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

The Direct Tax Dispute Resolution Scheme, 2016

March 13, 2016March 16, 2016 TaxIndiaUpdates In1 comments8226 views

The Direct Tax Dispute Resolution Scheme, 2016 Eligibility A declarant can file a declaration in relation to tax arrears or specified tax in respect of which appeal is pending before the CIT(A). Tax Arrear Amount of tax, interest or penalty determined under the IT Act … Continue Reading →

Central Excise

No CVD payable on Set Top Boxes which is provided free of cost to the consumers by DTH Service Provider

March 12, 2016March 16, 2016 TaxIndiaUpdates In0 comments3282 views

CBEC vide its Circular No. 1020/8/2016 – CX dated the 11th March, 2016 (F.NO. 6/5/2015 – CX.I) has clarified that in terms of decision in case of M/s Bharti Telemedia Ltd. Vs Commissioner of Customs (Import), Nhava Sheva reported as no CVD payable on Set Top Boxes which is … Continue Reading →

Central Excise

Salient Features of the Indirect Tax Dispute Resolution Scheme 2016

March 11, 2016March 16, 2016 TaxIndiaUpdates In0 comments9092 views

Salient Features of the Indirect Tax Dispute Resolution Scheme 2016 A scheme in respect of cases pending before Commissioner (Appeals), the assessee, after paying the duty, interest and penalty equivalent to 25% of duty, can file a declaration, is being introduced. In such cases the … Continue Reading →

Budget 2017

Changes proposed in Central Excise Law by Union Budget 2016-17

March 10, 2016March 25, 2016 TaxIndiaUpdates In0 comments5415 views

Changes proposed Central Excise Law by Union Budget 2016-17 1.The Clean Energy Cess is being renamed as Clean Environment Cess. The effective rate of Clean Energy Cess is being increased from Rs.200 per tonne to Rs.400 per. 2.The Oil Industry (Development) Act, 1974 is being … Continue Reading →

Service Tax

Changes in Cenvat Credit Rules by Union Budget 2016-17

March 10, 2016April 20, 2016 TaxIndiaUpdates In0 comments11937 views

AMENDMENTS IN THE CENVAT CREDIT RULES, 2004 New Post : PPT Presentation on Union Budget 2016-17 Amendments related to Capital Goods Wagons of sub heading 8606 92 included in the definition of capital goods The Capital goods used in office located within factory is also … Continue Reading →

Service Tax

New Service Tax Return Form ST-3 incorporates details of Swachh Bharat Cess

March 8, 2016 TaxIndiaUpdates In0 comments5372 views

March 08, 2016 Form ST-3 CBEC vide Notification No. 20/2016-Service Tax dated March 08, 2016 has been amended Service Tax return Form ST-3 to incorporate details of Swachh Bharat Cess. The detailed Notification is as under: Government of India Ministry of Finance Department of Revenue … Continue Reading →

Budget 2017

After intervention of PM Modi EPF Tax Proposal withdraw by Arun Jaitley

March 8, 2016March 25, 2016 TaxIndiaUpdates In0 comments2179 views

March 08, 2016 After intervention in the matter by Hon’ble Prime Minister Shri Narendra Modi the EPF Tax Proposal has been withdrawn by Shri Arun Jaitley. The announcement was made by Sh. Arun Jaitley in the Lok Sabha today on Tuesday March 08, 2016 as under: … Continue Reading →

Income Tax

CBDT Circular on Taxability of Consortium Members

March 8, 2016March 8, 2016 TaxIndiaUpdates In0 comments5859 views

March 07, 2016 CBDT vide it Circular No. 07/2016 dated March 07, 2016 (F. No. 225/2/2016/ITA.II) clarified the issue of taxation of consortium members. The tax authorities, in many cases have taken a position that such a consortium constituted an Association of Persons (‘AOP’) i.e. a … Continue Reading →

Budget 2017

Changes made in Direct Tax Law by Union Budget 2016-17

March 6, 2016May 22, 2016 TaxIndiaUpdates In1 comments4971 views

Changes made in Direct Tax Law by Union Budget 2016-17 Finance Act 2016 (No. 28 of 2016).pdf A. Tax Rates and TDS No change in basic exemption limit. The basic exemption limit of Income Tax is Rs.2,50,000/-. Rate of surcharge in case of individual, HUF, … Continue Reading →

Central Excise

Clarifications on Excise Duty imposed on Jewellery in union Budget 2016-17

March 6, 2016March 16, 2016 TaxIndiaUpdates In0 comments4474 views

Ministry of Finance March 04, 2016 Clarifications on levy imposed on jewellery In this year’s Budget, a nominal excise duty of 1% and 12.5% has been imposed on articles of jewellery. Even for this nominal 1% excise duty, manufacturers are allowed to take … Continue Reading →