TaxIndiaUpdates In

No Service Tax on Goods Transportation by Vessel if invoice issued upto 31-05-2016

June 24, 2016 TaxIndiaUpdates In0 comments3017 views

No Service Tax on Goods Transportation by Vessel if invoice issued upto 31-05-2016 CBEC vide Notification No. 35/2016-Service Tax dated June 23, 2016 has exempts the taxable services by way of transportation of goods by a vessel from outside India upto the customs station in India with respect … Continue Reading →

Service Tax

Krishi Kalyan Cess Not Leviable if POT of Service fall on or before 31-05-2016

June 24, 2016 TaxIndiaUpdates In0 comments3454 views

Krishi Kalyan Cess Not Leviable if POT of Service Fall on or before 31-05-2016 CBEC vide Notification No. 35/2016-Service Tax dated June 23, 2016 has clarified that Krishi Kalyan Cess Not Leviable if Point of Taxation of Service fall on or before 31-05-2016. Meaning thereby taxable services with … Continue Reading →

Income Tax

Tax Audit Threshold Limit in presumptive taxation u/s 44AD is Rs. 2 Crore

June 22, 2016June 22, 2016 TaxIndiaUpdates In0 comments4618 views

Tax Audit Threshold Limit in presumptive taxation u/s 44AD is Rs. 2 Crore CBDT vide press release dated 20-06-2016 clarified that if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shall not be required to get his accounts audited if the … Continue Reading →

Central Excise

Own Trade Name on Garments Cannot be Treated as Branded Garments

June 16, 2016 TaxIndiaUpdates In0 comments3933 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 comments4835 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 comments9671 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 comments4302 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 comments13867 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 comments3718 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 comments5874 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 →