The Ministry of Corporate affairs vide its General Circular No 15/2015 dtd 30/11/2015 has relaxed the additional fees and has extended the last date for filing of the Annual Returns & Financial statements (MGT -7 & AOC-4) both XBRL and non XBRL filings. As per this circular, these filings can be done till 30th Dec […]
Last date for ROC filings extended till 30th Dec 2015 Read More »
Swachh Bharat Cess (SBC) is effective from today (Nov 15, 2015). Please Note the following :- SBC to be shown and charged Separately in the Service Invoice. Service Tax will be @ 14% & SBC will @ 0.5%. Both needs to be shown separately in the Invoice. Do not show the Service Tax as 14.5%.
Swachh Bharat Cess (SBC) effective from today (15th Nov 2015) Read More »
As per the Budget Proposals, Swacch Bharat Cess is leviable on Value of Services from the date of notification. The Central Government vide its Notification No 22/2015 dtd 6th Nov 2015 has notified that Swacch Bharat cess will be leviable on taxable value of all services @ 0.5%. This is w.e.f 15.11.2015. It has to
New Levy – Swacch Bharat Cess @ 0.5% Read More »
The Reserve Bank of India (RBI) in consultation with Government of India (GOI) has announced about the issue of “Sovereign Gold Bonds” . The highlights and features of this Sovereign Gold bonds (2015-16) is as follows :- [table id=10 /] Source :- www.rbi.org.in
Sovereign Gold Bond 2015-16 – Highlights & Information Read More »
The empowered committee on GST has published its report on the proposed procedures for GST Returns. The Salient Features of this report on GST Returns are as follows :- There will be 8 Forms under GST All assessees has to file the GST Returns (Including NIL Returns) The periodicity of Return filing is Monthly ,
GST Committee Report on Returns Read More »
The GST Committee has released its reports for public comments in respect of the following :- 1) Registration under GST Regime 2) Payments under GST Regime 3) Refunds under GST Regime These reports are released for public comments. Comments/Views on the above business processes can be made till 31st October 2015. These reports are available
GST Committee Report on Registration,Payments and Refunds Read More »
The Central Board of Direct Taxes (CBDT) has notified the Cost Inflation Index (CII) for use in Indexation for computing the Capital Gains during the year 2015-16. The Cost Inflation Index has been notified as “1081” The relevant Notification is reproduced below :- SECTION 48, EXPLANATION (v) OF THE INCOME-TAX ACT, 1961 – CAPITAL GAINS
Cost Inflation Index for year 2015-16 notified Read More »
The following are the Various Statutory Obligations for the month of July 2015. Payment of Service Tax The last date for Payment of Service tax pertaining to the month of June 2015 (Corporate Assessees) , Apr-June 2015 (For other assessees) is 5th of July 2015. In case of e-payment, the due date is 6th of
Statutory Obligations for the month of July 2015 Read More »
The Income-tax Department vide Order under Section 119 of the Income-tax act,1961 dtd 10th June 2015 (F.No.225/154/2015/ITA.II) has extended the due date for filing the return of income in respect of assessees whose accounts are not required to be audited (including assessees having only salaried income). As per the said order, the last date of
Due date for filing IT Returns extended till 31st Aug 2015 Read More »
The following are few of the important changes will be applicable from 1st June 2015 in respect of Service Tax :- 1) Rate of Service tax has been changed from 12% to 14% 2) Education Cess & Secondary Education Cess removed 3) The definition of ‘chit’ has been omitted from the abatement notification 26/2012 4)
New Rate of Service Tax @ 14% applicable from 1st June 2015 Read More »
The TNVAT Department vide its Proceedings No. Acts Cell-5/20414/2014 dtd 12th March 2015 has notified new commodity codes in respect of Commodities chargeable to TNVAT. The existing Commodity codes have been recodified for betting accounting and accuracy in data. This is a step towards the Total Solution Project (TSP) of the TNVAT Department. These new
TNVAT New Commodity Codes notified Read More »
The Companies Act, 2013 had imposed certain restriction on acceptance of Deposits from Members, Directors & relatives. These were covered by Companies Acceptance of Deposits rules. There was no clarity on the deposits,loans accepted by the Private Limited Companies prior to 1st April 2014. In order to clarify the same, the Ministry of Corporate affairs
Important Relief to Pvt Ltd Companies regarding Loan from Directors,relatives… Read More »
Recently, the Tamilnadu Government, in its Budget presentation had proposed certain changes in the TNVAT Act which includes changes in rate of tax and provisions with regard to withdrawl of ITC reversal in respect of Inter-state Sales. These changes have come into effect from 1st April 2015. The relevant Gazette notification dtd 31st March 2015
Effective Date for TNVAT Amendment 2015 Read More »
The State Budget for the year 2015-16 was presented in the Legislative Assembly today. There were certain proposals proposed in the budget presented. The following are the proposed Changes in TNVAT :- 1) Electricity Tax on generating plants using Biomass (excluding bagassee) will be withdrawn to give a boost to green energy producers. 2) Input Tax Credit
TNVAT – Changes proposed in Budget 2015-16 Read More »
[gview file=”http://bssridhar.com/blog/wp-content/uploads/2015/03/budget-2015.pdf”]
Budget 2015 Tax proposals Read More »
