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...
With budget session being round the corner and it being susceptible to both national and international scrutiny, the need for streamlining adjudication machinery for Customs, Central Excise and Service Tax matters has become extremely important. Tax litigations are a natural consequence of growing economy. However, complexities of taxation laws and the sheer determination of the revenue department to maximize collections have resulted in multifarious but avoidable litigations all across the country.
Various e-commerce companies including the likes of Uber, Makemytrip, Zo Rooms etc are engaged in commercial transactions over the Internet. Customers transact in millions of rupees on these e-platforms where goods (i.e., merchandise) and services (i.e. digital products including travel, tickets, hotels etc) are conveniently bought and sold.
General Anti Avoidance Rule (GAAR) v. Base Erosion & Profit Shifting (BEPS) or both: what is India’s right choice? With India’s commitment to implement most of the recommendations of the final reports of Organization for Economic Cooperation and Development’ (OECD) BEPS Action Plans, and at the same time ensure simplification as well as a non-adversial […]
E-Booking of Tickets on the Concessional Passes for Journalists to be Introduced Sale of Tickets through Helpline Terminals for Short Distance Travellers The Minister of Railways Shri Suresh Prabhakar Prabhu said that Indian Railways intends to commence sale of tickets through hand held terminals for the benefit of the suburban and short distance travelers. This […]
Speech of Shri Suresh Prabhakar Prabhu introducing the Railway Budget for 2016-17 on 25th of February, 2016 Madam Speaker, 1. I rise to present before this August House the Statement of Estimated Receipts and Expenditure for 2016-17 for Indian Railways. 2. Let me begin with a couple of personal experiences. As the Railway Minister of […]
Theme of the Budget Overcoming challenges – Reorganize, Restructure Rejuvenate Indian Railways: ‘Chalo, Milkar Kuch Naya Karen’ Three pillars of the strategy i.e. Nav Arjan – New revenues, Nav Manak – New norms, Nav Sanrachna – New Structures. Financial Performance 2015-16- Savings of Rs. 8,720 crore neutralizing most of the revenue shortfall, expected OR 90%; […]
65,000 Additional Berths and 17,000 Bio Toilets to be Installed. Operations Audit to Improve Punctuality of trains Proposed. Wi Fi Facilities in 400 more Stations. Stations to be Developed Under PPP Mode
Re-look at the amended penalty provisions contained in section 78 of the Finance Act, 1994/Section 11AC of the Central Excise Act, 1944:-The provision distinguishing the quantum of penalties in section 11AC in cases where short-payment or non-payments have arisen for reasons other than fraud and restricting penalties upto 10% of the tax or Rs. 5000 whichever is higher was appreciated.
Though Budget is not the only policy initiative available with the Government for making major contributions to economic progress, it has over the years assumed great importance as most comprehensive single declaration from the government every year about its policy intentions.
Krishna, Honorable Finance Minister Mr. Arun Jaitley will declare Finance Budget of 2016-17 on 29th February in the Loksabha. As it is 2nd budget in the tenure of P. M. Modi, everyone is excited for the Budget. What’s there in Magician Jaitley’s Potli (Bag) this year?
