Taxation - Corporate Law Reporter

Delhi Government can now raise VAT to 30%

Not increasing the value-added tax directly in the Budget, the Delhi government on Monday introduced a VAT Amendment Bill that will allow the government to hike the tax on 11 goods by up to 30 per cent in future. Till now, the cap on the VAT on 11 items under the fourth schedule is between… Read More

Use online tax calculator to file Income Tax Return for Assessment Year 2015-16

The new Income Tax Return forms being recently notified for assessment year 2015-16, filers can do an easy check of their annual tax liability on a new computer-based 'calculator' launched by the Central Board of Direct Taxes. With the new Income Tax Return (ITR) forms being recently notified for assessment year 2015-16, filers can do an… Read More

CBDT to remit IT refunds directly in the bank accounts of assesses

The department is also planning to fully adopt and use banking services to end the current system of sending I-T refunds over the value of Rs 50,000 via cheques through the postal department. In a step that would bring delight to taxpayers, the Income Tax department has put in motion a new plan which will… Read More

CBDT notifies ITR-1, ITR-2, ITR-2A and ITR-4S to be filed for AY 2015-16

In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely vide Notification No. 49/2015 dated 22nd June, 2015:- 1. (1) These rules may be called the Income-tax (8th Amendment)… Read More

Limits for Transport Allowance enhanced under Income Tax

The Central Board of Direct Taxes (CBDT) vide notification no. 39/2015/F.No.142/02/2015-TPL dated April 13, 2015 has enhanced the transport allowance exemption from INR 800 to 1,600 per month and for employee who is blind or orthopedically handicapped with disability of lower extremities, the exemption limit has been enhanced from INR 1,600 to 3,200 per month. Read More

Direct Tax amendments from F.Y. 2015-16

Budget 2015 Highlight on on direct taxation 1.Surcharge increase by 2% in all cases except in case of foreign company which is continue to be at the rate of 2% if taxable income exceeds Rs. 1 crore & 5% if taxable income exceeds Rs. 10 crore. Now effective rate of surcharge w.e.f AY 2016-17… Read More

Highlights of Budget 2015-2016

¢ GST to be in place by 1st April, 2016 ¢ GDP growth rate proposed at 7.4 % ¢ 5 challenges & steps proposed o Agriculture income in stress: Per drop More crop campaign to be launched; Unified National Agricultural Market; Highest ever MNREGA allocation o Infrastructure investment: Public Private Partnership o Manufacturing declining: Make… Read More

Tax Tribunal Rules against Vodafone, says Transfer Pricing case lies within IT’s jurisdiction

British telecom giant Vodafone's tax issues continue, with the tax appellate tribunal which decided that the case was very well within the jurisdiction of the Income Tax department in the Rs 8,500 crore transfer pricing tax dispute involving the sale of its call centre business to Hutchison in 2007. The ITAT was hearing a 2012 plea of Vodafone India Services… Read More

CBDT opens up way of Advance Ruling for Domestic Tax Payers

The Central Board of direct Taxes (CBDT) has opened up the facility which till now was only open to Non- Resident Indians.Now, even the Domestic Tax Payers can can apply for the Advance Ruling to understand the tax liability on their transactions. By the virtue of this facility the taxpayers can can get a view… Read More

Due date of UP VAT Annual return for the year 13-14 deferred till 31st December, 2014

The UP VAT authorities has issued a general circular dated 28th November, 2014 for extension of the due date of the Annual retun of the UP VAT till 31st December,2014 for the year 13-14. So. All the assesses under UP VAT are requested to plan their annual return filings accordingly. Read More

CBEC clarification w.r.t availment of CENVAT credit on Input Services after 6 months

The CBEC vide Circular No: 990/14/2014-CX-8 dated. November 19, 2014 has clarified that the purpose of the amendment made by Notification No. 21 is to ensure that after the issuance of a document under Rule 9(1) of the Credit Rules, Cenvat credit is taken for the first time within six months of the issue of… Read More

Clarification w.r.t levy of Service Tax on Restaurants and Hotels

The Hon™ble High Court of Kerala (Kerala HC) in the case of Kerala Classified Hotels and Resorts Association and others Vs. Union of India and others held that levy of Service tax on Restaurants and hotels is beyond legislative competence of Parliament. It was declared that sub-clauses (zzzzv) and (zzzzw) to Section 65(105) of the Finance Act, 1994 (the Finance Act)… Read More

Service tax return for period April 2014 to September 2014 deferred till 14th November, 2014

The central board of excise and customs has issued an order no. 02/ 2014 dated 24th October, 2014 to defer the due date for the service tax return in form ST 3. The date has been extended from 25th October, 2014 to 14th November, 2014. All the service providers are requested to plan and initiate… Read More