Finance Bill 2008 stands enacted with effect May 10, 2008. In case of transactions between Associated Enterprises, service tax is required to be paid on actual receipt of money for taxable service or on crediting / debiting the account whichever is earlier effective from May 10, 2008. Seven new services came into effect from May 16, 2008 in the net of service tax.
Jamna Auto Industries vs. CIT – The assessee before the Hon’ble Punjab and Haryana High Court was a Partnership firm. The assessee firm had entered into an agreement with M/s. Deutsche Strahil Metail of Berlin a German firm for supply of certain goods of a particular value. The agreement so arrived at, however, could not be acted upon by the assessee as it did not have the requisite import licence for material intended to be imported. On a dispute being referred to the arbitrator, the assessee had to pay damages to the German firm in terms of the award dated 29th July, 1974 for failure to perform its part of the contract.
Income Tax Act Amended by Finance ACT 2008 is now available on the Income Tax Departments website. The Address of the Department Website is as follows:- http://law.incometaxindia.gov.in/TaxmannDit/DisplayPage/dpage1.aspx
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendment in the Handbook of Procedures.
.— In exercise of the powers conferred by subsection (1) of Section 621 of the Companies Act, 1956 (1 of 1956) , the Central Government hereby authorizes the following officers in the Serious Fraud Investigation Office (SF10), Ministry of Corporate Affairs for the purposes of filing and conducting prosecution under the Companies Act, 1956:‑
In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes, with immediate effect, the following amendment to Notification No.38 (RE-2007)/2004-2009, dated 15.10.2007.
In exercise of the powers conferred by sub-clause (c) of clause (i) of sub-section (1) of section 135 of the Customs Act, 1962 (52 of 1962), the Central Government hereby specifies “Fake Indian Currency Notes” as the goods falling in the category of prohibited goods for the purposes of the said section.
Tax Audit for the Financial Year 2009-2010 is although over but I am sure most of us have not taken a deceleration from the management regarding the following items appearing in Tax Audit Report. Given Below is the format in which we can now take the deceleration from management which should be dated either by the Tax Audit Report date or a date prior to that.
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby notifies the following amendment in the Handbook of Procedures.
The notification No. 41/2007-ST, dated 6/10/2007 allows refund of service tax paid on specified services used for export of goods. This notification stipulates that a merchant exporter shall file the claim of refund to the Assistant Commissioner/Deputy Commissioner of Central Excise having jurisdiction over the registered office or the head office [Proviso to para 2(b) of notification].
