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...
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...
Income Tax : It is reiterated again that all out efforts are to be made to ensure that the targeted taxpayers are well-informed about the Schem...
I am presenting this Budget when the global economy is in serious Global growth has slowed down from 3.4% in 2014 to 3.1% in 2015. Financial markets have been battered and global trade has contracted. Amidst all these global headwinds, the Indian economy has held its ground firmly. Thanks to our inherent strengths and the policies of this Government, a lot of confidence and hope continues to be built around India.
INTRODUCTION Growth of Economy accelerated to 7.6% in 2015-16. India hailed as a ‘bright spot’ amidst a slowing global economy by IMF. Robust growth achieved despite very unfavourable global conditions and two consecutive years shortfall in monsoon by 13% Foreign exchange reserves touched highest ever level of about 350 billion US dollars. Despite increased devolution […]
KEY TO BUDGET DOCUMENTS BUDGET 2016-2017 1. The Budget documents presented to the Parliament comprise, besides the Finance Minister’s Budget Speech, the following: A. Annual Financial Statement (AFS) B. Demands for Grants (DG) C. Appropriation Bill D. Finance Bill E. Memorandum Explaining the Provisions in the Finance Bill, 2016 F. Macro-economic framework for the relevant […]
Finance Minister Arun Jaitley has Presented Union Finance Budget 2016-17 today. We have uploaded below the Text of Finance Bill 2016-17 for Ready Reference of our Readers. Download Finance Bill, 2016
Advocate Anandaday Misshra AMLEGALS is pleased to share the highlights of changes and proposals in Union Budget 2016-2017 in Indirect Taxes . The major changes on indirect taxes under this section as the budget speech of Shri Arun Jaitley, Finance Minister today, at 11 a.m ,on 29 Feb 2016 are as below: a. Major Export Boost by widening of […]
15% Surcharge on Total Income Exceeding Rs. 1 Crore per Year Excise Duty on Jewellery Hiked. 1% Pollution Cess to be imposed on all Cars Interest on Refund increased to 9% from 6% in case it is related to Delay in giving Appellate order by more than 90 days. e-Assessment in 7 Cities: No face […]
Government today, may unveil the policies and the amendments in the Indirect taxation that are essential for ease of doing business and also paving a way for long pending Goods and Service Tax (GST).
Owing to various conflicting views that have been held by various courts across the country on the availability of CENVAT credit on the ‘passive telecom infrastructure of tower and shelter material’, there lies great confusion which needs to be addressed by the government of the day and settled the matter once and for all.
The CENVAT Credit Rules, 2004 (‘CCR’) have evolved as a scheme over a period of ten years. Through Rule 14 of CCR, the scheme provided for recovery of wrongly availed CENVAT Credit. As introduced, Rule 14 of CCR provided that where CENVAT credit is wrongly availed or utilized or has been erroneously refunded, the same […]
The expectations have steadily risen since the day Prime Minister Narendra Modi announced ‘Startup India, Standup India’ initiative. To add to it, release of action plan in January along with issuance of clarification by the Reserve Bank of India for the benefit of Startups is keeping the tempo up with a hope of final spectacle […]
