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25 Service tax changes applicable from 1st April 2016

Service tax changes applicable from 1st April 2016 due to budget 2016 are summarized in this article.The article provides knowledge about change in exemptions, abatement, reverse charge mechanism and service tax rules from 1/4/2016. 25 Service tax changes applicable from 1st April 2016: Change in Exemptions from 1st april, 2016: Exemption to senior advocate in respect of service to advocate or to partnership of advocates and a person represented on an arbitral tribunal to an arbitral tribunal is being withdrawn from 1st April, 2016. Service tax should be charged in bill under forward charges and paid to government. Exemption...

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Union Budget 2016-17: Service tax Highlights

Union Budget 2016-17 has been declared and brought changes in service tax regime. Here  is the service tax highlights of union budget 2016 speech. Read and understand major changes in service tax brought by Budget 2016-17. Union Budget 2016-17 : Service tax highlights Service tax rate hike from 14.5% to 15%  due to “Krishi Kalyan Cess-0.5%” Levy: There is no direct change in service tax rate but With effect from 1st June, 2016, Krishi Kalyan Cess will be levied on any or all the taxable services at the rate of 0.5% on the value of such taxable services. Input...

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TDS on Professional Fees u/s 194J : 7 IMP points you should know

TDS u/s 194J is applicable while making payment for professional or technical fees. In this article, we will understand who should deduct TDS u/s 194J, threshold limit for  deduction  TDS u/s 194J, rate of TDS u/s 194J, effects of non deduction of TDS.   TDS on professional fees/ technical fees u/s 194J:   Professional fees/technical fees meaning: Professional service means legal service, medical service, engineering, architectural service, accounting service, technical consultancy, interior decoration service, advertising service or such other profession notified by the Board for the purposes of section 44AA. Royalty is also covered under section 194J. Royalty means...

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PMMY : Pradhan Mantri Mudra Yojana Loan Details

PMMY ! We all are aware of Pradhan Mantri Mudra Yojana Loan. Honble Prime Minister Narendra Modiji has started many schemes for benefit of Indians. PMMY is one of those schemes to help small business persons getting loan for business. It is launched by PM on 8th April, 2015. In this article, I have covered following points regarding Mudra Loan: Types of Mudra LOan Mudra loan eligiblity Where to apply for Pradhan Mantri Mudra Yojana Loan Documents required for Mudra Loan Helpdesk no. For Mudra Loan Types of Mudra Loan : Pradhan Mantri Mudra Yojana Loan has three types : Shishu scheme Kishor scheme Tarun category Shishu scheme: Under shishu scheme, Loan up to Rs.50,000 will be granted.The loan is for business which is in start up mode. Benefits of shishu scheme are Collateral is not required under shishu scheme. There is no loan processing fees or charges ! 1% pm rate of interest. Maximum 5 years tenure period If loan is for working capital, Mudra cards will be issued.It is Rupay debit card and cash can be withdrawal from ATM while working capital is needed. Kishor Scheme: This scheme is for loan From Rs. 50001 to Rs.5 Lakhs. Tarun Category : This category is for Loan above Rs. 5 lakhs to Rs. 10 lakhs. Where to apply for Pradhan Mantri Mudra Yojana Loan: Following lending institutions will grant...

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