"05 March 2016" Archive

Amendments In Service Tax Through Finance Bill 2016

In the definition of the term Service, sub-clause (ii)(a) of Explanation 2 is proposed to be amended to clarify that activity carried out by a lottery distributor or selling agents of the State Government under the provisions of the Lotteries (Regulation) Act, 1998, is leviable to service tax....

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Simple analysis of proposed Service Tax amendments

There was certain confusion regarding the taxability of various education programmes conducted by Indian Institute of Management as to whether such programmes qualify as a part of a curriculum for obtaining a qualification recognised by any law for the time being in force....

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Budget 2016: Proposed Section wise Income Tax Amendments

The proposed amendment have excluded Deposit Certificates issued under Gold Monetisation Scheme, 2015 notified by the Central Government, from the definition of capital asset and thereby exemption from capital gains tax....

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Service Tax – Is it a good option to settle case through Settlement Commission

The concept of Settlement Commission is fairly new in service tax. It is only in the year 2012, that the benefit of settlement through settlement commission was extended to the service tax assesses, which was earlier available under Central Excise and Customs Act. ...

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Posted Under: Service Tax |

Cenvat Credit can be claimed on the basis of photocopy of duty payment document

Arbes Tools P. Ltd. Vs CCEx (CESTAT Mumbai)

When the admissibility of Cenvat credit is not disputed on legal grounds viz eligibility and duty payment document, then credit cannot be denied merely on technical lapses....

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Time for Filing Belated Return Reduced

Vide Finance Bill FM has reduced Time Limit for filing belated returns u/s 139(4) from 1 year from the end of the Assessment Year to end of the Assessment Year For Example: – For AY 2015-16 belated returns can be filed upto 31st March 2017 however For AY 2016-17 belated returns can be filed upto […]...

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Automation of various processes and paperless assessment

It is proposed to amend the relevant provisions of the Act so as to provide adequate legal framework for paperless assessment in order to enhance efficiency and reduce the burden of compliance. A series of changes are proposed to achieve this end. Sub-section (1) of section 282A provides that where a notice or other document is required t...

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Posted Under: Service Tax |

Time limit to dispose applications U/s. 273A, 273AA or 220(2A)

Sub-section (2) of section 220 provides for levy of interest at the rate of 1 per cent for every month or part of month for the period during which the default continues. Sub-section (2A) of said section inter-alia, empowers the Principal Chief Commissioner, Chief Commissioner, Principal Commissioner or Commissioner to reduce or waive the...

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Posted Under: Service Tax |

Deduction of provision for bad and doubtful debt in case of NBFCs

Under the existing provisions of sub-clause (c ) of clause (viia) of sub-section (1) of section 36 of the Act, in computing the profits of a public financial institutions, State financial corporations and State industrial investment corporations a deduction, limited to an amount not exceeding five per cent of the gross total income, compu...

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Posted Under: Service Tax |

Implementation of POEM based residence deferred to 01/04/2017

The provisions of section 6 of the Act provide for conditions in which residence in India is determined in case of different category of persons. Section 6(3) deals with conditions to be satisfied for a company to be treated as resident in India in any previous year. Prior to amendment of section 6(3) by the Finance Act 2015, a company wa...

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Posted Under: Service Tax |