Simplifying Taxation in India
Union Budget – 2015 Clarifications regarding increase in Service Tax RateSource: servicetax.gov.in Doubts have been expressed in various forums regarding the proposed increase in the rate of service tax from 12.36% (including education cesses) to 14% on the value of taxable service. 2. It may be noted that changes proposed in the Budget have/are coming into effect … Read more
Cheer & Tear Factors in Budget 2015 Download Budget 2015 E books Budget 2015: Finance Bill Analysis Free Booklets from Income Tax calculator Service Tax Changes in Union Budget 2015-16 Budget 2015: Increase in Service Tax Rate Effective Date & Other Clarification Proposed Amendments in TDS/TCS Provisions Budget Cares Health care. Download Budget 2015 E … Read more
1. CHANGE IN RATE OF SERVICE TAXThe service tax rate is being increased from 12.36% to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the new service tax rate. The revised rate shall come into effect from a date to be notified. 2. CHANGE IN RATE OF ABATEMENT [w.e.f. … Read more
Budget 2015: Speech Finance Bill Analysis Free Booklets from Income Tax calculator15: Budget Speech In pdf Format By Finance Minister Arun Jaitely on 28.02.2015 Finance Bill 2015 Corrigenda Memorandum for above Finance Bill Explanatory Notes Indirect Tax Changes Summary By ICAI Direct Tax Changes in Budget 2015 By ICAI E book on Budget By ICAI (33MB) … Read more
Union Budget – 2015 Clarifications regarding increase in Service Tax Rate Amid huge expectations and challenges facing the economy, the Hon’ble Finance Minister Shri Arun Jaitley has presented his 1st Full-year Union Budget for the year 2015-16 on 28th February, 2015. In his Budget Speech, he has proposed to increase the effective rate of service … Read more
Non friendly provisions of budget for middle class by CA.Satish Badve on 11 March 2015 Some of harassment & non friendly provisions of the Budget 2015 for middle class Reassessment U/S 148 Notice of reassessment u/s148 can be issued by Assessing Officer, after the expiry of four years from the end of relevant assessment year. … Read more
One of the lesser talked about changes in the Budget, 2015 came in the form of an Amendment to Section 73 of the Finance Act, 1994 where by the following sub-section is being inserted (w.e.f. enactment of Finance Bill, 2015): “(1B) Notwithstanding anything contained in sub-section(1), in a case where the amount of service tax … Read more
Chargeability of Service Tax on ‘reimbursable expenditure’ has been an area that has attracted a lot of debate and doubt in the past. One of the proposals made in Budget-2015 seeks to address the uncertainty in this area. Vide clause 109 of the Finance Bill, 2015, an amendment to the definition of ‘consideration’, provided in the … Read more
These changes are discussed in chronological order i.e. changes applicable from 1 st March 2015,changes applicable from 1 st April 2015, changes applicable from date of assent to Finance Bill & changes applicable from the date of notification after assent to Finance Bill. At the outset, it may be relevant to note that the rate … Read more
Since the introduction of Section 66D vide Finance Act, 2012 with effect from 1.7.2012, admission to an entertainment event or access to amusement facility was covered in the negative list [section 66 D (j)]. Therefore, no service tax on entertainment event and amusement facilities was levied. However, in the present Finance Bill, 2015 amongst other … Read more