Changes in rate of service tax from 01/06/2015. Service tax refund claim can not be rejected merely on ground of mentioning wrong notification number. The Companies (Amendment) Act, 2015 received the assent of the President. Reserve Bank of India liberalises remittance scheme and rationalises current account transactions.
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 of limitation will not apply, if service tax has been paid inadvertently.
Assessee is not obliged to deduct TDS in respect of voluntary amount paid (tips) by Customers to it’s employees for the services provided to them. No penalty for non- deduction of tax based on CA certificate. Clarification regarding applicability of amended Accounting Standards. Vehicles sales conclude at a place where the registration takes place.