Under the existing provisions, income by way of dividend in excess of Rs. 10 lakhs is chargeable to tax at the rate of 10% on gross basis in case of a resident individual, HUF or firm.
Central Board of Excise and Customs (CBEC) on 12th of January 2017 proposed several amendments in the Service Tax Law, the details of which are as follows:
As a step forward to curb black money, bank notes of existing series of denomination of value of five hundred rupees and one thousand rupees issued by the Reserve Bank of India have been ceased to be legal tender with effect from the 9th November, 2016.
There will be a new cess with the name “GST Compensation Cess” for first 5 years on some specified items. Now since government has come out with relevant draft law on this 26th day of November, 2016, let’s understand this new levy of cess.
CBEC has recently issued 5 set of Draft rules on Registration, Invoice, Payment, Refund, and Return. These 5 set of rules has been approved by GST Council on its 2nd meeting held on 30th September 2016. Key Highlights of these rules are as follows:
