IncometaxConsultationinPanchkula

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Latest Amendments of Finance Act 2016
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The Income declaration scheme, 2016 provides an
opportunity to all persons who have not declared
income correctly in earlier years to come forward
and declare such undisclosed income and Pay 45
Tax and declare undisclosed Income  from
01.06.2016 to 30.09.2016 Today is last date for
filing of DVAT returns in form DAVT 16, 17 and 48
for Q-4 2015-16 which was  extended up to
16.05.2016 vide circular no. 02  dated 28.04.2016
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Finance Bill, 2016 assented by President on May
14, 2016. Now it becomes the Finance Act, 2016
(28/2016). Key Changes in Service Tax  Krishi
Kalyan Cess _at_ 0.5 on gross value of taxable
services (from 01.06.2016). Total ST rate _at_
15 AC Bus service by Road Transport Corporation
taxable _at_ 6 from (01.06.2016). Rate of ST for
the package tour increased from 3.625 to
4.35. ST on foreman commission at 10.15. Rate
of ST for sale of flats increased from 3.625 to
4.35 Rate of ST for transport of goods by Rail
in container other than by IR increased from
4.35 to 5.8 Rate of ST for transport of used
household increased from 4.35 to 5.8
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Assignment of radio-frequency spectrum and
subsequent transfers thereof taxable. Senior
advocate service liable to service tax. Transport
of passengers ropeway, cable car or aerial
tramway made liable for ST. Interest rate reduced
to 15 (if ST not collected) and 24 (if ST
collected). Due date for issue of SCN extended
from 18 months to 30 months. The monetary limit
for prosecution cases enhanced to Rs.2
Crores. Dispute resolution scheme for the cases
pending before Commissioner (Appeals). New levy
on services exempted only if amount received and
invoice raised before the notified date.
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Special exemption for construction canal, dam or
other irrigation works for the period 01.07.2012
to 29.01.2014. Restoration of exemption for
construction of non-commercial buildings for the
contracts enter prior to 01.03.2015 for the
period up to 31.03.2020. Special exemption for
constriction of ports and airports for the period
from 01.04.2015 to 31.03.2020 for the contracts
entered prior to 01.03.2015. Construction under
House for All (Urban) Mission / Pradhan Mantri
Awas Yojana (PMAY), exempted
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