Budget 2016 - Page 20

Implementation of POEM based residence deferred to 01/04/2017

The provisions of section 6 of the Act provide for conditions in which residence in India is determined in case of different category of persons. Section 6(3) deals with conditions to be satisfied for a company to be treated as resident in India in any previous year. Prior to amendment of section 6(3) by the Finance Act 2015, a company wa...

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Posted Under: Income Tax |

New special taxation regime for off shore funds U/s. 9A

Section 9A of the Act provides for a special regime in respect of offshore funds. It provides that in the case of an eligible investment fund, the fund management activity carried out through an eligible fund manager acting on behalf of such fund shall not constitute business connection in India of the said fund....

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Posted Under: Income Tax |

Watch Union Budget 2016 changes in Service Tax & Excise Duty

The Hon’ble Finance Minister Shri. Arun Jaitley announced a host of changes in the Indirect tax structure in the Union Budget 2016-17 on February 29, 2016, that are expected to impact the Trade and Industry. Under Service tax, on one hand, the effective rate of Service tax would go up to 15% w.e.f June 1, 2016 ...

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Posted Under: Income Tax | ,

DDT Exemption on distribution made by SPV to Business Trust

In respect of taxation of business trusts comprising of Real Estate Investment Trust (REITs) and Infrastructure Investment Trust (Invits) regulated by SEBI a specific taxation regime has been incorporated in the Act. Under this regime, the multiple taxation due to interposition of business trust is avoided. Under the SEBI regulation, thes...

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Posted Under: Income Tax |

Budget 2016 Simplifies taxation of unrealised rent & arrears of rent

Existing provisions of sections 25A, 25AA and 25B relate to special provisions on taxation of unrealised rent allowed as deduction when realised subsequently, unrealised rent received subsequently and arrears of rent received respectively. Certain deductions are available thereon....

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Posted Under: Income Tax |

Capital Gain on Share recd by Individual/HUF on demerger/ amalgamation?

It is proposed to amend the Act so as to provide that any shares received by an individual or HUF as a consequence of demerger or amalgamation of a company shall not attract the provisions of clause (vii) of sub-section (2) of section 56....

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Posted Under: Income Tax |

Clarifications on Excise Duty imposed on jewellery

In this year’s Budget, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery. Even for this nominal 1% excise duty, manufacturers are allowed to take credit of input services, which can be utilised for payment of duty on jewellery....

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Posted Under: Income Tax | ,

38 Important Amendment in brief Income Tax : Finance Bill 2016

.e.f 1st June 2016 in order to curb black money , the Seller of any goods or services have to collect Tax collected at source (TCS) @ of 1% from the buyer if the mode of payment is by cash on the following : - On sale of Motor Vehicles, the value of which is exceeding 10 Lakhs. On sale of any Goods except bullion & Jewellery the valu...

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Posted Under: Income Tax | ,

All about 6% Tax on online advertisement / Google Tax

Vide Finance bill 2016 FM has proposed to levy  6% of the amount of consideration for specified services received or receivable by a non-resident not having permanent establishment (‘PE’) in India, from a resident in India who carries out business or profession, or from a non-resident having permanent establishment in India. ...

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Posted Under: Income Tax |

Budget 2016: Cenvat credit benefit to Senior Advocates

Through this amendment the government has charged service tax on service provided by senior advocates on forward basis (i.e. service tax will be charged by senior advocates to their clients). Hence, they can utilize their Cenvat Credit by output service tax....

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Posted Under: Income Tax |

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