Tax Updates

Case Name :  of Suresh Kumar Bansal vs UOI (Delhi High Court) Appeal Number : W.P.(C) 2235/2011 Date of Judgement/Order : 03/06/2011 Related Assessment Year : Courts :  Delhi High Court  (120) Levy of Service Tax on Under-Construction Flats – UNCONSTITUTIONAL Reliance in this connection can be placed on the decision of Hon’ble Delhi High Court in case of  Suresh Kumar Bansal vs UOI [W.P.(C) 2235/2011]  wherein levy of Service Tax on the value of flats sold during construction stage has been held unconstitutional, if such value includes the value of Land. Facts of the Case: The petitioner has entered into an agreement with the Builder for buying flats in a housing project located at Noida. The Builder collected Service Tax from the petitioner in addition to the consideration of flats against services in relation to Construction of Flats and Preferential Location charges. The petitioner being aggrieved by the levy of Service Tax on such Service...

Seeks to amend   notification No. 25/2012 – Service Tax, dated the 20th June, 2012 , so as to exempt the legal services provided by senior advocates to a business entity with a turnover up to rupees ten lakh in the preceding financial year. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NEW DELHI Notification No. 32/2016-Service Tax, Dated: June 6, 2016 G.S.R…..(E).In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue)   No. 25/2012-Service Tax, dated the 20thJune, 2012 , published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G....

Seeks to amend notification No. 30/2012-Service Tax dated 20th June, 2012, so as to prescribe extent of payment of service tax by a business entity as a recipient of services provided by senior advocates. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NEW DELHI Notification No. 34/2016-Service Tax Dated: June 6, 2016 G.S.R…..(E).In exercise of the powers conferred by sub-section (2) of section 68 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue)   No. 30/2012-Service Tax, dated the 20th June, 2012,   published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 472 (E), dated the 20thJune, 2012, namely:- 1. In the said notification,- (a) in paragraph I, in clause (A),- (i) in sub-clause (iv), for item (B), the following item shall be substituted,...

The Government believes that the tax payers should discharge their income tax liability simultaneously while earning and expects you to “Pay as your earn.”  This philosophy is implemented through two modes. One is collection and deduction of tax at source in most of the cases like salary, interest, rental, brokerage, commission, professional fee etc and for others who are not fully covered under the TDS or TCS, they have to discharge their net tax liability by paying advance tax. Some changes have been made in the advance tax provisions as far as applicable to an Individual. Let us discuss the applicable provisions in detail. Who has to pay advance tax and when? In case your tax liability after reducing the amount of TDS exceeds Rs. 10,000/- in a year, you are liable to pay advance tax.  Earlier individuals were required to pay advance tax in three instalments on 15 th  September, 15 th  December and on 15 th  March of the financial year in the ratio of 3...