We are a firm of Chartered Accountants having office in Panchkula, providing Accounting, Auditing and Taxation Services. Provide Income tax, service tax consultancy and audits, company/ society/ partnership incorporation. https://www.facebook.com/rajivmittalco/

1. Latest Amendments of Finance Act 2016
1. 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
2. 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
3. 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 @ 0.5% on gross value of taxable services (from
01.06.2016). Total ST rate @ 15%
 AC Bus service by Road Transport Corporation taxable @ 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%
 Assignment of radio-frequency spectrum and subsequent transfers
thereof taxable.
 Senior advocate service liable to service tax.
 Transport of passenger’s 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.
 Special exemption for construction canal, dam or other irrigation
works for the period 01.07.2012 to 29.01.2014.

2.  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.
 Construction of low cost houses up to a carpet area of 60 sq.m per
house under Govt. scheme exempted from service tax.
 Levy of Central Excise duty/CVD and service tax on IT software
made mutually exclusive.
 Services provided by the Indian Institutes of management (IIM)
exempted.
 Business entity receiving any service from government to pay service
tax.
 Business entity located in India to pay service tax on ocean freight
availed by foreign shipping line.
 HUF and One person company (<50L Turnover) to pay on quarterly
basis.
 Annual returns to be filed by service provider by 30th November
every year.
Rajiv Mittal & co.,
Chartered Accountants
SCO 19, 2nd
floor, cabin no. 3
Sector 11, Panchkula Haryana
9888904467 (M)
https://www.facebook.com/rajivmittalco/