Income Tax : The Bill retains corporate tax rates while rationalising MAT and offering targeted incentives for IT, cloud services, and global i...
Income Tax : Budget 2016: In furtherance of the goal of the Government of providing 'housing for all', it is proposed to incentivise first-home...
Income Tax : In this Budget, from 1 June 2016, The transactions are sale of a motor vehicle of value exceeding Rs.10 lakh, and receipt of mone...
Income Tax : The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified r...
Income Tax : In order to reduce compliance burden, it is proposed to amend the said section 206AA so as to provide that the provisions of this ...
Corporate Law : The IBBI has proposed a new regulation to cap the total number of assignments for Insolvency Professionals (IPs) at 10, including ...
Corporate Law : Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvenc...
Income Tax : The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016. Add...
Income Tax : For those having undisclosed income, the government has provided a special chance to declare it by September 30, 2016. He said by ...
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, ...
Corporate Law : NCLT Delhi held that non-payment of outstanding lease rent falls under the ambit of ‘Operational Debt’ as defined under sectio...
Company Law : The view that NCLT had no jurisdiction to entertain Section 95 Application filed by the Financial Creditor and the Application oug...
Corporate Law : NCLAT Chennai held that suspension of initiation of CIRP (Corporate Insolvency Resolution Process) as per provisions of section 10...
Service Tax : Honble Gujarat High Court has vide its order dated 30th March, 2016 in the case of Percy Cawas Kavina vs. UOI in Special Civil Ap...
Corporate Law : Jitender Kumar Jain's RTI appeal for details on a show cause notice was dismissed as personal information, with no larger public i...
Custom Duty, Excise Duty, Service Tax : As you are aware, in order to reduce litigation, Government has come out with an Indirect Tax Dispute Resolution Scheme, 2016 in t...
Income Tax : Processes of uploading manual/paper Form 1 received by PCIT/CIT, generation of Form 2 for efiled/paper Form 1, viewing of Form 3 s...
Excise Duty : Time limit for taking central excise registration of an establishment by a jeweller is being extended up to 31.07.2016. However, a...
Income Tax : Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consider...
Vide Notification No, 9/2016-ST dated 1.3.2016, w.e.f. 1.3.2016, following services provided by Indian Institutes of Management (IIMs) shall be exempt –Services provided by the Indian Institutes of Management, as per the guidelines of the Central Government, to their students, by way of the following educational programmes, except Executive Development Programme, –
Question arises as to whether Royalty payable to the State Government on extraction of natural resource shall be considered as Service and accordingly service tax shall be applicable to a business entity on a reverse charge ? In this note we have analyzed the aspect of service tax payable on royalty with in-depth analysis as below :
Wef 1st April 2016 any services, other than services covered under clauses (i) to (iii) of Section 66D provided by Government or local authority to business entities will be taxable and Service Receiver (Business Entities) are liable to pay service tax under reverse charge mechanism,except the services that are specifically exempted.
A cess is a tax that is levied by the government to raise funds for a specific purpose. Collections from the Education Cess and the Secondary and Higher Education Cess, for instance, are supposed to be used for funding primary and higher and secondary education respectively. As per Article 270 of the Constitution, cesses imposed by the Parliament for earmarked purposes need not be shared with state governments.
Approved vocational education course‟ is to be incorporated inthe general exemption notification & exemption to specified educational services (Notification No.25/2012-Service Tax). Section 67A which provides for the ‘Date of determination of rate of tax, value of taxable service and rate of exchange’ has been amended to the effect that the time or the point in time with respect to rate of Service tax shall be determined as per the Point of Taxation Rules (POTR) ( Notification No- 10/2016-Service Tax).
Service Tax Rate: In this Article we have Compiled Service Tax Rate Charges from 01.06.2015 to 14.11.2015, 14.11.2015 to 31.05.2016 and Rates from 01.06.2016.
We are summarizing herewith the changes in Service tax, which are effective from May 14, 2016 for easy digest: Section 66D(l): Deletion of Education Services- Specified education services viz. services by way of pre-school education, higher secondary school education or equivalent, education as a part of a curriculum for obtaining a qualification recognised by any law for the time being in force, education as a part of an approved vocational education course, covered under Section 66D(l) of the Finance Act, stands deleted from the Negative List of services.
Presently, Section 66D(o)(i) of the Finance Act covers service of transportation of passengers, with or without accompanied belongings, by a stage carriage, which is proposed to be deleted w.e.f June 1, 2016.Corresponding to this deletion, new Entry [No. 23(bb)] has been inserted in the Mega Exemption Notification to exempt services by a stage carrier other than air-conditioned stage carriage.
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. […]
The Income Declaration Scheme, 2016 shall remain in force for a period of 4 months from 1st June, 2016 to 30th September, 2016 for filing of declarations and payments towards taxes, surcharge & penalty must be made latest by 30th November, 2016. Declarations can be filed online or with the jurisdictional Pr. Commissioners of Income-tax across the country.
