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Legal-Updates - Page 4

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

September 30, 2020

[By Jyotish M Shah, Partner] Widening the scope of TCS (Tax Collection at Source) on foreign remittance, selling overseas tour package, and sale of goods over a prescribed limit from 1st October 2020. Section 206C providing for TCS has been amended to widen the scope to cover: Authorised Dealer who receives Rs.7 Lacs or more from person for remittance out

Gujarat VAT & CST

Extension of due date for filing Gujarat VAT Annual Return

In a Circular issued by the Commercial Tax Department on 20-Dec-2013, the due date for Filing of Gujarat VAT Audit Report u/s 63 of the Gujarat Value Added Tax Act, 2003 for the financial year 2012-13 has been extended to 31-Jan-2014. The due date for obtaining VAT Audit Report has

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

[By Shaleen Shah (Partner), VNCA] All the existing charitable and religious institutions

Service Tax Amendments – The Finance Act, 2010

[By Shaleen Shah (Partner), VNCA] DOWNLOAD PDF FILE Budget-2010 proposed several amendments

CBDT Circular On TDS From Salaries During FY 2015-16

December 8, 2015

Income Tax

The CBDT has issued Circular No. 20/2015 dated 02-Dec-2015 in which it has explained the entire law relating to the obligation of employers to deduct income tax from the payment of “Salaries

Time reduced for filing Gujarat VAT Returns

November 16, 2015

Gujarat VAT & CST

The Gujarat VAT Rules stipulate a period of 30 days for e-filing of monthly / quarterly returns from the end of the relevant period. Since e-filing of returns was new at that point of time, the State Government had granted relief by giving additional time for filing E-Returns. Now through

Rate of service tax further increased with levy of Swachh Bharat Cess from 15-Nov

November 9, 2015

Service Tax & CBEC

Budget 2015 had provided for a new levy viz. Swachh Bharat Cess (SBC) on all taxable services effective from the date to be notified at a rate not exceeding 2%. Now, CBEC vide Notification No. 21/2015-ST dated 6-Nov-2015 has provided that SBC would be leviable @ 0.5% on value of

Budget 2015 – increase in service tax rate to 14% notified w.e.f. 1-Jun-2015

May 22, 2015

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] In our Circulars on Budget 2015 as applicable to service tax, in the First Part, we had informed you the changes made effective immediately from 1-Mar-2015 and changes effective from 1-Apr-2015. In the Second Part we informed you the Budget amendments that became effective immediately

Budget 2015 enacted on 14-May-2015 – Service Tax Amendments effective from enactment

May 16, 2015

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] Downloadable PDF The Finance Bill, 2015 has received the Presidential assent on 14-May-2015 and stands enacted. In the First Part of our Budget Circular on Service Tax, we had informed you the changes made effective immediately from 1-Mar-2015 and changes effective from 1-Apr-2015. Following amendments

Gujarat VAT Forms 402 / 403 / 405 made mandatory

April 29, 2015

Gujarat VAT & CST

Gujarat VAT Rules stipulate that every inter-state movement of goods must be accompanied by Form 402 (goods going out of the state), Form 403 (goods coming into the state) and Form 405 (goods transiting the state). Last year, the Gujarat VAT Department made it mandatory for certain categories of Dealers

Budget 2015 – Service Tax Amendments effective from 1-Apr-2015

April 1, 2015

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] Downloadable PDF Several amendments pertaining to Service Tax were proposed in the Finance Bill, 2015 presented by Hon’ble Finance Minister Shri Arun Jaitley. It may be noted that changes being made in the Budget are coming into effect on various dates. Few changes were made

Amount received by private companies from their members, directors or their relatives before 1st April, 2014 not to be treated as ‘deposits’

March 30, 2015

Corporate Laws

The Ministry of Company Affairs has issued the following clarification that Amount received by private companies from their members, directors or their relatives before 1st April, 2014 not to be treated as ‘deposits’ under the Companies Act, 2013 and Companies (Acceptance of Deposits) Rules, 2014. General Circular No.05/2015 dtd. 30-Mar-2015

Electronically generated Forms 402/403/405 for movement of goods under Gujarat VAT Rules

December 23, 2014

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] You are aware that any movement of goods going outside the state, or goods entering the state, or movement of goods within the state must be accompanied by documents prescribed under the Gujarat Value Added Tax Rules, 2006 (GVAT Rules). Alongwith Invoice, Stock Transfer Note,

Due Dates for filing Gujarat VAT & CST Returns

December 10, 2014

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] We had informed you regarding Amendment in Gujarat VAT Rules for filing of Returns. In a subsequent Circular No.156/135 the State Government has stated that the relief of additional time given for filing E-Returns vide Circular No.105/92 dtd.23-Dec-2010 shall continue even after the aforesaid Amendment

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Legal-Updates - Page 4

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

Extension of due date for filing Gujarat VAT Annual Return

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

Service Tax Amendments – The Finance Act, 2010

CBDT Circular On TDS From Salaries During FY 2015-16

Time reduced for filing Gujarat VAT Returns

Rate of service tax further increased with levy of Swachh Bharat Cess from 15-Nov

Budget 2015 – increase in service tax rate to 14% notified w.e.f. 1-Jun-2015

Budget 2015 enacted on 14-May-2015 – Service Tax Amendments effective from enactment

Gujarat VAT Forms 402 / 403 / 405 made mandatory

Budget 2015 – Service Tax Amendments effective from 1-Apr-2015

Amount received by private companies from their members, directors or their relatives before 1st April, 2014 not to be treated as ‘deposits’

Electronically generated Forms 402/403/405 for movement of goods under Gujarat VAT Rules

Due Dates for filing Gujarat VAT & CST Returns

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