TaxIndiaUpdates.In : GST, Service Tax, Income Tax, VAT, Tax Planning

Own Trade Name on Garments Cannot be Treated as Branded Garments

June 16, 2016 TaxIndiaUpdates In0 comments4916 views

Own Name or logo Garments Cannot be Treated as Branded Garments for Excise Duty CBEC vide its Circular No. 1031/19/2016-CX dated June 14, 2016 has clarified that merely because the outlets or shop of a retailer, from where readymade garments or made ups are sold, … Continue Reading →

Goods and Service Tax

Ministry of Finance has Released Draft Model GST Law

June 14, 2016June 15, 2016 TaxIndiaUpdates In0 comments5828 views

Ministry of Finance has Released Draft Model GST Law The Ministry of Finance, Govt. of India has uploaded draft Model GST law on in its website www. finmin. nic. in. It may be noted that GST Constitutional 122nd amendment bill 2014 has already passed by … Continue Reading →

Income Tax

Clarification on TCS on Sale of Motor Vehicle of Value Exceeding Rs.10 Lacs

June 9, 2016 TaxIndiaUpdates In0 comments11304 views

Clarification on TCS on Sale of Motor Vehicle of Value Exceeding Rs.10 Lacs CBDT vide Circular No. 22/2016 dated June 08, 2016 clarified on issued arise from levy of TCS @1% on Sale of Motor Vehicle of Value Exceeding Rs.10 Lacs. In order to … Continue Reading →

Service Tax

Indirect Tax Dispute Resolution Scheme

June 2, 2016June 2, 2016 TaxIndiaUpdates In0 comments5213 views

Indirect Tax Dispute Resolution Scheme Rules 2016 CBEC vide Notification No.29/2016-Central Excise (N.T.), Dated May 31, 2016 has published the Indirect Tax Dispute Resolution Scheme Rules, 2016 as under: In exercise of the power conferred by sub-sections (1) and (2) of section 218 of … Continue Reading →

Service Tax

New Service Tax Rate effective from 01-06-2016

June 1, 2016June 1, 2016 TaxIndiaUpdates In1 comments16689 views

New Service Tax Rate effective from 01-06-2016 After enactment of the Finance Act 2016 (No. 28 of 2016) the effective rate of Service Tax w.e.f. 01-06-2016 is increased from 14.50% to 15% (14% ST+ 0.50% Swachh Bharat Cess + 0.50% Krishi Kalyan Cess) by way … Continue Reading →

Income Tax

The Direct Tax Dispute Resolution Scheme Rules 2016

May 31, 2016 TaxIndiaUpdates In0 comments4361 views

The Direct Tax Dispute Resolution Scheme Rules 2016 S.O. 1903 (E). In exercise of the powers conferred by sub-sections (1) and (2) of section 211 of the Finance Act, 2016, (28 of 2016), the Central Government hereby makes the following rules, namely : 1. … Continue Reading →

Income Tax

Equalisation Levy Rules 2016

May 31, 2016May 31, 2016 TaxIndiaUpdates In0 comments6823 views

Equalisation Levy Rules 2016 Salient Features of Equalisation Levy as introduced by Union Budget 2016-17 S.O. 1905(E) – In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 179 of the Finance Act, 2016 (28 of 2016), the Central Government hereby … Continue Reading →

Income Tax

Bad Debts Written Off in Books is Sufficient for Deduction under section 36(1)(vii)

May 30, 2016May 30, 2016 TaxIndiaUpdates In0 comments4978 views

Bad Debts Written Off in Books is Sufficient for Deduction under section 36(1)(vii) CBDT vide its Circular No.12/2016 dated 30-05-2016 has clarified that claim for any debt or part thereof in any previous year, shall be admissible under section 36(1)(vii) of the Act, if it … Continue Reading →

Service Tax

Changes in Service Tax by Union Budget 2016-17 (Finance Act 2016)

May 28, 2016June 1, 2016 TaxIndiaUpdates In2 comments5451 views

Changes in Service Tax by Union Budget 2016-17 (Finance Act 2016) Finance Act 2016 (No. 28 of 2016).pdf 1.Rate of Service Tax The effective rate of Service Tax is increased from 14.50% to 15% (14% ST+ 0.50% Swachh Bharat Cess + 0.50% Krishi Kalyan Cess) … Continue Reading →

Income Tax

12AA Registration cannot be Cancelled Even Receipts Exceeds Rs.25 lacs

May 28, 2016 TaxIndiaUpdates In0 comments5636 views

12AA Registration cannot be Cancelled Even Receipts Exceeds Rs.25 lacs CBDT vide its circular No. 21/2016 dated 27-05-2016 clarified that it shall not be mandatory to cancel the 12AA registration which is already granted to a charitable institution merely on the ground that the cut-off … Continue Reading →