Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : The article explains how the Finance Act, 2026 replaced the deemed dividend framework with capital gains taxation. The change allo...
Income Tax : Taxpayers now get three extra months to correct mistakes in originally filed income tax returns. The revised return mechanism rema...
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...
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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
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.
Mode of taking or accepting certain loans, deposits and specified sums and mode of repayment of loans or deposits and specified advances The earlier provisions contained in section 269SS of the Income-tax Act provide that no person shall take from any person any loan or deposit otherwise than by an account payee cheque or account […]
Circular No. 184/3/2015-ST Dated the 3rd June, 2015 It is further clarified that exemption from service tax still continues to services provided in relation to serving of food or beverages by a restaurant, eating joint or a mess, other than those having the facility of air-conditioning or central air-heating in any part of the establishment, at any time during the year.
As per Section 269SS if specified sum (any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place) taken or accepted in cash is Rs. 20,000 or more , penalty equal to amount taken shall be imposed under S. 271D.
I recently received an email from Uber mentioning that the Finance Minister has recently asked the ‘Aggregator’ of taxi services to collect and remit Service tax on behalf of driver partners for fares on all rides. Consequently, they informed me that going forward (with effect from 1st March 2015), all taxi fares collected by the drivers shall include Service tax. An excerpt of the email is mentioned below:
Further recruitment of manpower is not the Supply of manpower, recruitment is altogether different from supply of manpower. On the basis of above information it can be assumed that only supply of manpower is covered under RCM and no reference regarding recruitment of manpower services is made for purposes of RCM.
CA Manindar Kakarla Introduction: Finance Bill, 2015 has proposed to increase the service tax rate to 14% by amending Section 66B. The said bill has received President’s assent on 14/05/2015. The increased rate is going to be effective from 01.06.2015. As there is a change in rate of tax, the applicability of new service tax […]
CA Bimal Jain The Ministry of Finance, Department of Revenue vide Notification No. 14/2015-ST dated May 19, 2015 has notified that the following changes in relation to the Negative List of services contained under Section 66D of the Finance Act, 1994 (“the Finance Act”) shall be effective from June 1, 2015: ♠ Section 66D(f): Services […]
