"01 March 2011" Archive

Union Budget 2011-12 – ICAI View

The Union Finance Minister has presented the budget for 2011-12 in the backdrop of growth of GDP @ 8.6% in 2010-11, contributed by a growth of 5.4% in agriculture, 8.1% in industry and 9.6% in services. The Minister shared that the economy has shown remarkable resilience to both external and domestic shocks....

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Posted Under: CA, CS, CMA |

The ICSI welcomes sustainable growth oriented Union Budget 2011-12

Budget to help broad based rebound in agriculture and continued momentum in Manufacturing Sector. CS Anil Murarka, President, ICSI. Budget reflects financial translation of the policy initiatives of the government towards inclusive growth. CS N K Jain, Secretary & CEO, ICSI...

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Posted Under: CA, CS, CMA |

ICAI President's Message – March 2011

In accordance with the decision of the Council and the suggestions of NACAS, the Indian Accounting Standard on Agriculture is being redrafted. We decided to make amendment in existing AS 11 on the lines of Indian Accounting Standard (Ind AS 21), ‘The Effects of Changes in Foreign Exchange Rates’ to provide an option to defer the excha...

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Posted Under: CA, CS, CMA |

Budget 2011- Summary of Chapter wise Changes in Custom Duty

As a measure of rationalization of duty structure the rates of 2% and 3% are being unified with the median rate of 2.5%. Accordingly basic customs duty on all goods currently attracting 2% has been increased to 2.5% and basic customs duty on those goods attracting 3% has been decreased to 2.5%.(S. No. 1 & 2 of Notification No. 21/2011-Cus...

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Posted Under: CA, CS, CMA |

Budget 2011- Investment linked deduction in respect of specified businesses

Under the existing provisions of section 35AD of the Income-tax Act, investment-linked tax incentive is provided by way of allowing hundred per cent. deduction in respect of any expenditure of capital nature (other than on land, goodwill and financial instrument) incurred wholly and exclusively, for the purposes of the "specified business...

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Posted Under: CA, CS, CMA |

Budget 2011- Collection of information on requests received from tax authorities outside India

Under the existing provisions of section 131(1) of the Income-tax Act, certain income-tax authorities have been conferred the same powers as are available to a Civil Court while trying a suit in respect of discovery and inspection, enforcing the attendance of any person, including any officer of a banking company and examining him on oath...

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Posted Under: CA, CS, CMA |

Budget 2011- Taxation of certain foreign dividends at a reduced rate

Under the existing provisions of the Income-tax Act, dividend received from foreign companies is taxable in the hands of the resident shareholder at his applicable marginal rate of tax. Therefore, in case of Indian companies which receive foreign dividend, such dividend is taxable at the rate of thirty per cent. plus applicable surcharge ...

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Posted Under: CA, CS, CMA |

Budget 2011- Toolbox of counter measures in respect of transactions with persons located in a notified jurisdictional area

In order to discourage transactions by a resident assessee with persons located in any country or jurisdiction which does not effectively exchange information with India, anti-avoidance measures have been proposed in the Income-tax Act. ...

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Posted Under: CA, CS, CMA |

Budget 2011- Rationalisation of provisions relating to Transfer Pricing

A. Section 92C of the Income-tax Act provides the procedure for computation of the Arm's Length Price (ALP). The section provides the methods of computing the ALP and mandates that the most appropriate method should be chosen to compute ALP. It is also provided that if more than one price is determined by the chosen method, theALP shall b...

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Posted Under: CA, CS, CMA |

Budget 2011- Sunset of tax holiday for certain undertakings engaged in commercial production of mineral oil

Under the existing provisions of section 80-IB(9) of the Income-tax Act, a seven-year profit-linked deduction of hundred per cent. is available to an undertaking, if it fulfils any of the following, namely:-(i) is located in North-Eastern Region and has begun or begins commercial production of mineral oil before 15t April, 1997;(i...

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Posted Under: CA, CS, CMA |

Budget 2011- Extension of sunset clause for tax holiday for power sector

Under the existing provisions of section 80-IA(4)(iv) of the Income-tax Act, a deduction of profits and gains is allowed to an undertaking which, (a) is set up for the generation and distribution of power if it begins to generate power at any time during the period beginning on 1st April, 1993 and ending on 31st March, 2011;...

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Posted Under: CA, CS, CMA |

Budget 2011- Provisions relating to Minimum Alternate Tax (MAT) and Dividend Distribution Tax (DDT) in case of Special Economic Zones

Under the existing provisions of section 10AA of the Income-tax Act, a deduction of hundred per cent. is allowed in respect of profits and gains derived by a unit located in a Special Economic Zone (SEZ) from the export of articles or things or services for the first five consecutive assessment years; of fifty per cent. for further five a...

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Posted Under: CA, CS, CMA |

Budget 2011- Deduction for investment in long-term infrastructure bonds

Under the existing provisions of section 80CCF of the Income-tax Act, a sum of Rs. 20,000 (over and above the existing limit of Rs. 1 lakh available under section BOCCE for tax savings) is allowed as deduction in computing the total income of an individual or a Hindu undivided family if that sum is paid or deposited during the previous ye...

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Posted Under: CA, CS, CMA |

Budget 2011- Tax benefits for New Pension System (NPS)

Section 80CCD of the Income-tax Act provides, inter al/a, a deduction in respect of contributions made by an employee as well as an employer to the New Pension System (NPS) account on behalf of the employee. In view of the provisions of section BOCCE, the aggregate deduction under sections 80C, 80CCC and 80CCD cannot exceed one lakh rupee...

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Posted Under: CA, CS, CMA |

Budget 2011- Weighted deduction for contribution made for approved scientific research programme

Under the existing provisions of section 35(2AA) of the Income-tax Act, weighted deduction to the extent of 175 per cent. is allowed for any sum paid to a National Laboratory or a university or an Indian Institute of Technology (IIT) or a specified person for the purpose of an approved scientific research programme. ...

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Posted Under: CA, CS, CMA |

Alternate Minimum Tax for Limited Liability Partnership

The Limited Liability Partnership Act, 2008 (LLP) has come into effect in 2009. The LLP has features of both a body corporate as well as a traditional partnership. The Income-tax Act provides for the same taxation regime for a limited liability partnership as is applicable to a partnership firm. It also provides tax neutrality (subject to...

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Posted Under: CA, CS, CMA |

Budget 2011- Exemption to a class or classes of persons from furnishing a return of income

Under the existing provisions contained in section 139(1) of the Income-tax Act, every person, if his total income during the previous year exceeds the maximum amount which is not chargeable to income-tax, is required to furnish a return of his income. ...

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Posted Under: CA, CS, CMA |

Budget 2011- Notification for processing of returns in Centralised Processing Centres

Under the existing provisions of section 143(1 B) of the Income-tax Act, the Central Government may, for the purpose of giving effect to the scheme made under section 143(1A), by notification in the Official Gazette, direct that any of the provisions of the Income-tax Act relating to processing of returns shall not apply or shall apply wi...

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Posted Under: CA, CS, CMA |

Budget 2011- Extension of time limit for assessments in case of exchange of information

Section 153 of the Income-tax Act provides for the time limits for completion of assessments and reassessments. In Explanation 'I to section 153 of the Income-tax Act, certain periods specified therein are to be excluded while computing the period of limitation for completion of assessments and reassessments....

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Posted Under: CA, CS, CMA |

Budget 2011- Modification in the conditions for filing an application before the Settlement Commission

The existing provisions contained in the proviso to section 245C(1) allow an application to be made before the Settlement Commission if,—(i) the proceedings have been initiated against the applicant under section 153A or under section 153C as a result of search or a requisition of books of account, as the case may be, and the ad...

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Posted Under: CA, CS, CMA |

Exempts perfumes commonly known as “Attar” subject to certain conditions

Notification No. 18/2011-Central Excise (01/03/2011)

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act,1944 (1 of 1944) (hereinafter referred to as the Act) , the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts perfumes commonly known as “Attar” falling under Chapter 33 of the Centra...

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Exempts Handicraft and certain goods of cottage industry

Notification No. 17/2011-Central Excise [G.S.R. 132(E).] (01/03/2011)

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), and in supersession of the notification of the Government of India in the Ministry of Finance ( Department of Revenue) no. 76/86- Central Excise, published vide G.S.R 168 (E), dated the 10th February, 1986, except as respects ...

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Exempts movement of goods between factories of a manufacturer of power tillers of heading 8432

Notification No. 16/2011-Central Excise (01/03/2011)

In exercise of the powers conferred by sub-section(1) of section 5A of the Central Excise Act, 1944 (1 of 1944), and in supersession of the notification number 32/2007, dated the 30th July , 2007, published in the Gazette of India, Extraordinary, vide G.S.R. 515 (E), dated the30th July, 2007,except as respects thing done or omitted to be ...

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Amends notification no. 3/2005 – exemption withdrawn from various items

Notification No. 15/2011-Central Excise (01/03/2011)

Notification No. 15/2011-Central Excise, New Delhi, the 1st March, 2011- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the not...

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Transaction value based duty on Software’s on which MRP is not required to be printed

Notification No. 14/2011-Central Excise [G.S.R.129(E).] (01/03/2011)

Notification No. 14/2011-Central Excise,- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts packaged software or canned software, falling under Chapter 85 of the fi...

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Relaxation in registration requirement to the job workers – ready made garments – Notification No. 13/2011-Central Excise

Notification No.13/2011-Central Excise (01/03/2013)

In exercise of the powers conferred by sub-rule (2) of rule 9 of the Central Excise Rules, 2002 (hereinafter referred to as the said rules), the Central Board of Excise and Customs, hereby exempts from the operation of the said rule 9 every job worker, who undertakes job work in respect of final products falling under Chapter 61, 62 or 63...

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Notification No. 12/2011-Central Excise; dated: 01.03.2011

Notification No. 12/2011-Central Excise (01/03/2011)

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944) read with sub-section (3) of section 3 of the Additional Duties of Excise (Goods of Special importance) Act, 1957 (58 of 1957), the Central Government, being satisfied that it is necessary in the public interest so to do, hereb...

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Notification No.11/2011-Central Excise; dated: 01/03/2011

Notification No.11/2011-Central Excise (01/03/2011)

Notification No.11/2011-Central Excise, New Delhi, the 1st March, 2011- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the noti...

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Notification No. 10/2011-Central Excise; dated: 01.03.2011

Notification No. 10/2011-Central Excise (01/03/2011)

Notification No. 10/2011-Central Excise, New Delhi, the 1st March, 2011- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the not...

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Notification No. 9/2011-Central Excise; dated: 01.03.2011

Notification No. 09/2011-Central Excise [G.S.R.124(E).] (01/03/2011)

Notification No. 9/2011-Central Excise, New Delhi, the 1st March, 2011.- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the not...

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Notification no. 8/2011-Central Excise, dated- 1st March, 2011

Notification No. 08/2011-Central Excise (01/03/2011)

(I) In respect of goods falling under chapter 61, 62 or 63 of the First Schedule, the expression “manufacturer” shall include a person who is liable to pay the duty of excise leviable on such goods under sub-rule (1A) of rule 4 of the Central Excise Rules, 2002....

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Rescinds notification no. 49/2009 – Exempts Printing Blocks, Printing types, mathematical calculating instruments and pantographs

Notification No. 07/2011-Central Excise (01/03/2011)

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act ,1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 49/2006-Centr...

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Budget 2011- Power of the Settlement Commission to rectify its orders

The existing provisions of section 245D(4) of the Income-tax Act provide that the Settlement Commission may pass an order, as it thinks fit, on the matters covered by the applications received by it, after giving an opportunity of being heard to the applicant and to the Commissioner. Further, under section 245F(1), the Settlement Commissi...

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Posted Under: CA, CS, CMA |

Amends notification no. 20/2001 – tariff value in respect of garments extend to articles of chapter 63

Notification No. 07/2011-Central Excise (N.T.) (01/03/2011)

Notification No. 7/2011-Central Excise (N.T.), New Delhi, the 1st March, 2011. G.S.R. (E). - In exercise of the powers conferred by sub-section (2) of section 3 of the Central Excise Act, 1944 (1 of 1944), the Central Government, hereby makes the following further amendment in the notification of the Government of India in the Ministry of...

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Rate of Interest fixed at 18 Percent – Notification No. 06/2011-Central Excise (N.T.)

Notification No. 06/2011-Central Excise (N.T.) (01/03/2011)

Notification No. 6/2011-Central Excise (N.T.), New Delhi, the 1st March, 2011. G.S.R. (E).— In exercise of the powers conferred by section 11AB of the Central Excise Act, 1944 (1 of 1944 and in supersession of the notification of the Government of India in the Ministry of Finance(Department of Revenue) No.66/2003-Central Excise(N.T.)...

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Rate of Interest fixed at 18 Percent – Notification No. 05/2011-Central Excise (N.T.)

Notification No. 05/2011-Central Excise (N.T.) (01/03/2011)

New Delhi, the 1st March, 2011. G.S.R. (E).— In exercise of the powers conferred by section 11AA of the Central Excise Act, 1944 (1of 1944) and in supersession of the notification of the Government of India in the Ministry of Finance(Department of Revenue) No.18/2002-Central Excise(N.T.), dated the 13th May, 2002[GSR (E), dated the 13th...

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Central Excise (Amendment) Rules, 2011 – Amendment in view of levy of excise on ready made garments

Notification No. 04/2011-Central Excise (N.T.) (01/03/2011)

Notification No. 4/2011-Central Excise (N.T.), New Delhi, the 1st March, 2011. G.S.R. (E).- In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further to amend the Central Excise Rules, 2002, namely:-...

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Amends notification no. 6/2006 – Effective Rate of Duty on goods of Chapter 83 to Chapter 93

Notification No. 06/2011- Central Excise (01/03/2011)

Notification No. 6 /2011- Central Excise, New Delhi, the 1st March, 2011. G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendme...

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Amends notification no. 5/2006 – Effective Rate of Duty on goods of Chapter 54 to Chapter 82

Notification No. 05/2011-Central Excise (28/02/2011)

Notification No. 5 /2011-Central Excise, New Delhi, the 28th February, 2011. G.S.R. (E). - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further ame...

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Notification No. 4/2011-Central Excise; dated: 01/03/2011

Notification No. 04/2011-Central Excise (01/03/2011)

Notification No. 4/2011-Central Excise, New Delhi, the 1st March, 2011. G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment...

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Budget 2011- Omission of the requirement of quoting of Document Identification Number

Under the existing provisions contained in section 282B of the Income-tax Act, every income-tax authority shall, on or after the 1st day of July, 2011, allot a computer-generated Document Identification Number in respect of every notice, order, letter or any correspondence issued by him to any other income-tax authority or assessee or any...

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Posted Under: CA, CS, CMA |

Notification No. 3 /2011-Central Excise; dated: 01.03.2011

Notification No. 03/2011-Central Excise (01/03/2011)

Notification No. 3 /2011-Central Excise, New Delhi, the 1st March, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendm...

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Budget 2011- Reporting of activities of liaison offices

Foreign companies or firms or associations of individuals operate in India through a branch or a liaison office after approval by Reserve Bank of India. The branch constitutes a permanent establishment of the foreign entity and is, therefore, required to file a return of income along with requisite details. A non-resident does not file a ...

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Posted Under: CA, CS, CMA |

Option to pay duty at 5% with cenvat credit on which exemption has been withdrawn

Notification No. 02/2011-Central Excise [G.S.R. 117(E).] (01/03/2011)

Notification No. 2/2011-Central Excise, New Delhi, the 1st March, 2011. G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the excisable goods of the de...

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Budget 2011- List of 130 Item on Which excise duty of one percent is payable

Notification No. 01/2011-Central Excise [G.S.R.116(E).] (01/03/2011)

Section 5A of the Central Excise Act, 1944 – Power to grant exemption from duty of excise – Exemption to specified excisable goods. NOTIFICATION NO. 1/2011-CENTRAL EXCISE, DATED 1-3-2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Govern...

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File Your FIR online in Delhi

The Delhi Police, in compliance of the directions of Hon’ble Delhi High Court in Writ Petition (Crl.) No. 468/2010 “Court on Its Own Motion Versus State” dated 06.12.2010, has implemented the system of uploading and viewing the FIRs registered in Delhi on its website www.delhipolice.nic.in in within 24 hours of registration except t...

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Posted Under: CA, CS, CMA |

Budget 2011- Recognition to Provident Funds– Extension of time limit for obtaining exemption from Employees Provident Fund Organisation (EPFO)

Rule 4 in Part A of the Fourth Schedule to the Income-tax Act provides for conditions which are required to be satisfied by a Provident Fund for receiving or retaining recognition under the Income-tax Act. One of the requirements of rule 4 [clause (ea)] is that the establishment shall obtain exemption under section 17 of the Employees' Pr...

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Posted Under: CA, CS, CMA |

Budget 2011- Major proposals about Service Tax

Services provided by air-conditioned restaurants having a license to serve alcoholic beverages in relation to serving of food and/or beverages. Short-term accommodation provided by a hotel, inn, guesthouse, club or campsite, or any other similar establishment for a continuous period of less than three months....

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Posted Under: CA, CS, CMA |

Budget 2011- Major proposals about Central Excise duty

Budget 2011- Major proposals about Central Excise duty Note: Changes come into effect immediately unless otherwise specified.Major proposals about Central Excise duty are the following: A. General:The First Schedule to the Central Excise Tariff Act, 1985 is being amended vide clause 70 of the Finance Bill to give effect to Tariff changes ...

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3 National Institutes will conduct Study on Black Money in The Country

The Government has decided to get a fresh study conducted on unaccounted income/ wealth both inside and outside the country brining out the nature of activities engendering money laundering and its ramifications on national security. The proposal was approved by the Government in January, 2011. The study will be conducted by three nationa...

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Posted Under: CA, CS, CMA |

Indian Economy on Higher Growth Path; Resilient to Both External and Domestic Shocks-FM

Indian Economy on Higher Growth Path; Resilient to Both External and Domestic Shocks:FM. Increase in International Crude Oil and Other Commodity Prices is a Matter of Concern. Emphasizes Need to Step up Investment in Agriculture Sector Both by Private and Public Sector to Achieve 4% Growth. Calls for Increase in Private Sector Savings . ...

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Posted Under: CA, CS, CMA |

Impact of Rising Fuel Prices on Economy

The WPI inflation in mineral oils increased to 16.7 per cent in January 2011 from 7.9 per cent in the corresponding period last year. This is mainly because of the rise in crude oil prices (Brent) in international market, which rose to US $96 per barrel in January 2011 from US $77 per barrel in January 2010 and US $45 per barrel in Januar...

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Posted Under: CA, CS, CMA |

Benefit of set off of brought forward losses could not be denied to the amalgamated company if there is no change in control and management of amalgamated company pre and post merger

DCIT Vs. Select Holiday Resorts Pvt. Ltd. (ITAT Delhi)

Delhi bench of the Income-tax Appellate Tribunal (the Tribunal), in the case of DCIT v. Select Holiday Resorts Pvt. Ltd. (ITA Nos. 1184 & 2460/Del/2008) (Judgment Date: 23 December 2010, Assessment Years: 2004-05 & 2005-06) held that where a parent company merged with its subsidiary, the benefit of brought forward and set off of losses un...

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Budget 2011 Central Excise – Amendments in Cenvat Credit Rules, 2004

Several amendments have been carried out in the provisions of the Cenvat Credit Rules (CCR), 2004. The basic thrust of these changes is to broad base and simplify definitions to reduce disputes and to achieve a more realistic attribution when common inputs or input services are used for the manufacture of both dutiable and exempt goods....

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Posted Under: CA, CS, CMA |

Budget 2011-2012- Central Excise – Important Legislative Amendments

The provisions of sections 11A relating to the recovery of duty not levied, short levied, not paid, short paid or erroneously refunded have been redrafted with a view to improve the sequence in which provisions occur and simplify their language. Each sub-section consists of one sentence and conveys a single point. As far as possible, acti...

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Posted Under: CA, CS, CMA |

Budget 2011-2012 – Central Excise – Relief Measures

Air-conditioning equipment, panels and refrigeration panels for installation of cold-chain infrastructure for preservation, storage or transport of agricultural produce and apiary, horticultural, dairy, poultry, aquatic & marine produce and meat as well as processing thereof...

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Posted Under: CA, CS, CMA |

Budget 2011- Central Excise – Withdrawal of exemptions/ concessions

A number of exemptions from Central Excise duty (about 130 exemption entries) are being withdrawn. These include some cases where the rate of duty is Nil by tariff. A nominal duty of 1% ad valorem is being imposed on these items with the condition that no credit of the duty paid on input and input services is taken. ...

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Posted Under: CA, CS, CMA |

Budget 2011-Central Excise-Rate structure for goods, other than petroleum

The standard rate of Central Excise duty for non-POL products has been maintained at 10%. The merit rate of excise duty (CENVAT) for non-petroleum goods has been increased from 4% to 5%. The increased rate would apply to all such goods that hitherto attracted the rate of 4%....

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Posted Under: CA, CS, CMA |

Budget 2011- Prescribes Effective Rate of Excise Duty

Unless otherwise stated, all changes in rates of duty take effect from the midnight of 28th February/1st March, 2011. A declaration has been made under the Provisional Collection of Taxes Act, 1931 in respect of clauses 57(a)(i), 57 (b) and 70(a)(i) of the Finance Bill, 2011 so that changes proposed therein take effect from the midnight o...

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Posted Under: CA, CS, CMA |

Budget 2011- Brief Notes on all amendments in Custom Duty Act and Tariff Act

The First Schedule to the Customs Tariff Act, 1975 is being amended vide Clause 57 of the Bill to give effect to the tariff changes relating to the Union Customs Duties. The basic customs duty rates of 2%, 2.5% and 3% are being unified at the median rate of 2.5%....

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Posted Under: CA, CS, CMA |

Budget 2011 – Service Tax – SEZ Refunds

Notification No. 17/2011-ST has been issued superceding notification 9/2009-ST dated 03.03.2009. The new notification has the following unique features: (a) Criteria for the determination of “wholly consumed” services have been laid down in the notification, borrowing from the Export of Services Rules, 2005. It has also been specified...

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Posted Under: CA, CS, CMA |

Budget 2011 – Service Tax – Relief to Small scale sector

Finance minister has announced in his budget speech that individual and sole proprietor assessees with a turnover upto Rs 60 lakhs shall not be subject to audit. Interest rate for all assessees (including firms and corporates) upto a turnover of Rs 60 lakhs shall be 3% less than the prescribed rate....

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Posted Under: CA, CS, CMA |

Budget 2011 – Service Tax – Exemptions

Exemption from service tax is being provided to „Works contract service‟ when rendered for the construction of residential complexes or completion and finishing services of a new complex under Jawaharlal Nehru Urban Renewable Mission (JNURM) and “Rajiv Awaas Yojana” (Notifications No. 6/ST-2011)....

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Posted Under: CA, CS, CMA |

Service Tax – Amendments to Cenvat Credit Rules, 2004

Input has been defined to include, inter-alia, all goods used in a factory by the manufacturer and goods used for providing any output service; Goods that shall not constitute input have been specifically excluded. These shall include, besides petroleum items, any goods used for construction of a civil structure (by a manufacturer as well...

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Posted Under: CA, CS, CMA |

Budget 2011 – Service Tax – Amendments to Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007

A new sub-rule (2A) is being added in rule 3 in the Works Contract (Composition Scheme for Payment of Service Tax) Rules, 2007 vide Notification 1/2011-ST so as to restrict the Cenvat credit to 40% of the tax paid on services relating to erection, commissioning & installation; commercial or industrial construction and construction of resi...

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Posted Under: CA, CS, CMA |

Budget 2011 – Service Tax – Amendments to Service Tax (Determination of Value) Rules, 2006

A new rule (2B) has been inserted vide Notification 2/2011-ST to prescribe the value of service rendered in relation to money changing. The details are explained at Annexure B. This amendment shall come into force on 01.04.2011....

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Posted Under: CA, CS, CMA |

Budget 2011 – Service Tax – Amendments to Taxation of Services (Provided from Outside India and Received in India) Rules, 2006

Corresponding changes, as indicated in respect of Export of Services Rules, 2005, have been carried out by way of rearrangement of the stated services under respective sub- clauses of rule 3 of the Taxation of Services (Provided from Outside India and Received in India) Rules, 2006....

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Posted Under: CA, CS, CMA |

Budget 2011 – Service Tax – Amendments to Export of Services Rules, 2005

Globally the taxation of services across different taxing jurisdictions is increasingly moving towards destination-based levy in respect of B2B services while origin-based levy is largely applicable to B2C services. In tune with this practice, certain services are being rearranged as follows: (i) Service provided by builders [section 65(1...

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Posted Under: CA, CS, CMA |

Budget 2011 – Service Tax – Point of Taxation Rules, 2011

Point of Taxation Rules, 2011 have been framed vide notification 18/2011-ST and made effective from 01.04.2011. These rules determine the point in time when the services shall be deemed to be provided. The general rule will be that the time of provision of service will be the earliest of the following dates:...

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Posted Under: CA, CS, CMA |

Budget 2011 – Service Tax – Service Tax Rules, 1994

A number of changes have been made in the Service Tax Rules to align the provisions consequent to the introduction of Point of Taxation Rules, 2011. A new rule 5B has been introduced to provide that the applicable rate of tax shall be the rate prevailing at the time when the services are deemed to have been provided....

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Posted Under: CA, CS, CMA |

Budget 2011 – Service Tax – Compliance Mechanism

The maximum penalty for delay in filing of return under section 70 is proposed to be increased from Rs.2,000/- to Rs.20,000/-. However, the existing rate of penalty is being retained under rule 7C of the Service Tax Rules, 1994. The maximum penalty is presently reached after a delay of 40 days. The new limit will impact only those who del...

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Posted Under: CA, CS, CMA |

Budget 2011 – Service Tax – Alteration or expansion in the scope of existing services

Amendment in following service vide budget 2011Life Insurance Service, Authorized Service Station, Commercial Training or Coaching Service, Club or Association Service, Business Support Service, Services by legal professionals , ...

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Posted Under: CA, CS, CMA |

Budget 2011 – Service Tax – Proposed New Services

The following two new services have been proposed:(i) Services by air-conditioned restaurants having license to serve liquor; and (ii) Short-term accommodation in hotels/inns/clubs/guest houses etc....

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Posted Under: CA, CS, CMA |

Notification No. 8/2011-Service Tax, Dated: 01.03.2011

Notification No. 08/2011 – Service Tax (01/03/2011)

NOTIFICATION NO. 8/2011 - SERVICE TAX, DATED 1-3-2011. In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable services...

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General Insurance Service – Service tax exemption to insurer providing insurance under a specified scheme

Notification No. 07/2011 – Service Tax (01/03/2011)

NOTIFICATION NO. 7/2011 - SERVICE TAX, DATED 1-3-2011. Service Tax : Section 65(105)(d) of the Finance Act, 1994 - General Insurance Service - Service tax exemption to insurer providing insurance under a specified scheme...

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Service tax exemption to works contract provided for construction of new residential complex, etc., under specified scheme

Notification No. 06/2011 – Service Tax (01/03/2011)

NOTIFICATION NO. 6/2011 - SERVICE TAX, DATED 1-3-2011. Service Tax : Section 65(105)(zzzza) of the Finance Act, 1994 - Works contract service - Service tax exemption to works contract provided for construction of new residential complex, etc., under specified scheme...

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Business Exhibition Services – Exemption to services rendered to exhibitor participating in an exhibition held outside India

Notification No. 05/2011 – Service Tax (01/03/2011)

NOTIFICATION NO. 5/2011 - SERVICE TAX, DATED 1-3-2011. Service Tax : Section 65(105)(zzo) of the Finance Act, 1994 - Business Exhibition Services - Exemption to services rendered to exhibitor participating in an exhibition held outside India...

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Notification for Revised rate of service Tax on Air Fare

Notification No. 04/2011 – Service Tax (01/03/2011)

Service Tax : Section 65(zzzo) of the Finance Act, 1994 - Transport of passengers by air - Exemption from Service Tax to passengers travelling in economy class within India and to passengers embarking in India for an international journey in economy class - Amendment in Notification No. 26/2010-ST, dated 22-6-2010.NOTIFICATION NO. 4/2011 ...

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Service Tax (Amendment) Rules, 2011 – Amendment in rules 4A, 5A and 6

Notification No. 03/2011 – Service Tax (01/03/2011)

NOTIFICATION NO. 3/2011 - SERVICE TAX, DATED 1-3-2011. In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, name...

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Service Tax (Determination of Value) Amendment Rules, 2011 – Insertion of rule 2B

Notification No. 02/2011 – Service Tax (01/03/2011)

NOTIFICATION NO. 2/2011 - SERVICE TAX, DATED 1-3-2011. In exercise of the powers conferred by clause (aa) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax (Determination of Value) Rules, 2006, namely :—...

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A Fresh look at disallowance under section 14A of Income-Tax Act, 1961

Section 14A, the heading of which is ‘Expenditure incurred in relation to income not includable in total income’, was inserted in the Income-Tax Act, 1961 (the Act), by the Finance Act, 2001. As per Circular No.14 of 2001 [252 ITR (St.) 65], issued by the CBDT, a new section 14A was inserted, so as to clarify the intention of the Legi...

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Posted Under: CA, CS, CMA |

Service Tax- Works Contract (Composition Scheme for Payment of Service Tax) Amendment Rules, 2011 – Amendment in rule 3

Notification No. 01/2011 – Service Tax (01/03/2011)

NOTIFICATION NO. 1/2011 - SERVICE TAX, DATED 1-3-2011. In exercise of the powers conferred by sections 93 and 94 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following rules further to amend the Works Contract (Composition Scheme fo...

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Custom Duty- Rate of interest fixed at 18 Percent – Notification No. 18/2011-Customs (N.T.)-Cus(NT)

Notification No. 18/2011-Customs (N.T.) (01/03/2011)

Notification No. 18/2011-Customs (N.T), New Delhi, the 1st March, 2011. G.S.R. (E).— In exercise of the powers conferred by section 28AB of the Customs Act, 1962(52 of 1962) and in supersession of the notification of the Government of India in the Ministry of Finance(Department of Revenue) No.76/2003-Customs (N.T.), dated the 12th Septe...

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Custom Duty- Rate of interest fixed at 18%amp;- Notification No. 17/2011-Customs (N.T.)-Cus(NT)

Notification No. 17/2011-Customs (N.T.) (01/03/2011)

G.S.R. (E).— In exercise of the powers conferred by section 28AA of the Customs Act, 1962(52 of 1962) and in supersession of the notification of the Government of India in the Ministry of Finance(Department of Revenue) No.26/2002-Customs(N.T.), dated the 13th May, 2002[GSR 735 (E), dated the 13th May, 2002], except as respects things do...

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Custom Duty Notification Prohibits import of Acetate tow and Filter Rod except use in manufacturing of specified goods

Notification No. 16/2011-Customs (N.T.) (01/03/2011)

Notification No. 16/2011-Customs (N.T), New Delhi, the 1st March, 2011. G.S.R. (E). - In exercise of the powers conferred by section 11 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, for the purposes specified in clauses (u) and (v) of sub-section (2)...

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Notification No. 15/2011-Customs (N.T.), Dated: 01/03/2011

Notification No. 15/2011-Customs (N.T.) (01/03/2011)

Notification No. 15/2011-Customs (N.T), New Delhi, the 1st March, 2011. G.S.R. (F) - In exercise of the powers conferred by sub-section (6) of section 9A and sub­section (2) of section 9B of the Customs Tariff Act, 1975 (51 of 1975), the Central Government hereby makes the following rules further to amend the Custom Tariff (Identificatio...

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Notification No. 27/2011-Customs, Dated-1st March, 2011

Notification No. 27/2011-Customs (01/03/2011)

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and in supersession of notifications of the Government of India in the Ministry of Finance (Department of Revenue) issued vide notification No.100/89-Customs, dated the 1st March,1989[ G.S.R 315 (E), dated the 1st March...

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Custom Duty – Exempts work of art imported for exhibition in a public museum or national institution

Notification No. 26/2011-Customs (01/03/2011)

Notification No. 26/2011-Customs, New Delhi, the 1st March, 2011. G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description specified in col...

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Notification No. 25/2011-Customs Dated: 01/03/2011

Notification No. 25/2011-Customs (01/03/2011)

Notification No.25/2011-Customs, New Delhi, the 1st March, 2011. G.S.R. (E) .- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts packaged software or canned software, fal...

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Notification No. 24/2011-Customs Dated: 01/03/2011

Notification No. 24/2011-Customs (01/03/2011)

Notification No.24/2011-Customs, New Delhi, the 1st March, 2011. G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts copper concentrates falling under the tari...

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Amends notification no. 29/2010 – Exemption from special CVD (additional duty of customs) on specified goods

Notification No. 23/2011-Customs (01/03/2011)

Notification No 23/2011 – Customs, New Delhi, the 1st March, 2011. G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notificat...

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Notification No. 22/2011-Customs Dated: 01/03/2011

Notification No. 22/2011-Customs (01/03/2011)

Notification No. 22/2011-Customs, New Delhi, the 1st March,2011. Custom Duty - Exempts parts, components and accessories for the manufacture of mobile handsets; parts or components for the manufacture of battery chargers, hands-free headphones of mobile sets and PC Connectivity Cable and the sub-parts for the manufacture of such parts and...

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Amends notification no. 21/2002 – Effective rate of customs duty on import of goods

Notification No. 21/2011-Customs (01/03/2011)

Notification No. 21/2011-Customs, New Delhi, the 1st March, 2011. G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the not...

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Notification No. 20/2011-Customs, Dated: 01/03/2011

Notification No. 20/2011-Customs (01/03/2011)

Notification No.20/2011-Customs, New Delhi, the 1st March, 2011. G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the not...

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Custom Duty – Amends notification no. 23/2010

Notification No. 19/2011-Customs (01/03/2011)

Notification No. 19 /2011-Customs, New Delhi, the 1st March, 2011- Custom Duty - Amends notification no. 23/2010 - Exempts parts, components and accessories for the manufacture of mobile handsets; sub-parts for the manufacture of such parts and components; and parts or components for the manufacture of battery chargers and hands-free head...

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Custom Duty – Amends notification no. 14/2004 – Scope of water supply project explained

Notification No. 16/2011-Customs (01/03/2011)

Water Supply Project includes a water pumping station, water storage facility (reservoir) and water treatment plant for desalination, demineralization or purification of water or for carrying out any similar process or processes intended to make the water fit for agriculture or industrial use”....

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Notification No. 17/2011-Customs Dated: 01/03/2011

Notification No. 17/2011-Customs (01/03/2011)

Notification No. 17/2011-Customs, New Delhi, the 1st March, 2011. G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), read with section 91 and 94 of the Finance (No. 2) Act, 2004 (23 of 2004), the Central Government, on being satisfied that it is necessary in the public ...

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Notification No. 18/2011-Customs, Dated: 01/03/2011

Notification No. 18/2011-Customs (01/03/2011)

Notification No. 18/2011-Customs, New Delhi, the 1st March, 2011. G.S.R. … (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the...

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Notification No. 15/2011-Customs Dated: 01/03/2011

Notification No. 15/2011-Customs [G.S.R. 141(E)] (01/03/2011)

Notification No. 15/2011-Customs, New Delhi, the 1st March, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the not...

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