The ministry of corporate affairs, vide notification dated 29 March 2016, has issued the Companies (Auditor’s Report) Order, 2016 which will be applicable from financial years commencing on or after 1 April 2015. The new Order introduced few new reporting requirement by curtailing few in comparison of Companies (Auditor’s Report) Order, 2015. Following is the comparison between CARO 2015 and 2016:
We are summarizing herewith the changes in Service Tax and Cenvat Credit Rules, 2004 that are effective from April 1, 2016 for easy digest: A: Service Tax leviable under Reverse Charge on any services provided by Government or Local Authority to a Business Entity w.e.f April 1, 2016
n view of the urgency of the matter, the Directorate of Systems had identified a list of 444 cases with a high probability of data entry error, and out of this confirmation has been received from the field for 155 cases. On verification it is seen that there is a high percentage of data entry errors in these cases and therefore the rest of the cases in this list i.e. 289 cases needs to be verified at the earliest. This list is placed on i-taxnet at the following path.
Income tax Calculator for AY 2017-18: Income tax Calculator for Financial Year 2016-17 Assessment Year 2017-18. Income Tax calculator cum Flexi Allocation kit.
For ease of understanding, the concepts of levy, valuation, payment, exemption, registration, invoicing, return etc. have been explained in the form of frequently asked questions (FAQs). This publication will act as a guide for all the stakeholders of jewellery industry
Where there is change in the liability or extent of liability of a person required to pay tax as recipient of service notified under sub-section (2) of section 68 of the Act, in case service has been provided and the invoice issued before the date of such change, but payment has not been made as on such date, the point of taxation shall be the date of issuance of invoice.
Central Board of Direct Taxes hereby notifies Forms Sahaj (ITR-1), ITR-2, ITR-2A, ITR-3, Sugam (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V for Assessment Year 2016-17.
The Finance Department of Maharashtra vide notification no. VAT. 1516/C.R. 31/Taxation-1 dated the 30th March 2016 has changed the rate of MVAT from 5% to 5.5% with effect from 1st April 2016.
The Union Budget has introduced two new cesses in the name and style of Infrastructure Cess and Krishi Kalyan Cess, former in the nature of excise duty and later as Service Tax. Clean Energy Cess has been renamed as Clean Environment Cess while enhancing the cess by 100 percent. These cesses, in nutshell are as follows:
CESTAT, Mumbai held that reimbursement of the cost of obtaining and employing resources/certain expenses incurred by the Appellant on the behalf of the Group Companies cannot be regarded as consideration flowing to the Appellant towards the taxable service provided by the Appellant rather the receipts are towards the reimbursements of the cost/expenses incurred by the assessee in terms of the cost sharing agreement with the Group Companies.
