Service tax rate of 14% is effective immediately from a date to be notified later The Union Budget, 2015 has proposed an increase in the rate of Service tax from 12.36% to flat 14% with abolishment of Education cess and Secondary and Higher Secondary Education cess. A new Chapter VI has been inserted that contains […]
Effective date of applicability The effective date for levy of Service Tax on Aggregator’s services shall be 1st March 2015. The amendments in Service Tax Rules 1994 and Notification No. 30/2012-ST have been made w.e.f. March 1, 2015 itself, i.e. date of notifications. The aggregators were till now not specifically covered under the Service Tax […]
Service Tax amendments applicable w.e.f.from 1st April,2015 The Finance Bill, 2015 has proposed lot of changes in Service tax provisions. These changes will be coming into effect on various dates. Based on date of applicability of provisions, the various changes can be categorized as follows:
Income Tax Deductions for salaried person The Income Tax Act 1961 provides Income Tax Deductions for salaried prson from gross total income of an assessee, certain deductions there from may be allowed. These deductions detailed in chapter VIA of the said Act which must be distinguished from the exemptions provides in Section 10 of the […]
Recurring Deposits is now attract TDS In Union Budget 2015 Finance Minister proposes to bring RD (Recurring Deposits) under the provisions of TDS. After applicability if interest earned on recurring deposits exceeds Rs. 10,000 during the year, TDS at the rate of 10 per cent would be deducted by the bank.