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2015

Changes in Service Tax…!!!

  • Please note that the increase in rate of Service Tax from 12% (plus cesses) to 14% (including cesses) as proposed in Union Budget – 2015–16 will come effect from 1st June 2015. Accordingly the provisions levying Education Cess and Secondary and Higher Education Cess would also cease to have effect from 1st June, 2015. [Notification No.14/2015-Service Tax, dated 19th May, 2015]
  • Further the following amendments proposed in Union Budget – 2015–16 would also be effective from 01-06-2015:
    • Service Tax shall be levied on the service provided by way of access to amusement facility providing fun or recreation by means of rides, gaming devices or bowling alleys in amusement parks, amusement arcades, water parks and theme parks.

2015
  • The present Government, under the leadership of Shri Narendra Modi, has presented its second budget on 28th February 2015.
  • The Finance Minister, Shri Arun Jaitley, stated in the Para 4 of his budget speech that his proposals lay out a roadmap for accelerating growth, enhancing investment and passing on the benefit of the growth process to the common man, woman, youth and child, i.e. those, whose quality of life needs to be improved.
  • To achieve this objective, he has proposed several steps in his speech.
  • In the field of taxation he has adopted six broad themes, viz.
    • Measures to curb black money
    • Job creation through revival of growth and investment

2015
 

A. TDS-related amendments

 

Several amendments have been proposed in the sections dealing with the deduction of tax at source.

1. Requirement for obtaining evidence/ particulars by employer for TDS–Section 192

2015
  • CBDT has vide Notification No. 41/2015 Dated 15.04.2015 notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e Financial Year 2014-15.
  • The Notification also made Several Change in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return.
  • A brief summary of Changes is as follows :-

2015

NOTIFICATIONS AND CIRCULARS

  1. The revised limit for getting road permit forms has been reduced from 50 crores to 25 crores. Vide notification No GVL/VAT/Sec.68 & 69(4)

Gujarat Vat Budget Highlights

  1. Imitation Jewellery will now be charged at 1% and not 5%
  2. Oral Contraceptive Pills will now be tax free. Earlier it was charged at 5%
  3. The rate of tax of Aviation Turbine Fuel from current rate of tax of 30% ( for Duty Paid ATF) and 38% (Bonded ATF) has been reduced to 5% when sold from the cities other than Ahmedabad and Baroda for scheduled Commercial Airline Service Flights

2015

Introduction

  • The real estate sector in India is one of the largest drivers of the country’s economic growth.
  • Real estate in India contributes massively to the country’s GDP.
  • Currently, the Indian Real Estate Market has a market size of approx USD 70 billion [INR 3.8 lakh crore] and is expected to touch the market size of USD 180 billion [INR 10 lakh crore] by the year 2020.

Financial Management