"03 March 2015" Archive

Budget 2015- Highlights of Changes in Service tax

Change in Service tax Rate :- The Service tax Rate is being increased from 12% plus Education cess 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 of cesses) t...

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Posted Under: Service Tax |

Budget 2015 Vs. Industry

1. Mens Rea is not essential for imposing Penalty:- In case of No Fraud, Collusion, Misstatement etc.:- S.Tax/C.Excise  -Maximum Penalty 10% of duty amount -No penalty if duty paid before issuance of SCN or within 30 days of SCN. -25% penalty if duty paid within 30 days of Order in Original. In case of Fraud, […]...

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Posted Under: Service Tax |

Indian Union Budget – 2015 An overview

Income Tax rates are not changed but surcharge in almost all categories of tax payers is increased from 10% of income tax to 12% of income tax. [Not to worry situation for most of the tax payers as surcharge is applicable to so called super rich persons only. e.g., individuals with taxable income exceeding Rs. 1 crore.] [From A. Y. 2016...

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Posted Under: Service Tax |

A mere non discussion or non mention in assessment order would not justify sec 263

CIT Vs M/s. Krishna Capbox (P) Ltd. (Allahabad High Court)

Hon'ble Allahabad High Court in the case of CIT V/s M/S Krishna Capbox (P) Ltd in Income Tax Appeal No. 1 of 2015 has held that a mere non discussion or non mention in assessment order would not justify section 263 to be applied....

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Taxability of Capital Gain Under Income tax Act, 1961

The word ‘income’ has special meaning with reference to income-tax. It inter alia includes gains derived on transfer of a capital asset. Since these are not annual accruals, these are treated on a different footing for taxation purpose. The basic concepts and provisions relating to computation of taxable capital gains are briefly exp...

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Posted Under: Service Tax |

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Third Amendment) Regulations, 2015

Notification No. 340/2015-RB (03/03/2015)

Foreign investment in the sector is subject to compliance of the provisions of the Insurance Act, 1938 and the condition that Companies bringing in FDI shall obtain necessary license from the Insurance Regulatory & Development Authority of India for undertaking insurance activities....

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Clarification relating to filing of e-form D1R-1 1 & D1R-12 under the Companies Act, 2013

General Circular No. 03/2015 (03/03/2015)

This Ministry has received several representations about the difficulties faced by stakeholders due to deactivation of Digital Signature Certificate (DSC) following en masse resignation of all the directors of a company before appointment of new directors in their places. ...

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Budget 2015: Clarifications regarding increase in Service Tax Rate

Articles Clarifies Doubts Regarding Applicability of Revised Rate of Service Tax of 14% and Applicability of Swachh Bharat Cess, Educational Cess and SHE Cess on the New Service Tax Rate of 14%. Articles also clear the doubts regarding 16% Service Tax Rate after applicability of Swachh Bharat Cess on Taxable Services. Amid huge expectatio...

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Cost of capital asset transferred by demerged company to resulting company

Under clause (vib) of section 47 of the Income-tax Act any capital asset transferred by the demerged company to the resulting company in the scheme of demerger is not regarded as transfer if the resulting company is an Indian company. In such cases the cost of such asset in the hands of resulting company should be cost of such asset in th...

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Posted Under: Service Tax |

Additional depreciation on Plant or machinery used for less than 180 days

To remove the discrimination in the matter of allowing additional depreciation on plant or machinery used for less than 180 days and used for 180 days or more, it is proposed to provide that the balance 50% of the additional depreciation on new plant or machinery acquired and used for less than 180 days which has not been allowed in the ...

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Posted Under: Service Tax |

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