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Archive: 02 June 2016

Posts in 02 June 2016

Service Tax Rates as applicable from 1st June 2016

June 2, 2016 57205 Views 2 comments Print

In this article we have compiled Generic Service Tax Rate Applicable on all Taxable Services, Service Tax on Non Taxable Services , Wholly Exempted Services, Rate of Service Tax post 01.06.2016 in case of Abated services, Effective Rate of Service Tax post 01.06.2016 in case of Valuation , Rate of services where alternate rate is provided post 01.06.2016 and Effective Rate of services in case of reverse charge post 01.06.2016

FAQs: TCS on Sale of Goods/Services of value exceeding Rs. 2 Lakhs

June 2, 2016 139393 Views 32 comments Print

Whether TCS to be collected, if Goods sold/Services provided of value exceeding Rs. 2,00,000 purchased/received for personal consumption from Retail Buyer? Yes, still TCS provision will be applicable as not exception for such clause is there; every buyer/service provider is covered under these section.

Summary of changes by Finance Act 2016 passed on 14-05-2016

June 2, 2016 13699 Views 1 comment Print

Changes Effective from 01-06-2016- 1. Electronic Hearing under Income Tax law enabled. 2. Document required to be issued by an Income Tax Authority can be issued in paper form or communicated in electronic form. 3. Equalization Levy @ 6% on online digital advertisement and incidental services or provision of digital advertizing space 4. TCS @ 1% on luxury vehicles and cash sale of goods or provision of services

Corrigendum to Income Tax Notification No. 33/2016

June 2, 2016 2389 Views 0 comment Print

THE INCOME DECLARATION SCHEME, 2016- In Income Tax notification no.f 33/2016, dated the 19th May, 2016, published vide number S.O. 1831(E), dated the 19th May, 2016, in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), at page 21, in line 12, for rule 4 read rule 3(2).

Section 14A disallowance cannot exceed total expense: CBDT

June 2, 2016 6124 Views 0 comment Print

2) The expenditure in relation to income which does not form part of the total income shall be the aggregate of following amounts, namely:- (i) the amount of expenditure directly relating to income which does not form part of total income; and (ii) an amount equal to one per cent of the annual average of the monthly averages of the opening and closing balances of the value of investment, income from which does not or shall not form part of total income:

CBDT notifies Cost Inflation Index for Financial Year 2016-17

June 2, 2016 16624 Views 0 comment Print

CBDT has notified Cost Inflation Index for Financial Year 2016-17 / Assessment Year 2017-18 at 1125 . Cost Inflation Index for Financial Year 2015-16 was 1081 so there is an increase of 44 in Cost Inflation Index .

Sec. 10(46) exemption to Uttar Pradesh State AIDS Control Society

June 2, 2016 634 Views 0 comment Print

S.O. 1945(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Uttar Pradesh State AIDS Control Society, a body constituted by the Government of Uttar Pradesh, in respect of the following specified income arising to that Society, namely:—

CBDT exempts specified Incomes of Pollution Control Board, Assam

June 2, 2016 1114 Views 0 comment Print

S.O. 1944(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Pollution Control Board, Assam, a body constituted by Government of Assam, in respect of the following specified income arising to that Board, namely:—

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