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CA in Panchkula

Provide Income tax, service tax consultancy and audits, company/ society/ partnership incorporation. https://www.facebook.com/rajivmittalco/<br>

CAinPanchkula
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CA in Panchkula

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  1. Latest Amendments of Finance Act 2016

  2. The Income declaration scheme, 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income and Pay 45% Tax and declare undisclosed Income  from 01.06.2016 to 30.09.2016 • Today is last date for filing of DVAT returns in form DAVT 16, 17 and 48 for Q-4 2015-16 which was  extended up to 16.05.2016 vide circular no. 02  dated 28.04.2016

  3. Finance Bill, 2016 assented by President on May 14, 2016. Now it becomes the Finance Act, 2016 (28/2016). Key Changes in Service Tax:  • KrishiKalyanCess @ 0.5% on gross value of taxable services (from 01.06.2016). Total ST rate @ 15% • AC Bus service by Road Transport Corporation taxable @ 6% from (01.06.2016). • Rate of ST for the package tour increased from 3.625% to 4.35%. • ST on foreman commission at 10.15%. • Rate of ST for sale of flats increased from 3.625% to 4.35% • Rate of ST for transport of goods by Rail in container other than by IR increased from 4.35% to 5.8% • Rate of ST for transport of used household increased from 4.35% to 5.8%

  4. Assignment of radio-frequency spectrum and subsequent transfers thereof taxable. • Senior advocate service liable to service tax. • Transport of passenger’s ropeway, cable car or aerial tramway made liable for ST. • Interest rate reduced to 15% (if ST not collected) and 24% (if ST collected). • Due date for issue of SCN extended from 18 months to 30 months. • The monetary limit for prosecution cases enhanced to Rs.2 Crores. • Dispute resolution scheme for the cases pending before Commissioner (Appeals). • New levy on services exempted only if amount received and invoice raised before the notified date.

  5. Special exemption for construction canal, dam or other irrigation works for the period 01.07.2012 to 29.01.2014. • Restoration of exemption for construction of non-commercial buildings for the contracts enter prior to 01.03.2015 for the period up to 31.03.2020. • Special exemption for constriction of ports and airports for the period from 01.04.2015 to 31.03.2020 for the contracts entered prior to 01.03.2015. • Construction under House for All (Urban) Mission / PradhanMantriAwasYojana (PMAY), exempted

  6. Rajiv Mittal & co. Thank You • Visit: • Rajiv Mittal & co • SCO 19 Cabin No 3 • Second Floor • Sector – 11 • Panchkula • Mobile No.: 9888904467 • https://www.facebook.com/rajivmittalco/

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