"February, 2016" Archive - Page 2

Budget 2016: Changes for Real Estate Sector

1. Additional Tax:Krishi Kalyan Cess, at the rate of 0.5% of value of taxable service imposed, with effect from 01.06.2016. Thus the rate of Service Tax on real estate services shall be increased by 0.5% with effect from 01.06.2016. 2. Rationalization of abatement:At present, two rates of abatement have been prescribed for services of con...

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Budget 2016: 27 Key Changes in Taxation

1. 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh. 2. Income tax surcharge for having income Rs. more than 1 crore increased to 15% (previously 12%) 3. Deduction u/s 80GG for RENT payment increased upto Rs. 5,000/- per month (previously Rs.2,000/-)...

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Budget 2016: Cheaper & Dearer? ; Key takeaways for individual taxpayers

Budget 2016 takeaways for individual taxpayers  Here is a quick list of major announcements made that will affect our pocket. 1. INCREASE IN TAX REBATE: Those earning below Rs 5lakhs to save an additional Rs 3,000 in taxes. Tax rebate under Section 87A has been raised from Rs 2,000 to Rs 5,000. Effectively, this means […]...

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Glimpses of Union Budget 2016-17

Govt. of India has proposed to introduced 3 major schemes for the farmers. Mainly Pradhan Mantri Fasal Bima Yojna to cover the farmers from the loss of unfavorable weather conditions, calamity changes etc and Rs. 5500 crore is propose to allocate to this scheme....

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Budget 2016: Excise on Ready Made Garments and Made Ups

Excise duty of 2% (without CENVAT credit) or 12.5% (with CENVAT credit) is being levied on readymade garments and made up articles of textiles falling under Chapters 61, 62 and 63 (heading Nos. 6301 to 6308) of the Central Excise Tariff except those falling under 6309 and 6310 of retail sale price (RSP) of Rs.1000 and above when they bear...

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Budget 2016: Changes in Abatement under Service Tax

The proposed rationalization in abatements shall come into effect from the 1st day of April, 2016. In cases where the tour operator is providing services solely of arranging or booking accommodation for any person in relation to a tour, abatement of 90% is available with specified conditions. ...

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Ye toh Jaitley Ka BUDGET Hai…!!!

There is no change in Income Tax Slab, however Finance Minister Arun Jaitley, has made provision for Tax rebate for those earning less than 5 lahk per annum and Under 5 lakh income – the rebate increased from 2000 to 5000 but tax payer has an expectation in increasing the present limit for Individual but no such things found in this bud...

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Is the Scheme of Dispute Resolution for Service Tax, useful?

Our Finance Minister, Shri Arun Jaitely had provided for a scheme in name of The Indirect Tax Dispute Resolution Scheme, 2016 in the Finance Bill, 2016, presented before the house of people on 29/02/2016, for bringing down the disputes/litigation pending before Commissioner (Appeals). ...

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Increase in time period for acquisition/ construction of house property for Interest Claim

Increase in time period for acquisition or construction of self-occupied house property for claiming deduction of interest The existing provision of Clause (b) of section 24 provides that interest payable on capital borrowed for acquisition or construction of a house property shall be deducted while computing income from house property. T...

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Procedure for selection of Special Public Prosecutors for handling CBEC cases

F.No.278A/54/2015-Legal (29/02/2016)

The concerned Chief Commissioner will assess the number of SPPs required for prosecution/criminal cases of CBEC in his Zone. While deciding the number of SPPs in the Zone, the requirement of cases of the DGRI/DGCEI will also be taken into consideration. In case there is more than one Chief Commissioner in a Zone, the Chief Commissioner of...

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