Increase in threshold limit for audit for persons having income from profession Under the existing provisions of section 44AB of the Act every person carrying on a profession is required to get his accounts audited if the total gross receipts in a previous year exceed twenty five lakh rupees. In order to reduce the compliance […]
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] Income Tax Notification No. 11/2016 New Delhi, the 1st March, 2016 S.O. 637 (E).─ In exercise of the powers conferred by sub-section (1) of section 249, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board […]
Changes in Customs and Central Excise law and rates of duty have been proposed through the Finance Bill, 2016 (Clauses 113 to 138 for Customs and Clauses 139 to 144 for Central Excise). In order to prescribe effective rates of duty and to carry out changes in the Rules made under the respective Acts, the following notifications are being issued:
An enabling provision is being made to empower the Central Government to impose a Krishi Kalyan Cess on any or all the taxable services at a rate of 0.5% on the value of any or all taxable services. The proceeds from this Cess would be utilized for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating thereto.
The Finance Minister rose to present his third budget by stating that the global economy is weak but India has done well. With a fiscal deficit target of not exceeding 3.5% as budgeted, the Finance Minister surely seems to have done his bit to make it happen. Considerable emphasis has been laid on boosting agriculture […]
Executive Summary of Finance Bill 2016 – Direct Taxes Highlights and Amendments in Service Tax Non-Tariff – Amendment in Central Excise Act, 1944 Tariff – Amendment in Central Excise Act, 1944 Non-Tariff – Amendment in Customs Act, 1962 Tariff – Amendment in Customs Act, 1962 ——————— Prepared by the joint efforts of following members: I. […]
Excise duty applicability of ready-made garments- Applicable to Branded Ready-Made Garments i.e when ready-made garments bear or sold under a brand name. Optional levy of 2% (without Cenvat credit) or 12.5% (which Cenvat credit) shall be applicable if RSP is 1000 or above. For RSP b
Income-tax Department is also issuing instruction making it mandatory for the assessing officer to grant stay of demand once the assesse pays 15% of the disputed demand, while the appeal is pending before Commissioner of Income-tax (Appeals).
The budget is progressive and is setting fiscal discipline. It aligns various measures towards employment generation and has outlined an agenda for faster economic growth with special focus on areas demanding utmost attention viz, rural sector, agriculture, social security, health, education infrastructure, financial sector and entrepreneurship.
Kindly note that a new LLP Front Office Service ‘Enter Form 3 or Form 3 & 4 details for LLP filing’ has been introduced. This service will enable users to insert relevant details of Form 3 or Form 3 & Form 4 (both) in case corresponding Form 3 & Form 4 (both) are pending for […]
