"March, 2009" Archive - Page 20

ITAT Mumbai allowed Bank of America to set off losses against profits

A Mumbai Income-Tax Appellate Tribunal (ITAT) has permitted Bank of America (BankAm) to set off losses related to securities transactions against profits gained in similar deals, despite the Income Tax department and the Commissioner (Appeals) disallowing such a set-off on grounds that such deals were in contravention of the Securities Co...

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Posted Under: Income Tax |

Peer audit review of Sensex-Nifty cos soon: SEBI

The Securities and Exchange Board of India (Sebi) is all set to begin the proposed peer audit review of the companies that form the Sensex and Nifty benchmark indices. The peer audit had been proposed by the market regulator’s advisory committee on disclosures and accounting in the wake of the Satyam Computers’ scam where the ...

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Posted Under: Income Tax |

ICAI – Will watchdogs on a tighter leash turn bloodhounds?

Uppermost in the agenda of the new chief of the Institute of Chartered Accountants of India (ICAI), Mr Uttam Prakash Agarwal, is the Satyam problem. “Members should not lose heart but must act proactively to safeguard the interests of all stakeholders,” he calls out to CAs, from the pulpit of ‘The Chartered Accountant’ journal, Ma...

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Posted Under: Income Tax |

Circular on Filing of claim for refund of service tax paid under notification No. 41/2007-ST dated 6/10/2007

Circular No. 112/06/2009 - ST (12/03/2009)

Notification No. 41/2007-ST, dated 6/10/2007 allows refund of service tax paid on specified services used for export of goods. To resolve the procedural difficulties arising in implementation of this refund scheme the Board has earlier issued circulars No. 101/4/2008-ST, dated 12.5.2008 and No. 106/9/2008-ST dated 11.12.2008...

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Certification by Central Board of Film Certification(CBFC) do not constitute taxable service

Trade Notice No. 18/2009 (13/03/2009)

The issue whether service tax is payable by Central Board of Film Certification under the category of ‘Technical Testing and Analysis Service’ and / or ‘Technical Inspection and Certification Service’, on the services provided by Central Board of Film Certification by way of certification of films has been examined by Board. ...

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Schools running transport services for their students not liable to pay service tax

Trade Notice No. 17/2009 (13/03/2009)

It was already clarified vide Board’s letter F.No.137/70/2007-CX.4 dated 26.04.2008 that Schools running transport services for their students are not liable to pay service tax under the category of tour operator. There has been no change in the stand taken by the Board....

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Service Tax – Clarification regarding leviability of service tax on ship broking activity

Trade Notice No. 16/2009 (13/03/2009)

The ship broker ensures that the conditions of the contracts are adhered to. They also follow up the movement of goods and freight payment till the cargo reaches its destination. Hence, the activities undertaken by ship brokers are nothing but provision of services on behalf of client for a consideration akin to that of a commission agent...

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Business Auxiliary Services – Commission received by Directors not liable to Service tax

Trade Notice No. 15/2009 (13/03/2009)

The matter regarding levy of service tax under the head ‘Business Auxiliary Service’ on the ‘Commission’ received by the Directors of the company has been examined. The Board is of the view that some companies make payment to their officials, such as Managing Directors / Directors, terming the same as ‘Commissions’. ...

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Cenvat credit of excise duty/CVD paid on goods used in providing Supply of Tangible Goods service

Trade Notice No. 12/2009 (13/03/2009)

Supply of tangible goods including machinery, equipments and appliance for use, without transferring right of possession and effective control of such tangible goods is a taxable service in terms of provision of Section 65 (105) (zzzzj) of the Finance Act, 1994. In some case, vehicles, aircrafts, vessels etc., are also supplied in the abo...

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Clarification on levy of National Calamity Contingent Duty (NCCD) on Cellular / mobile Phones on the basis of MRP / Retail Sale Price – regarding

Circular No.12/2009-Customs (12/03/2009)

It has been brought to the notice of the Board that some of the Customs field formations are not charging the levy of National Calamity Contingent Duty (NCCD) on the basis of Maximum Retail Price (MRP) / Retail Sale Price (RSP) of the Cellular / Mobile phones. ...

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