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...
Article Covers the Following Changes made by Finance Bill 2016 in Service Tax Provisions Related to:- Service Tax Rate, Chapter V Of Finance Act 1994 ( Service Tax Provisions), Service Tax Rules 1994, Exempted List Of Services, Point Of Taxation Rules 2011, Abatement Provisions, Reverse Charge Provision, Interest Rate For Delayed Payment Of Service Tax, Clarification Brought In ‘Information Technology Software’ W.R.T Levy Of Excise Duty Or Service Tax
Article Covers the Following Changes made by Finance Bill 2016:- 1. In Central Excise Act, 1944 2. in Central Excise Rules, 2002 3. in Cenvat Credit Rules, 2004 4. Miscellaneous Amendment Made to Other Rules and Related Notifications
In my first part of the Article ‘Excise on Ready Made Garments and Made Ups-Post Budget-2016’ we had presented a brief note on applicable Central Excise with effect from 1st of March, 2016 on Readymade Garments and Made Ups. In this part, we are sharing further clarifications on the issue including who is to obtain registration under central excise, the job working units or the brand name owners and have exemplified the calculation of Central Excise Duty under different options.
Infrastructure and Industries, together they are amongst the few crucial areas of economy which determine the growth of a country by measuring the real development in their current state. Given the fact that investment in infrastructure is directly proportional to high economic growth; India has well utilized and encashed on the equation
Clause 109 of the Finance Bill, 2016 effective from 01st day of June, 2016 tabled in the Parliament by Hon’ble Finance Minister Sh. Arun Jaitely seeks to counter the licit deletion of the Explanation appended to section 66A of the Information Technology Act, 2008 thereby facilitating the issuance and communication of notices electronically and through digitized mode.
The Gold Monetization Scheme, 2015 has since been introduced by the Government of India. Wth a view to extend the same tax benefits to the scheme as were available to the Gold Deposit Scheme, 1999 it is proposed to amend Clause (14) of section 2, so as to exclude Deposit Certificates issued under Gold Monetisation Scheme, 2015 notified by the Central Government, from the definition of capital asset and thereby to exempt it from capital gains tax.
Under the existing provisions of section 47(xviii), any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating scheme of a mutual fund, made in consideration of the allotment to him of a capital asset, being a unit or units, in the consolidated scheme of the mutual fund is not chargeable to tax.
The Finance Act, 2015 had amended the definition of income under clause (24) of section 2 of the Act so as to provide that the income shall include assistance in the form of a subsidy or grant or cash incentive or duty drawback or waiver or concession or reimbursement (by whatever name called) by the Central Government or a State Government or any authority or body or agency in cash or kind
Sections 92 to 92F of the Act contain provisions relating to transfer pricing regime. Under provision of section 92D, there is requirement for maintenance of prescribed information and document relating to the international transaction and specified domestic transaction.
Under the existing provisions of Chapter-XII-EA of the Act consisting of sections 1 15TA, 1 15TB and 1 15TC, special taxation regime in respect of income of the securitisation trusts and the investors of such trusts has been provided. The regime provides that income distributed by the securitisation trust to its investors shall be subject to a levy of additional tax to be paid by the securitisation trust
