)

The rate of duty per packing machine per month for a jarda scented tobacco pouch having retail sale price of Rs.55.00 (i.e. 'P') packed with the aid of a machine having any maximum packing speed shall be = Rs. 659.47 + 13.19 x(15-10) lakh = Rs.725.42 lakh....

Read More

Notification No. 9/2015-Customs, Dated : March 1, 2015

Notification No. 9/2015-Customs (01/03/2015)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), read with sections 91 and 94 of the Finance (No. 2) Act, 2004 (23 of 2004) and sections 136 and 139 of the Finance Act, 2007 (22 of 2007),...

Read More

Notification No. 8/2015-Customs, Dated : March 1, 2015

Notification No. 8/2015-Customs (01/03/2015)

G.S.R. 130(E) In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Depa...

Read More

Notification No. 7/2015-Customs, Dated: March 1, 2015

Notification No. 7/2015-Customs (01/03/2015)

In exercise of the powers conferred by section 116 of the Finance Act, 1999 (27 of 1999), read with sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby ...

Read More

Notification No. 6/2015-Customs, Dated : March 1, 2015

Notification No. 6/2015-Customs (01/03/2015)

In exercise of the powers conferred by section 103 of the Finance (No.2) Act, 1998 (21 of 1998), read with sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, ...

Read More

Notification No. 1/2015-M & TP, Dated-1st March, 2015

1/2015-M & TP (01/03/2015)

seeks to amend Notification No. 2/2003-M&TP dated 01.03.2003 so as to increase the applicable rate of excise duty from 12% to 12.5%....

Read More

Notification No. 1/2015-Clean Energy Cess Date- 1st March, 2015

1/2015-Clean Energy Cess (01/03/2015)

Central Government hereby exempts all goods leviable to the Clean Energy Cess under section 83 of the said Finance Act, from so much of the Clean Energy Cess leviable thereon under the Tenth Schedule to the said Finance Act, 2010, as is in excess of the amount calculated at the rate of Rs. 200 per tonne....

Read More

GAAR provisions to come into effect from 01.04.2017

Deferment of provisions relating to General Anti Avoidance Rule (GAAR) The existing provisions of the General Anti Avoidance Rule (GAAR) introduced by the Finance Act, 2013 are contained in Chapter X-A (consisting of section 95 to 102) and section 144BA of the Act. Chapter X-A provides the substantive provision of GAAR whereas section 144...

Read More
Posted Under: Income Tax |

Budget – Shaking the Common Man and his pocket

Such a stupid budget... Don't give good education to your kids, coz it now costs more. Don't go to good hospitals, as it'll cost more. Welcome to obese India, gym costs more. IT enabled India is not for us, as internet and mobile cost more. Promote white money... Debit and credit card costs more. Trying to buy a house... Forget about it, ...

Read More
Posted Under: Income Tax |

Union Budget 2015-16 and its impact

The Finance Minister said: Kucch Toh Phool Khilaaye Hai Humne.. Kucch Aur Khilane Hai Dikkat Yah hai ki Raho mei Kae Kaante Purane hai On the other hand: 2015 Budget will further reignite our growth engine, signalling the dawn of a prosperous future. –           Narendra Modi Prime Minister Narendra Modi lauded and applaud...

Read More
Posted Under: Income Tax |

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30