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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
AMENDMENTS IN CENTRAL EXCISE ACT, 1944-1. Factors of Production for Tobacco Related Products – Explanation 3 to Section 3A- This amendment will enable the Central Government to specify more than one factor relevant to the production of notified goods under Section 3A. Accordingly, Central Government has issued NN 4/2015 & NN 5/2015 dated 1st March 2015 to specify more factors for Chewing Tobacco / Unmanufactured Tobacco and Pan Masala respectively. In those notifications, the factors which are relevant to the production of notified goods are
Access to amusement facilities was not covered under the scope of service tax till 31st May,2015 was mainly due to the reasons that entertainment duty falls in the State List i.e. only the State Governments can impose any kind of tax on them as per the Entry No. 62 of List II of Schedule VII of Constitution.
The dawn of Cab aggregators Uber, Ola, etc.., has been seen in India in recent times, but the laws pertaining to service tax in the aggregators model of service was in gray. The aggregator model of service is new in India and there has been a lack of clarity about service tax rules that must apply toward Uber, Ola, etc…
The Finance Act,2015 has come into effect from 14/05/2015.The new liberalized scheme on penalties under section 76 and 78 has been made applicable to all pending SCNs in Service tax matters and no order has been passed,till this date.The newly inserted section 78B,in the Finance Bill,2015 had specifically clarified this.
Service Tax shall be levied on the service provided by way of access to amusement facility providing fun or recreation by means of rides, gaming devices or bowling alleys in amusement parks, amusement arcades, water parks and theme parks.
Amendment made by Finance Bill, 2015 by way of insertion of explanation to Sec 65B(44) , it is clear that the Govt. intends to collect the service tax on foreman commission . However, it is well settled position of the law that the any explanation bringing the new activity into tax net would not be having a retrospective effect unless the explanation being inserted retrospectively, which is not so in this case. Thus, the tax chargeable on chit fund service will be prospective i.e from the date of enactment of Finance Act, 2015.
The Finance Bill, 2015, has received the assent of the Honorable President and has been notified. 1st June, 2015 is being notified as the date on which the following provisions will come into effect. 1. The rate of Service Tax is being increased from 12% to 14% (including cesses). (Notification No.14/2015-Service Tax, dated 19th May, 2015 refers)
The Honorable Finance Minister, during his Budget speech, spoke about moving towards a non adversarial tax regime which would be in consonance with global policy. In doing so, he has tried to address the concerns of foreign investors by making significant changes to the indirect transfer tax provisions under the Income Tax Act, 1961 (Act).
Key Changes / Amendments effective from 1st June, 2015 : 1. Section 132B: The asset seized u/s. 132 or requisitioned u/s132A may be adjusted against the amount of liability arising on an application made before the Settlement Commission u/s. 245C (1). 2. Section 151 : No notice shall be issued u/s. 148 by an Assessing […]
Normal Service tax rate with effect from 1st June 2015 is 14%. However applicable rate is different for many services which may be subject to fulfillment of some conditions. This is mainly due to material value or non-service element included in total value of these services.
