Advance Tax provisions have been amended by the Finance Act 2016 (No. 28 of 2016) which are effective for Assessment Year 2017-18 relevant to Financial Year 20016-17. The amendments are given here under:
The Finance Minister while announcing the Union Budget 2016 has introduced new cess called "Krishi Kalyan Cess". It would be levied @ 0.50% on the value of all taxable services. It would be applicable with effect from 1st June, 2016. The Accounting codes are given here under.
The Finance Ministry on Tuesday 1st March, 2016, issued an 11-point clarification on the changes made in the Budget 2016-17 on tax treatment for provident fund and NPS (National Pension Scheme). "There seems to be some amount of lack of understanding about the changes made in the General Budget 2016-17 in the tax treatment for recognised Provident Fund & NPS," the Finance Ministry said in a statement. The detailed press release is given below.
Service tax rate has been increased to 14% with effect from 01.Jun.2015. Please note that Education Cess (2%) Secondary & Higher education cess (1%) is not applicable wef 01.06.2015. List of service on which Swach Bahart Cess applicable and effective date of Swach Bahart Cess is not notified Yet.
However many services have abatements under valuation/composition schemes, so applicable effective rate is different for many services. However there may be some conditions along with these abatements/composition schemes. The service tax rate chart after abatement is given below.
The Hon’ble President of India has given assent to the Finance Bill, 2015 on Thursday, May 14, 2015. After that The Ministry of Finance, Department of Revenue has issued Notification No. 14/2015-ST dated May 19, 2015 thereby increasing the rate of Service tax from 12.36% to flat 14% (Subsuming Education Cess and Secondary & Higher Secondary Education Cess) to be effective from June 1, 2015. The copy of the notification along with TRU letter D.O.F.No.334/5/2015-TRU dated May 19, 2015 is attached below for viewing and downloading.
Direct Tax proposals in Budget 2015-16 which benefits the middle class individual tax payers are as follows:-
The Finance Bill 2014, as introduced in the Lok Sabha today, 17.02.2014, is available for download. The highlights of the Budget are as follows:
The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period upto 30.06.20 14. The rates can be reviewed at the time of regular Budget.
Changes In Service tax
Changes in Central Excise in interim Budget 2014-15
Highlights of Finance Minister P Chidambaram's Vote on Account or Interim Budget speech.
12.12: FM ends speech with a long Tamil couplet.
12.10: FM hopes to peg revenue deficit at 3.3% and fiscal deficit target at 4.1% next year.
Serial no. 12 of Notification No.26/2012 as applicable w.e.f. 08.05.2013 stating that limits lower service tax to only to those houses that costs under Rs.1 crore and have carpet area less than 2000 square feet.
The Finance Act, 2013 has provided “Amnesty Scheme for Non Filers and Stop Filers”
SERVICE TAX VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME - CBEC CLARIFIES CERTAIN ISSUES – MERE PENDENCY OF LETTER SEEKING GENERAL INFORMATION NOT AN IMPEDIMENT TO PERSON SEEKING THIS SCHEME
CIRCULAR NO. 169/4/2013-ST [F.NO.B1/19/2013-TRU], DATED 13-5-2013
Key Points in Notice of Amendments to The Finance Bill, 2013
1. Trading in commodity derivatives not to be considered as a speculative transaction
2. Requirement of TRC to contain “prescribed particulars” to be dispensed with
3. New time limits for completion of assessment or reassessment under sections 153 and 153B in cases where reference is made to TPO to apply irrespective of the date of reference to TPO or the date of passing of order under section 92CA(3)
4. No requirement to obtain TAN by transferee deducting tax under section 194-IA
5. Higher TDS under section 206AA not to be applicable in respect of tax deductible under section 194LC
6. Introduction of new section 194LD to provide concessional rate of TDS in respect of interest income of a non-resident from rupee-denominated bonds or government securities consequent to the amendment in section 206AA
7. TCS provisions under section 206C to also be attracted on cash sale of gold coins and articles weighing 10 gms or less
8. Sitting or Retired Judge of High Court with at least 7 years of service eligible for appointment as President of Appellate Tribunal
9. Land classified as agricultural land in the records of the Government and used for agricultural purposes not an asset chargeable to wealth-tax
10. Reference to FEMA, 1999 in the place of FERA, 1973/ FERA, 1947 under the Income-tax Act, 1961
11. “Authorised Person” under FEMA, 1999 to be the “person responsible for paying” for the purpose of Chapter XVII and section 285.
12. Scope of exemption of income received in India in Indian currency by a foreign company to be expanded
THE following is a Question raised by the Member of Parliament Sugumar K in the Lok Sabha -
6123. SHRISUGUMAR K.:
Will the Minister of FINANCE be pleased to state:
(a) Whether the Government has brought/proposes to bring takeaway eating joints and the restaurants rendering home services under the tax net;
(b) If so, the details thereof;
(c) Whether various associations of restaurants and hotels have requested the Government not to bring the takeaway eating joints and restaurants rendering home services under the tax ambit; and
(d) if so, the details thereof and action taken thereon?
Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh is subject to Tax Collection at Source (TCS) @ 1%.
Finance Bill 2013 has been passed by Lok Sabha on 30.04.2013 .After Few amendments in the original Finance Bill 2013. You may download complete text of Finance Bill 2013 as passed by lok Sabha after amendments.
Punjab Government has notified the proposed changes in rate of VAT on certain items as proposed in the Punjab Budget 2013-14. These changes are as under:-
tax 'N' accounts people
Tarun Kumar Gupta
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