Latest News & Updates on Union Budget 2016

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Budget 2016
Analysis of Union Budget 2016 provisions of Income Tax Service Tax Excise Duty Custom Duty with Budget Highlights Commentary Speech, Notification, News & Articles.

Issues under GST for Companies under IBC, 2016

Goods and Services Tax - Clarification In Respect of Issues Under GST Law For Companies Under Insolvency And Bankruptcy Code, 2016 (IBC 2016) OVERVIEW  Insolvency and Bankruptcy Code, 2016 (IBC) is an evolving legislation, still being interpreted by courts in order to harmonize IBC with our related legal policy. The Hon’ble Supreme Court in the matter of State...

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TCS on Motor Vehicles wef 01.06.2016

Income Tax - In this Budget, from 1 June 2016, The transactions are sale of a motor vehicle of value exceeding Rs.10 lakh, and receipt of money for sale of goods or provision of services exceeding Rs.2 lakh. In such cases, besides the sale price, the seller is required to collect an additional 1% from the purchaser, and pay it to the government....

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TCS on sale of Motor Vehicles and goods or services

Income Tax - The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor for human consumption, tendu leaves, scrap, mineral being coal or lignite or iron ore, bullion etc. in cash exceeding two lakh ...

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Exemption from PAN furnishing U/s. 206AA to non-resident

Income Tax - In order to reduce compliance burden, it is proposed to amend the said section 206AA so as to provide that the provisions of this section shall also not apply to a non-resident, not being a company, or to a foreign company, in respect of any other payment, other than interest on bonds, subject to such conditions as may be prescribed....

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Exit tax where charitable institution converts into non-charitable

Income Tax - In order to ensure that the intended purpose of exemption availed by trust or institution is achieved, a specific provision in the Act is required for imposing a levy in the nature of an exit tax which is attracted when the organization is converted into a non-charitable organization or gets merged with a non-charitable organization or do...

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Income Declaration Scheme: Govt assures complete confidentiality

Income Tax - The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016. Addressing a press conference in Mumbai today, the Revenue Secretary, Government of India Shri Hasmukh Adhia said no source will be asked and no further proceedings will be initiated against those availing of the...

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PM warns Tax Evaders to disclose income before 30.09.2016

Income Tax - For those having undisclosed income, the government has provided a special chance to declare it by September 30, 2016. He said by paying a penalty, those having undisclosed money can free themselves from various kinds of burden. ...

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Google Payments: Notification regarding Equalisation Levy

Income Tax - This is to inform you that as per the Notification No. 37/2016: F.No. 370142/12/2016-TPL dated 27 May 2016 read with Finance Act, 2016, Government of India has levied an ‘Equalisation Levy’ on provision of online advertisement services or any other service or facility for the purpose of online advertisement by a Foreign Company provid...

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Download Finance Act, 2016 as assented by President

Income Tax - The Finance Bill was presented in the Lok Sabha on February 29, 2016. On May 5, 2016, the Lok Sabha passed the Finance Bill, 2016 and later on it was approved by the Rajya Sabha. The Finance Bill, 2016 received the presidential assent on May 14, 2016. Now it becomes the Finance Act, 2016 (No. […]...

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Income Declaration & Direct Tax Dispute Resolution Scheme 2016

Income Tax - The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Bill 2016 and The Direct Tax Dispute Resolution Scheme 2016 incorporated as Chapter X of the Finance Bill 2016 are expected to come into force on the 1st of June, 2016 after the Finance Act 2016 receives the Presidential assent....

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Make Indirect Taxes Dispute Resolution Scheme a Success: CBEC

D.O.No 113/Chairman(CBEC)/2016 - (22/07/2016) -  As you are aware, in order to reduce litigation, Government has come out with an Indirect Tax Dispute Resolution Scheme, 2016 in this year's Budget. The scheme provides an opportunity to an assessee whose cases are pending before Commissioner (Appeals), to pay the duty, interest and penalty equivale...

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Step by Step-Instructions to Forms of Income Declaration Scheme, 2016

IDS Instruction No.2 - (01/07/2016) -  Processes of uploading manual/paper Form 1 received by PCIT/CIT, generation of Form 2 for efiled/paper Form 1, viewing of Form 3 submitted online and generation of Form 4 for efiled/paper Form 1 have been implemented on the efiling portal of the Income Tax Department....

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Excise registration/Payment date for jewellers extended to 31.07.2016

Circular No. 1033/21/2016- Central Excise - (01/07/2016) -  Time limit for taking central excise registration of an establishment by a jeweller is being extended up to 31.07.2016. However, assessee jewellers may make the payment of excise duty for the months of March, 2016; April, 2016 and May. 2016 along with the payment of excise duty for the month of June...

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TCS on Sale of good/Services only if Cash Receipt exceeds 2 Lakh

Circular No. 23/2016-Income Tax - (24/06/2016) -  Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees. Answer: No. Tax collection at source will not be levied if t...

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CBDT Strategies regarding Income Declaration Scheme, 2016

NA - (22/06/2016) -  It is reiterated again that all out efforts are to be made to ensure that the targeted taxpayers are well-informed about the Scheme and are adequately guided and facilitated for filing declarations so that they can avail maximum benefits under the Scheme. which is under highest consideration of the ...

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Filter Budget 2016 Posts By Category

Common Man Vs Business - Analysis of Budget 2016 effects on Common Man, personal Taxation, deductions, Goods & Services due to changes in Income/ Service Tax, Custom & Excise Duty rates
Common Man
Budget News Related To Common Man’s Basic Necessities, Individual Taxation, etc.

Budget 2020 – Where Common Man Stands

Budget 2020 was presented on 1st February, 2020 by our Finance Minister Smt. Nirmala Sitharaman. After presenting the Budget as usual politicians from Ruling Party will suppor...

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Budget 2020: Tax on Employer’s contribution to RPFs, Superannuation Funds & NPS

Budget 2020: Rationalization of tax treatment of employer’s contribution to recognized provident funds (RPFs), superannuation funds and national pension scheme (NPS). Under ...

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Budget 2020: TDS on interest paid by co-operative society to members

Enlarging the scope for tax deduction on interest income u/s 194A of the Act Section 194A of the Act governs interest other than interest on securities. Sub-section (1) thereo...

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Exempting non-resident from filing tax return in certain conditions

Budget 2020-21 Propose to Exempt non-resident from filing of Income-tax return under sub-section (1) of section 139 in certain conditions. Section 115A of the Act provides for...

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Budget 2020: Exemptions & deductions phased out in new Income Tax Rate regime

Finance Minister presented the Union Budget 2020 in parliament on 01-02-2020. The budget proposed a new tax regime for the individuals and HUF’s. Under this regime , an ...

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Budget News Related To Business & Industry.

Taxation of joint development agreement

The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development Agreement (JDA) has always been a heated issue...

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Rent from letting out shop rooms in mall taxable as Business Income

Amount received by letting out the shop rooms in the mall is business income taxable under the head Profits and gains of business....

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Merely holding shares for a short period will not convert capital gain into business income

Pr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court) We note the fact, that the issue of classification of income on sale of shares as business income or as short ter...

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Slump Sale and Its Taxability

In M&A transactions, “Slump Sales” are considered to be one of the most preferred ways of carrying out a deal due to various tax and stamp duty incentives asso...

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Tax on conversion of stock-in-trade into Capital Asset

Section 45 of the Act, inter alia, provides that capital gains arising from a conversion of capital asset into stock-in-trade shall be chargeable to tax. However, in cases whe...

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The Good Vs. The Not So Good - Analysis of Union Budget 2016 provisions favouring Taxpayers, Industry, Good for Economy & Business Growth-Development Vs. measures resulting in negative impact.
Budget News That Are Beneficial To All.

Section 44ADA – Presumptive Tax Scheme for Professionals

Section 44ADA is inserted with effect from financial year 2016-17 and deals Special provision for computing profits and gains of profession on presumptive basis for Certain pr...

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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 bur...

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Budget 2016: Cenvat credit benefit to Senior Advocates

Through this amendment the government has charged service tax on service provided by senior advocates on forward basis (i.e. service tax will be charged by senior advocates to...

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No MAT on foreign companies for the period after to 01.04.2001

Under the existing provisions contained in sub-section (1) of the 11 5JB in case of a company, if the tax payable on the total income as computed under the Income-tax Act, is ...

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Tax on LLP conversion if company assets value exceeds Rs. 5 Cr

For availing tax-neutral conversion, in addition to the existing conditions, the value of the total assets in the books of accounts of the company in any of the three previous...

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Not So Good
Budget News That Are Not Beneficial To All.

FM withdraws proposal to tax EPF/Superannuation Fund

In View of pressure from all quarters Finance Mister Arun Jaitley has withdrawn the Proposal to Tax 60% of EPF/Superannuation Fund Proposed in Union Budget 2016 and which was ...

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Budget 2016: Phasing out of deductions and exemptions

The Finance Minister in his Budget Speech, 2015 has indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with corresponding ...

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Tax on Non-compete fees & exclusivity rights in case of Profession

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 a...

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Tax on income by way of dividend in excess of Rs. 10 lakh

Under the existing provisions of clause (34) of section 10 of the Act, dividend which suffer dividend distribution tax (DDT) under section 115-O is exempt in the hands of the ...

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(Ab)Normal period for issuing notices under Service Tax

At present, in cases other than fraud, suppression etc cases the Service Tax Authorities can issue Show Cause Notice (SCN) within 18 months from the relevant date for non/shor...

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Download Section

View this Section for official Copy of Union Budget 2016 Highlights, Speech, Finance Bill, Tax Provision Memorandum, Budget at a Glance on or after 29.02.2016.

Union Budget

The Union Budget also known as the Annual financial statement is the yearly budget of the country. The budget is presented every year in the month of February by the Finance Minister in the Parliament. The union budget that is presented through Finance bill and Appropriation bill need to be passed in both Houses before coming into effect from the subsequent financial year beginning April 1.

The Union Budget maintains the accounts of the finances of the government for the fiscal year which runs from April 1st to March 31st. The Union Budget can be classified into Capital Budget and Revenue Budget.

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IBA Articles On Budget 2016
COVID 19- The impact on Valuation
With the recent outbreak of COVID-19, stock markets around the world have plummeted with the SENSEX falling by over 40% since the beginning of March. Read More..
Some of the tax challenges in India in Current Global Crisis
In this article, we have tried to explain the difficulties or challenges that tax officials or taxpayers are facing in the current crises. Article exp Read More..
Understanding basics of General Anti-Avoidance Rule (GAAR)
General Anti-Avoidance Rule (GAAR) is an anti-tax avoidance law in India to curb tax evasion and avoid tax leaks. It came into effect on 1st April 201 Read More..

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