Budget 2014

Rebate under Section 87A of Income Tax Act, 1961

Income Tax - A question which is coming in the mind of Taxpayers nowadays is do Rebate of income-tax under section 87A as available from FY 2013-14, also available for FY 2015-16 and subsequent years. One more question which comes to mind is amount of Rebate Available, i.e is it Rs. 2000/- or Rs. 5000/- for Financial Year 2015-16?...

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Minor Change in Service Tax had Major Impacts on Clients

Income Tax - Through this article we would like to bring to the kind attention of all my professional friends about a small change made by Government at the time of announcement of Financial Budget (No. 2) 2014, which went unnoted by my friends and various companies, of which include listed companies as well....

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How to Calculate Tax on Agricultural income

Income Tax - Agricultural income is exempt from Income Tax under section 10(1) of the Income Tax Act, 1961. However, its included, for rate purposes, in computing the Income Tax Liability if following two conditions are cumulatively satisfied: Net Agricultural income exceeds INR 5,000/- for P.Y. 2014-15, and Total income, excluding net Agricultural in...

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CENVAT Credit: Certificate by Indian Railways an eligible document

Income Tax - CA Sumit Grover Analysis of Notification No. 26/2014 – Central Excise (N.T.) Dated- 27th August, 2014 Service tax on transportation of goods was effectively levied w.e.f. 1st Oct’12(though levied from 1st July’12, but was deferred till 30th Sep’12). However, abatement of 70% was allowed vide N/N 26/2012-ST, hence effective rate of...

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Service Tax amendments applicable from 1st October, 2014

Income Tax - Hence, to broaden the tax base in Service tax, Sale of space or time for advertisements in broadcast media, namely radio or television, extended to cover such sales on other segments like online and mobile advertising, etc. Sale of space for advertisements in print media however would remain excluded from Service tax....

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Download Finance(NO.2) Act, 2014 assented by President of India

Income Tax - We are Enclosing herein below copy of  Finance(NO.2) Act, 2014 assented by Hon’ble President of India. Download Download Finance(NO.2) Act, 2014 assented by President of India Submitted by –Sumit Grover Read Other Articles from CA Sumit Grover...

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Finance (No.2) Bill, 2014 enacted into Finance (No.2) Act, 2014

Income Tax - Finance(No. 2) Bill, 2014 has received the assent of the President on 6th August, 2014, published in the Gazette of India, dated 6th August 2014 as Act No. 25 of 2014.  Honorable President of India has assented to the Finance (No.2) Bill, 2014 on 6th August, 2014, with this  the Finance (No.2) Act, 2014 [No.25 of 2014 has […]...

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Rajya Sabha clears Finance Bill 2014

Income Tax - Finance bill 2014 Final was presented by Finance Minister Shri Arun Jaitley on 10th July 2014. The bill got approval of Lok Sabha on25th July 2014 with some amendments.  Now Rajya Sabha has cleared the Finance Bill 2014 on 31st July 2014. Finance Bill will comes into effect after President Approves it. So now bill […]...

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Highlights of Budget 2014-15 of Delhi

Income Tax - Highlights of the Speech of Shri Arun Jaitley, Union Finance Minister of Finance Made While Presenting the Budget of the National Capital Territory(NCT) of Delhi for the Year 2014-15 Following are the Highlights of the Speech of the Union Finance Minister Shri Arun Jaitley made while presenting the Budget of the National Capital Territory...

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Government may look at amending Companies Act if needed: Nirmala Sitharaman

Income Tax - Amendments in Companies Act Companies Act 2013 has been enacted only last year and so far a little more than half of its provisions have come into force. Matters arising from the operation of provisions already brought in force are getting attention of Government in the form of issue of circulars, suitable statutory orders and […]...

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Manner of distribution of common input service credit under rule 7(d) of the Cenvat Credit Rules, 2004 – regarding.

Circular No. 178/4/2014-ST - (11/07/2014) - Circular No. 178/4/2014-ST- Dated- 11th July, 2014 Doubts have been raised regarding the manner and extent of the distribution of common input service credit in terms of amended rule 7 [especially rule 7(d)] of the Cenvat Credit Rules, 2004 (CCR). Rule 7 provides for the mechanism of distribution of...

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Budget 2014 – Resident private limited company can make application for Advance Ruling in Service tax

Notification No. 15/2014-Service Tax - (11/07/2014) - (a) private limited company shall have the same meaning as is assigned to private company in clause (68) of section 2 of the Companies Act, 2013 (18 of 2013); (b) resident shall have the same meaning as is assigned to it in clause (42) of section 2 read with sub-section (3) of section 6 of the Incom...

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Budget 2014- Changes in Place of Provision of Services Rules, 2012

Notification No. 14/2014-Service Tax - (11/07/2014) - Budget 2014- Changes in Place of Provision of Services Rules, 2012 Vide Notification No. 14/2014-ST Dated 11-7-2014 (Effective From 1-10-2014)....

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Amendment in Point of Taxation Rules in respect of Reverse Charge

Notification No. 13/2014-Service Tax - (11/07/2014) - (a) if payment is made within a period of six months of the date of invoice, be the date on which payment is made; (b) if payment is not made within a period of six months of the date of invoice, be determined as if rule 7 and this rule do not exist....

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Rate of interest for delayed payment of service tax wef 01.10.2014

Notification No. 12/2014-Service Tax - (11/07/2014) - 18 per cent. for the first six months of delay; 24 per cent. for the period beyond six months up to one year and 30 per cent. for any delay beyond one year....

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Recent Posts in "Budget 2014"

Rebate under Section 87A of Income Tax Act, 1961

A question which is coming in the mind of Taxpayers nowadays is do Rebate of income-tax under section 87A as available from FY 2013-14, also available for FY 2015-16 and subsequent years. One more question which comes to mind is amount of Rebate Available, i.e is it Rs. 2000/- or Rs. 5000/- for Financial Year 2015-16?...

Read More

Minor Change in Service Tax had Major Impacts on Clients

Through this article we would like to bring to the kind attention of all my professional friends about a small change made by Government at the time of announcement of Financial Budget (No. 2) 2014, which went unnoted by my friends and various companies, of which include listed companies as well....

Read More

How to Calculate Tax on Agricultural income

Agricultural income is exempt from Income Tax under section 10(1) of the Income Tax Act, 1961. However, its included, for rate purposes, in computing the Income Tax Liability if following two conditions are cumulatively satisfied: Net Agricultural income exceeds INR 5,000/- for P.Y. 2014-15, and Total income, excluding net Agricultural in...

Read More

CENVAT Credit: Certificate by Indian Railways an eligible document

CA Sumit Grover Analysis of Notification No. 26/2014 – Central Excise (N.T.) Dated- 27th August, 2014 Service tax on transportation of goods was effectively levied w.e.f. 1st Oct’12(though levied from 1st July’12, but was deferred till 30th Sep’12). However, abatement of 70% was allowed vide N/N 26/2012-ST, hence effective rate of...

Read More
Posted Under: Service Tax |

Service Tax amendments applicable from 1st October, 2014

Hence, to broaden the tax base in Service tax, Sale of space or time for advertisements in broadcast media, namely radio or television, extended to cover such sales on other segments like online and mobile advertising, etc. Sale of space for advertisements in print media however would remain excluded from Service tax....

Read More

Changes in Negative List & Service Tax Rules wef 01.10.2014

SERVICES PROVIDED BY RADIO TAXIS: Earlier, radio taxis were excluded from the purview of service tax by virtue of section 66D(o)(vi) of Finance Act,1994; However, in the Finance (No.2) Act, 2014, enacted on 6th August, 2014, the said section was amended & the radio taxis got deleted, resulting in levy of service tax thereupon. How...

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Posted Under: Service Tax |

E-Flash on Amendment made by Finance Act (No. 2), 2014

Direct Taxes have remained unfazed with a recalibration of tax slabs and increase in deduction and allowing higher amounts of investments. Indirect Taxes side also has seen some important changes. Advance rulings have been made available for resident private limited companies. Basic rate of excise remains same with minor changes in rates ...

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Posted Under: Service Tax |

Service Tax – Finance Act, 2014 makes Advertisements Costly

The Finance Bill, 2014 received assent from Hon’ble President on 6th of August 2014. The main impact of this budget leads to make the advertisements costly. As per Section 66D(g) selling of space for advertisements in print media is only falls under Negative List. The definition of “print media”as per Section 65B(39a) states as foll...

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Posted Under: Service Tax |

Download Finance(NO.2) Act, 2014 assented by President of India

We are Enclosing herein below copy of  Finance(NO.2) Act, 2014 assented by Hon’ble President of India. Download Download Finance(NO.2) Act, 2014 assented by President of India Submitted by –Sumit Grover Read Other Articles from CA Sumit Grover...

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Posted Under: Service Tax |

Gist Of All Amendments In Indirect Tax Made By Budget 2014

GIST OF ALL AMENDMENTS IN INDIRECT TAX MADE BY BUDGET 2014 AMENDMENTS IN SERVICE TAX Amendment in Act       Finance Act’ 1994 (Applicable from the enactment of Finance Bill. Section 65B, 66D and 67A to be given effect from the date to be notified by CG) 1. Section 65B – Definition of Metered […]...

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Posted Under: Service Tax |
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