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A joint Conference of Principal Chief Commissioners/ Chief Commissioners, Principal Directors General/ Directors General, Pr. Commissioners (1985 batch and prior batches) and Pr. Directors (1985 batch and prior batches) (and equivalent) of CBDT and officers of CBEC to be inaugurated by Hon’ble Prime Minister of India on 16.6.2016 forenoon, is to be held on 16.6.2016 and 17.6.2016 (with the possibility of being extended to the forenoon of 18.6.2016).
CBEC hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 3rd June, 2016
Surplus funds not immediately required for day to day banking were kept in Bank deposits. The income earned there from thus would be income from banking business eligible for deduction u/s 80P(2)(a)(i).
Finance Bill 2016 comprised 12 Chapters, 238 Clauses and 15 Schedules spread over 221 pages. It brought in Krishi Kalyan Cess, Infrastructure Cess, Equalization Levy, The Income Declaration Scheme, Direct and Indirect Tax Dispute Resolution Schemes and amendments previous Finance Acts ranging from Finance Act 2001 to 2015 . The Journey of Change did not end here and In Lok Sabha 47 further amendments were brought in Finance Bill on 29-04-2016 including insertion of 3 more clauses there by increasing total clauses to 241.
Author has compiled TDS calculator with effect from 1st June 2016 considering the changes effected by Finance Act 2016, including the changes in TDS Rate and Thrash hold exemption. Calculator calculates TDS based on nature of payment selected by the user. Calculator Automatically calculates the Type of Assessee based on 4ht letter of PAN No. of deductee. Calculator also calculates interest on delayed payment of TDS.
Every Report made by the auditor under section 143 of the 2013 Act for the FY commencing on or after 1 st April 2015 would include CARO 2016. It would be applicable to every company (except some companies) including a foreign company defined under section 2(42) of the 2013 Act. The CARO would not be applicable to the auditor’s report on consolidated financial statements.
When a lease is transferred it involves payment of some transfer charges to the lessor for the transfer of lease as well as payment of stamp duty on registration of lease in the name of the new lessee. The question here arises is that whether transfer charges and stamp duty paid for transfer of lease would be allowable as revenue deduction under the provisions of the Act.
In order to tap tax on income accruing to foreign e-commerce companies from India, the Finance Act 2016 said a person making payment to a non-resident (who does not have a permanent establishment) exceeding in aggregate Rs 1 lakh in a year will withhold tax at 6 per cent of gross amount paid, as equalization levy also popularly known as Google Tax.
It has been more than 14 years that we first heard about National Company Law Tribunal [NCLT] & National Company Law Appellate Tribunal [NCLAT]. But now by MCA Notification dated 1st June, 2016 in exercise of the powers conferred by section 408 of the Companies Act, 2013 (18 of 2013), the Central Government hereby constitutes […]
KKC IS APPLICABLE ON SERVICE PROVIDER AND NOT ON SERVICE RECIPIENT FOR THE SERVICES PROVIDED UPTO 31.05.2016 KKC (Krishi Kalyan Cess) is applicable on all services w.e.f. 01.06.2016. After introduction of KKC now effective rate of Service Tax will be 15% on all the services. The purpose of KKC is financing and promoting initiative to […]
