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...
Double edged Sword for Tax Evaders – The Income Declaration Scheme, 2016 Shri Arun Jaitley, Hon’ble Finance Minister of the Government of India, introduced The Income Declaration Scheme, 2016 vide Finance Bill, 2016 After the budget presentation, in an interview to Doordarshan, the Finance Minister said that to bring the Black money back into the […]
The Finance Bill 2016 proposed by the Parliament has introduced a new Chapter XII EB to impose tax on the accreted income of charitable institutions that would convert into or merge with non-charitable entities. The Bill also provides under Clause 60 of its Memorandum to the Provisions an explanation to the sections introduced via the above Chapter.
Amongst the flurry of changes brought in by the Union Budget 2016 seeking to reform the Country’s taxation system and thereby improve ease of doing business, changes made in respect of extension of period within, which the Department can issue a Show Cause Notice in non-fraud cases, seems detrimental towards ease of doing business.
It is a levy emerging from source based taxation at the rate of 6%. Government has chosen this route because, under the current regime, it cannot reach to google / yahoo etc.Especially from view point of a SME, it is in the nature of levy on availing / importing some digital services like digital advertisement.
In case services of transportation of goods are availed from a domestic entity,service tax needs to be charged by the Indian shipping company, whereas such services being availed from any foreign entity would attract tax liability under the Reverse Charge Mechanism (‘RCM’). This amendment would come in effect from June 1, 2016 and its consequential effects are outlined below.
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 […]
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]
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.
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.
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.
