Service Tax Raised to 14 percent

Service Tax Raised to 14 % from 12.36%Service Tax Raised to 14 percent  from 12.36 percent The Finance Bill, 2015 presented by the Finance Minister, Mr. Arun Jaitely on 28th February, 2015 has brought with it a whole new set of changes in the indirect taxes. The basic purview taken by the government behind rationalizing … Read more

Rationalisation of Provisions Relating to TDS & TCS

Budget 2015-16 -Rationalisation of provisions relating to Tax Deduction at Source (TDS) and Tax Collection at Source (TCS)Under Chapter XVII-B of the Act, a person is required to deduct tax on certain specified payment at the specified rate if the payment exceeds the specified threshold. The person deducting tax (‘the deductor’) is required to file … Read more

Incentives for Andhra Pradesh and Telangana in New Budget 2015

Section 94 of the Andhra Pradesh Reorganisation Act, 2014 inter alia provides that the Central Government shall take appropriate fiscal measures, including offer of tax incentives to the State of Andhra Pradesh and the State of Telangana, to promote industrialization and economic growth in both the States. Manufacturing sector plays significant role in the economic … Read more

Section 80DD Deduction limit Raised in Budget 2015

Raising the limit of deduction under section 80DD for persons with disability and severe disabilityThe existing provisions of section 80DD, inter alia, provide for a deduction to an individual or HUF, who is a resident in India, who has incurred—a) Expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a … Read more

Highlights of Union Budget 2015-16

Highlights of Budget 2015-16FISCAL DEFICIT:* Fiscal deficit seen at 3.9 per cent of GDP in 2015/16* Will meet the challenging fiscal target of 4.1 per cent of GDP* Remain committed to meeting medium term fiscal deficit target of 3 per cent of GDP* Current account deficit below 1.3 per cent of GDP* Jaitley says have … Read more

Comprehensive changes Required in Direct and Indirect Taxes

DIRECT TAX: Remove all exemptions for Income Tax except for following exemptions: » Housing loan with no limit for principal and interest amount; » All retirement benefits; » Maturity amount of PF, LIC and UTI. Proposed Income Tax Slab(For all categories of person): Income uptoRs.5,00,000/- NIL Income more than Rs.5,00,000/- 10% of amount in excess … Read more

The Curious Case of MRP Based Valuation

With exponential growth of online marketing/trading business, undoubtedly, India has emerged as the most sought after market for major foreign electronic goods manufacturers. Most of the goods manufactured by such players are sold on Maximum Retail Price (hereinafter ‘MRP’) basis. While importing these goods into India, additional customs duty [counter vailing duty] is calculated and … Read more