whether the consideration paid by flat buyers to a builder/promoter/developer for acquiring a flat in a complex, which under construction/development, could be subjected to levy of service tax. ? According to the Petitioner : The agreements entered into by them with the builder are for purchase of immovable property and the Parliament does not have… Read More »
Tax on maturity of Insurance Policy When the sum received on maturity of Insurance Policy is Taxable Tax on maturity of Insurance Policy has to be paid on case of :- (a) receipt of any payment under a keyman insurance policy; (b) receipt of any payment under section 80DD(3) Note : Section 80DD(3 ) is If the dependant, being a person… Read More »
Section 161 Finance Acts 2016 CHAPTER VI Krishi Kalyan Cess Section 161 Finance Acts 2016 :- Krishi Kalyan Cess 161 . (1) This Chapter shall come into force on the 1st day of June, 2016. (2) There shall be levied and collected in accordance with the provisions of this Chapter, a cess to be called… Read More »
Held There is a distinction between auditing the accounts of an Assessee and verifying the records of an Assessee. Audit is a special function which has to be carried out by duly qualified persons like a Cost Accountant or a CA. It cannot possibly be undertaken by any officer of the Service Tax Department. Resultantly,… Read More »
HUF Service tax Payment Date HUF Service tax Payment Date after Finance Act 2016 Quarterly Payment of Service tax by One person company whose aggregate value of taxable services provided from one or more premises is fifty lakh rupees or less in the previous financial year w.e.f 01.4.2016 Quarterly Payment of Service tax by an individual… Read More »
Annual return of Service Tax Amended provisions as per the Finance Act 2016 in respect of Annual return of Service Tax (Applicable w. e. f. 01.04.2016) Annual return of Service Tax Key features :- (i) Annual return of Service Tax shall be in addition to the half yearly returns filed by the assessee. Thus the… Read More »
Authority for Advance Rulings (Central Excise, Customs And Service Tax) New Delhi, in the case of AKQA Media India (P.) Ltd., In re* {(2016) (AAR – New Delhi)} have recently held that to be leviable to service tax, the Activity must be carried out for a consideration. In other words, to be ‘service’, there must be… Read More »
Tax amendments from 01.06.2016 ( As per Finance Act 2016) Key Indirect Tax Amendments from 01.06.2016 Tax amendments from 01.06.2016 :Krishi Kalyan Cess Krishi Kalyan Cess, imposed by Finance Act 2016 by inserting new Chapter-VI Krishi Kalyan Cess, @ 0.5% on all taxable services, Krishi Kalyan Cess will come into force w.e.f 01.06.2016 . You… Read More »
Finance Bill, 2016 which get President’s assent dated 14th May, 2016, has proposed to amend various provisions under the Act. Changes made applicable wef. 1st June, 2016 are listed as follows:- a. Levy of “Krishi Kalyan Cess” Krishi Kalyan Cess (KKC) @0.5%, vide introduction of Chapter VI in the Act, would be levied on all… Read More »
F. No. B-1/19/2016 -TRU Government of India Ministry of Finance Department of Revenue (Tax Research Unit) *** Dated- May 31, 2016 To, Principal Chief Commissioners of Customs and Central Excise (All) Principal Chief Commissioners of Central Excise & Service Tax (All) Principal Director Generals of Goods and Service Tax/System/CEI Director General of Audit/Tax Payer Services… Read More »