INTRODUCTION OF THE UNDISCLOSED FOREIGN INCOME AND ASSETS (IMPOSITION OF TAX) BILL, 2015- The Finance Minister, in his budget speech, while acknowledging the limitations under the existing law, had conveyed the considered decision of the Government to enact a comprehensive new law on black money to specifically deal with black money stashed away abroad. He also promised to introduce the new Bill in the current Session of the Parliament.
The much awaited Budget 2015 has introduced numerous amendments in Service Tax and CENVAT Credit Rules, 2004 (CCR). Few amendments (such as rate increase in service tax, subsuming cess etc) have been made in order to align the existing laws with proposed GST. In this article, we will discuss key issues and anomaly in the Budget 2015 provisions.
Local Body Tax to be abolished from 1st August 2015. Compensation of Revenue by enhancing VAT tax rate. Women drawing salary upto to Rs. 10000 per month exempted from Profession Tax . Tax rate on ladies Hand Bags and Purses reduced from 12.5 per cent to 5 per cent. Work Book, Graph Book, Drawing Book and Laboratory Book for student’s tax free.
In the budget Explanation (a) to Section 67 is amended to specifically include ‘any reimbursable expenditure or cost incurred and charged by the service provider’ in the definition of the term ‘Consideration’ in order to overcome the Delhi High Court’s ruling in the case of Intercontinental Consultants and Technocrats Private Limited vs. Union of India
Requirement to appoint Company Secretary in Private Limited Company govern by the Provision of Rule- 8A of ‘The Companies Appointment and Remuneration of Managerial Personnel, Rules 2014’ Chapter XIII. Time Period: The Act doesn’t provide the time period in which a Company have to designate Company Secretary as KMP. But it’s advisable to appoint a Company Secretary as KMP in first board meeting conduct after applicability of such provision. In this Case Rule 8A come into force from 9th June, 2014.
The Ministry of Corporate Affairs (MCA) has issued General Circular No. 04/2015, Dated: 10/03/2015 on the clarification of Loans and Advances to employees under Section 185 and 186 of the Companies Act, 2013 (“CA, 2013”). This alert has covered all the significant updates on the loans and investments made by the Indian Company which will upgrade the knowledge of each individual.
CBDT Should make it mandatory to obtain the CA certificate in case of exemption or deduction claim by the assessees is in excess of certain amount for other than audit and salaried assessees for verifying the correctness and genuineness of claim.
The service tax rate is being increased from 12.36% to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the new service tax rate. The revised rate shall come into effect from a date to be notified.
Keeping in background, the roll-out of GST in April 2016; the Finance Minister’s proposals this time around are introduced with a view to prepare the economy for the smooth transition to the new levy. These are discussed with the respective proposed amendments herein below. 1. Roll out of Goods and Services Tax (‘GST’): Unlike the […]
The Finance Minister, Mr. Arun Jaitley, appears to have maneuvered the way to spur growth and fulfill on the promises of the NDA Government with the limited room available, having regard to the tight fiscal situation, outsize expectations from all sectors of the country etc. by delivering the expertly crafted Union Budget 2015-2016 which is […]
