.e.f 1st June 2016 in order to curb black money , the Seller of any goods or services have to collect Tax collected at source (TCS) @ of 1% from the buyer if the mode of payment is by cash on the following : – On sale of Motor Vehicles, the value of which is exceeding 10 Lakhs. On sale of any Goods except bullion & Jewellery the value of which is exceeding 2 Lakhs
The Central Board of Direct Taxes has taken a number of decisions to clarify the applicability of various provisions of the Income-tax Act with the objective of easing the burden of compliance and reducing litigation.
1. No Change in Tax Slab for Individual. 2. 40% of the amount payable from NATIONAL PENSION SCHEME (NPS) at a time of its closure will be exempt from tax & Tax will be levied on balance 60% accumulated balance on NPS. Similarly 60% of accumulated interest of EPF contributed on & after 01.04.2016 will be taxable at a time of its withdrawal. Only Investment in PPF remain Tax-free.(EEE)
E1: INCREASE IN CLEAN ENERGY CESS [NOTIFICATION NO 1& 2/2016 DATED 29TH FEB,2016]- APPLICABLE FROM 1ST MARCH 2016 The Clean Energy Cess is being renamed as Clean Environment Cess. Also, the Tenth Schedule to the Finance Act, 2010 dealing with Clean Energy Cess is being amended so as to increase the Scheduled rate of Clean […]
Please find attached 10th Edition of our e-book (999 pages) on Service Tax. The e-book contains Budget 2016 changes alongwith amended legal provisions / recent judicial precedence.
INDIRECT TAXES – SERVICE TAX: The amendments proposed by the Finance Minister with respect to Service tax are discussed herein below. 1. Roll out of Goods and Services Tax (‘GST’): Like the last year, in his Speech this year, the Finance Minister has given reaffirmed commitment to ensure the passage of the Constitutional amendments to […]
The key highlights of the this Budget are that the focus is towards broadening the tax base, simplicity, rationalizing tax provisions so as to reduce litigation and, bring certainty and clarity to the taxpayers as regards the tax regime, all of which we have discussed with the respective proposed amendments herein below.
Insertion of Explanation ‘BA’ after paragraph B: At present, there is abatement of 60% on the gross value of renting of motor-cab services, provided no Cenvat credit has been taken. It is being made clear by way of inserting an explanation that cost of fuel should be included in the consideration charged for providing renting of motor-cab services for availing the abatement.
The existing provisions of section 73A of the Act provide that any loss, computed in respect of any specified business referred to in section 35AD shall not be set off except against profits and gains, if any, of any other specified business. Further, section 80 of the Act inter-alia provides that a loss which has not been determined in pursance of return filed in accordance with the provisions
Under the scheme of deduction of tax at source as provided in the Act, every person responsible for payment of any specified sum to any person is required to deduct tax at source at the prescribed rate and deposit it with the Central Government within specified time. However, no deduction is required to be made if the payments do not exceed prescribed threshold limit.
