Direct tax laws 4 tax rates 4 definition of charitable purpose section 215 6 exemptions under section 10 6 weighted deductions under section 35 7 deduction under section36 for employers contribution towards pension scheme. Tax and superannuation laws amendment 2015 measures no. Income taxes are a source of revenue for governments. Direct taxes and indirect taxes updates for june 2012 examination 2 table of contents contents page no. Direct tax laws amendments made by the finance act, 20 applicable for june 2014 and december 2014 examination page 1 amendments made in income tax act 1. Changes made in direct tax law by union budget 201718 a. Budget 201617 key highlightsincometax, service tax download. Rates of incometax in respect of income liable to tax for the assessment year 201718.
State for 2015 16 as the base assumption of 14% annual growth rate compensation to be provided through cess cess only on few specified luxury and sin goods compensation states revenue for fy 201516 14%x states revenue for x year 10. These are the same as those laid down in part iii of the first. Senate standing committee for the scrutiny of bills, alert digest, 7, 2015, 12 august 2015, p. No wealth tax from assessment year 201617 confusions prevails. Indirect tax developments in 2015 and beyond the indirect tax world is in constant motion. Key highlights of the companies amendment bill, 2020.
Service tax change in service tax rate service tax rate increased from 12. By law, taxpayers must file an income tax return annually to determine their tax obligations. Amendment act, 2015, amending certain sections of the companies act, 20. Tax updates for june 2014 examination page 4 return section 99 scope of special audit expanded section 1422a omission of section 144ba reference to commissioner in case of invocation of gaar sec.
This cost has been fully offset within the treasury portfolio. The amendment act mainly strives to improve the ease of doing business in india. This act was introduced in the sixth constitutional amendment and brought the taxes on salepurchase of goods in interstate trade under the purview of the legislative jurisdiction. Also, the cases filed before the cestat for the between 2012 and this enactment would be transferred from cestat to cg i. The union budget 201516 was presented amidst high anticipations of boosting the. Rates of income tax for assessment year 201415 a i. Tests for determining residential status of a company are amended. Amendment to section 2a section 2a defines business trust. An indirect tax is one that can be shifted by the taxpayer to someone else. Normally, a company is liable to pay tax on the income computed in accordance with the provisions of the incometax act, 1961 the act. Service tax paid on a works contract transaction is not to be part of the sale price for the levy of vat in the state of maharashtra. Assessment of service tax is on self assessment basis. Indirect taxes for 201516 presented to government of india, ministry of finance department of revenue, tax research unit, new delhi.
Simplified income tax return forms proposed for assessment year 201516. Under the amended definition business trust means a trust registered as, a. Introduction and basic concept of income tax law times. Today i have gone to income tax department to file the return financial year 201415assessment year 201516, whereas the income tax officer has told me to pay penalty rs. Explanatory memorandum, tax laws amendment tax incentive for innovation bill 2016, p.
Incometax deduction from salaries during the financial year 20192020 under section 192 of the incometax act, 1961 regarding. Revised exemption limit, new deductions, rebates as per finance bill 2016. Abolition of levy of wealthtax under wealthtax act, 1957 it is proposed to abolish the levy of wealth tax under the wealthtax act, 1957 with effect from the 1st april, 2016. Summary of indirect taxes amendments by budget 2015 with. The provisions of income tax law, as amended by the finance act, 2019 and finance no. Black money undisclosed foreign income and assets and imposition of tax act, 2015. All subject indirect taxes 45, anurag nagar, behind press complex, indore m. Schedule 3 to the tax laws amendment 2012 measures no. Personal income taxation basic exemption limits for individuals. After the amendment, such matters involving rebate of tax or duty shall be dealt with central government in terms of section 35ee of the central excise act, 1944.
For 2015, the maximum assessment base for all types of social insurance. Global indirect tax news march 2015 deloitte united states. Cbdt amends rule for disallowance of expenditure relatable to exempt income june 7, 2016 in brief section 14a of the incometax act, 1961 act provides for disallowance of expenditure incurred in relation to earning of exempt income. My query is why i should pay the penalty, since the law is made on 1st april 2017 onwords and not to prior to that. An indirect tax is a tax collected by an intermediary such as a retail store from the person who bears the ultimate economic burden of the tax such as the customer. In terms of the said amendment, interest rate in case of delayed payment of service tax beyond a year would be 30 percent. Return for half year ending on 30th day of september and 31st day of march is required to be filed by the 25th day of october and 25th day of april, respectively. Nicholas kaldor to investigate the indian tax system in the light of the revenue requirement of the second fiveyear plan 1956. Income tax law paper4a amendments applicability of the finance act, assessment year etc. Revenue received from central excise about 2 lac crores stands in second rank after income tax.
Sebi relaxes time limit for filling fy 1920 financials, listed companies can file upto 30 june 2020. This amendment is effective from assessment year 201516. Therefore, from assessment year 201617 there is no wealth tax liability. Make changes to your 2019 tax return online for up to 3 years after it has been filed and accepted by the irs through 10312022. What are the various tax slab for the assessment year 201819. Cbdt amends rule for disallowance of expenditure relatable. What is the rate of service tax for 201516 and 201617. It has been amended with effect from the assessment year 201617.
In reply to a question regarding tax collections target during 201516, dr adhia said that the government will be able to achieve the overall tax collections target of rs. Universal knowledge hub income tax forms ay 201516 itr1 sahaj ay 201516 pdf format english instructions itr2 ay 201516 pdf format english instructions itr2a ay 201516 pdf format for individuals and hufs not having income from business or profession and capital gains and who do not hold foreign assets. Indirect tax highlights february 28, 2015 key takeaways. Filing of halfyearly service tax returns in form st3. Rates for income tax for assessment year 201819 an amendment made by the finance act, 2017.
Company an indian company is always regarded as resident in india but a company other than an indian company nonindian company, is resident in india, if during the previous year, the control and management of its affairs is situated wholly in india. Detailed prebudget memorandum on indirect taxes for 2015. In the case of the individual below the age of 60 years, or huf, or aopboi other than a cooperative society whether incorporated or not or every ajp. Changes made in direct tax law by union budget 201718. Based on aggregated sales data for all tax year 2018 turbotax products. The 1922 act was amended not less than twenty nine times between 1939 and 1956. Government rolls out instructions relating to the new income tax return forms notified for the financial year 201516 in march 2016, the central board of direct taxes cbdt had notified the incometax return itr forms applicable for financial year 201516 assessment year 201617. What was true yesterday or even today may prove to be wrong tomorrow. The proposals became effective from 1 july 2015 by the finance act, 2015 the act, which was enacted on 30 june 2015. Tax laws amendment tax incentives for innovation bill 2016. Highlights of the vatrelated changes in the state budget for the state of rajasthan. The personal income tax rates depend on the individuals income. A tax on capital gains was imposed for the first time in 1946, although the concept of capital gains has been amended many times by later amendments.
There is a minimum alternate tax mat regime in india. I residential status, taxation of nonresidentsfiis etc. The government of india has proposed to simplify the income tax. Last year for wealth tax was assessment year 201516 for which valuation date was 31. Gist of main amendments in direct taxes budget 2015. Income tax amendment for the assessment year 201415. Bangladesh enacts 201516 budget proposals on 4 june 2015, the bangladesh government announced its budget for fiscal year 201516 budget, proposing several tax amendments. All provisions amended are applicable from assessment year ay 201516 onwards unless otherwise mentioned. In the case of every individual other than those covered in part ii or iii below or hindu undivided.
Chartered accountants finance bill, 2015 direct tax highlights all the following amendment are made effective from assessment years 201617, unless specifically mentioned otherwise. Union budget 2014 focus stability and continuity revenue generation simplicity objectivity widen the tax base compliance enhancement facilitation measures 3. However, the profit and loss account of the company is prepared as per the provisions of the companies act. In respect of income of all categories of assessees liable to tax for the assessment year 20152016, the rates of incometax have been specified in part i of the first schedule to the bill. Surcharge increase by 2% in all cases except in case of foreign company which is continue to be at the rate of 2% if taxable income exceeds rs. Schedule 2 imposes minor transitional and ongoing operational costs on venture capital investors and their advisers.
Tax rates in case of persons as well as companies are kept unchanged so the rates of the previous year itself will be applicable to the assessment year 2016 17 for the income earned in the previous year 2015 16. Sales tax in india falls under the ambit of central sales tax act, 1956, which extends to the whole of india and defines the rules and regulations guiding sales tax. Service tax rates have changed from time to time as shown belowperiodrate of service taxtill 31 may 201512. Highlights of the indirect tax changes in the union budget for the financial year 201516. The indirect tax generally means a tax paid indirectly to the government by the persons. The basic exemption limit in case of individuals other than senior citizens has been increased from existing inr 200,000 to inr. Terms and conditions may vary and are subject to change without notice.