Income Tax : The Bill retains corporate tax rates while rationalising MAT and offering targeted incentives for IT, cloud services, and global i...
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 ...
Corporate Law : The IBBI has proposed a new regulation to cap the total number of assignments for Insolvency Professionals (IPs) at 10, including ...
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, ...
Corporate Law : NCLT Delhi held that non-payment of outstanding lease rent falls under the ambit of ‘Operational Debt’ as defined under sectio...
Company Law : The view that NCLT had no jurisdiction to entertain Section 95 Application filed by the Financial Creditor and the Application oug...
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...
Finance Bill 2016 comprised 12 Chapters, 238 Clauses and 15 Schedules spread over 221 pages. It brought in Krishi Kalyan Cess, Infrastructure Cess, Equalization Levy, The Income Declaration Scheme, Direct and Indirect Tax Dispute Resolution Schemes and amendments previous Finance Acts ranging from Finance Act 2001 to 2015 . The Journey of Change did not end here and In Lok Sabha 47 further amendments were brought in Finance Bill on 29-04-2016 including insertion of 3 more clauses there by increasing total clauses to 241.
In order to tap tax on income accruing to foreign e-commerce companies from India, the Finance Act 2016 said a person making payment to a non-resident (who does not have a permanent establishment) exceeding in aggregate Rs 1 lakh in a year will withhold tax at 6 per cent of gross amount paid, as equalization levy also popularly known as Google Tax.
KKC IS APPLICABLE ON SERVICE PROVIDER AND NOT ON SERVICE RECIPIENT FOR THE SERVICES PROVIDED UPTO 31.05.2016 KKC (Krishi Kalyan Cess) is applicable on all services w.e.f. 01.06.2016. After introduction of KKC now effective rate of Service Tax will be 15% on all the services. The purpose of KKC is financing and promoting initiative to […]
A one-time disclosure scheme i.e Income Declaration Scheme, 2016 for declaration of undisclosed income of any financial year upto 2015-16 was added in Finance Bill 2016. The same is to be brought w.e.f. June 1, 2016 and it is to remain open up to the date1 to be notified by the Central Government in the Official gazette.
In this article we have compiled Generic Service Tax Rate Applicable on all Taxable Services, Service Tax on Non Taxable Services , Wholly Exempted Services, Rate of Service Tax post 01.06.2016 in case of Abated services, Effective Rate of Service Tax post 01.06.2016 in case of Valuation , Rate of services where alternate rate is provided post 01.06.2016 and Effective Rate of services in case of reverse charge post 01.06.2016
Whether TCS to be collected, if Goods sold/Services provided of value exceeding Rs. 2,00,000 purchased/received for personal consumption from Retail Buyer? Yes, still TCS provision will be applicable as not exception for such clause is there; every buyer/service provider is covered under these section.
Changes Effective from 01-06-2016- 1. Electronic Hearing under Income Tax law enabled. 2. Document required to be issued by an Income Tax Authority can be issued in paper form or communicated in electronic form. 3. Equalization Levy @ 6% on online digital advertisement and incidental services or provision of digital advertizing space 4. TCS @ 1% on luxury vehicles and cash sale of goods or provision of services
As we all know that the Finance Minister of India, Mr. Arun Jaitley had proposed a new cess i.e. Krishi Kalyan Cess @ 0.50% in budget 2016 on all taxable services for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating thereto.
As the effective rate of tax on services is to be increased from 14.5% (14% Service Tax + 0.5% SBC + 0.5% KKC) to 15% (14% Service Tax + 0.5% SBC + 0.5% KKC) w.e.f June 1, 2016 the applicable rates in different scenarios in case of existing taxable services are as under:
The Chapter XI of the Finance Act, 2016 (28 of 2016) comprising of section 212 to 218, is in respect of The Indirect Tax Dispute Resolution Scheme Rules, 2016. The said scheme allows the party in appeal before the Commissioner (Appeals) on 1st March 2016, to file a declaration before the Designated Authority for the purpose of availing the benefit of the scheme.
