"02 March 2015" Archive

Changes in Reverse Charge Mechanism – Union Budget 2015

Union Budget 2015 introduced several changes under Service Tax, particularly with regard to changes in exemptions, rationalising penal provisions, simplifying procedural aspects, clarifying disputed areas, Reverse charge, etc. This article highlights the important changes under Reverse charge mechanism....

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Union Budget 2015 Analysis of Major Direct tax proposals

Rates of Income Tax- No change in the basic exemption limit and the tax rates for individuals. Corporate tax rates proposed to be reduced from 30% to 25% over the next four years, starting from next financial year. For FY 2015-16, it is 30% same as last year. Additional surcharge @ 2% being levied on income exceeding Rs. 1 crore. This...

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Posted Under: Service Tax |

Budget 2015 -Summary of Direct and Indirect tax proposals

Download PPT in PDF format on Amendment in Direct and Indirect taxes proposed by Finance Bill 2015. Download PPT by Heads up team on Budget 2015...

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Posted Under: Service Tax |

Budget 2015- Detailed analysis of major Amendments in Service Tax

A. CHANGES APPLICABLE WEF 1ST MARCH 2015 1. Services provided to Exporter by Agent Located outside India-Exemption on the services provided by Commission Agent located outside India to an exporter located in India through Notification 42/2012 dated 29/06/2012 is being rescinded. This exemption has become redundant on account of amendments...

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Budget 2015- Analysis of Changes in Central Excise

Article Covers Amendment in Central Excise Duty Provisions vide Budget 2015-16 as presented by Union Finance Minister Mr. Arun Jaitley on 28.02.2015. It covers the changes...

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Big change-small impact on “Sacks and Bags”

Recently, Our Finance Minister, Arun Jaitley has increased the rate of excise duty from 12.36% (Including Education Cess and SHE Cess) to 12.5% (without any Education Cess and SHE Cess) for most of the products. In addition to this, amendments have also been made in the exemption notification no. 12/2012-CE dated 17.03.2012. ...

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Posted Under: Service Tax |

Holi of Budget or Budget of Holi. Enjoy it

Krishna, Honorable Finance Minister Mr. Arun Jetley has declared the Budget before Holi on 28th February. Everyone’s favorite festival Holi is approaching. Holi will be celebrated both by sprinkling colours and by teasing friends, similarly, the Budget has got some good and some bad comments at its different levels. Let’s discuss the ...

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Posted Under: Service Tax |

Statutory Auditor -Services Not to be Rendered, AGM Attendance & Signing Audit Report

Manshi Baid SEC 144 OF THE COMPANIES ACT 2013 AUDITOR NOT TO RENDER CERTAIN SERVICES A person who is appointed as an auditor of a company can render only such services which have been approved by the board of director or the audit committee. But these services should not include the following services:- 1.       Accounting […...

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Posted Under: Service Tax |

Procedure for Job Work under Rule 4(5)(a) made assessee friendly

The Budget 2015 has made amendments that that seeks to simplify the procedural aspects and put an end to the flimsy issues that have led to litigation in the past. One such issue that was frequently disputed by the revenue authorities was the availment of cenvat credit on the inputs/capital goods directly sent to a job worker without thei...

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Posted Under: Service Tax |

In place of arriving ‘ache din’ assessee misses ‘good old days’

The 2015-2016 Finance Budget is was presented by Hon’ble Finance Minister, Arun Jaitley on 28th February 2015. This budget was show time for the NDA Government that whether the lucrative promises made by the Prime Minister in his election campaigns were just the mushrooming for gaining the votes or he actually aimed at bringing the refo...

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Posted Under: Service Tax |