Service Tax : In this Article we have prepared a List of Services which are exempt from Service Tax as on date from Service Tax after considerin...
Income Tax : Simplification of Tax Deduction at Source (TDS) mechanism for Employees Provident Fund Scheme (EPFS) Under the Employees Provident...
Service Tax : Shivani Mangla Services covered under Reverse Charge Mechanism from 01.06.2015 (with % and type of person) S.No. Description of se...
Service Tax : Amendments shall have the following effect w.e.f. 14.05.2015– (1) The remedy of appeal to Tribunal u/s 86 is not available in e...
Excise Duty : AMENDMENTS IN CENTRAL EXCISE ACT, 1944-1. Factors of Production for Tobacco Related Products – Explanation 3 to Section 3A- This...
Income Tax : Finance bill, 2015 has received the presidential assent on 14th May 2015 and has now become Finance Act, 2015 (NO. 20 OF 2015) . A...
Income Tax : After being passed by the lower house of Parliament, the Rajya Sabha on Thursday, May 7, 2015 has passed the Finance Bill, 2015. T...
Finance : India is a country of farmers. As a nation, our roots lie in our villages and farms, which have been providing sustenance to our p...
Finance : Prime Minister 31 March 2015 My Dear Young friends, With 65% of our population under the age of 35, India is the youngest nation i...
Finance : A Shrama Yogi like you fulfills many of our nation1s needs. You build India through your sweat and toil. You support the economy w...
Service Tax : Circular No. 184/3/2015-ST Dated the 3rd June, 2015 It is further clarified that exemption from service tax still continues to ser...
Income Tax : The Finance Act, 2015 (20 of 2015) has Inserted a new section 192A regarding the payment of accumulated provident fund balance due...
Excise Duty : Notification No. 15/2015-Central Excise (N.T.) Dated: May 19, 2015- Amends notification no. 12/2014 CE(NT) - Refund of Unutilized ...
Excise Duty : Notification No. 14/2015-Central Excise (N.T.)), Dated: May 19, 2015 Amends Rule 6 of the Cenvat Credit Rules, 2004 - Rate of amo...
Service Tax : The Finance Bill, 2015, has received the assent of the Honorable President and has been notified. In the Budget, 2015, certain ame...
The relevant date for the purpose of computing the time limit for issuing show cause notice is specified in the Explanation no. 1 for different situations. The clause (i) of the Explanation states that in case where no excise return has been filed by the assessee, the relevant date would be the last date on which such return has been filed.
Also, the Hon ble Finance Minister, Shri Arun Jaitley in the budget for the Financial Year 2015-16 have brought in the New Rule 4C in the Service Tax Rules, 1994 in relation to authentication of Invoices by Digital Signature. The New Rule provides that any Invoice, Bill or Challan may be authenticated by a Digital Signature. Further, Records may also be maintained in electronic forms.
Bipluv Jhingan and Amitav Singh INTRODUCTION Despite the upbeat promises made by the Hon’ble Finance Minister with regards to taxation of foreign investors, Foreign Institutional Investors (now rechristened as Foreign Portfolio Investors) still seem to be stuck in the Minimum Alternate Tax (MAT) conundrum. The new budget seeks to levy MAT on short term capital […]
CA Manish Garg The Hon’ble Finance Minister has announced some drastic changes in the service tax which include the change regarding the procedure of registration under service tax for the single premise. As per the new procedure applicants are required to submit their PAN for the registration and person also registered is required to submit […]
Prior to 01/07/2012, transportation of goods service was taxable under the categories of transportation of coastal goods, goods transported through nation waterways and inland waterways, transportation of goods by air, transportation of goods by Rail and transportation of goods through pipelined or other conduit service.
There are many bulk sections have been removed in Central Excise and Custom from this Budget, 2015. Reasons behind these bulk amendments are that these sections have become redundant. These sections have already get expired and now government think about these expired section and delete these. These sections are similar in Central Excise and Custom.
The Finance Bill, 2015 has proposed to provide allowance for the balance 50% of additional depreciation which has not been allowed in the year of acquisition, in the immediately succeeding previous year. This will apply from AY 2016-17 and subsequent Assessment Year’s.
It is a very old tactic followed by the government that when the interpretation taken by High Court or Supreme Court on an issue is consistently held against the revenue, the best solution lies with amending the statutory provision or adding explanations to it. This is the strategy that the Modi’s government has adopted in this Budget also.
H’ble Finance Minister Shri Arun Jaitley (FM) in his Budget Speech exhibited his commitment to introduce GST from 1st April 2016 by mentioning about Goods and Service Tax (GST) multiple times in his Budget Speech 2015.
[See section 2(13)(c)] PROPOSED RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1.— Agricultural income of the nature referred to in sub-clause (a) of clause (1A) of section 2 of the Income-tax Act shall be computed as if it were income chargeable to income-tax under that Act under the head “Income from other sources” and […]
