Finance Bill 2016 Revision of Belated Return Relevant extract of proposed amendment in section 139(5) is as follow :- It is also proposed to substitute sub-section (5) of the aforesaid section so as to provide that if any person, having furnished a return under sub-section (1) or under sub-section (4), or in a return furnished… Read More »
Finance Bill 2016 Income tax return in case of exempt income If you have earned long term Capital gain on sale of equity shares in a company or a unit of an equity oriented fund or a unit of a business trust on which security transaction tax has been made you are required to file income… Read More »
Belated Return What is belated return ? Belated Return :If a person has not filed the return on or before the due date (normally 31st july / in certain cases 30th September ) than the return is called belated return. Finance Bill 2016 has reduced Time Limit for filing belated returns u/s 139(4) Earlier Time… Read More »
MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 10th February, 2016 S. O. 444(E).— In exercise of the powers conferred by clause (b) of sub-section (3) of section 1 read with section 16 of the Employees` Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby specifies that the said Act shall… Read More »
Finance Bill 2016 Service tax payment on quarterly basis and on receipt basis for One Person Company and Hindu Undivided Family (Applicable w.e.f. 01.04.2016) As per Rule 6(1) of Service Tax Rules, 1994, service tax is payable on monthly basis. However, as per proviso to said rule, where assessee is an individual, proprietary firms or… Read More »
Finance Bill 2016 Services by Senior Advocate Whether the senior Advocate is liable for payment of Service tax ? Services provided by a senior advocate to an advocate or partnership firm of advocates providing legal service is taxable . Who Shall pay service tax whether the Senior Advocate or Recipient of Services ? In case of… Read More »
Finance Bill 2016 Abatement on Chit Fund Services (Applicable w.e.f. 01.04.2016) Abatement is being provided by a foreman of chit fund in relation to chit. Now, the said services shall be taxed after availing the abatement of 30% subject to condition of non-availment of CENVAT Credit in respect of inputs, capital goods and input goods.… Read More »
Finance Bill 2016 Abatement in case of Construction of a complex, building, civil structure or a part thereof, intended for a sale to a buyer, wholly or partly except where entire consideration is received after issuance of completion certificate by the competent authority (Applicable w.e.f. 01.04.2016): The applicable abatement rate for this service is 70%.… Read More »
Finance Bill 2016 Abatement in case of Tour Operator’s Services (Applicable w.e.f. 01.04.2016): Earlier, the relevant provisions as applicable are summarized as under: Now, definition of “Package Tour” is being omitted. Now, there are two classifications only. Abatement of 70% can be availed in respect of all types of tour. However, in case of mere… Read More »
Finance Bill 2016 Abatement in case of Transport of Goods by Rail (Applicable w.e.f. 01.04.2016) Prior to 01.04.2016, Notification No. 26/2012-Service Tax dated 20.06.2012 provides abatement of 70% on transportation of goods by rail services with the condition that no CENVAT Credit should be availed in respect of input, input services and capital goods. However,… Read More »