Budget 2016 - Page 5

FAQs on Equalisation Levy (EQL)

Equalisation Levy was introduced in the Union Budget 2016 and is included in the Chapter VIII of the Finance Act 2016. The Govt. had set up a committee earlier this year which gave its recommendations in March, 2016, which included adding more services under the ‘specified service’ banner. ...

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Posted Under: Income Tax |

Krishna at Rescue of Tax Evaders in Income Declaration Scheme 2016

Arjun: Who can participate in Income Declaration Scheme 2016 (IDS) introduced under Finance Act, 2016 by the Indian Government? Krishna: Following is a list of people, - Every Indian Resident who is guilty of his practices of tax evasion and wants to confess the same....

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Posted Under: Income Tax | ,

FAQs on Services provided by Senior Advocates – Rollback

Notification no. 32/2016-ST, 33/2016-ST and 34/2016-ST dated 6th June, 2016 has amended the position of senior advocates under Service Tax. The impact of these amendments is summarized as below:...

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Posted Under: Income Tax | ,

7 things to know about TCS on sale of a motor vehicle

Circular No. 22/2016-Income Tax 08/06/2016

With a view to bring high value transactions within the tax net, it has been provided in sub- section (1 F) of section 206C of the Act that the seller who receives consideration for sale of a motor vehicle exceeding ten lakh rupees, shall collect one per cent of the sale consideration as tax from the buyer. Any person who obtains in any s...

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Some issues related to TCS Provisions W.E.F. 01st June 2016

Introduction: From 01st June, 2016 TCS is to be collected by seller from the buyer in respect of : (i) sale of motor vehicle of the value exceeding Rs. 10 lakhs (on receipt of sale consideration through any mode ) and also in respect of ;...

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Posted Under: Income Tax |

Excise Duty on Jewellery – A Nightmare!

In this year’s Budget, a nominal excise duty of 1% [without CENVAT Credit on Capital Goods and Inputs] and 12.5% [with CENVAT Credit on Capital Goods and Inputs] has been imposed on articles of jewellery [excluding silver jewellery, other than studded with diamonds or other precious stones] w.e.f March 01, 2016. ...

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Posted Under: Income Tax |

Extent of Tax payable by business entity on services provided by senior advocates

Notification No. 34/2016-Service Tax 06/06/2016

Seeks to amend notification No. 30/2012-Service Tax dated 20th June, 2012, so as to prescribe extent of payment of service tax by a business entity as a recipient of services provided by senior advocates....

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Business entity liable to service tax on services provided by senior advocates

Notification No. 33/2016-Service Tax 06/06/2016

In relation to service provided or agreed to be provided by a senior advocate by way of representational services before any court, tribunal or authority, directly or indirectly, to any business entity located in the taxable territory, including where contract for provision of such service has been entered through another advocate or a fi...

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CBEC notifies Tax Exemption on legal services provided by senior advocates

Notification No. 32/2016-Service Tax 06/06/2016

CBEC exempted services provided by a senior advocate by way of legal services to- (i) any person other than a business entity; or (ii) a business entity with a turnover up to rupees ten lakh in the preceding financial year ...

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Provision of Services and Krishi Kalyan Cess

Krishi Kalyan Cess (herein after referred to as KKC) is a cess on taxable services, at the rate of 0.5% of the value of such taxable services. The cess is in addition to any cess or service tax leviable on such taxable services under Chapter V of the Finance Act, 1994 or under any other law for the time being in force. ...

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Posted Under: Income Tax | ,

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