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Showing posts from November 7, 2015

Updates of the day...

Updates Of the Day
1.RBI has relaxed the conditions of facilities for residents for hedging of foreign currency borrowings.
2.W.e.f. 15th November, 2015 ‘Swachh Bharat Cess’ @ 0.5% will apply on value of all taxable services and effective rate of service tax will be 14.5%.
3.No TDS liability u/s 194A on interest paid which is compensatory in nature. [ITAT Chennai held In the case of The ACIT vs. M/s. Trimex Industries (P) Ltd.].
4.CIT not authorized to verify charitable activities of trust while granting registration u/s 12AA: [Jaipal Singh Sharma Trust vs. CIT (ITAT Delhi)].
5.Government approved for amending the Double Taxation Avoidance Convention (DTAC) signed between India and Turkmenistan.
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Government‘open’to giving legal sanctity to Aadhaar

The government on Friday did not rule out the possibility of bringing in a legislation to give legal sanctity to Aadhaar cards. This would enable use of Aadhaar cards in government schemes and other areas including for taxation purposes. A case in this respect is already pending in the Supreme Court, with petitioners alleging breach of privacy if the Aadhaar card is made mandatory in various government schemes since it uses biometric data like fingerprint and iris scans. In concluding remarks in Delhi Economics Conclave here, Finance Minister Arun Jaitley said, “... probably the government would try to place its stand before the court, and I think both options of being in court and before the legislature would always be open for any executive government.” “Aadhaar and JAM Trinity are here to say,” the finance minister said. JAM refers to use of Pradhan Mantri Jan Dhan Yojana, Aadhar and transfers through mobile. He said a draft legislation on the issue is already there. He was referrin…

Swachh Bharat Cess of 0.5% on taxable services

Government might get Rs.400 cr in financial year 2016 via this levy The government will impose a Swachh Bharat Cess of 0.5 per cent on all services presently liable for service tax, with effect from November 15, the finance ministry stated on Friday. The proceeds are exclusively for its Swachh Bharat initiatives. The funds would go to the Centre’s kitty and would not be shared with the states. Finance Minister Arun Jaitley had announced the cess in his 2015- 16 Budget, at two per cent or less on services which attracted service tax. “Swachh Bharat Cess is not another tax but a step towards involving each and every citizen in making a contribution to Swachh Bharat...( The cess) will translate into a tax of 50 paise only on every Rs.100 worth of taxable services,” the notification said. The budgeted estimate for total service tax collections in 2015- 16 is Rs.2.1 lakh crore. Had the 0.5 per cent cess been imposed for the full year, the proceeds would have been Rs.1,049 crore. However, sinc…