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Levy of Krishi Kalyan Cess

Ministry of Finance vide Notification No.29/2016/ Service Tax has inserted a provision under sub-section (2) of section 161 of the Finance Act, 2016 (28 of 2016). By the virtue of this provision a new cess would be levied @ 0.5% on the value of all taxable services. This would be levied over and above the Service tax and Swachh Bharat Cess.  This notification shall come into effect from 01/06/2016.

Report to be submitted by prescribed authority to Income Tax Authority specified under section 35(2AB) of the Income Tax Act, 1961.

CBDT vide notification no. SO 1580(E) [No.29/2016( 142/19/2015-TPL)], dated 28/04/2016 amended Rule 6 of Income Tax Rules, 1962, Form 3CM, Form 3CK and insertion of Form 3CLA, a report from an accountant to be furnished under sub section (2AB) of section 35 of the act relating to in house scientific research and development facility.

Furnishing of evidence of claims by employee for deduction of tax under section 192

CBDT vide Notification no. SO 1587(E) [No. 30/2016 (] dated 29/04/2016 amended the rules 30,31A, 37CA, Form 24G, 24Q, 26Q & 27Q and inserted new rule 26C and Form 12BA. With respect to new rule 26C which comes into force on 01/06/2016, the assessee is required to furnish the person responsible for making payment under sub-section (1) of 192, the evidence or particulars of claim referred to in sub rule (2), in Form 12BB for the purpose of estimating his total income or computing the tax deduction at source.

Amendment in Section 206C of Income Tax Act 1961, by Finance Act 2016

To reduce the cash transactions in sale of goods and services, Finance Act, 2016 has expanded the scope of Section 206 C (1D) to provide that the seller shall collect tax at the rate of 1% from the purchaser on sale in cash of any goods (other than bullion and jewellery) or providing of any services (other than payment on which tax is deducted at source under Chapter XVII-B) exceeding two lakh rupees. Earlier provision of collecting 1% tax on cash sales exceeding 2 lakhs for bullion and 5 lakhs for jewellery continues. Also to bring high value transactions within the tax net, it has been provided in sub-section (1F) of section of section 206C that the seller who receives consideration for sale of a motor vehicle exceeding ten lakh rupees, shall collect 1% as tax from the buyer. The amendments brought in section 206C by Finance Act 2016, are applicable from 1st June, 2016.

Last Updated on: 19-06-2016
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