Finance Ministry of India has placed Model GST Law, 2016 for public comments/suggestions on its website with aiming to GST roll out w.e.f. April, 2017. Goods and Services Act, 2016 (GST Act), is divided into 25 chapters and having 162 sections and 4 schedules.
PAN will be required to be quote on invoice / bill at the time of Sale or purchase of any goods or services if a transactions above Rs. 2,00,000/- regardless of the mode of payment (weather in cash or cheque). Where buyer is a minor, in that case PAN of his father or mother or guardian, as the case may be, on the invoice / bill of the said transaction, shall be quote.
It has categorically been explained by the assessee that it is not practically possible to give detailed party wise breakup of fees receipts since the assessee received his fees either directly from the clients or from the instructing advocates or CAs, if they have collected the amounts from the clients.
The concern of the industry that KKC shall be levied on the opening debtors i.e. remaining unpaid as on 31.03.2016 has been duly answered and no KKC shall be levied on such amounts. Though the notification is effective from 23.6.2016, payments of opening debtors as received between 01.6.2016 and 22.6.2016 can still be a cause of litigation
The Central Government has decided to levy Krishi Kalyan Cess @ 0.5% on the value of taxable services from 01/06/2016. As a result, there are bound to be questions as to how this levy will get integrated into the existing dynamic structure of the Service Tax provisions.
The articles explains the provisions related to filing of Income Tax Return for Financial Year 2015-16 , Carry forward of loss from business specified u/s 35AD (i.e. businesses in respect of which certain capital expenditure are deductible), Provisions related to filing of Belated Return and Changes in Provisions related to Filing of Revised Return.
Decision given by Delhi High Court is for a period prior to July 2012. From July 2012 with introduction of Negative List, all the services other than those specified in the negative list and those exempt from service tax, shall be liable for service tax.
Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees. Answer: No. Tax collection at source will not be levied if the cash receipt does not exceed two lakh rupees even if the sale consideration exceeds two lakh rupees.
37BC. Relaxation from deduction of tax at higher rate under section 206AA.– (1) In the case of a non-resident, not being a company, or a foreign company and not having PAN the provisions of section 206AA shall not apply in respect of payments in the nature of interest, royalty, fees for technical services and payments on transfer of any capital asset, if the deductee furnishes details and documents specified in sub-rule (2) to the deductor.
The CBDT has issued a release that With Assessment Year 2016-17, individuals and HUFs filing their returns of income in ITR-1, ITR-2, ITR-2A and ITR-4S, having income exceeding Rs50 lakh will now be required to furnish information regarding assets and liabilities in Schedule-AL of the relevant ITR form.
