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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
It is proposed that TCS provisions shall be made applicable on sale of minerals being coal or lignite or iron ore at the rate of 1%. In other words, seller of minerals being coal or lignite or iron ore shall be required to collect TCS @1% at the time of debiting the amount receivable from the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier
CA Avinash V. Rawani As we all know finance Minister has presented Union Budget 2012-13 on 16th march in parliament. The budget has made several amendments in direct tax provisions like imposition of TDS / TCS on certain Income and Expenses, Increase in tax Audit limit, Several measure to Curb Black money, Change in Income […]
Increase in rate of Service Tax from 10% to 12%: 1.1. Rate of service tax is increased from 10% to 12%. Increase in rate of service tax is effective from 01.04.2012. 1.2. The present rate of 10% is governed by Notification No.8/2009-ST Dt.24.02.2009 which exempts all taxable services from levy of service tax under Section 66 of the Finance Act in excess of 10%. 1.3. The Notification No.8/2009 is rescinded by issue of Notification No.2/2012 – Service Tax Dt.17.03.2012.
In order to prevent double taxation or non-taxation of the provision of a service, or for the uniform application of rules, the Central Government shall have the power to notify any description of service or circumstances in which the place of provision shall be the place of effective use and enjoyment of a service.
Any service provided on board a conveyance (aircraft, vessel, rail, or roadways bus) will be covered here. Some examples are on-board service of movies/music/video/ software games on demand, beauty treatment etc, albeit only when provided against a specific charge, and not supplied as part of the fare.
What is the place of provision of passenger transportation services? The place of provision of a passenger transportation service is the place where the passenger embarks on the conveyance for a continuous journey.
What are the services covered under this Rule? Any service of transportation of goods, by any mode of transport (air, vessel, rail or by a goods transportation agency), is covered here. However, transportation of goods by courier or mail is not covered here.
What are the specified services where the place of provision is the location of the service provider? Following are the specified services where the place of provision is the location of the service provider:- i) Services provided by a banking company, or a financial company, or a non-banking financial company to account holders; ii) Telecommunication services provided to subscribers; iii) Online information and database access or retrieval services;
Rule 8- Services where the Provider as well as Receiver is located in Taxable Territory 1 What is the place of provision of a service where the location of the service provider and that of the service receiver is in the taxable territory? The place of provision of a service, which is provided by a […]
This Rule covers situations where the actual performance of a service is at more than one location, and occasionally one (or more) such locations may be outside the taxable territory.
