New manufacturing companies incorporated on or after 1.3.2016 to be given an option to be taxed at 25% + surcharge and cess provided they do not claim profit linked or investment linked deductions and do not avail of investment allowance and accelerated depreciation.
So the finance Minister has ultimately decided to give level playing field in respect of pension products and has proposed withdrawal from employee provident fund balance, created with employee’s contribution made after 1st April 2016, taxable to the extent of 60% and 40% exempt. In my opinion these provisions have either been drafted in a hurry or have deliberately been made to be unjust to salaried people. I have a feeling that the government treats the most honest class of tax payers i.e. salaried as second class citizens. Here is why I feel so.
Gold and diamond jewellery are set to become dearer, with the government deciding to hike excise duties. Consumers will have to shell out more for the gold and diamond jewellery as the budget has imposed 1 per cent excise duty, which comes as a blow to the gems and jewellery sector.
Here we are giving summery of all the amendments of service tax according to their applicability Date. A. With immediate effect (from 01.03.2016) (i) Restoration of exemption on services provided to the Government, a local authority or a governmental authority. (ii) Restoration of exemption on services to an airport, port. (iii) Withdrawal of exemption on services to monorail or metro, in respect of contracts entered into on or before 01.03.2016
W.e.f AY 2017-18 Exempted Dividends received by an Resident Individual, HUF in excess of 10 Lakhs from an Domestic Company will now be further taxed @ rate of 10% + Applicable Surcharge & Cess on the Gross Dividend receivedu/s115-BBDA, earlier any dividend received was exempted as the dividends have already suffered Dividend Distribution Tax (DDT) @ 15%+ Applicable Surcharge & Cess. The impact of the above amendment is explained in the below two illustrations
In India the most trusted Tax Saving Option since ages is Life Insurance. People have actually invested money in Life Insurance Policies with blind folded eyes, which they actually realize later on may be at the time of Maturity that they could have planned their sources in a better manner. You may call it lack of education or lack of sources for investment or even wrong selling from some agents as some of the factors for these wrong investments.
SCORES is online platform to file, monitor and redress investors grievances of Listed Companies/ intermediary registered with SEBI. Investors of Listed Companies can utilize this platform to communicate their grievances to the Company through SEBI.
The Central 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 or are sold under a brand name.
G.S.R. (E). – In exercise of the powers conferred by sub-section (7) of section 83 of the Finance Act, 2010 (14 of 2010) 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 rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.1/2015-Clean
G.S.R. (E). – In exercise of the powers conferred by section 83 of the Finance Act, 2010 (14 of 2010), read with 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 the following amendment in the notification of the Government of India in the Ministry of Finance
