News and Updates
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BUDGET 2017 – HIGHLIGHTS – INDIRECT TAX
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SERVICE TAX Amendment in Mega Exemption Notification No. 25/2012 ST dated 20.06.2012 Services provided or agreed to be provided by the Army, Naval and Air Force Group Insurance Funds by way of life insurance to members of the Army, Navy and Air Force under the Group Insurance Schemes of the […]
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BUDGET 2017 – HIGHLIGHTS – DIRECT TAX
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PERSONAL TAXATION The existing rate of income tax applicable on income between Rs. 2.5 lacs to Rs. 5 lacs is proposed to be reduced from 10% to 5% in case of individuals/HUFs or AOPs or BOIs. The rebate of Rs. 5,000 currently available under section 87A in case of an […]
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All you want to know about GST Bill Passed
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The Goods and Services Tax (GST), the biggest reform in India’s indirect tax structure since the economy began to be opened up 25 years ago, is crossing its last milestone today. The discussions on Constitution (122nd) Amendment Bill which will change the way business is done in the country on […]
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Highlights of Start Ups India Action Plan
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# Compliance Regime based on Self-Certification # Rolling-out of Mobile App and Portal & Hassle Free Registration # No Labour Inspection for initial 3 years # Providing Funding Support through a Fund of Funds with a Corpus of Rs. 10,000 Crores # Credit Guarantee Fund for Start Ups with corpus […]
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Swachh Bharat Cess @ 0.5 percent from 15th November, 2015
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On 6th November, 2015, the Central Government has notified Swachh Bharat Cees wide Notification No. 22/2015-ST at the rate 0.5%. Provided that Swachh Bharat Cess shall not be leviable on services which are exempt from service tax. This notification shall come into force from the 15th day of November, 2015.
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Income Tax Return Filling date extended for ALL INDIA TAXPAYERS Till 7th September
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This date was extended till 7th September, 2015 in case of taxpayers of Gujarat in view of dislocation of general life in that State in last week of August. CBDT has further received representations that across the country, taxpayers had faced hardships in E-Filing Returns of Income on the last […]
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![Bounced Cheque: Know Your Jurisdiction? – Amended Negotiable Instruments [Amendment] Bill, 2015](https://npahilwani.com/wp-content/uploads/2015/06/freepressjournal_import_2017_11_judgement.webp)
Bounced Cheque: Know Your Jurisdiction? – Amended Negotiable Instruments [Amendment] Bill, 2015
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The Section 138 of the Negotiable Instruments Act deals with the offence pertaining to dishonour of cheque for insufficiency, etc., of funds in the drawer’s account on which the cheque is drawn for the discharge of any legally enforceable debt or other liability. The section 138 of the NI […]
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NEW ABATED RATES OF SERVICE TAX APPLICABLE FROM 1ST JUNE
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New rate of service tax of 14% shall come into effect from 01.06.2015 and education cess & secondary higher education cess has been removed with effect from 01.06.2015. However, Swachh Bharat Cess is yet to be notified.The government had put an enabling provision in the Service Tax Act to empower the […]
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Companies Amendment Bill 2014, “Go” from Rajya Sabha
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The Rajya Sabha has passed unanimously the Companies (Amendment) Bill, 2014, The Bill introduces certain amendments in relation to Related Party Transactions, fraud reporting by auditors, making common seal optional, and jurisdiction of special courts to try certain offences etc. The Statement of Objects and Reasons of the Bill states […]
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Business subsidies may attract tax
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Subsidies, tax concessions and incentives that add to business income such as the one given for setting up plants in certain states may be taxed now, following a provision in the Finance Bill passed by the Lok Sabha recently. This could trigger yet another controversy pertaining to taxes. The Finance […]