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...
1) Rate of Service Tax Finance Bill, 2015 has proposed increase in rate of Service Tax from 12.36% to 14%. News reports are being broadcasted and published stating that the rate has been increased from 01st April 2015, are incorrect. These reports have caused wide spread confusion amongst all. In order to clear the confusion, […]
In this Ready –to- Read Table, I have endeavored to encapsulate major changes in service tax that are effective from 01-04-2015 along with proposed changes in service tax rates as enshrined in the Finance Bill, 2015 .
The Hon’ble Prime Minister, in order to encourage Companies to manufacture their products in India has launched initiative named ‘Make in India’ on September 25, 2014. This had not only helped Indian manufacturers to enhance their capital base as there are proposed relaxations in the policy of Foreign Direct Investment but also produce their products […]
Vide Notification No. 6/2015-CE(NT) dated March 1, 2015, Explanation-I to Rule 6(1) of the Credit Rules have been inserted to state that w.e.f March 1, 2015, for the purpose of this Rule, exempted goods and final products shall include non-excisable goods cleared for a consideration from the factory:
Over the years, Rule 14 of the Credit Rules has always been the matter of concern/ litigation for both the Revenue and the Assessee. Even the Courts have taken divergent views while interpreting the provisions of Rule 14 of the Credit Rules. Before we proceed to understand the changes made in Rule 14 of the […]
Till September 1, 2014, there was no time limit prescribed under the Credit Rules for availment of Cenvat credit. Various Courts have held that in the absence of any time limit prescribed under the Credit Rules, Cenvat credit can be taken at any time even in some cases, Assessees have been allowed to avail Cenvat […]
In the Union Budget, 2015 presented by the Hon’ble Finance Minister Shri Arun Jaitley on February 28, 2015, Saturday, numerous changes in the Indirect taxes, have been introduced to combat/ surpass the challenges encountered in the way of progress of continued growth and to pave way for smooth implementation of Goods and Services tax (GST). […]
The aggregators who were till now not specifically covered under the Service Tax net on strict interpretation of law and could not catch the attention of revenue authorities came under the radar of one and all in Indian regulatory world once the app based cab services received the attention after Uber fiasco.
It has come to the notice of this office that though the new Service Tax rate of 14% has not yet been given effect, some of the service tax providers have started billing & recovering the amount of Service Tax at the rate of 14% from their customers. This practice is not only completely illegal but amounts to collecting consideration from the general public which is not so required to be collected as Service Tax.
Please find attached the Excel file containing Income Tax calculator as modified by Finance Bill 2015 presented on 28th February 2015. The above Income Tax calculator contains the rate of tax for last 19 financial year (i.e Financial year 1997-98 to 2015-16) and income tax calculator for last 9 years (i.e Financial year 2006-07 to 2015-16).
