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Saturday , February 28, 2015 | Updated : Feb 28, 14:53 IST
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BUDGET FLASH
 
'Substantial value' from assets located in India - when does Sec 9 get triggered? - Finance Bill provides an answer (See 'Budget Run-Up') Is proposed Section 78B of FA, 1994unconstitutional? (See 'Budget Run-Up') Duty not paid - Penalty follows in all cases, suppression or not (See 'Budget Run-Up') Place of Effective Management - Finance Bill proposes change to determine resident status (See 'Budget Run-Up') Interest paid by branch of foreign bank to HO and overseas branches chargeable to tax and subject to TDS Jaitley offers minor respite on depreciation u/s 32(iia)(See 'Budget Run-Up') GTA ST is on 30 % (See 'Budget Run-Up') Bye Bye to Education (CESSES)(See 'Budget Run-Up') Dead wood & something more removed from provisions of Settlement in Central Excise & Customs (See 'Budget Run-Up') Pleasant Amendment in Section 11AC (See 'Budget Run-Up') Section 80 of FA, 1994 to fade into oblivion - a draconian step? (See 'Budget Analysis') Mutual Fund distribution - Service tax makes a comeback (See 'Budget Analysis') Time to gear-up for GST (See 'Budget Analysis') Recovery of credit taken wrongly but not utilized is possible now - First accrued is first utilized - new Rule 14 of CCR, 2004 (See 'Budget Analysis') What happens to Education Cess credit lying in balance? (See 'Budget Analysis') Definition of Resident company redefined in Finance bill, 2015 (See 'Budget Analysis') Instant tea, Iced tea, LED lights/lamps brought under MRP assessment (See 'Budget Analysis') ST Valuation - If courts take a contrary view - Do the obvious - Amend the Act - Delhi High Court Ruling in Intercontinental Consultants undone (See 'Budget Analysis') Service tax exemption availed by non-resident Commission Agent to Indian exporter withdrawn (See 'Budget Analysis') Service tax exemption withdrawn for Mutual Fund Agent to MF; Distributor to MF or AMC; service by Lottery agent to distributor and also free telephone calls made by Airport and hospitals Litigation Management - Monetary Limit for case to be heard by Single ITAT Member hiked to Rs 15 lakh (See 'Budget Analysis') Service provided by Government brought under tax net Service Tax rate of 14% to be applicable only after enactment: education cess to continue till then Major changes proposed in Section 11 AC - No penalty for normal period cases if duty is paid along with interest within 30 days from Show Cause Notice Exclusion of value of rails - Retrospective exemption given Retrospective exemption granted to Railway or tramway track construction material Finance Bill - Cash seized to be adjusted towards assessee's tax liability Central Excise & Service Tax assessees allowed to issue digitally signed invoices Finance Bill cleans up provisions relating to Indirect Transfers under Section 9 of I-T Act MAT rationalised for members of AOP (Association of Persons) Rationalisation of Penal Provisions under Service Tax - Section 80 deleted No Change in Corporate Tax Rate for FY 2015-16 Chit funds and lottery to come under Service Tax Intaxicating - alcohol job work to attract Service tax Gold Monetisation Scheme: Depositors and jewellers to earn interest on metal account (See 'Mbuzz') Wealth tax gone but 2% surcharge levied on super rich; Medical allowance hiked to Rs 25000 (See 'Budget Analysis') Rental income from assets held by REITs to be taxed in hands of unit holders (See 'Budget Analysis') Foreign assets purchased out of tax evaded: 10 years jail; offence made non-compoundable and 300% penalty (See 'Budget Analysis') DTC Bill killed; Many good aspects incorporated in present I-T Act Service tax Negative List to be pruned No Service Tax on Varisth Bima Yojana Transport Allowance limit hiked to Rs 1600 Sec 80CCD benefit hiked by Rs 50,000 per annum Jaitley hikes exemption limit for medi claim from Rs 15K to 25K; for Sr Citizens it is to be 30K Clean Energy Cess hiked to Rs 200/- PMT; No service tax on effluent treatment plants Service tax rate goes up to 14% but education cess gone Excise duty on cigarette and tobacco hiked; Excise registration to be done in two working days; Cenvat Credit period extended from six months to 12 months TP threshold limit hiked from Rs 5 Crore to 20 Crore; Capital gains by FIIs not to be subjected to MAT Wealth Tax to be abolished; 2% surcharge levied on wealthy SAD removed for most goods with minor exception GAAR postponed for two years; Tax rate on royalty and FTS reduced to 10% Presence of Fund Managers not to be construed as PE Capital gains regime and STT regime to be rationalised to provide pass through facility Unreported assets outside India - Govt to make it predicate offence under PMLA Black Money Bill to be tabled - 10 years jail proposed; 300% penalty; No Settlement Commission option; No deductions to be allowed; even banks and companies to face prosecution and penalty Corporate tax rate to be reduced to 25% over four years Fiscal Deficit to be 3.9% in next fiscal HCs to have designated courts for resolution of Commercial disputes; Bill to be tabled Defence outlay hiked to Rs 2.46 lakh crore for 2015-16 Special Assistance like Telangana to be provided to Bihar, West Bengal also AIIMS to be set up in Punjab, Assam, J&K, HP, TN and Bihar + IIT in Karnataka + ISM Dhanbad becomes IIT + IIM to be set up in J & K Education Loan: Govt to set up formal platform to fund it Govt to launch National Skill Mission to enhance employability of youth Govt to go for Procurement Legislation; proposes mechanism to resolve contract disputes Govt to develop heritage sites to promote tourism FDI - Artificial distinction between FII & Portfolio Investment to go Govt to put in place New Direct Tax and Indirect Tax regime matching global standards Govt to introduce New Gold Monetisation Scheme; to introduce Indian Gold Coin with Ashok Chkra Govt to reform EPF and ESI Acts to make it more liberal Commodity Commission to be merged with SEBI Govt to set up Public Debt Management Agency to monitor borrowings Rs 5000 Cr allocated to National Infrastructure Development Fund Expert Panel to be set up to do away with prior-approval for starting business Govt earmarks Rs 1000 Cr to support tech start-ups FM allows tax-free bond option for road, rail and irrigation Investment in Infra Sector to go up by Rs 70,000 Crore; Govt to set up National Investment in Infrastructure; Govt to allocate Rs 20,000 Crore Unclaimed deposits of Rs 9000 Crore in PPF & EPF to be appropriated for Senior Citizen Welfare Fund NBFCs with Rs 500 Cr turnover to be construed as Financial Institution To improve Ease of Doing Business Index - Govt to go for New Bankruptcy Act
 
   
UNION BUDGET 2015-16
UNION BUDGET 2015-16
Budget Speech Finance Bill
Customs & Central Excise Notifications + JS TRU Letters Economic Survey 2014-15   
Budget Run-Up Budget Reactions

BUDGET ANALYSIS 2015-16

'Substantial value' from assets located in India - when does Sec 9 get triggered? - Finance Bill provides an answer
By TIOL News Service
Published: February 28, 2015

Place of Effective Management - Finance Bill proposes change to determine resident status
By TIOL News Service
Published: February 28, 2015

Bye Bye to Education (CESSES)
By G Natarajan
Published: February 28, 2015

Dead wood & something more removed from provisions of Settlement in Central Excise & Customs
By TIOL News Service
Published: February 28, 2015

Section 80 of FA, 1994 to fade into oblivion - a draconian step?
By S Sivakumar
Published: February 28, 2015

Time to gear-up for GST
By Pritam Mahure
Published: February 28, 2015

What happens to Education Cess credit lying in balance?
By TIOL News Service
Published: February 28, 2015

ST - Statutory Amendments - Impact
By TIOL News Service
Published: February 28, 2015

Instant tea, Iced tea, LED lights/lamps brought under MRP assessment
By TIOL News Service
Published: February 28, 2015

Service tax exemption availed by non-resident Commission Agent to Indian exporter withdrawan
By TIOL News Service
Published: February 28, 2015

Litigation Management - Monetary Limit for case to be heard by Single ITAT Member hiked to Rs 15 lakh
By TIOL News Service
Published: February 28, 2015

Major changes proposed in Section 11 AC - No penalty for normal period cases if duty is paid along with interest within 30 days from Show Cause Notice
By TIOL News Service
Published: February 28, 2015

Exclusion of value of rails - Retrospective exemption given
By TIOL News Service
Published: February 28, 2015

Retrospective exemption granted to Railway or tramway track construction material
By TIOL News Service
Published: February 28, 2015

Duty not paid Penalty follows in all cases, suppression or not
By S Sivakumar
Published: February 28, 2015

Jaitley offers minor respite on depreciation u/s 32(iia)
By TIOL News Service
Published: February 28, 2015

Is the proposed Section 78B of FA, 1994 unconstitutional?
By S Sivakumar
Published: February 28, 2015

Pleasant Amendment in Section 11AC
By Pradeep Jain & Neetu Sukhwani
Published: February 28, 2015

GTA ST is on 30 %
By G Natarajan
Published: February 28, 2015

Mutual Fund distribution - Service tax makes a comeback
By Pratik Shah & Jigar Doshi
Published: February 28, 2015

Recovery of credit taken wrongly but not utilized is possible now - First accrued is first utilized -new Rule 14 of CCR, 2004
By TIOL News Service
Published: February 28, 2015

Definition of Resident company redefined in Finance bill, 2015
By TIOL News Service
Published: February 28, 2015

ST Valuation - If courts take a contrary view - Do the obvious - Amend the Act - Delhi High Court Ruling in Intercontinental Consultants undone
By TIOL News Service
Published: February 28, 2015

Black Money - FM proposes New Law; strict punishment; 10-yr jail and attachment of property
By TIOL News Service
Published: February 28, 2015

ST- certain exemptions withdrawn-Consequently
By TIOL News Service
Published: February 28, 2015

Rental income from assets held by REITs to be taxed in hands of unit holders
By TIOL News Service
Published: February 28, 2015

Wealth tax gone but 2% surcharge levied on super rich; Medical allowance hiked to Rs 25000
By TIOL News Service
Published: February 28, 2015

Foreign assets purchased out of tax evaded: 10 years jail; offence made non-compoundable and 300% penalty
By TIOL News Service
Published: February 28, 2015

More

DDT (Daily Dose of Taxation)

CE/ST/Customs - Appeals - Mandatory Pre-deposit - Unconstitutional?

With VIJAY KUMAR

CE/ST/Customs - Appeals - Mandatory Pre-deposit - Unconstitutional?
Published: February 27, 2015

View previous DDTs »

WHAT'S NEW
CUS
:
Not 06-11 NT 27 Cir 07
ADD
:
Not 05 SG: 04  
EX
:
Not 05-17 NT 03-11 Cir 996-999
S.TAX
:
Not 03-09 Cir 181  
I-T
:
Not 13 Cir 03 itinst 02
DGFT
:
Not 112 PN 87 Cir16,17
RBI
:
Cir 79 Notif  
BREAKING NEWS

Mumbai, February 27
ST - Clients who were serviced were non-residents and so services rendered are export services - such service to foreign clients paying consideration in forex would not visit respondent with liability to pay ST: HC

New Delhi, February 27
Economic Survey hints at mega reforms on anvil; competitive disadvantage for exports; fiscal deficit within control

Ernakulam, February 27
Post 06.08.2014, 7.5% pre-deposit is mandatory - Right of appeal granted by statute is conditional one and condition is not onerous: High Court

Mumbai, February 27
Income tax - Whether if an assessee once accepts a judicial order, it is not open to it to assail same for reasons that different decisions were subsequently rendered on same issue - YES: HC

Mumbai, February 27
ST - Service under Manpower Recruitment Service envisages supply of labour per se - Work undertaken is harvesting of sugarcane and transporting same to sugar factory for which labour is employed - sugarcane belongs to sugar factory, therefore, activity undertaken is BAS and not as alleged: CESTAT

MIXED BUZZ
XCuSE Updates
XCuSE
PUZZLE TO DAZZLE
Punit Vedby PUNIT PAVAN VED CA

Should TPO reduce adjustment in favour of assessee, if facts so justify?

Published: February 23, 2015

Post Answer »
THE COB (WEB)
My Budget Wish-List - What all Mr Jaitley can do!by SHAILENDRA KUMAR

My Budget Wish-List - What all Mr Jaitley can do!
Published: February 26, 2015

View previous 'The COB(Web)s'»
TIOL EDITORIAL
Take a decisive time-bound call on FFC's taxation & other reforms by TIOL EDIT TEAM

Take a decisive time-bound call on FFC's taxation & other reforms
Published: February 27, 2015

View previous Editorials»

ICE CUBES
by NARESH MINOCHA Govt should check facts before proclaiming itself as ace runner

Govt should check facts before proclaiming itself as ace runner
Published: February 27, 2015

View previous ICE CUBEs »

GUEST COLUMN

Departmental Litigation System - Flaws and Remedies thereof by H S BRAR

Departmental Litigation System - Flaws and Remedies thereof
Published: February 25, 2015

View previous Guest Column(s);

ST se GST tak

Reversal of credit u/r 4(5)(a) & rule 4(7) of CCR, 2004 - A Comparative Study by SUHRID BHATNAGAR

Reversal of credit u/r 4(5)(a) & rule 4(7) of CCR, 2004 - A Comparative Study
Published: February 27, 2015

View previous ST se GST tak(s)»

View 'ST - New Law +VE or -VE' Articles»

 
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    The Union Finance Minister, Mr Arun Jaitley, today presented his reformist budget and did not disappoint any segment of the taxpayers' community. Apart from abolishing Wealth Tax Act, 1957 and officially guillotining Direct Tax Code (DTC) he also deferred the least liked GARR (General Anti-Avoidance Rules) for two more years. Although he did not offer much tax sops to individual taxpayers but he also did not disappoint them. Similarly, he laid down a roadmap for the reduction of corporate tax rate to 25% over a period of four years and also promised to phase out exemptions to give a fillip to the stagnant tax-base in India. On the service tax front, he hiked the tax rate to 14% in order to align the same to the proposed GST roll-out. In the same spirit he also rationalised the central excise and Customs tax rates apart from doing away with SAD.

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