Budget 2016 - Page 18

Excise Duty on Textile Sector: Increased cost & Compliance Burden

CA Rajesh Kumar T R CA Ashish Chaudhary Textile has been subjected to duty of excise at different point of time. In 2004, exemption was granted on textile articles falling under chapter 61, 62 and 63 from duty of excise by issuing Notification No. 30/2004-CE. It was again subjected to duty in 2011-12. After remaining […]...

Read More
Posted Under: Excise Duty |

Union Budget 2016 Analysis For Layman & Tax Practitioners

Rebate under section 87A is increased to Rs. 5,000/- from Rs. 2000/-. [This rebate is available to individual resident in India whose taxable income does not exceed five lakh rupees.] [Applicable from A. Y. 2017-18]...

Read More

Presumptive Taxation of Business: Analysis of Amendments

Section 44AD widely affects the businesses in small sector. It was brought in its present shape by Finance Act 2009 wef AY 2011-12. It implies that legislature at that time thought it fit to take a year extra to have impact study of the section....

Read More

Changes in the Finance Bill 2016

With a view to provide fire to start ups and facilities their growth in the initial phase of their business. A new section 80IAC is introduced to provide 100% deduction on profit....

Read More
Posted Under: Excise Duty |

FM withdraws proposal to tax EPF/Superannuation Fund

In View of pressure from all quarters Finance Mister Arun Jaitley has withdrawn the Proposal to Tax 60% of EPF/Superannuation Fund Proposed in Union Budget 2016 and which was to come into effect from 01.04.2016....

Read More

Union Budget 2016-17 – Quick Bites On Economy

The Economy Survey, tabled by Finance Minsiter in the Lok Sabha on 26.02.2016 describes India as a refuge of stability and an outpost of opportunity at a time of global turbulence and volatility. The targeted growth for 2016-17 is pegged at 7-7.5 per cent , put out in the Economic Survey, does not paint a very glowing picture of the econo...

Read More
Posted Under: Excise Duty |

Limitation for Issuing SCN Under Section 73 Enhanced

It was proposed in the Central Excise Tariff Conference that the time limit for issuing show cause notice under normal period of limitation should be increased and it appears that the suggestion has been considered by the government in this Budget. In this budget, the government has amended section 73 of the Finance Act wherein the time l...

Read More
Posted Under: Excise Duty |

Krishi Kalyan Cess on all taxable services wef 01.06.2016

Unlike Swachh Bhara Cess imposed w.e.f. June 15, 2015, which is not Cenvatable neither in the hands of service providers nor manufacturers, in terms of TRU F.No. 334/8/2016-TRU dated February 29, 2016 [Para 3.1], it is provided that Cenvat credit of Krishi Kalyan Cesspaid on input services shall be allowed to be used for payment of the pr...

Read More

KGMA’s Guide to Significant Direct Tax Proposals of Budget 2016

Google Tax: India has taken the first step to tax the digital economy. An equalisation levy--a deduction of 6% to be made by an Indian payer on payments to a nonresident entity for specified B2B services such as advertising—has been introduced in the Budget. The levy will impact the bottom lines of giants such as Google, Yahoo and other...

Read More

Impact of service tax on Cab arrangements in a Hotel/ Restaurant

Different options available to a Hotel for providing Cab services: Any Star Hotel and other establishment alike Hotel business may have an option to choose one of the following ways for providing cab services to their Guests....

Read More

Browse All Categories

CA, CS, CMA (6,104)
Company Law (8,419)
Corporate Law (10,379)
Custom Duty (9,341)
DGFT (4,825)
Excise Duty (4,785)
Fema / RBI (5,256)
Finance (5,636)
Income Tax (41,977)
SEBI (4,531)
Service Tax (4,002)