Karnataka Budget Proposals 2016

VALUE ADDED TAX

• Scheme to recognize and honour five diligent tax payers in each of Bengaluru based divisions and three each from VAT divisions other than Bengaluru.

• Module for transportation of goods that will allow transporters to upload the details of goods being transported online for hassle-free movement of goods.

• Development of mobile application for the benefit of small dealers.

• Issue of online refunds to the eligible dealers.

• Online service of statutory proceedings using digital signature certificates.

जीवन जीने की कला – विपश्यना साधना

जीवन जीने की कला – विपश्यना साधना

बर्न, स्विटज़रलैंड में श्री सत्य नारायण गोयन्का द्वारा दिए गये प्रवचन पर आधारित।

सभी सुख एवं शांति चाहते हैं, क्यों कि हमारे जीवन में सही सुख एवं शांति नहीं है। हम सभी समय समय पर द्वेष, दौर्मनस्य, क्रोध, भय, ईर्ष्या आदि के कारण दुखी होते हैं। और जब हम दुखी होते हैं तब यह दुख अपने तक ही सीमित नहीं रखते। हम औरों को भी दुखी बनाते हैं। जब कोई व्यक्ति दुखी होता है तो आसपास के सारे वातावरण को अप्रसन्न बना देता है, और उसके संपर्क में आने वाले लोगों पर इसका असर होता है। सचमुच, यह जीवन जीने का उचित तरिका नहीं है।

Sale/Purchase--Intra State Vs Inter-State

Under the Central Sales Tax Act,1956 (in short CST), registered dealers are eligible for certain concession or exemption of tax on inter-State transactions if dealer is able to comply with certain conditions. Submission of statutory forms is one of such condition which allows the dealer for concessional rate of tax. There are so many forms like Form C, Form F, Form H, Form-I , Form E-I or E-II etc. etc.However before dealing with the procedural issues involved in obtaining or submitting these Forms it is more important to understand few concepts like what is ‘ intra-State transaction’ or ‘Inter-State transaction’ because once nature of transaction is established, it would be very easy to know that whether VAT is applicable of central Sales Tax (CST)and then procedural compliance can be done easily.
post available at www.tbauk.com 

Annual Information Return under Service Tax and central excise Law

Now Reserve Bank of India and a State Electricity Board (SEB) or its authorized agency would be require to Annual Information return (AIR)  under the Service Tax Law.
As per Notification No 04/2016-Service Tax, Any officer of the RBI who is authorized in this behalf is required to file AIR for the transaction details of foreign remittances for the receipt of services declare under specified code in the said notification.
SEB ie required to file AIR for transaction detail of consumption of electricity by the specified manufactures.

detail notification can read as follows:-

Quoting of PAN for specified transactions

Amended Rules regarding quoting of PAN for specified transactions

(Applicable w.e.f. 1^st January 2016)

In order to curb the circulation of black money and widening of tax base, to collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit. Persons who do not hold PAN are required to fill a form and furnish any one of the specified documents to establish their identity.

    

     One of the recommendations of the Special Investigation Team (SIT) on Black Money was that quoting of PAN should be made mandatory for all sales and purchases of goods and services where the payment exceeds Rs.1 lakh. Accepting this recommendation, the Finance Minister made an announcement to this effect in his Budget Speech. The Government has since received numerous representations from various quarters regarding the burden of compliance this proposal would entail. Considering the representations, it has been decided that quoting of PAN will be required for transactions of an amount exceeding Rs.2 lakh regardless of the mode of payment.