Taxnotion Blog

Specified transactions where PAN is mandatory

The government has decided that quoting of PAN is mandatory for transactions of an amount exceeding Rs.2 lakh regardless of the mode of payment. To bring a balance between burden of compliance …

Tax Provisions For Business Trust in India

Business Trust concept is introduced under Finance Act, 2014. The tax structure of the Business Trust is basically similar to the tax structure of venture capital (undertakings, Fund & Company). …

Roadmap for phasing out corporate tax exemptions

The Finance Minister in his Budget Speech, 2015 indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with corresponding …

0.5% Swachh Bharat Cess leviable on all services from November 15

Today the central government has decided to impose 0.5 per cent Swachh Bharat Cess on all taxable services with effect from 15th November, 2015. Finance Minister Arun Jaitley had in budget 2015-16 …

Get ready for e-filing Income Tax Return

Salaried individuals, freelancers, sole proprietors and professionals are required to file income tax return on or before extended due date of e-filing income tax return i.e. 31st August, 2015. The preparation of …