A landmark decision recently delivered by the Delhi High Court in the case of CIT v. INDIAN VISIT. COM (P.) LTD. is sure to cheer the hearts of several business entities that spend large amounts in developing their websites.
What would be the rate of service tax on contract entered after July 7th, 2009 where the developer supplies steel and cement free of cost to contractor? The Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 has been amended vide Notification No. 23/2009-ST, dated 07.07.09. The Explanation to sub-rule (3) was amended to provide that the composition scheme would be available only to such works contracts where the gross value of works contract includes the value of all goods used in or in relation to the execution of works contract whether received free of cost or for construction under any other contract.
In this regard, it is clarified that the value addition on clubbing should be the prescribed minimum value addition stated in the FTP and not the declared value addition given in the application. In case of clubbing of authorisations with different minimum prescribed value addition, the aggregate value addition should be the weighted average based on CIF value utilized in the respective authorisations.
In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the said Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 107/2004-CUSTOMS, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R.748 (E), dated the 16th November, 2004, namely
The Examination Committee has taken the following important decisions for the November, 2009 examinations. Students are advised to note them carefully. A. CA course being a professional course, practical training is an essential part of it and accordingly all papers of Professional Competence Examination as well as Final should be practical oriented questions as also […]
Instructions for filing of e-704 1) It is necessary to use the downloaded form e 704 as is available on the web www.mahavat.gov.in 2) There are few easy steps for filing of e 704 First login to www.mahavat.gov.in Click on the menu “Downloads” Select Form e 704 from the menu
The Department has started sending Emails to all the existing Assessees as “Central Board of Excise & Customs has developed a new software application called Automation of Central Excise & Service Tax (ACES) to do on-line transactions with the Central Excise & Service Tax departments i.e. filing your Central Excise/ Service Tax returns, claims and intimations etc.
Insurance companies have asked the government to shift to the new tax regime under the Direct Tax Code only for those policies sold after the proposed Code came into effect from April 2011. The draft code, circulated for public comments, had suggested that life insurance policies should be taxed at the time of maturity. So, the […]
The Hong Kong offices of accounting giant Ernst & Young were raided by police as part of a fraud investigation linked to the city’s biggest corporate collapse, local media said Wednesday.The search, which occurred Tuesday, came after Ernst & Young was accused in court earlier this month of falsifying documents to shield itself from a […]
The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual or a Hindu Undivided Family […]
