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Archive: 18 February 2016

Posts in 18 February 2016

Tax on services by Govt to businesses with turnover below 10 Lakh

February 18, 2016 14542 Views 3 comments Print

Government has vide Notification No. 07/2016-ST provided Service Tax exemption wef 01.04.2016 on Services provided by Government or a local authority to a business entity with a turnover up to rupees ten lakh in the preceding financial year.

All services by Govt to business entities taxable from April 1, 2016

February 18, 2016 32196 Views 2 comments Print

All services provided by the Government or local authority to a business entity, except the services that are specifically exempted, or covered by any another entry in the Negative List, shall be liable to service tax. The date from which this amendment would come into effect is notified as 01.04.2016 vide Notification No. 06/2016- Service Tax Dated : 18/02/2016.

Rate of foreign currency exchange conversion WEF 19.02.2016

February 18, 2016 1094 Views 0 comment Print

Notification No.29/2016 – Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 19th February, 2016, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

Guiding Principles For Determination of POEM of a Company

February 18, 2016 5248 Views 1 comment Print

In order to curb the erstwhile lacuna in the language of the Act and to prevent formations of various foreign shell companies, which are eventually controlled and managed from India, the Government of India amended the provision of clause (ii) of sub-section 3 of section 6 of the Act vide Finance Act, 2015 to avoid future revenue losses and prevent tax abuse.

Delhi VAT: DVAT Registration Online Process In 2016

February 18, 2016 45037 Views 17 comments Print

Good News for all those who want to trade online on Webportals like Flipkart, Snapdeal or Amazon then you should have a Delhi VAT registration Number (TIN Number) and those who want to start their small medium Businesses. As The Department of Trade and Taxes has made certain relaxations in its rules of granting Registration like No Surety is required to apply for registration.

Start up India- एक शुरुआत!

February 18, 2016 5197 Views 0 comment Print

Startup India is an action plan to develop an ecosystem to promote and nurture entrepreneurship across the country. This is aimed at promoting bank financing for start-up ventures to boost entrepreneurship and encourage startups with jobs creation. The launch of Start Up India plan has generated huge enthusiasm among young entrepreneurs.

SEIS: Are You Ready To Apply from April 1, 2016

February 18, 2016 11565 Views 4 comments Print

The Service Exports from India Scheme (‘SEIS’) was introduced last year under the new Foreign Trade Policy 2015-2020 (‘the FTP’) to encourage export of services from India. The new SEIS policy initiative is a much better policy initiative than the erstwhile Served From India Scheme (‘SFIS’) that had its own limitations in terms of usage and transferability.

Issue of Tax free Bond by NHAI & NABARD in FY 2015-16

February 18, 2016 2772 Views 0 comment Print

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 6/2016 New Delhi, Dated: 18th February, 2016 S.O. 520(E).-In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments […]

Brokerage not deductible in computing Income from house property

February 18, 2016 8318 Views 1 comment Print

The brokerage paid to the third party has nothing to do with the rental income paid by the tenant for enjoying the property to the owner therefore brokerage cannot be said to be a charge that has been created in the property for enjoying the rights and at best it is only an application of income received/receivable from rent

Service tax Refund on expenses incurred beyond factory gate

February 18, 2016 5424 Views 1 comment Print

One way of reducing burden of tax on export has been to grant refund of service tax under Notification No. 41/2012-ST on services used in relation to export of goods outside India. The refund was allowed in relation to taxable services used beyond the place of removal for export of goods. The intention was to grant refund of tax paid on services used in the course of export of goods from the factory or any premises to port/airport.

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