Recent Tax updates are being presented in this slide. To go to the sources please click on the links on the slides

1. TAX Updates
By: Sushil Poudel

2. WHAT TO LOOK FORWARD THIS
YEAR
High probability of applicability of GST (1)
Uninterrupted growth in tax revenue (2)
Amendments in consonance of Make in India and Ease of Doing
Business campaigns (1)
Union budget 16-17 might bring some surprises for tax payers
(3)

3. CIRCULARS ON SERVICE TAX
 Notification No 03/2016 Service Tax
 Notification No 02/2016 Service Tax

4. SOME TAX UPDATES
Refund of Excise duty on purchase of cars by physically
handicapped persons
Cenvat credit cannot be utilised for Swachh Bharat cess
payment
Full cenvat credit is allowed on import of ships, boats

5. CONT..
CBDT directed to issue income tax refund without any
adjustment
Circular for implement of e-payment of refund/rebate in service
tax and excise
Depreciation is allowed on trademarks, copyrights and know
how

6. CONT..
Negotiable instruments amendment bill 2015 passed
MAT not applicable to a foreign company
Provided,
• the foreign company is a resident of a country with which India
has a Double Taxation Avoidance Agreement and such foreign
company does not have a permanent establishment in accordance
with the provisions of the relevant Double Taxation Avoidance
Agreement,
Or,
• the foreign company is a resident of a country with which India
does not have a Double Taxation Avoidance Agreement and such
foreign company is not required to seek registration under section
592 of the Companies Act, 1956 or section 380 of the Companies
Act, 2013

7. Thank You

8. AND
BEWARE OF FRAUD
MAILS IN THE NAME OF
INCOME TAX
REFUNDS