Service tax rate of 14% is not effective immediately and shall come into effect only from a date to be notified later
Posted Date : 01-Apr-2015 , 06:34:39 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, New Service tax rate of 14% is not effective immediately and shall come into effect only from a date to be notified later: The Union Budget, 2015 has proposed an increase in the rate of Service tax from 12.36% to flat 14% with abolishment of Education cess and Sec...
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Category : Service Tax |
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Taxability of newly made
Posted Date : 31-Mar-2015 , 03:42:03 pm | Posted By
CA Bimal Jain
Taxability of newly made ‘taxable services’
The Finance Bill, 2015 vide Clause 107 has proposed certain amendments in the Negative List of services given under Section 66D of the Finance Act, 1994 (“the Finance Act”) thereby removing certain services from the Negative List...
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Category : Service Tax |
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Bank Branch Audit Fees admissible to the Auditors for Bank Branch Audits
Posted Date : 30-Mar-2015 , 06:46:30 pm | Posted By
CA.Khurana Vivek
The Schedule of Bank Branch Audit fees admissible to the auditors for the audit work of the branches, depending upon the quantum of advances (as on the date with reference to which audit is conducted) will be as under:- Category of branches according to &nbs...
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Category : Bank Branch Audit |
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AN ATTEMPT TO SIMPLIFY E-I E-II SALES UNDER CENTRAL SALES TAX LAW
Posted Date : 30-Mar-2015 , 09:02:00 am | Posted By
CA Vinod Kumar
AN ATTEMPT TO SIMPLIFY E-I E-II SALES UNDER CENTRAL SALES TAX LAW
What is E-I E-II Sales: Before starting this article is it is important to explain the meaning of E-I and E-II sales. As per CST law tax is levied at single point i.e. when the goods are sold from Haryana to Delhi then t...
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Category : Income Tax |
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Posted Date : 27-Mar-2015 , 12:44:24 pm | Posted By
CA Bimal Jain
Impact of Change of Service tax liability structure from partial reverse charge to full reverse charge on manpower Supply and Security Services in transition period
As Notification No. 30/2012-ST dated 20-06-2012 has been amended vide Notification No. 7/2015-ST dated 01-03-2015, there by shifting...
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Category : Service Tax |
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Budget Highlight-2015
Posted Date : 15-Mar-2015 , 10:24:45 am | Posted By
KANHAIYA JHA
BUDGET HIGHLIGHTS DIRECT TAXES
Wealth tax replaced with additional surcharge of 2per cent on super rich with a taxable income of over Rs.1crore annu...
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Category : Budget |
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Land Acquisition Amendment Bill, 2015 passed in Lok Sabha
Posted Date : 11-Mar-2015 , 10:33:54 am | Posted By
CA GOURAV MURARKA
The Lok Sabha on Tuesday passed the Land Acquisition Amendment Bill, 2015 by Voice Vote. Here are the six important facts you need to know:
(1) The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Amendment) Bill, 2015 seeks to Amend the Ac...
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Category : General |
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Budget Analysis 2015-16
Posted Date : 10-Mar-2015 , 11:38:53 am | Posted By
CA ZAWAR KAVITA
Budget Analyssis 2015-16
DIRECT TAX PRAPOSAL
Section
With Effect From.
Provision
Particulars
Sec. 2 Cl(15)
01/04/15(Amendment)
Charitable Trust
1.‘YOGA’ can now be object of charitable trust 2. Business activity allowed to charitable t...
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Category : Budget |
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BUDGET SESSION AND GST, WILL TYRANNY OF OPPOSITION END ?
Posted Date : 08-Mar-2015 , 10:03:41 pm | Posted By
CA Vinod Kumar
BUDGET SESSION AND GST, WILL TYRANNY OF OPPOSITION END ?
Introduction:
Everyone including me is very optimistic about passage of GST Bill in both the houses of Parliament in this undergoing budget session of parliament which has started from 23 February 2015 with the President speech and ...
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Category : Service Tax |
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Peer Review benefits for Practicing CA Firms
Posted Date : 08-Mar-2015 , 08:07:45 pm | Posted By
Vimmi
We, the Chartered Accountants Fraternity, are all aware of the peer review process undertaken by the Peer Review Board of ICAI for the practicing member. With recent development in the reporting requirement of the financial statements, the peer review exercise helps the members of the profession at ...
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Category : Auditing |
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Judicial Rulings that prompted amendments by the Finance Bill, 2015
Posted Date : 08-Mar-2015 , 07:28:40 pm | Posted By
Vimmi
Judicial Rulings that prompted amendments by the Finance Bill, 2015
I. Section 32(1)(iia): Allowance of balance 50% additional depreciation
Proposed Amendment
It is proposed to amend Section 32(1)(iia) to provide that balance 50% of the additional depreciation on new plant or ma...
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Category : Income Tax |
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1 | Hits : 626 |
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Gold Monetization Scheme
Posted Date : 06-Mar-2015 , 10:22:11 pm | Posted By
RATHI
Gold Monetization Scheme
As you know, the Govt. initiated a scheme in 1996 for securitization of Equity Shares, Debentures, Bonds and MF Units whereby National Securities Depository was floated by the NSE. This was followed by BSE which floated CDSL. This one measure of dematerialization of...
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Category : Finance |
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Budget 2015
Posted Date : 04-Mar-2015 , 07:13:13 pm | Posted By
RATHI
BUDGET 2015 / FINANCE BILL 2015
Customarily, the Finance Minister submits before the Parliament the Finance Bill ( popularly known as Budget ) every year on 28th February and it is normally a very anxiously awaited event throughout the Country as the common man as also the taxpayer co...
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Category : Income Tax |
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Revised and Latest TDS Rate Chart For FY 2015-16 and AY 2016-17
Posted Date : 03-Mar-2015 , 08:41:36 am | Posted By
Vimmi
The Changes proposed by the Budget 2015-16 (Finance Bill 2015) related to deduction of tax at source under Chapter XVII of the Income tax Act, 1961 are as under:
1. Section 194A amended to expressly provide that from 1st June, 2015 the exemption provided fro...
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Category : TDS |
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2 | Hits : 11435 |
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Rate of Service Tax and Swachh Bharat Cess : Applicability in various situations
Posted Date : 03-Mar-2015 , 08:19:54 am | Posted By
Vimmi
In the first full year budget 2015-2016, Hon'ble Prime Minister Modiji and Mr. Jaitley has tried to boost the confidence of people by giving many exemptions, pension schemes and so on. However, to meet all these expectations there must be increase in government's revenue. To meet the requirement of ...
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Category : Service Tax |
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1 | Hits : 2282 |
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Union Budget 2015: Key Changes in Indirect Taxes
Posted Date : 02-Mar-2015 , 11:49:06 am | Posted By
CA Bimal Jain
Dear Professional Colleague, Union Budget 2015: Key Changes in Indirect Taxes Amidst huge expectations, the Hon’ble Finance Minister Shri. Arun Jaitley presented the first full-year Budget of the Hon’ble Prime Minister Shri. Narendra Modi's Government on February 28, 2015, Satur...
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Category : Budget |
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Budget Highlights
Posted Date : 28-Feb-2015 , 04:20:18 pm | Posted By
Upasana Upadhyay
INDIRECT TAXES
GST (Goods & service Tax) will roll out from 01.04.2016.
Excise Duty and cess hiked from 12.36% to 12.50%.
Service Tax hiked to 14%.
ITC under indirect tax can be taken up to 1 year instead of 6months as envisaged earl...
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Category : Budget |
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Taxability of Chaotic Interest incomes from acquisition of Land
Posted Date : 27-Feb-2015 , 03:27:34 pm | Posted By
Hemant
TAXABILITY OF CHAOTIC INTEREST INCOMES FROM ACQUISITION OF LAND LAND Acquisition Bill a most heated topic during the budget session of the year 2015. Central Government is in a hurry to pass the land acquisition bill to make it a complete legislation. However, the Anna’s new movement ag...
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Category : Income Tax |
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Service received by petitioner assessee not chargeable to ST
Posted Date : 27-Feb-2015 , 03:24:16 pm | Posted By
Rahul Jindal
IN THE HIGH COURT OF BOMBAY
TCS E-SERVE LTD
Vs
UNION OF INDIA AND ORS
Dated: February 23, 2015
ST - Tribunal holding that services received by petitioner assessee cannot be held chargeable to ST - Refund claimed on the strength of this order was rejected by Revenue on the ground ...
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Category : Service Tax |
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Pre-deposit has to be waived off if Assessee
Posted Date : 25-Feb-2015 , 02:24:54 pm | Posted By
CA Bimal Jain
Dear Professional Colleague, Pre-deposit has to be waived off if Assessee’s case is a good/ strong prima facie case covered by a binding precedent We are sharing with you an important judgment of Hon’ble High Court, Allahabad, in the case of Shukla & Brothers Vs. Customs, Excise &...
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Category : Service Tax |
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