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Budget 2017

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

March 10, 2016March 25, 2016 TaxIndiaUpdates In0 comments6047 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 comments12925 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 comments6486 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 comments2640 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08, 2016 After intervention in the matter by Hon’ble Prime Minister Shri Narendra Modi the EPF Tax Proposal has been withdrawn by Shri Arun Jaitley.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 comments7312 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 comments5028 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 comments5510 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 →

Central Excise

Withdrawal of Prosecution in Central Excise old cases

March 6, 2016 TaxIndiaUpdates In0 comments5872 views

. Circular No. 1018/6/2016-CX dated February 29, 2016 specified the situation regarding withdrawal from prosecution in Central Excise cases older than 15 years involving duty less than Rs.25 lakhs. Circular No. 1018/6/2016-CX F. No. 96/54/2014-CX.1 Government of India Ministry of Finance Department of Revenue … Continue Reading →

Central Excise

Certificate evidencing payment of Central Excise duty

March 6, 2016 TaxIndiaUpdates In0 comments3469 views

. CBEC Circular No. 1017/5/2016-CX dated February 29, 2016 clarified that the benefit of Circular No.620/11/2002-CX dated 20.02.2002 (facility of issuing of Certificate as proof of payment of Central Excise duty was extended to Small Scale Industry) shall be extended to the entire industry as a … Continue Reading →

Central Excise

Registration of two or more premises as one registrant in Central Excise

March 6, 2016 TaxIndiaUpdates In0 comments4068 views

CBEC Circular No. 1016/4/2016-CX dated February 29, 2016 clarified that if two or more premises of the same factory are located in a close area, these premises are within the jurisdiction of a Central Excise Range and the process undertaken there are interlinked and the units … Continue Reading →