Daily Archives: May 31, 2016

Equalisation levy Salient Features

By | May 31, 2016

Equalisation levy ( CHAPTER VIII  of Finance Act 2016) Salient Features of Equalisation levy Equalisation levy shall come into force w.e.f 01.6.2016 Equalisation levy is covered in CHAPTER VIII  of Finance Act 2016 ,which extend to whole of India except the State of Jammu and Kashmir. Equalisation levy  shall be charged on any specified service received or receivable by… Read More »

Section 206c(1d) of Income Tax act

By | May 31, 2016

Section 206c(1d) of Income Tax act Section 206c(1d) of Income-tax Act, 1961 after Amendment by Finance Act , 2016 (1D) Every person, being a seller, who receives any amount in cash as consideration for sale of bullion  or jewellery or any other goods (other than bullion or jewellery) or providing any service , shall, at the time of receipt of… Read More »

RAJENDRA PRASAD CENTRAL AGRICULTURAL UNIVERSITY ACT 2016

By | May 31, 2016

THE GAZETTE OF INDIA EXTRAORDINARY [PART II—1] MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 28th May, 2016/Jyaistha 7, 1938 (Saka) The following Act of Parliament received the assent of the President on the 28th May, 2016, and is hereby published for general information:— THE DR. RAJENDRA PRASAD CENTRAL AGRICULTURAL UNIVERSITY ACT, 2016… Read More »

Indirect Tax Dispute Resolution Scheme Rules 2016 Notified

By | May 31, 2016

[To be published in the Gazette of India Extraordinary, Part II, Section 3, Sub-Section (i)] Government of India Ministry of Finance Department of Revenue New Delhi the 31st May, 2016 Notification No 29/2016-CE(NT) G.S.R. (E). – In exercise of the power conferred by sub-sections (1) and (2) of section 218 of the Finance Act, 2016,… Read More »

No Krishi Kalyan Cess on Exempt services

By | May 31, 2016

Seeks to exempt such taxable services from whole of Krishi Kalyan Cess leviable thereon which are either exempt from the whole of service tax by a notification or otherwise not leviable to service tax. Further, the notification seeks to provide that abatement notification shall be applicable for computing Krishi Kalyan Cess NOTIFICATION NO.28/2016-ST, DATED 26-5-2016… Read More »

Composition rate for Krishi Kalyan Cess under rules 7,7A,7B,7C of rule 6 of STR, 1994

By | May 31, 2016

Seeks to inter alia provide composition rate for Krishi Kalyan Cess as applicable to ST under sub-rules 7,7A,7B,7C of rule 6 of STR, 1994 SERVICE TAX (THIRD AMENDMENT) RULES, 2016 – AMENDMENT IN RULE 6 NOTIFICATION NO.31/2016-ST,  DATED 26-5-2016 In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94… Read More »

Refund of Krishi Kalyan Cess paid on specified services used in SEZ

By | May 31, 2016

Seeks to amend notification No. 12/2013- ST, dated the 1st July, 2013 so as to inter alia allow refund of Krishi Kalyan Cess paid on specified services used in an SEZ. NOTIFICATION NO.30/2016-ST, DATED 26-5-2016 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994),… Read More »

one Model Skill Center in each district of India

By | May 31, 2016

1.04 crore people skilled in 2015-16 under Skill India Mission; a quantum leap by 36.8% since last year: Shri Rajiv Pratap Rudy On the occasion of completion of two years of inclusive growth and development under the NDA government, Union Minister of State for Skill Development and Entrepreneurship (Independent Charge) and Parliamentary Affairs Shri Rajiv… Read More »

Rules and forms for Direct Tax Dispute Resolution Scheme and Equalisation Levy notified

By | May 31, 2016

The Direct Tax Dispute Resolution Scheme 2016 & Equalisation Levy to come into effect from 1st June 2016;Relevant rules and forms in this regard notified and are available on http://www.incometaxindia.gov.in . Press Release 31.5.2016 The Direct Tax Dispute Resolution Scheme, 2016 incorporated as Chapter X of the Finance Act, 2016, shall come into force on… Read More »