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 modification in the condition of residence in respect of company by including the concept of effective management would align the provisions of the Act with the Double Taxation Avoidance Agreements (DTAAs) entered into by India with other countries and would also be in line with international standards. It would also be a measure to deal with cases of creation of shell companies outside India but being controlled and managed from India.
Under the provisions of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 (SECC) notified by SEBI, the Clearing Corporations are mandated to establish a fund, called Core Settlement Guarantee Fund (Core SGF) for each segment of each recognized stock exchange to guarantee the settlement of trades executed in respective segments of the exchange.
Rationalisation of definition of charitable purpose in the Income-tax Act The primary condition for grant of exemption to a trust or institution under section 11 of the Act is that the income derived from property held under trust should be applied for charitable purposes in India. ‘Charitable purpose’ is defined in section 2(15) of the […]
The existing provisions of section 9 of the Act deal with cases of income which are deemed to accrue or arise in India. Sub-section(1) of the said section creates a legal fiction that certain incomes shall be deemed to accrue or arise in India Clause(i) of said sub-section (1) provides a set of circumstances in […]
Budget 2015-16 Deduction for employment of new workmen extended to benefit to all assessees having manufacturing units instead of only corporate assessees. Further, in order to enable the smaller units to claim this incentive, it is proposed to extend the benefit under the section to units employing even 50 instead of 100 regular workmen.
Budget 2015-16 Reduction in rate of tax on Income by way of Royalty and Fees for technical services in case of non-residents from 25% to 10% wef A.Y. 2016-17. The existing provisions of section 1 15A of the Act provide that in case of a non-resident taxpayer, where the total income includes any income by […]
Keeping in background, the roll-out of GST in April 2016; the Finance Minister’s proposals this time around are introduced with a view to prepare the economy for the smooth transition to the new levy. These are discussed with the respective proposed amendments herein below. 1. Roll out of Goods and Services Tax (‘GST’): Unlike the […]
The Finance Minister, Mr. Arun Jaitley, appears to have maneuvered the way to spur growth and fulfill on the promises of the NDA Government with the limited room available, having regard to the tight fiscal situation, outsize expectations from all sectors of the country etc. by delivering the expertly crafted Union Budget 2015-2016 which is […]
Though the government has been able to successfully enact Wealth Tax act in India for nearly 57 years till now, it has now considered to scrap the Act in it’s entirety w.e.f 1st April, 2016. This means that the return of wealth need not be filed for the Financial Year 2015-16.
The Prime minister in his live Lok Sabha Session on 27 February said that they aim to eradicate the ‘grey area’ in the nomenclature so that the ambiguity in law can be eradicated and shackles of litigation can be clogged. One such amendment has been brought in Rule 14 which now finally brings a full stop to the yearlong battle between the revenue and assessee. By this articulation we wish to throw light on the same.
