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BUDGET FLASH
 
RBI to notify Financial Services Centre at Gandhinagar; units to be treated as non-resident (See 'Breaking News') J&K New CM Mufti credits Pak militants for smooth and peaceful polls in State Odoriferous compound/agarbathi mix finally gets an exemption (See 'Budget Run-Up') PAN made mandatory for any sale or purchase of above Rs one lakh (See 'Mixed Buzz') From being singular to plural - A 's' makes a difference (See 'Budget Run-Up') Cigarettes bear the brunt; Swachch Bharat Cess to be levied on services (See 'Mixed Buzz') Construction of Toilets in Govt Schools and quarters for employees attract Service Tax - Amendment to ST Notification No 25/2012 (See 'Budget Run-Up') BUDGET-2015: Huge Disappointment (See 'Budget Run-Up') Section 76 discourages right to litigate (See 'Budget Run-Up') Recovery of Arrears - CBEC facilitates payment in instalments (See Cir 996 in 'What’s New') CBEC clarifies if exoneration of person in adjudication proceeding is on merit, CC can now ask for withdrawal of prosecution (See Cir 998 in 'What's New') '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')
 
   
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

Odoriferous compound/agarbathi mix finally gets an exemption
By TIOL News Service
Published: March 01, 2015

From being singular to plural - A 's' makes a difference
By TIOL News Service
Published: March 01, 2015

Construction of Toilets in Govt Schools and quarters for employees attract Service Tax - Amendment to ST Notification No 25/2012
By TIOL News Service
Published: March 01, 2015

'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

BUDGET-2015: Huge Disappointment
By G Prabhakara Sastry
Published: March 01, 2015

Section 76 discourages right to litigate
By Monarch Bhatt
Published: March 01, 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

New Delhi, March 01
RBI to notify Financial Services Centre at Gandhinagar; units to be treated as non-resident  

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

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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