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 ...
Income Tax : In order to ensure that the intended purpose of exemption availed by trust or institution is achieved, a specific provision in the...
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, ...
Income Tax : The Finance Bill was presented in the Lok Sabha on February 29, 2016. On May 5, 2016, the Lok Sabha passed the Finance Bill, 2016 ...
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...
Gold and diamond jewellery are set to become dearer, with the government deciding to hike excise duties. Consumers will have to shell out more for the gold and diamond jewellery as the budget has imposed 1 per cent excise duty, which comes as a blow to the gems and jewellery sector.
Here we are giving summery of all the amendments of service tax according to their applicability Date. A. With immediate effect (from 01.03.2016) (i) Restoration of exemption on services provided to the Government, a local authority or a governmental authority. (ii) Restoration of exemption on services to an airport, port. (iii) Withdrawal of exemption on services to monorail or metro, in respect of contracts entered into on or before 01.03.2016
W.e.f AY 2017-18 Exempted Dividends received by an Resident Individual, HUF in excess of 10 Lakhs from an Domestic Company will now be further taxed @ rate of 10% + Applicable Surcharge & Cess on the Gross Dividend receivedu/s115-BBDA, earlier any dividend received was exempted as the dividends have already suffered Dividend Distribution Tax (DDT) @ 15%+ Applicable Surcharge & Cess. The impact of the above amendment is explained in the below two illustrations
The Central Excise duty of 2% (without CENVAT credit) or 12.5% (with CENVAT credit) is being levied on readymade garments and made up articles of textiles falling under Chapters 61, 62 and 63 (heading Nos. 6301 to 6308) of the Central Excise Tariff except those falling under 6309 and 6310 of Retail Sale Price (RSP) of Rs.1000/- and above when they bear or are sold under a brand name.
G.S.R. (E). – In exercise of the powers conferred by sub-section (7) of section 83 of the Finance Act, 2010 (14 of 2010) read with section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.1/2015-Clean
G.S.R. (E). – In exercise of the powers conferred by section 83 of the Finance Act, 2010 (14 of 2010), read with sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944) read with sub-clause (3) of clause 159 of the Finance Bill, 2016, which clause has, by virtue of the declaration made in the said Finance Bill under the Provisional Collection of Taxes Act, 1931 (16 of 1931), the force of law, the Central Government, being satisfied that it is necessary
Seeks to fix the rate of interest under section 28AA of the Customs Act, 1962 and supersede notification No. 17/2011-Cus (N.T) dated 01.03.2011.
These rules shall apply to an importer, being a manufacturer, who intends to avail the benefit of an exemption notification issued under sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and where the benefit of such exemption is dependent upon the use of imported goods covered by that notification for the manufacture of any excisable commodity.,
In the Customs Baggage Declaration Regulations, 2013 (hereinafter referred to as the said regulations), in regulation 3, for the words All passengers who come to India, the words All passengers who come to India and have anything to declare or are carrying dutiable or prohibited goods, shall be substituted
