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Budget 2015-16

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Updated List of Exempt Services under Service Tax

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...

September 7, 2016 629426 Views 56 comments Print

TDS on EPF and Submission of Form 15G & 15H

Income Tax : Simplification of Tax Deduction at Source (TDS) mechanism for Employees Provident Fund Scheme (EPFS) Under the Employees Provident...

October 28, 2015 20037 Views 1 comment Print

Services covered under Reverse Charge Mechanism from 01.06.2015

Service Tax : Shivani Mangla Services covered under Reverse Charge Mechanism from 01.06.2015 (with % and type of person) S.No. Description of se...

July 11, 2015 13227 Views 7 comments Print

Recent Changes In Service Tax Appellate Provisions

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...

July 7, 2015 12372 Views 0 comment Print

Summary of Amendments in Indirect Taxes by Budget 2015

Excise Duty : AMENDMENTS IN CENTRAL EXCISE ACT, 1944-1. Factors of Production for Tobacco Related Products – Explanation 3 to Section 3A- This...

July 6, 2015 6727 Views 1 comment Print

Latest News

Download Finance Bill 2015 approved by President of India

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...

May 18, 2015 23908 Views 0 comment Print

Rajya Sabha passes Finance Bill, 2015

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...

May 9, 2015 8687 Views 0 comment Print

PM Letter to Farmers on Budget 2015

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...

May 1, 2015 964 Views 0 comment Print

PM Letter to youth of the country on Budget 2015

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...

May 1, 2015 607 Views 0 comment Print

PM Letter to Industrial Workers on Budget 2015

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...

May 1, 2015 558 Views 0 comment Print

Latest Notifications

Clarification on rate of service tax on restaurant service

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...

June 3, 2015 34849 Views 0 comment Print

TDS on withdrawal from PF wef 1st June 2015

Income Tax : The Finance Act, 2015 (20 of 2015) has Inserted a new section 192A regarding the payment of accumulated provident fund balance due...

May 21, 2015 39536 Views 32 comments Print

Reg. Refund of Unutilized Cenvat Credit and on supply of manpower services

Excise Duty : Notification No. 15/2015-Central Excise (N.T.) Dated: May 19, 2015- Amends notification no. 12/2014 CE(NT) - Refund of Unutilized ...

May 19, 2015 1637 Views 0 comment Print

Cenavt Credit reversal rate increased to 7% under rule 6 wef 01.06.2015

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...

May 19, 2015 8151 Views 0 comment Print

Service Tax Changes applicable from 01.06.2015

Service Tax : The Finance Bill, 2015, has received the assent of the Honorable President and has been notified. In the Budget, 2015, certain ame...

May 19, 2015 104447 Views 0 comment Print

Changes In Abatement Notification No. 26/2012-ST Dated 20-6-2012

March 1, 2015 201774 Views 7 comments Print

CBEC with effect from 1st April 2015 vide Notification No. 8/2015-ST, Dated: March 01, 2015 has amended the Abatement Notification No. 30/2012 dated 20.06.2012 as follows: (i) The taxable portion of service of transportation by rail, road and vessel shall be 30% subject to a uniform condition of non-availment of CENVAT Credit on inputs, capital goods and input services.

Changes in RCM: Notification No. 7/2015-ST dated 01.03.2015

March 1, 2015 254499 Views 0 comment Print

Seeks to amend notification No. 30/2012-Service Tax dated 20th June, 2012, so as to prescribe, the extent of service tax payable by the service provider and any other person liable for paying service tax other than the service provider. CBEC with effect from 1st April 2015 vide Notification No. 7/2015-ST, Dated: March 01, 2015has amended […]

Changes in Mega Exemption List of Services

March 1, 2015 84788 Views 0 comment Print

16. Services by an artist by way of a performance in folk or classical art forms of (i) music, or (ii) dance, or (iii) theatre, if the consideration charged for such performance is not more than one lakh rupees

Changes in Service Tax Rules, 1994 Vide Notification No. 5/2015-ST dated 01-03-2015

March 1, 2015 20640 Views 3 comments Print

Notification No. 5/2015-ST, Dated: March 01, 2015,  Seeks to amend Service Tax Rules, 1994 so as to prescribe,- (i) definition of an ‘aggregator’ and the ‘brand name or trade name’  (ii) the person liable to pay service tax for certain specified services;  (iii) for issuing digitally signed invoices and their authentication by means of digital […]

No Service Tax on Transport of Goods for Export by road from place of removal to land customs station

March 1, 2015 34556 Views 3 comments Print

Seeks to amend notification No. 31/2012-Service Tax, dated 20th June, 2012, so as to exempt services provided for transportation of export goods by road from the place of removal to a land customs station (LCS). CBEC vide Notification No. 4/2015-ST, Dated: March 01, 2015 has exempted services provided by goods transport agencyto an exporter for […]

Notification No. 42/2012-ST dated. 29.6.2012 rescinded

March 1, 2015 7606 Views 0 comment Print

NOTIFICATION. 3/2015-ST, Dated: March 01, 2015 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the Government of India in the Ministry of […]

Limit of deduction under 80CCC raised to Rs. 1.50 Lakh

March 1, 2015 24164 Views 0 comment Print

Budget 2015-16 – Raising the limit of deduction under Section 80CCC Under the existing provisions contained in sub-section (1) of the section 80CCC, an assessee, being an individual is allowed a deduction upto one lakh rupees in the computation of his total income, of an amount paid or deposited by him to effect or keep […]

Wealth Tax Returns not to be filed from Assessment Year 2016-17

March 1, 2015 12591 Views 0 comment Print

Abolition of levy of wealth-tax under Wealth-tax Act, 1957 Wealth-tax Act, 1957 (‘the WT Act’) was introduced w.e.f. 01.04.1957 on the recommendation of Prof. Nicholas Kaldor for achieving twin major objectives of reducing inequalities and helping the enforcement of Income-tax Act through cross checks. Accordingly, all the assets of the assessees were taken into account […]

Budget 2015- Section 80U deduction Limit Raised

March 1, 2015 59147 Views 18 comments Print

Raising the limit of deduction under Section 80U for persons with disability and severe disability The existing provisions of section 80U, inter alia, provide for a deduction to an individual, being a resident, who, at any time during the previous year, is certified by the medical authority to be a person with disability (as defined […]

Budget 2015- Section 80DD deduction Limit Raised

March 1, 2015 42411 Views 0 comment Print

Raising the limit of deduction under section 80DD for persons with disability and severe disability The existing provisions of section 80DD, inter alia, provide for a deduction to an individual or HUF, who is a resident in India, who has incurred— a) Expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, […]

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