Daily Archives: April 14, 2016

Sagarmala National Perspective Plan Released

By | April 14, 2016

Sagarmala National Perspective Plan Released Prime Minister Shri Narendra Modi today released the National Perspective Plan detailing the contours of Sagarmala, the government’s flagship program to promote port-led development in the country at the inauguration of the Maritime India Summit in Mumbai. The National Perspective Plan has been crafted after detailed consultations with key stakeholders… Read More »

Service Provided by Govt made Taxable w.e.f 01.04.2016

By | April 14, 2016

Clarifications regarding Services Provided by Government or Local Authority; Any Service Provided by the Government or a Local Authority to a Business Entity has been Made Taxable with Effect from 1st April 2016.                                                Any service provided by the Government or a local authority to a business entity has been made taxable with effect from… Read More »

ICAI Rules of Merger & Demerger for CA Firm

By | April 14, 2016

Rules of Merger & Demerger for CA Firm _________________________________________  These rules are called Rules of Merger & Demerger amongst the Firms registered with The Institute of Chartered Accountants of India. Concept of Merger & Demerger:          The Partnership Act has not prescribed merger & demerger of partnerships. In the corporate world, merger… Read More »

All about Services provided by Govt or Local Authority to business entities

By | April 14, 2016

Services (except few) provided by Government or Local Authority to business entities are covered under Reverse Charge Mechanism w.e.f 1st April, 2016 meaning thereby business entities are required to pay Service Tax on services received from Government or Local Authority. To curtail dilemma regrading non-taxability of various charges received by government like registration fee, Central… Read More »

Holding period computed from date of Family settlement

By | April 14, 2016

Facts of the case The facts, in brief, are that the assessee acquired some property vide family arrangement dated 10/08/2006. This flat was received by the assessee as per wishes and intent of his grandmother Ms. Kantaben K. Shah, who expired on 10/12/1999. Since, the grandmother died intestate (without will), therefore, in order to transfer… Read More »

Cenvat Credit of Service tax on right to use any natural resource

By | April 14, 2016

CENVAT CREDIT (FIFTH AMENDMENT) RULES, 2016 – AMENDMENT IN RULES 4 AND 6 NOTIFICATION NO.24/2016-C.E.(N.T.), DATED 13-4-2016 In exercise of the powers conferred by section 37 of the Central Excise Act,1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to… Read More »

MCA waiver of additional fee payable on e-forms

By | April 14, 2016

SECTION 398 OF THE COMPANIES ACT, 2013 – PROVISIONS RELATING TO FILING OF APPLICATIONS, DOCUMENTS, INSPECTION, ETC., IN ELECTRONIC FORM – RELAXATION OF ADDITIONAL FEES AND EXTENSION OF LAST DATE OF FILING OF VARIOUS E-FORMS UNDER COMPANIES ACT GENERAL CIRCULAR NO.3/2016 [F.NO.01/34/2013 CL-V], DATED 12-4-2016 This Ministry has launched V2R2 on 28th March, 2016, downtime… Read More »

Prohibition of Insider Trading , SEBI Guidance Note

By | April 14, 2016

Securities and Exchange Board of India PRESS RELEASE PR No. 77/2016 Amendment of Guidance Note on SEBI (Prohibition of Insider Trading) Regulations, 2015 Guidance Note on SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) was issued on August 24, 2015 under regulation 11 of the PIT Regulations providing guidance to the market to remove… Read More »

10 Services provided by Govt or local authority Exempt from Service Tax

By | April 14, 2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 22/2016-Service Tax New Delhi, the 13th April, 2016 G.S.R.….(E).-In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government being satisfied that it is necessary in the public interest so to do,… Read More »

Service Tax Value if service provided by Govt or a local authority to a business entity

By | April 14, 2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 23/2016-Service Tax New Delhi, the 13th April, 2016 G.S.R.____ (E).- In exercise of the powers conferred by clause (aa) of sub-section (2) of section 94 of the Finance Act,1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the… Read More »

Point of Taxation in case of services provided by the Government or local authority to any business entity

By | April 14, 2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 24/2016-Service Tax New Delhi, the  13th April, 2016 G.S.R.—(E).- In exercise of the powers conferred by clause (a) and clause (hhh) of subsection (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further… Read More »

Service Tax on services provided by Government or a local authority to business entities Clarified

By | April 14, 2016

Circular No. 192/02/2016-Service Tax F.No. 334/8/2016-TRU Government of India Ministry of Finance Department of Revenue (Tax Research Unit) Dated- April 13, 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… Read More »

Clarification on IIT Fee Changes

By | April 14, 2016

Clarification on IIT Fee Changes This is with reference to the decision of the IIT Council revising fee for the undergraduate programmes. Ministry of Human Resource Development has clarified that the revised fee would be applicable for students taking admission starting from academic year 2016-17 onwards. The students currently studying would continue to pay at… Read More »

Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, others

By | April 14, 2016

Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, others – Palm Oil, Crude Palmolein, RBD Palmolein, others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52… Read More »