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

May 30, 2016May 30, 2016 TaxIndiaUpdates In0 comments4068 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 comments5418 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 comments4665 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 →

Income Tax

Due Date of E-Filing of CIT (Appeal) has been Extended upto 15-06-2016

May 28, 2016 TaxIndiaUpdates In0 comments4736 views

Due Date of E-Filing of CIT (Appeal) has been Extended upto 15-06-2016 In order to mitigate any inconvenience caused to the taxpayers on account of the new requirement of mandatory e-filing appeals the CBDT vide its circular no. 20/2016 dated 26-05-2016 has been decided to … Continue Reading →

Service Tax

Accounting Code for Payment of Krishi Kalyan Cess

May 27, 2016April 19, 2017 TaxIndiaUpdates In0 comments18314 views

Accounting Code for Payment of Krishi Kalyan Cess Accounting codes have been allotted by the Office of the Controller General of Accounts for the new Minor Head “507-Krishi Kalyan Cess” and new Sub-heads as under: S.No Krishi Kalyan Cess (Minor Head) Tax Collection Other Reciepts … Continue Reading →

Service Tax

The Cenvat Credit Rules 2004

May 26, 2016May 30, 2016 TaxIndiaUpdates In0 comments15706 views

The Cenvat Credit Rules 2004 In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994) and in supersession of the CENVAT Credit Rules, 2002 and … Continue Reading →

Income Tax

Relaxation for Furnishing of UID in case of Form 15G 15H

May 24, 2016May 24, 2016 TaxIndiaUpdates In0 comments4225 views

Relaxation for Furnishing of UID in case of Form 15G 15H Central Board of Direct Taxes vide its circular No. 18/2016 dated 23-05-2016 relaxes the condition of furnishing of Unique identification number allotted by the deductor for the quarter ending 31.12.2015 and 31.3.2016 in the … Continue Reading →

Income Tax

Assessee Engaged in Printing and Publishing Eligible for Additional Depreciation

May 21, 2016 TaxIndiaUpdates In0 comments3844 views

Assessee Engaged in Printing and Publishing Eligible for Additional Depreciation CBDT vide its Circular No 15/2016, Dated: May 19, 2016 have clarified that the business of printing or printing and publishing amounts to manufacture or production of an article or thing and is accordingly … Continue Reading →

Income Tax

The Income Declaration Scheme 2016

May 20, 2016May 23, 2016 TaxIndiaUpdates In0 comments9163 views

The Income Declaration Scheme 2016 CBDT Circular No 16/2016, Dated: May 20, 2016 Also Read: FAQ on Income Declaration Scheme 2016 Income Declaration Scheme Rules, 2016 Introduction The Income Declaration Scheme, 2016 (referred to here as ‘the Scheme’) is contained in the Finance Act, 2016, … Continue Reading →

Service Tax

No Service Tax on Services Provided in respect to Religious Pilgrimage

May 17, 2016 TaxIndiaUpdates In0 comments5098 views

No Service Tax on Services Provided in respect to Religious Pilgrimage CBEC vide its Notification No. 25/2016-Service Tax dated 17-05-2016 provided exemption from Service Tax on the services provided by the organisations in respect of a religious pilgrimage facilitated by the Ministry of External Affairs of the … Continue Reading →