Budget 2016 - Page 4

TCS on Sale of good/Services only if Cash Receipt exceeds 2 Lakh

Circular No. 23/2016-Income Tax 24/06/2016

Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees. Answer: No. Tax collection at source will not be levied if the cash receipt does not exceed two lak...

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CBDT Strategies regarding Income Declaration Scheme, 2016

NA 22/06/2016

It is reiterated again that all out efforts are to be made to ensure that the targeted taxpayers are well-informed about the Scheme and are adequately guided and facilitated for filing declarations so that they can avail maximum benefits under the Scheme. which is under highest consideration of the Government during coming months....

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Equalization Levy (a.k.a. Google Tax)

‘Specified Service’ means online advertisement, any provision for digital advertising space or any other facility or service for the purpose of online advertisement and includes any other service as may be notified by the Central Government in this behalf....

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Posted Under: Income Tax |

Equalisation Levy From 1st June, 2016

An equalisation levy is intended to serve as a way to tax a multi-national enterprise's significant economic presence in a country, which are able to avoid taxes completely in the source jurisdiction under the existing international taxation rules which require non-resident enterprises to have a Permanent Establishment in order to attract...

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Posted Under: Income Tax |

Service Tax on Service Provided By Senior Advocate

Prior to Finance Bill 2016, Legal Services were covered under reverse charge mechanism as per Notification No 30/2012-ST dated 20.06.2012. In respect of services received by any Business Entity [whose turnover exceeds Rs 10 lakhs in the preceding financial year] from an Individual Advocate or Firm of Advocates was chargeable to tax unde...

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Posted Under: Income Tax |

No TCS on services despite value exceeding Rs. 2 Lakh

I am sure that you are completely surprised by the title because nobody has yet pointed out such an anomaly!! You heard it right and please do let me explain. The Finance Act, 2016 has amended Section 206C(1D) to provide that the seller shall collect the income-tax at the rate of 1% from the buyer on sale in cash of any goods or for provi...

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Amendment in Service Tax on Legal Services wef 06.06.2016

Since March, 2016 there has been number of amendments has been made in respect to service tax on legal services and the same has been discussed as under. Notification No. 18/2016-ST dated 01.03.2016 has amended Notification No. 30/2012-ST dated 20.06.2012 due to which, in respect of legal services which were covered under full reverse cha...

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TCS on Receipt of Sale Consideration In Cash- Controversy Ends?

t has remained a matter of great debate that whether as per the provisions of section 206C(1D), the TCS in respect of bullion, jewellery, any other goods and provision of service is leviable :...

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Posted Under: Income Tax |

Services by Senior Advocates brought under Reverse Charge

Vide the Union Budget, 2016, Service tax on Senior Advocates providing services to a Business Entity was brought under ‘Forward charge’ w.e.f. April 1, 2016. However, Service tax on services provided by individual Advocates and firm of Advocates (other than Senior Advocates) to Business Entity continued to be under ‘Reverse charge...

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Posted Under: Income Tax |

Google Payments: Notification regarding Equalisation Levy

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, 2016, Government of India has levied an ‘Equalisation Levy’ on provision of online advertisement services or any other service or facility for the purpose of online advertisement by a Foreign Company provid...

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Posted Under: Income Tax |

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