Finance : Secondary SGB buyers must now pay 12.5% LTCG tax, unlike primary holders. The change reshapes returns and investment strategies in...
Income Tax : Establishes that higher tax burdens on promoters under the new regime require companies to reassess payout strategies. The takeawa...
Finance : The Supreme Court has allowed taxpayers to challenge retrospective amendments validating JAO reassessment actions. It stayed ongoi...
Income Tax : The issue arose from taxing buybacks as dividends, causing higher tax burden and unusable capital losses. The reform restores capi...
Income Tax : The Supreme Court has admitted a case to resolve conflicting interpretations of due dates for PF/ESI contributions. The ruling wil...
Income Tax : The amendments focus on reassessment timelines, electronic communication, and procedural clarity. The changes aim to reduce litiga...
Income Tax : The Government introduced reforms to simplify tax dispute resolution, including broader immunity provisions and expanded scope for...
Income Tax : A focused session breaks down recent Budget amendments affecting NRI taxation. It highlights how changes impact income, investment...
CA, CS, CMA : Budget 2026 prioritises easing compliance, reducing penalties, and cutting litigation rather than raising tax rates. The reforms a...
Custom Duty : New baggage rules and processing regulations are notified, replacing earlier frameworks and aligning customs procedures for passen...
Goods and Services Tax : Discover the key amendments in the Finance (No. 2) Bill, 2024, affecting CGST, IGST, UTGST, and Cess Act, including tax exemptions...
Income Tax : A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2...
Income Tax : U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has ...
Income Tax : CBDT updated DIN rules to align with new provisions introduced under the Finance Act, 2026. The circular mandates DIN for most tax...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026. The rescission is ...
Excise Duty : The government has extended key excise provisions and introduced a specific duty structure for CNG blended with biogas. The key ta...
Excise Duty : The government has reduced the effective National Calamity Contingent Duty on specified tobacco products. The key takeaway is a ca...
Minister of State for Finance Jayant Sinha on Thursday said the government will present the Budget for 2016-17 on February 29, which will set a roadmap for the coming three years. As per internal sources Budget session could begin from February 23. The date of the presentation of the Budget and the reconvening of the […]
Apex industry body ASSOCHAM has urged the Finance Ministry to keep all services provided for agricultural produce outside service tax ambit. Services like warehouse management, security, laboratory testing and others that are essential to secure storage of agri-produce should be included in the negative list or in the list of exempted services, recommended The Associated Chambers of Commerce and Industry of India (ASSOCHAM) in its pre-budget memorandum submitted to the FinMin.
CIRCULAR No. 19/2015- INCOME-TAX ACT- Finance Act, 2015 as passed by the Parliament, received the assent of the President on the 14th day of May, 2015 and has been enacted as Act No. 20 of 2015. This circular explains the substance of the provisions of the Act relating to direct Taxes.
The article briefly explains the concept of Forensic Auditing and the use of the technique in the detection of the frauds. The relevance of the concept has been highlighted -especially in the emerging scenario of continuous development in the fields of accounting and auditing. The article also touches upon the various inter-related concepts and the vital areas where the technique of Forensic Auditing can be best used in detecting the misappropriations and manipulations in the financial as well as operational matters.
Simplification of Tax Deduction at Source (TDS) mechanism for Employees Provident Fund Scheme (EPFS) Under the Employees Provident Fund and Miscellaneous Provisions Act, 1952 (EPF & MP Act, 1952), certain specified employers are required to comply with the Employees Provident Fund Scheme, 1952 (EPFS). However, these employers are also permitted to establish and manage their […]
Ease of Doing Business in India and in Law Related to Custom Duty – In line with the objectives to facilitate trade and improve ease of doing business, the following measures have been taken by CBEC during last one year: CUSTOMS: 24×7 Customs Clearance: With effect from 31.12.2014, facility of 24×7 Customs clearance for specified […]
Reduction in number of levies: Education Cess and Secondary & Higher Education Cess on excisable goods have been subsumed in Basic Excise duty. [Notifications 14/2015-Central Excise and No. 15/2015-Central Excise, both dated 01.03.2015 refer].
Reduction in number of levies: Education Cess and Secondary & Higher Education Cess on taxable services have been subsumed in Service Tax with effect from 06.2015. [Sections 153, 159 of the Finance Act, 2015 read with notification No.14/2015-Service Tax, dated 19.05.2015 refers].
Shivani Mangla Services covered under Reverse Charge Mechanism from 01.06.2015 (with % and type of person) S.No. Description of service Service Provider Service Receiver 1 Insurance Agency Services Insurance Agent Any person carrying on insurance business NIL (0%) 100% (14%) 1A Recovery Agent Services Recovery Agent Banking co./ Financial inst./NBFC NIL (0%) 100% (14%) 1B […]
Amendments shall have the following effect w.e.f. 14.05.2015– (1) The remedy of appeal to Tribunal u/s 86 is not available in every case as it has now been provided subject to the saving clause ‘save as otherwise provided herein’. The provisos added provide that saving. Thus, scope of section 86 has been curtailed. (2) Any appeal against the order of Commissioner (Appeal) in relation to matters concerning rebate of Service Tax (e.g. exports) shall be governed in terms of section 35EE of Central Excise Act, 1944.
