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...
There shall be levied and collected in accordance with the provisions of this Chapter, a cess to be called the Krishi Kalyan Cess, as service tax on all or any of the taxable services @ 0.5% on the Value of such services for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating thereto.
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.
Finance bill 2016 was presented in Lok Sabha by Finance Minister Shri Arun Jaitley on 29th February 2016 and same was approved by Lok Sabha with Amendments on 5th May 2016. The bill was first Presented in Rajya Sabha for approval on 09th May 2016 and bill finally got the Approval of Rajya Sabha on […]
THE FINANCE BILL, 2016- Bill No. 18-C of 2016- AS PASSED BY LOK SABHA ON 05.05.2016 Finance Bill 2016 was passed by Lok Sabha on 05.05.2016 as informed by us to our readers by our article ‘Lok Sabha Passes Finance Bill 2016‘. In the Article we have attached notice of the amendment to Finance Bill, […]
Vide Union Budget, 2016, Interest rates on delayed payment of duty/ taxes across all indirect taxes is proposed to be made uniform at 15% per annum, except in case of Service tax collected but not deposited with the Central Government, in which case the rate of interest will be 24% per annum from the date on which the Service tax payment becomes due.
As per the reports received by us Finance bill 2016 is passed by Lok Sabha today . Finance bill 2016 was having 128 clauses proposing amendment to Income Tax Act, 1961. Finance bill 2016 was presented in Lok Sabha by Finance Minister Arun Jaitley on 29th February 2016. Bill passed by Lok Sabha has 47 […]
The Central Government vide Notification No. 21/2016-ST dated March 30, 2016, has amended Rule 7 of the Point of Taxation Rules, 2011 (the POTR) by inserting a proviso after the second proviso, in order to provide Point of Taxation (POT), where there is change in the liability or extent of liability of Service tax to be paid by Service Receiver under Reverse Charge in case service has been provided and the invoice issued before the date of such change, but payment has not been made as on such date, as follows
FM Said in RS that excise duty on Articles of Jewellery will be enforced upon the traders having turnover of 12 crores and 6 crores of rupees and not on lower category of traders. We can decide the items which can be taxed. It is not possible to recall the tax due to some organised agitation.
In this article Author has discussed changes in Cenvat Credit Rules, 2004 by Union Budget 2016-17 in Tabular presentation in which he has discussed nature of amendment , Related Rules, Position before the amendment and after amendment and lastly he discussed about the impact of changes.
Effective from April 1, 2016, there are various changes made applicable under the Cenvat Credit Rules, 2004, with a view to simplify and rationalize the Credit Rules. The important changes have been discussed along with availment of Cenvat credit of Service tax paid on assignment of right to use of natural resources by the Government or Local Authority or any other person.
