Important Circulars Notifications January’2016
When tax has been paid as per book profit then penalty for concealment u/c 271(1)(c) is not attracted if any addition / deletion made in income computed under normal provision of Income Tax Act,1961. Grace period provided to employer for... Read More →
Important Circulars Notifications December’2015
Monetary limit of Rs 10 Lacs in tax liability has been fixed for appeals to be filled by Income Tax department before ITAT, High court and Supreme Court. CBDT allows service of Notice, Summons, Requisition, Order etc. by e-mail. Payments... Read More →
Important Circulars Notifications August September’2015
Services in relation to remittance of foreign currency from outside India to India is chargeable to service tax. Gazette Notifications of Government of India will only be e-published www.egazette.nic.in. Internal Financial Control over Financial Reporting (ICFR) is applicable for Financial... Read More →
Important Circulars Notifications July’2015
Penalty for failure to pay TDS in time can be levied even if the assesse pays the TDS before issue of any notice by Department. Cost Inflation Index for F.Y. 2015-16 notified. Case law on Service tax recovered but not... Read More →
Important Circulars Notifications April’2015
Introduction of Undisclosed Foreign Income and Assets (Imposition of tax) bill, 2015. New bench of Supreme Court has been constituted to deal exclusively with income tax matters. Increase in transport allowance exemption limit from Rs. 800 to Rs. 1,600. Period... Read More →
Budget 2016-A crisp analysis of Income Tax provisions by Blue Consulting
Rate of corporate tax has been reduced to 29% for small businesses having turnover of less than Rs. 5 Cr. Clarification on concessional rate of 10% on the Long term capital gain on Unlisted Securities. Increase in threshold limit for... Read More →
Budget 2016- Analysis of Service Tax provisions by BC
Increase in service tax rate through a new levy in the name of “Krishi Kalyan Cess” by 0.5%. Indirect tax Dispute Resolution Scheme, 2016 introduced. Monetary limit for launching prosecution increased from Rs. 50 lacs to Rs. 2 crore. The... Read More →
Budget 2015-A crisp Analysis of Income Tax provisions by Blue Consulting
Rate of corporate tax has been reduced to 29% for small businesses having turnover of less than Rs. 5 Cr. Clarification on concessional rate of 10% on the Long term capital gain on Unlisted Securities. Increase in threshold limit for... Read More →
Budget 2014- Analysis of Service Tax provisions by BC (21st July’ 2014)
Advertisement through specific media now taxable. Services of “Radio Taxis or Radio Cabs” will be taxable. Some provisions of Central Excise Act inserted in Service Tax. Some existing Mega Exemptions withdrawn and some new Mega Exemptions introduced. Slab of interest... Read More →
Budget 2014- Analysis of Income Tax provisions by BC (21st July’ 2014)
Disallowance restricted to 30% due to non-deduction of TDS. New chapter inserted for Business Trust. Exemption from Capital gain by reinvestment in one residential house in India. Forfeiture of advance receipt shall be taxable. Increase in the limit of deduction... Read More →