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Table Of Contents

Indirect Tax:

ALL THAT GLITTERS IS NOT GOLD : THE NEW INDIRECT TAX DISPUTE RESOLUTION SCHEME

AMBIGUITY IN INTEREST RATES Chargeability

FROM FIFO TO THE MINIMUM BALANCE METHOD FOR CREDIT REVERSAL : A WELCOMED CHANGE

Direct Tax:

Incentives for Promoting Housing for All


Rationalization of TDS provisions


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  Indirect Tax
  Direct Tax
  Financial Consultancy (Central/State Govt. Subsidy/Incentives Matters)
   Project Consultancy and Loan Syndication (Approved Consultant of Various Banks/Financial Institutions)
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•  Pollution Clearance
•  Registration of DG Set/Power Plant
•  Electricity Duty matters
•  Factory Licence
•  Food Safety Licence
  Empanelled Valuers with various Banks/FIs

Our Associates:

  Suvridhi Capital Markets Ltd.(Financial Solutions)
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  Suvidha Placements Ltd.(Placement Division)
  Suvidha Insurance Broking Pvt Ltd.(Insurance Division)

ALL THAT GLITTERS IS NOT GOLD : THE NEW INDIRECT TAX DISPUTE RESOLUTION SCHEME

A new scheme called “The Indirect Tax Dispute Resolution Scheme” has been proposed by the Finance Minister vide clause ( 209) to ( 215 ) of the Finance Bill,2015 which sounds attractive but on going into the fine print,it seems unconvincing to majority of the taxpayers in the country.

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AMBIGUITY IN INTEREST RATES Chargeability

The Finance Bill, 2016 as proposed by the Hon’ble Finance Minister of the country has brought relief to the tax payers as the interest rates on the delayed payment of service tax have been lowered.

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FROM FIFO TO THE MINIMUM BALANCE METHOD FOR CREDIT REVERSAL : A WELCOMED CHANGE

Keeping in line with the commitment of “Ease of doing business in India”, the Government has brought several amendments through the Budget 2016. One such amendment is in the mechanism of reversal of Cenvat Credit wrongly taken which seems to be a relief to the taxpayers.

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Incentives for Promoting Housing for All

In order to encourage affordable housing sector as a part of the objective of 'Housing for All', it is proposed to amend the relevant sections of the Income-tax Act and seeks to insert a new Section 80-IBA, so as to provide for 100% deduction of the profits of an assessee developing and building affordable housing projects. Further Clause (a) of sub-section (2) of the said section provides that housing project should be approved by the competent authority after 1st June, 2016 and before the 31st March, 2019 subject to certain conditions which inter alia, include:-

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Rationalisation of TDS Provision

Under the scheme of deduction of tax at source as provided in the Income Tax Act, 1961, persons responsible for making payment of income, covered by the scheme, are responsible to deduct tax at source, at the prescribed rate and deposit the same to the Central Government’s treasury within the stipulated time. However, no deduction is required to be made if the payments do not exceed prescribed threshold limit. In this budget government has been little liberal and has given some relaxation with respect to the threshold limits and rate of TDS.

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