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

Startup Guideline Issued by Government of India

February 21, 2016February 22, 2016 TaxIndiaUpdates In0 comments4357 views

February 17, 2016 Startup Notification Read This Article in Hindi Startup Guideline issued by Government of India, Ministry of Commerce and Industry vide Notification dated February 17, 2016 An entity shall be considered as a ‘startup’ (a) up to five … Continue Reading →

Service Tax

Reverse Charge Applicable on Services provided by Government or Local Authority

February 19, 2016February 19, 2016 TaxIndiaUpdates In0 comments7171 views

February 18, 2016 CBEC Notification 06/2016-ST dated 18-02-2016 : W.e.f. 01-04-2016 Reverse Charge Applicable on Services provided by Government or Local Authority to business entity (having turnover of more than 10 lacs in preceding F.Y.) Also read : No Service Tax on Services by Government or local … Continue Reading →

Service Tax

No Service Tax on Services by Government or local authority to a small business entity

February 19, 2016 TaxIndiaUpdates In0 comments4268 views

February, 2016 CBEC vide Notification No. 07/2016-Service Tax dated February 18, 2016 provided Service Tax exemption (w.e.f. 01-04-2016) on Services by Government or local authority to a small business entity (business entity with a turnover up to rupees ten lakh in the preceding financial year). GOVERNMENT OF … Continue Reading →

Personal Finance

NBFC cannot undertake Point of Presence services for NPS

February 18, 2016February 18, 2016 TaxIndiaUpdates In0 comments3059 views

February 18, 2016 The Reserve Bank of India has clarified that the NBFC cannot undertake Point of Presence services for NPS (National Pension System). RBI/2015-16/324 DNBR (PD) CC.No. 073/03.10.001/2015-16 All Non-Banking Financial Companies Madam/ Sir, Undertaking of Point of Presence (PoP) Services under Pension Fund Regulatory and … Continue Reading →

Personal Finance

RBI has Revised the Threshold for Reporting of Frauds from Rs. 25 lakhs to Rs.1 Crore

February 18, 2016February 18, 2016 TaxIndiaUpdates In0 comments3032 views

February 18, 2016 RBI/2015-16/327 DNBR (PD) CC.No.075/03.10.001/2015-16 All Deposit taking NBFCs (including RNBCs) and NBFCs- ND-SI Madam/ Sir, Frauds – Future approach towards monitoring of frauds in NBFCs Please refer to circulars DNBS.PD.CC.No.127 / 03.10.42 / 2008-09 dated August 14, 2008, DNBS. PD. CC. No. 256 … Continue Reading →

Service Tax

No Swachh Bharat Cess on Services which are exempted vide order u/s 93(2) of Finance Act 1994

February 18, 2016February 18, 2016 TaxIndiaUpdates In0 comments4145 views

February 17, 2016 CBEC vide Notification No. 05/2016-Service Tax dated February 17, 2016 make amendment in notification No. 22/2015-Service Tax dated the 6th November, 2015 to grant exemption from Swachh Bharat Cess on services which are exemption through special order under section 93(2) of Finance Act 1994. GOVERNMENT … Continue Reading →

Service Tax

Now RBI and Electricity Authorities have to file AIR Returns of Service Tax and Excise

February 18, 2016 TaxIndiaUpdates In0 comments3711 views

February 15, 2016 RBI and Electricity Authorities have to file AIR returns GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS NEW DELHI NOTIFICATION NO 04/2016-SERVICE TAX, Dated: February 15, 2016 In exercise of the powers conferred by section 15A, … Continue Reading →

Income Tax

Clarification of the term Initial Assessment Year in section 80IA (5) of the Income-tax Act 1961

February 16, 2016 TaxIndiaUpdates In0 comments5002 views

February 15, 2016 Circular No. 1 /2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 15th February, 2016 Subject: Clarification of the term ‘initial assessment year’ in section 80IA (5) of the Income-tax Act, 1961 … Continue Reading →

Income Tax

CBDT Instruction for Passing Rectification Order in writing and within time limit of six month

February 16, 2016 TaxIndiaUpdates In0 comments6358 views

February 15, 2016 CBDT vide Instruction No. 02/2016 dated 15-02-2016 issues direction that all rectification applications must be disposed of after passing an order in writing, to be duly served upon the taxpayer concerned and not by merely making necessary rectification on the AST System. … Continue Reading →

Central Excise

No Excise Duty on Di-Calcium Phosphate upto February 01, 2014

February 13, 2016February 13, 2016 TaxIndiaUpdates In0 comments3898 views

February 12, 2016 CBEC vide its Notification No. 04/2016 – Central Excise (N.T.) dated February 12, 2016 exempted the whole of the Excise Duty on Di-Calcium Phosphate (animal feed grade) of rock phosphate origin but for the said practice, shall not be required to be … Continue Reading →