Measures for promoting affordable housing While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley proposed to give 100% deduction for profits to an undertaking from a housing project for flats upto 30 sq. metres in four metro cities and 60 sq. metres in other cities, approved during… Read More »
Budget 2016 Tax Relief to Small Taxpayer Limit of Deduction of Rent Increased from Rs.24,000 to Rs.60,000 100% Deduction of Profits for 3 out of 5 Years for Start-Ups withdrawal upto 40% of the Corpus to be Tax-Free at the time of Retirement Deduction of Additional Interest of Rs.50,000 Per Annum for First-Time Home buyers… Read More »
Issue Whether sale of business of firm as a going-concern to the company for a consideration of paid-up share capital amount to transfer liable to tax as capital gains? Held NO It is argued on behalf of the department before the Tribunal, for the first time, that in this case, on vesting of the properties… Read More »
The Prime Minister Shri Narendra Modi approves the constitution of Banks Board Bureau(BBB); Shri Vinod Rai, Former CAG of India, appointed as the Chairman of Banks Board Bureau The Prime Minister Shri Narendra Modi has approved the proposal of the Department of Financial Services(DFS),Ministry of Finance for the constitution of the Banks Board Bureau with the… Read More »
Text of Prime Minister’s Mann ki Baat on All India Radio मेरे प्यारे देशवासियो, नमस्कार! आप रेडियो पर मेरी ‘मन की बात’ सुनते होंगे, लेकिन दिमाग इस बात पर लगा होगा – बच्चों के exam शुरू हो रहे हैं, कुछ लोगों के दसवीं-बारहवीं के exam शायद 1 मार्च को ही शुरू हो रहे हैं। तो… Read More »
ANDHRA PRADESH VAT Earlier guidelines for detention of goods by check post officials withdrawn Earlier guidelines states that whenever check post officials notice irregularities in consignments in parcel lorries, they were directed to transfer the goods along with detention notice and other documents to the assessing authority for verification of documents and to take appropriate… Read More »
ANDHRA PRADESH VAT Online registration to facilitate ease of doing business. Andhra Pradesh Government has introduced online registrations by the prospective dealers, thereby dispensing with the manual filing of Registration applications in the offices of the CTO for ensuring ease in doing business. Further to obtain registrations in a hassle free manner, the practice of… Read More »
ANDHRA PRADESH VAT Person/ authority notified for deducting tax Andhra Pradesh Government vide Notification (Commercial Taxes) dated 30th January, 2016 has notified a list of persons/authority for deducting tax from amounts payable to a dealer in respect of sale of any taxable goods effected by him and also on the amounts payable towards lease/hiring charges at rates of… Read More »
ANDHRA PRADESH VAT Generation of e-CST Waybills/ CST statutory forms only for commodities which are mentioned in CST Registration Certificate Andhra Pradesh Government has developed a system from 01.02.2016 by which a dealer would be able to generate e-CST Waybills only for commodities which are registered in the VATIS. Similarly, the dealers cannot generate eWaybills… Read More »
BIHAR VAT Amendment in Rate of surcharge, tax & time limit for interest on delayed refunds Following Sections have been amended by the Ordinance No. 1, 2016 which shall come into force at once. Increase in rate of Surcharge (Section 3A) : Every dealer liable to pay tax shall in addition pay a surcharge not exceeding… Read More »