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Indirect tax collection shows a jump of 25.9%

Indirect Tax Collections up to September 2016 show an increase of 25 9 over the net Indirect Tax collections for the corresponding period last year 2015 16 Net revenue collections up to September 2016 stood at Rs 4 08 lakh crore which is 52 5 of the Budget Estimates of Indirect Taxes for Financial Y

Sushil Chandra to be New CBDT Chief wef 1st Nov 16

The Appointments Committee of the Cabinet has approved the appointment of Shri Sushil Chandra IRS IT 1980 Member Central Board of Direct Taxes CBDT as Chairperson CBDT vice Ms Rani Singh Nair IRS IT 1979 who is superannuating on 31 10 2016

CBI arrests an income tax officer and inspector of income tax in a bribery case

The Central Bureau of Investigation has arrested an Income Tax Officer for accepting a bribe of Rs Three Lakh and an Inspector of Income Tax for accepting a bribe of Rs 5000 from the Complainant A case was registered U s 7 of the PC Act 1988 against the ITO 30 1 3 BKC Mumbai for demanding an amount

Govt working on target date of 1st April 2017 for GST roll out

FM Government is working on a target date of 1st April 2017 for the roll out of the Goods and Service Tax GST in the country The Union Finance Minister Shri Arun Jaitley said that the Government is working on a target date of 1st April 2017 for the roll out of the Goods and Services Tax GST in the c

Revised Monetary Limits for adjudication of Show Cause Notice in Central Excise and Service Tax

Circular No 1049 37 2016 CX F NO 267 40 2016 CX 8 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS New Delhi dated the 29thSeptember 2016 To All principal Chief Commissioners Chief Commissioners of Central Excise Service Tax Principal Director General

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Experts Opinions

Rate of tax

What will be rate of service tax for nov 2016 IPCC

Clarification on paying tax

I have purchased many electronic goods for my company most of those bills are with tax mentioned in it 1 Do i need to pay sales tax for this transaction 2 these bills contain CST at 5 5 6 12 and 14 5 How can this be treated while i pay sales tax 3 What to do for purchases made online only few bills

Reverse tax

Hello Sir Please tell me whether reverse tax is applicable on Hire charges of machinery Service Receiver for private limited company The person who gives the machinery have no service tax registration number what should we do do we have to pay reverse tax 15 please explain

challan used in part for different periodservice tax return

I am working in construction company This is proprietorship Our client pay service tax on our behalf We received a service tax challan of Rs 1900000 from client We used it in 1 half return of f y 2015 16 We used 800000 in same return Can we used balance amount of Rs 1100000 in 2nd half return

Exemption from capital gains tax

Hi Experts I own two vacant lands in different localities of Bangalore and am in the process of selling both of them Can I avail exemption from Capital Gains Tax if I invest the Combined Net Consideration from both the plots in a house property I already own a self occupied house property in the cit


Unlock service tax aces password

Attempted wrong password for more than 5 times in Aces Service tax login at the end Login was unlocked Now I know the correct userid password But could login 1 For How many days Login will be unlocked 2 Only method to login Unlock is to enter Userid Secret Question answer which i have forgotten AS p

Capital gains tax on mutual fund/liquid fund

Ok I am giving 2 scenarios and would like some clarification regarding the same Scenario 1 My incomecomes under not taxable category after 80c deductions Now I have invested in liquid funds Having earned some short term capital gains which even after adding to total income is not taxable Now I only

Cenvat credit of service tax

As service tax on insurance agent services fall under RCM and tax is paid by insurance company then what is treatment of input service tax in the books of insurance agent as insurance agent is not liable to pay service tax that s why he can t utilize the cenvat credit

Service tax - st3 form error

While validating the ST3 Return offline utility Payable Service 1 worksheet the following error is appearing Please fill all mandatory values in Advalorem Rate Table B1 15 in Payable Service 1 How to correct this error

Job opening for Direct Taxation

We are hiring at Mumbai for a leading automobile parts manufacturing Co CA with 2 to 5 years experience for Direct Taxation Contact rajesh orizzonte gmail com CELL 91 9820199169

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A layman's guide to Goods and Service Tax - A thrilling Tale of Economic Revolution!

Mr Subodh a businessman dealing in manufacturing of plastic bottles was sitting in his chamber his head bowed low over a booklet called FAQ on Goods and Service Tax and looking thoroughly disappointed and twirling his moustache impatiently The more he read the more confused he seemed to get Unable t

Impact of GST on Income Tax Act 1961

Introduction GST is pegged to be one of the biggest game changers for Indian economy making India one unified common market The April 1 2017 rollout deadline for the new indirect tax regime looks tough but not impossible and both the states and Centre are ready in terms of preparedness It will subsu

Profession Tax & Slab Rates in India

A profession tax is levied by individual state governments on persons who earn their living through employment trade or professional work The clause 2 of Article 276 of the Constitution of India gives permission to the states to levy this tax on persons practicing earning a salary in their territory

GST a landmark tax reform should be handled with care

Does Section 19 of the Constitution One Hundred and First Amendment Act 2016 really save the powers of the Central Government to levy Excise and other central indirect taxes in States and all Union territories In an attempt to end the speculations over the power to levy Central Excise and other cent

Battle of Love for Money and Fear of Income Tax - IDS?

Arjuna Fictional Character Krishna nowadays income tax department is conducting survey raids etc almost everywhere Because of this confusion is arising among people What is its intention Please give details about it Krishna Fictional Character Arjuna to get black money disclosed government has intro

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Updated on : 10/18/2016 11:04:09 PM


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