Author: CA Tarannum Khatri

Union budget 2015-16 highlights : Service tax

Union budget 2015-16 has been presented by honourable Finance minister Mr. Arun Jetley on 28th February, 2015. I have gathered details of key changes in service tax in union budget 2015-16. Let’s have a look. Union budget 2015-16 highlights: service tax: Change in service tax rate in budget 2015-16: Service tax rate has been increased from 12.36% to 14 %. Please note that there will be no levy of education cess and higher secondary cess on 14%. The new service tax rate will be applicable from 1st june, 2015.       Levy of swachh Bharat Cess 2% on service tax: Central Government is empower to charge 2%  Swachh Bharat cess on any or all taxable services. That will be notified. Entertainment events/ ammusement facilities are taxable now: Fully taxable services : Amusement facilities like means of rides, gaming devises, bowling alleys in amusement parks, theme parks etc. which were exempted earlier because of inclusion in negative list are now taxable fully. Partially taxable services : Admission / entry to concerts, non recognised sporting events, music concerts, award functions are exempted if admission or entry fees is up to Rs. 500. If entry fees is more than Rs. 500, service tax should be levied. Fully exemted services: Some services are still fully exempted after budget 2015-16. Those services are used by large people frequently. The services are exhibition of...

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Gujarat Budget highlight for the year 2015-16

Shri Saurabhbhai Patel has presented gujarat budget for the year 2015-16 on 24th February, 2015. I have presented gujarat budget highlight for the year 2015-16 in this article. Gujarat Budget highlights for the year 2015-16: sector wise allocation of funds: Go through table below to get inside sector wise allocation of fund as per gujarat budget 2015-16. HeadProvision (in crores) Agriculture and allied activities4660.11 Rural development2238.74 Special area programme216.84 Irrigation and flood control13937.19 Enery6630.02 Industries and Mines2766.68 Trasportaion6568.28 Communication1000.43 Science, technology and environment557.53 Economic services2117.15 Social service38384.15 General service117.99 Total79295.11 Summary of fund allocation for various projects: Rs. 9000...

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Deduction under section 80D: The Ultimate guide

Deduction under section 80D is available for mediclaim insurance paid during the previous year. It is covered under chapter VI of income tax act. Who can use deduction under section 80D? Only individual and HUF can use section 80D deduction.   Whose insurance should be taken to get benefit of deduction of mediclaim insurance? Individual: individual can take medical insurance for himself, spouse, dependent parents or dependent children. HUF : HUF can take medical insurance for any member of HUF. Maximum limit of deduction u/s section 80D: Deduction 80D is available over and above the deduction under section 80C...

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How to check income tax refund status online easily

You can track income tax refund status online very easily.I hope you have filed your return on time and now it is time to get income tax refund if your tax liability is less than tax deducted via TDS/TCS. . In this post You can learn how to check tds refund status online and meaning of various refund status on income tax site. How to check income tax refund status online? Income tax refund status can be track through income tax e filling site. For it, Go to following link Income tax e filling website Click on LOG in...

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Service tax registration in 3 days

Service tax is indirect tax and levied on services. To comply with service tax act, service tax registration is first step. Read guidelines below to know whether you are liable for service tax registration. Who is liable for service tax registration? Service provider who has provided services of Rs. 9 lack during the current year is required to get registration number. Scope of turnover to get service tax number: The turnover should include all taxable services. Exempted services are not included to calculate turnover. When service provider provides services from more than one premises, turnover of all these premises...

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