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 Central Government will impose a Swachh Bharat Cess on all or certain taxable services at a rate of 2% from a date to be notified. The Finance Minister Shri Arun Jaitley announced in his Budget Speech that the proceeds from this Cess would be utilized for Swachh Bharat initiatives. In a related development, the […]
Section 94 of the Andhra Pradesh Reorganisation Act, 2014 inter alia provides that the Central Government shall take appropriate fiscal measures, including offer of tax incentives to the State of Andhra Pradesh and the State of Telangana, to promote industrialization and economic growth in both the States.
Budget 2015-16 -Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payment at the specified rate if the payment exceeds the specified threshold. The person deducting tax (‘the deductor’) is required to […]
It is proposed to amend the provisions of the section 194A of the Act to expressly provide from the prospective date of 1st June, 2015 that the exemption provided from deduction of tax from payment of interest to members by a co-operative society under section 194A(3)(v) ) of the Act shall not apply to the payment of interest on time deposits by the co-operative banks to its members.
The existing provisions of section 9 of the Act deal with cases of income which are deemed to accrue or arise in India. Section 9(1)(i) provides a set of circumstances in which income is deemed to accrue or arise in India, and is taxable in India. One of the conditions for the income of a […]
It is proposed to provide that donations made by any donor to the Swachh Bharat Kosh and donations made by domestic donors to Clean Ganga Fund will be eligible for a deduction of hundred per cent from the total income. However, any sum spent in pursuance of Corporate Social Responsibility under sub-section (5) of section 135 of the Companies Act, 2013, will not be eligible for deduction from the total income of the donor.
Budget 2015-16 One hundred per cent deduction for National Fund for Control of Drug Abuse Under the existing provisions of section 80G, an assessee is allowed a deduction from his total income in respect of donations made by him to certain funds and charitable institutions. The deduction is allowed at the rate of hundred percent […]
Budget 2015-16 Relaxing the requirement of obtaining TAN for certain deductors Under the provisions of section 203A of the Act, every person deducting tax (deductor) or collecting tax (collector) is required to obtain Tax Deduction and Collection Account Number (TAN) and quote the same for reporting of tax deduction/collection to the Income-tax Department. However, currently, […]
Budget 2015-16 – Enabling of filing self-declaration in Form No.15G/15H for non-deduction of tax at source onpayment made under life insurance policy The Finance (No.2) Act, 2014, inserted section 194DA in the Act with effect from 1.10.2014 to provide for deduction of tax at source at the rate of 2% from payments made under life insurance […]
Seeks to notify the “resident firm” as the class of persons for the purpose of sub-clause (iii) of clause (b) of section 96A of the Finance Act, 1994. CBEC vide Notification No. 11/2015-Central Excise (N.T.), Dated: March 1, 2015, Notification No. 27/2015-Customs (NT), Dated: March 1, 2015 & Notification No. 9/2015- ST, Dated: March 01, […]
