Budget 2016

Need for amendment in Section 206AA for non-resident investors of ‘Masala bonds’

Income Tax - Non-resident investors have recently shown a great deal of interest in subscribing to Masala Bonds issued by Indian corporates. Masala Bonds is the informal name of Rupee-denominated bonds (RDB) issued by Indian corporates outside India. ...

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Equalisation Levy: Impact and consequences

Income Tax - It’s been almost eight months since the equalisation levy was imposed on payment for specified service which includes online advertisement, any provision for digital advertising space or any other facility or service for the purpose of online advertisement and includes any other service as may be notified later, provided by a Non-reside...

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Accounting of wastages in jewellery industry post excise duty introduction

Income Tax - The practice prevalent in jewellery industries in India on charging for wastages from the customers along with the cost of jewellery without delivering the actual recoverable wastages has not been looked into....

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“Messi” Likes mess up, in Tax Laws. Avoid It!

Income Tax - Krishna, Football lovers know the missed penalty kick by famous football player Messi and its impact on him. Further he has been punished for tax evasion in his country. Recently Income Tax Department had posted advt. of Foot Ball Goal and Income Declaration Scheme, 2016. So as to avoid such a situation, in a taxpayer’s life, how should...

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POT for Krishi Kalyan Cess (KKC)

Income Tax - 1. POT for determination of KKC liability for Service Provider (SP): Rule 5 is applicable for determination of KKC liability for Service Provider (SP) due to the amendment in Budget 2016-17 and Notification No. 35/2016 also clarifies the applicability of KKC. ...

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Income Declaration Scheme: Govt assures complete confidentiality

Income Tax - The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016. Addressing a press conference in Mumbai today, the Revenue Secretary, Government of India Shri Hasmukh Adhia said no source will be asked and no further proceedings will be initiated against those availing of the...

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PM warns Tax Evaders to disclose income before 30.09.2016

Income Tax - For those having undisclosed income, the government has provided a special chance to declare it by September 30, 2016. He said by paying a penalty, those having undisclosed money can free themselves from various kinds of burden. ...

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Google Payments: Notification regarding Equalisation Levy

Income Tax - This is to inform you that as per the Notification No. 37/2016: F.No. 370142/12/2016-TPL dated 27 May 2016 read with Finance Act, 2016, Government of India has levied an ‘Equalisation Levy’ on provision of online advertisement services or any other service or facility for the purpose of online advertisement by a Foreign Company provid...

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Download Finance Act, 2016 as assented by President

Income Tax - The Finance Bill was presented in the Lok Sabha on February 29, 2016. On May 5, 2016, the Lok Sabha passed the Finance Bill, 2016 and later on it was approved by the Rajya Sabha. The Finance Bill, 2016 received the presidential assent on May 14, 2016. Now it becomes the Finance Act, 2016 (No. […]...

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Income Declaration & Direct Tax Dispute Resolution Scheme 2016

Income Tax - The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Bill 2016 and The Direct Tax Dispute Resolution Scheme 2016 incorporated as Chapter X of the Finance Bill 2016 are expected to come into force on the 1st of June, 2016 after the Finance Act 2016 receives the Presidential assent....

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Gujarat HC Stays Service Tax on Senior Advocates

Percy Cawas Kavina Vs UOI (Gujarat HIgh Court) - Honble Gujarat High Court has vide its order dated 30th March, 2016 in the case of Percy Cawas Kavina vs. UOI in Special Civil Application No. 4926 of 2016 directed an ad-interim stay of Notification No. 18/2016-ST Dated 01/03/2016and Notification No. 9/2016–ST Dated-01/03/2016 with respect to t...

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Make Indirect Taxes Dispute Resolution Scheme a Success: CBEC

D.O.No 113/Chairman(CBEC)/2016 - (22/07/2016) - As you are aware, in order to reduce litigation, Government has come out with an Indirect Tax Dispute Resolution Scheme, 2016 in this year's Budget. The scheme provides an opportunity to an assessee whose cases are pending before Commissioner (Appeals), to pay the duty, interest and penalty equivale...

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Step by Step-Instructions to Forms of Income Declaration Scheme, 2016

IDS Instruction No.2 - (01/07/2016) - Processes of uploading manual/paper Form 1 received by PCIT/CIT, generation of Form 2 for efiled/paper Form 1, viewing of Form 3 submitted online and generation of Form 4 for efiled/paper Form 1 have been implemented on the efiling portal of the Income Tax Department....

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Excise registration/Payment date for jewellers extended to 31.07.2016

Circular No. 1033/21/2016-CX - (01/07/2016) - Time limit for taking central excise registration of an establishment by a jeweller is being extended up to 31.07.2016. However, assessee jewellers may make the payment of excise duty for the months of March, 2016; April, 2016 and May. 2016 along with the payment of excise duty for the month of June...

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TCS on Sale of good/Services only if Cash Receipt exceeds 2 Lakh

Circular No. 23/2016-Income Tax - (24/06/2016) - Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees. Answer: No. Tax collection at source will not be levied if t...

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CBDT Strategies regarding Income Declaration Scheme, 2016

NA - (22/06/2016) - It is reiterated again that all out efforts are to be made to ensure that the targeted taxpayers are well-informed about the Scheme and are adequately guided and facilitated for filing declarations so that they can avail maximum benefits under the Scheme. which is under highest consideration of the ...

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Recent Posts in "Budget 2016"

Need for amendment in Section 206AA for non-resident investors of ‘Masala bonds’

Non-resident investors have recently shown a great deal of interest in subscribing to Masala Bonds issued by Indian corporates. Masala Bonds is the informal name of Rupee-denominated bonds (RDB) issued by Indian corporates outside India. ...

Read More
Posted Under: Income Tax |

Equalisation Levy: Impact and consequences

It’s been almost eight months since the equalisation levy was imposed on payment for specified service which includes online advertisement, any provision for digital advertising space or any other facility or service for the purpose of online advertisement and includes any other service as may be notified later, provided by a Non-reside...

Read More
Posted Under: Income Tax |

Accounting of wastages in jewellery industry post excise duty introduction

The practice prevalent in jewellery industries in India on charging for wastages from the customers along with the cost of jewellery without delivering the actual recoverable wastages has not been looked into....

Read More
Posted Under: Income Tax |

Make Indirect Taxes Dispute Resolution Scheme a Success: CBEC

D.O.No 113/Chairman(CBEC)/2016 (22/07/2016)

As you are aware, in order to reduce litigation, Government has come out with an Indirect Tax Dispute Resolution Scheme, 2016 in this year's Budget. The scheme provides an opportunity to an assessee whose cases are pending before Commissioner (Appeals), to pay the duty, interest and penalty equivalent to 25% of penalty imposed and file a ...

Read More

“Messi” Likes mess up, in Tax Laws. Avoid It!

Krishna, Football lovers know the missed penalty kick by famous football player Messi and its impact on him. Further he has been punished for tax evasion in his country. Recently Income Tax Department had posted advt. of Foot Ball Goal and Income Declaration Scheme, 2016. So as to avoid such a situation, in a taxpayer’s life, how should...

Read More
Posted Under: Income Tax |

POT for Krishi Kalyan Cess (KKC)

1. POT for determination of KKC liability for Service Provider (SP): Rule 5 is applicable for determination of KKC liability for Service Provider (SP) due to the amendment in Budget 2016-17 and Notification No. 35/2016 also clarifies the applicability of KKC. ...

Read More
Posted Under: Income Tax |

Probably Last Chance in Near Future to Disclose Untaxed Income

The Central Government has given another tremendous opportunities in the recently launched its two schemes w.e.f. 01.06.2016 under Income Tax Regime. One is The Income Declaration Scheme, 2016 & another is in respect of reducing tax litigations under the Direct Tax Dispute Resolution Scheme, 2016. ...

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Posted Under: Income Tax |

Income Declaration Scheme: Govt assures complete confidentiality

The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016. Addressing a press conference in Mumbai today, the Revenue Secretary, Government of India Shri Hasmukh Adhia said no source will be asked and no further proceedings will be initiated against those availing of the...

Read More
Posted Under: Income Tax |

Step by Step-Instructions to Forms of Income Declaration Scheme, 2016

IDS Instruction No.2 (01/07/2016)

Processes of uploading manual/paper Form 1 received by PCIT/CIT, generation of Form 2 for efiled/paper Form 1, viewing of Form 3 submitted online and generation of Form 4 for efiled/paper Form 1 have been implemented on the efiling portal of the Income Tax Department....

Read More

Quick Insight on Income Declaration Scheme 2016

Any person may make on or after the date of commencement of this Scheme but before 30.09.2016 as notified by the Central Government in the Official Gazette vide notification no. 32/2016 dated: 19th May, 2016 , a declaration in respect of any income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment ...

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Posted Under: Income Tax |
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