Income Tax : The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development A...
Income Tax : In M&A transactions, “Slump Sales” are considered to be one of the most preferred ways of carrying out a deal due ...
Income Tax : Section 45 of the Act, inter alia, provides that capital gains arising from a conversion of capital asset into stock-in-trade shal...
Income Tax : The income arising from Sale of Shares/Debentures or other securities and real estate business will be determined and taxed on the...
Finance : Jaitley presented his third budget on Feb 29, 2016 amidst a global slump with lower commodity prices, slackening of China’s econ...
Income Tax : Whether Income from Sub-leasing of properties will be considered as Income from Profits and Gain from Business or Profession (Sect...
Income Tax : Amount received by letting out the shop rooms in the mall is business income taxable under the head Profits and gains of business....
Income Tax : Pr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court) We note the fact, that the issue of classification of income on sale...
Finance Minister Arun Jaitley has brought some sort of relief for the real estate/construction industry which is already struggling due to sluggish demand and economic slowdown. Excise duty exemption, which was earlier limited to Concrete Mix (CM) only, now being extended to Ready Mix Concrete (RMC) manufactured at construction site for construction work.
Gold and diamond jewellery are set to become dearer, with the government deciding to hike excise duties. Consumers will have to shell out more for the gold and diamond jewellery as the budget has imposed 1 per cent excise duty, which comes as a blow to the gems and jewellery sector.
The Central Excise duty of 2% (without CENVAT credit) or 12.5% (with CENVAT credit) is being levied on readymade garments and made up articles of textiles falling under Chapters 61, 62 and 63 (heading Nos. 6301 to 6308) of the Central Excise Tariff except those falling under 6309 and 6310 of Retail Sale Price (RSP) of Rs.1000/- and above when they bear or are sold under a brand name.
Increase in threshold limit for audit for persons having income from profession Under the existing provisions of section 44AB of the Act every person carrying on a profession is required to get his accounts audited if the total gross receipts in a previous year exceed twenty five lakh rupees. In order to reduce the compliance […]
Excise duty applicability of ready-made garments- Applicable to Branded Ready-Made Garments i.e when ready-made garments bear or sold under a brand name. Optional levy of 2% (without Cenvat credit) or 12.5% (which Cenvat credit) shall be applicable if RSP is 1000 or above. For RSP b
1. Additional Tax:Krishi Kalyan Cess, at the rate of 0.5% of value of taxable service imposed, with effect from 01.06.2016. Thus the rate of Service Tax on real estate services shall be increased by 0.5% with effect from 01.06.2016. 2. Rationalization of abatement:At present, two rates of abatement have been prescribed for services of construction […]
Excise duty of 2% (without CENVAT credit) or 12.5% (with CENVAT credit) is being levied on readymade garments and made up articles of textiles falling under Chapters 61, 62 and 63 (heading Nos. 6301 to 6308) of the Central Excise Tariff except those falling under 6309 and 6310 of retail sale price (RSP) of Rs.1000 and above when they bear or are sold under a brand name. Chapter 6309 and 6310 contains Rags etc.
Budget 2016:– With a view to incentivise affordable housing sector as a part of larger objective of ‘Housing for All’, it is proposed to amend the Income-tax Act so as to provide for hundred per cent deduction of the profits of an assessee developing and building affordable housing projects if the housing project is approved […]
We have discussed five issues faced by the foreign investors and the expectations from the Union Budget 2016-17. 4. TDS from payments to Non-residents having Indian branch/fixed place PE 5. Tax Residency Certificate
No law is perfect and no regime is ever complete which result in multitude of disputes and litigations. In order to make CENVAT Credit scheme better and effective, following are certain suggestions which the Revenue authorities should introspect.
