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

CBEC Circular for Implement E-Payment of Refund/Rebate in Service Tax and Excise

January 13, 2016 TaxIndiaUpdates In0 comments8622 views

E-Payment of Refund CBEC vide its Circular No. 1013/1/2016-CX dated January 12, 2016 directed to department officials to implement E-Payment of Refund / rebate through RTGS/ NEFT facility upto February 10, 2016. In this regard detailed procedure and forms are release along with circular. … Continue Reading →

Service Tax

Small Service Providers Exemption is available to Co-owners of Property

January 12, 2016January 12, 2016 TaxIndiaUpdates In0 comments6556 views

Small Service Providers Exemption is available to Co-owners Hon’ble CESTAT Mumbai vide its ORDER NO A/2587/15/STB, APPEAL No. ST/88801/13Mum, dated August 04, 2015 in case of CCE, Nasik vs Deoram Vishrambhai Patel upheld the O-I-A passed Commissioner of Central Excise & Customs (Appeals), Nasik by … Continue Reading →

Service Tax

Service Tax on Authorised Motor Vehicle Service Station

January 12, 2016January 12, 2016 TaxIndiaUpdates In0 comments15191 views

Service Tax on Authorised Motor Vehicle Service Station In the new regime of Service Tax Law i.e. ‘Negative List Based Taxation of Services’ all services are taxable except specified in negative list and mega exemption notification. Prior to this there was a specified services wise … Continue Reading →

Income Tax

Income Tax Calculator For A Y 2016-17

January 12, 2016February 9, 2016 TaxIndiaUpdates In1 comments21600 views

How To Compute Net Taxable Income A. Income From Salary XXXXX B. Income From House Property XXXXX Less:Standard DeductionInterest u/s 24(1)(b) XXXXXXXXXX XXXXX C. Income From Business and Profession XXXXX D. Income from Capital Gain XXXXX E. Income From Other Sources XXXXX F. … Continue Reading →

Income Tax

Depreciation is Allowed on Trademarks Copyrights and Know How

January 12, 2016January 12, 2016 TaxIndiaUpdates In0 comments9739 views

Depreciation is Allowed on Trademarks Copyrights Know How The Supreme Court of India vide its decision in case M/s. Mangalore Ganesh Beedi Works Vs Commissioner of Income Tax, Mysore & Anr. dated 15-10-2015 held that Intellectual property such as trademarks, copyrights and know-how come within the definition of … Continue Reading →

Income Tax

Taxation of Subsidy under Income Tax Law

January 11, 2016January 12, 2016 TaxIndiaUpdates In2 comments37596 views

Taxation of Subsidy under Income Tax Law General Definition of Subsidy A subsidy is a form of financial aid or support extended to an economic sector (or institution, business, or individual) generally with the aim of promoting economic and social policy. Debatable points regarding the Taxability of Subsidy … Continue Reading →

Personal Finance

Negotiable Instruments Amendment Bill 2015 Passed

January 5, 2016 TaxIndiaUpdates In0 comments4138 views

Negotiable Instruments Amendment Bill 2015 The Negotiable Instruments (Amendment) Bill, 2015 notified in official gazette on 29-12-2015 have Focus on clarifying the jurisdiction related issues for filing cases for offence committed under Section 138 of the Act. The Negotiable Instruments (Amendment) Bill, 2015 was passed … Continue Reading →

Income Tax

HUF Taxation in India

January 4, 2016January 4, 2016 TaxIndiaUpdates In0 comments13322 views

HUF Taxation in India What is HUF? Sec. 2(31) of the IT Act, 1961 defines the word ‘person’, which includes HUF. Therefore, HUF is a separate assessable entity under the Income Tax Act, 1961 and Wealth Tax Act, 1957. No separate definition of the expression … Continue Reading →

Income Tax

CBDT Guidance Note on FATCA and CRS

December 31, 2015January 13, 2016 TaxIndiaUpdates In0 comments5514 views

. Guidance Note on FATCA and CRS: CBDT vide its press release dated 31st December 2015 has issued Guidance Note for implementation of FATCA and CRS. For implementation of ( Foreign Account Tax Compliance Act ) FATCA and CRS, necessary legislative changes have been made … Continue Reading →

Income Tax

Electronic Filing of Appeal before CIT Appeals is Mandatory

December 30, 2015December 31, 2015 TaxIndiaUpdates In0 comments4544 views

. CBDT vide its press release dated 30-12-2015 mentioned that Electronic Filing of Appeal before CIT Appeals is Mandatory for persons who are required to file the return of income electronically. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE … Continue Reading →