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.

Advance tax Provisions under Income Tax Act, 1961

Income Tax - Krishna! It is said that from now onwards everyone will have to pay 1st installment of advance Income tax before 15th June. To whom, how and when will this advance tax provision be applicable?...

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Section 44ADA – Presumptive Tax Scheme for Professionals

Income Tax - 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 professionals referred to in section 44AA(1) of the Income Tax Act whose total gross receipts from profession does not exceed Rs. 50 lakhs in a financial year....

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Need for amendment in Section 206AA for non-resident investors of ‘Masala bonds’

Income Tax - Non-resident investors have recently shown a great deal of interest in subscribing to Masala Bonds issued by Indian corporates. Masala Bonds is the informal name of Rupee-denominated bonds (RDB) issued by Indian corporates outside India. ...

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Equalisation Levy: Impact and consequences

Income Tax - It’s been almost eight months since the equalisation levy was imposed on payment for specified service which includes online advertisement, any provision for digital advertising space or any other facility or service for the purpose of online advertisement and includes any other service as may be notified later, provided by a Non-reside...

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Accounting of wastages in jewellery industry post excise duty introduction

Excise Duty - The practice prevalent in jewellery industries in India on charging for wastages from the customers along with the cost of jewellery without delivering the actual recoverable wastages has not been looked into....

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Income Declaration Scheme: Govt assures complete confidentiality

Excise Duty - 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

Excise Duty - 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

Excise Duty - 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

Excise Duty - 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

Excise Duty - 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-CX - (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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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.

29 Budget Glossary You must know

Union Budget is the most comprehensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also ...

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Fee for delay in filing of Income Tax return w.e.f A.Y 2018-19

Fee for delayed filing of Income Tax Return return under Section 234F of Income Tax Act, 1961 (Applicable w.e.f 01.04.2018 i.e for A.Y 2018-19)...

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Section 80TTB: Rs. 50000 deduction on interest income to senior citizen

New section 80TTB to allow a deduction upto Rs 50,000/- in respect of interest income from deposits held by senior citizens. However, no deduction under section 80TTA shall be...

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Long term capital gain Tax on share – Understanding with illustrations

The new budget which was introduced by Mr Jaitley saw the reintroduction of tax on Long term capital gain @10% with certain restrictions. The pivotal part of this restriction ...

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Section 80DDB Enhanced deduction to senior citizens for medical treatment

Section 80DDB of the Act, inter-alia, provide that a deduction is available to an individual and Hindu undivided family with regard to amount paid for medical treatment of spe...

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Budget News Related To Business & Industry.

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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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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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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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
RBI’s circular directing bank to take recourse to IBC is ultra vires to section 35AA
Hon'ble Supreme Court held that RBI Circular directing bank to take recourse to Insolvency and Bankruptcy Code (IBC)  is ultra vires to Section 35AA Read More..
Budget 2018: Impact Analysis of Country by Country Reporting
It was proposed in Finance Act 2016. It is a part of three-tiered transfer pricing documentation structure which must be maintained and produced befor Read More..
Union Budget 2018: Streamlining Business Connection in accordance with BEPS Action Plan
It has been widely reported that multinational corporations resort to base erosion and profit sharing (BEPS) techniques to shift their profit to tax h Read More..

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