Rule 37BB of the Income Tax Rules has been amended to strike a balance between reducing burden of compliance and collection of information under Section 195 of the Act. The significant changes are as under

The Central Government has issued Notification No.21/2015 – ST and Notification No.22/2015 – ST dated 6th November 2015 specifying effective rate for levy of Swachh Bharat Cess (SBC) at 0.5% on value of taxable services with effect from 15th November 2015.