Daily Archives: May 23, 2016

Service Tax on educational services

By | May 23, 2016

Service Tax on educational services (After Finance Act 2016)  Service tax is Payable on Educational Services except when they are specifically covered in the Mega Exemption list vide NOTIFICATION NO.25/2012-ST as amended from time to time or covered in the negative list of services Mega Exemption from Service Tax on educational services or when services are relating to… Read More »

Non payment of equalization levy : Disallowance u/s 40(a)(ib)

By | May 23, 2016

Non payment of Equalization levy : Disallowance u/s 40(a)(ib) of Income tax Act 1961 Salient Features of  equalization levy : Disallowance u/s 40(a)(ib) Deduction of equalization levy for certain specified services is provided in Chapter VIII of the Finance Act, 2016 A new section 40(a)(ib) has been inserted with effect from 1-6-2016 to provide that the consideration… Read More »

Taxation of Sovereign Gold Bond

By | May 23, 2016

Taxation of Sovereign Gold Bond Section 47(viic) and Section 48 of Income Tax Act 1961 Salient Features of Taxation of Sovereign Gold Bond Section 47(viic) has been inserted with effect from assessment year 2017-18 to provide that any transfer of Sovereign Gold Bond (SGB) issued by the Reserve Bank of India under the Sovereign Gold Bond… Read More »