E1: INCREASE IN CLEAN ENERGY CESS [NOTIFICATION NO 1& 2/2016 DATED 29TH FEB,2016]- APPLICABLE FROM 1ST MARCH 2016 The Clean Energy Cess is being renamed as Clean Environment Cess. Also, the Tenth Schedule to the Finance Act, 2010 dealing with Clean Energy Cess is being amended so as to increase the Scheduled rate of Clean […]
Please find attached 10th Edition of our e-book (999 pages) on Service Tax. The e-book contains Budget 2016 changes alongwith amended legal provisions / recent judicial precedence.
Budget 2016 has been introduced and with it has come many amendments and changes in the law. One such change is with respect to the services by way of transportation of goods by an aircraft or a vessel. The amendments made in it are effective from 1.6.2016 and will impose additional fiscal burden on the importers importing goods via sea. This article demonstrates the existing scenario, amendments made and the implications thereof.
INDIRECT TAXES – SERVICE TAX: The amendments proposed by the Finance Minister with respect to Service tax are discussed herein below. 1. Roll out of Goods and Services Tax (‘GST’): Like the last year, in his Speech this year, the Finance Minister has given reaffirmed commitment to ensure the passage of the Constitutional amendments to […]
The key highlights of the this Budget are that the focus is towards broadening the tax base, simplicity, rationalizing tax provisions so as to reduce litigation and, bring certainty and clarity to the taxpayers as regards the tax regime, all of which we have discussed with the respective proposed amendments herein below.
Insertion of Explanation ‘BA’ after paragraph B: At present, there is abatement of 60% on the gross value of renting of motor-cab services, provided no Cenvat credit has been taken. It is being made clear by way of inserting an explanation that cost of fuel should be included in the consideration charged for providing renting of motor-cab services for availing the abatement.
In 1980, one sample survey was conducted with a sample size consisting 40 successful person of that period and after detailed questionnaire about their successful life, it was found out that 68% of success or achievement of their goals depend on the action done by them towards their vision.
In order to avoid unnecessary litigation, it is proposed to amend the provisions of the sub-section (2) of section 11 5BBE to expressly provide that no set off of any loss shall be allowable in respect of income under the sections 68 or section 69 or section 69A or section 69B or section 69C or section 69D.
It is proposed to amend clause (va) of section 28 of the Act to bring the non-compete fee received/receivable( which are recurring in nature) in relation to not carrying out any profession, within the scope of section 28 of the Act i.e. the charging section of profits and gains of business or profession.
Existing provisions of clause (c) of sub-section (1) of section 112 provide tax rate of ten per cent for long-term capital gain arising from transfer of securities, whether listed or unlisted. The expression “securities” for the purpose of the said provision has the same meaning as in clause (h) of section 2 of the Securities Contracts (Regulations) Act, 1956 (32 of 1 956)(‘SCRA’). A view has been taken by the courts that shares of a private company are not securities
