"26 April 2011" Archive

Opening of Small Account – RPCD.CO.RCB.AML.BC. No.63/07.40.00/2010-11

RBI/2010-11/487 RPCD.CO.RCB.AML.BC. No.63/07.40.00/2010-11 (26/04/2011)

Small Accounts- 2. In terms of Rule 2 clause (fb) of the Notification 'small account' means a savings account in a banking company where - the aggregate of all credits in a financial year does not exceed rupees one lakh; the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand; and the balance ...

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Luxembourg tax authorities further clarify entry into force of Transfer Pricing Circular issued on January 28th, 2011

On April 8, 2011, the Luxembourg tax authorities issued circular LIR n° 164/2Bbis that supplements to Circular LIR n°164/2 published on January 28th, 2011 by clarifying the transition period question for confirmations on financing margins issued by the tax authorities before January 28th, 2011 to taxpayers engaged in intercompany financ...

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Posted Under: Fema / RBI |

Amends Taxation of Services Rules 2006 vide Notification No. 37/2011 – Service Tax

Notification No. 37/2011 – Service Tax (25/04/2011)

Notification No. 37/2011 – Service Tax 1. (1) These rules may be called the Taxation of Services (Provided from Outside India and Received in India) (Third Amendment) Rules, 2011. (2) They shall come into force on the 1st day of May, 2011. 2. In the Taxation of Services (Provided from Outside India and Received in India) Rules, 2006, i...

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Amends Export of Services Rules, 2005 vide Notification No. 36/2011 – Service Tax

Notification No. 36/2011 – Service Tax (25/04/2011)

Notification No. 36/2011 – Service Tax 1. (1) These rules may be called the Export of Services (Third Amendment) Rules, 2011. (2) They shall come into force on the 1st day of May, 2011. 2. In the Export of Services Rules, 2005, in rule 3, in sub-rule (1), in clause (i), for the brackets, letters and words “(zzzzm) and (zzzzu)”, the...

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Amendment in Service Tax Rules, 1994 related to life insurance business service – Notification No.35/2011–Service Tax

Notification No. 35/2011 – Service Tax (25/04/2011)

Notification No.35/2011 – Service Tax (7A) An insurer carrying on life insurance business shall have the option to pay tax: (i) on the gross premium charged from a policy holder reduced by the amount allocated for investment, or savings on behalf of policy holder, if such amount is intimated to the policy holder at the time of providing...

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Abatement on accommodation services by Hotel & to Restaurants having license to serve alcohol

Notification No. 34/2011 – Service Tax (25/04/2011)

Notification No.34/2011 – Service Tax - Services provided or to be provided, to any person, by a restaurant, by whatever name called, having the facility of air-conditioning in any part of the establishment, at any time during the financial year, which has licence to serve alcoholic beverages, in relation to serving of food or beverage,...

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Service tax – Govt exempts coaching and training services related to preschool and recognised educational qualification certificate / Degree

Notification No. 33/2011 – Service Tax (25/04/2011)

Notification No.33/2011 – Services provided by a commercial coaching or training centre in relation to preschool coaching and training and any coaching or training leading to grant of a certificate or diploma or degree or any educational qualification which is recognized by any law for the time being in force will be exempt from service...

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No exemption on statutory representation service provided by CA, CS, CWA

Notification No. 32/2011 – Service Tax (25/04/2011)

Notification No.32/2011 – Service Tax - Services provided or to be provided by practicing professionals, i.e. chartered accountants, cost accountants and company secretaries respectively, in their professional capacity, to a client, relating to representing the client before any statutory authority in the course of proceedings initi...

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Soon PAN may be mandatory for Cash Purchase Sale of bullion or jewellery and Cash Payment of life insurance premium

The income tax (I-T) department may make quoting of PAN in documents for sale and purchase of bullion or jewellery involving cash transfer of Rs 500,000 or more mandatory. PAN may also be required for cash payment of Rs 100,000 or more as life insurance premium, amid concerns that insurgents may be parking funds in high-value insurance p...

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Posted Under: Fema / RBI |

Govt exempts service tax on hotels where declared tariff for providing of accommodation is less than rupees 1000 per day

Notification No. 31/2011 – Service Tax (25/04/2011)

Notification No.31/2011 – Service Tax - Government hereby exempts the taxable service as referred to in sub-clause (zzzzw) of clause (105) of section 65 of the said Act, when the declared tariff for providing of such accommodation is less than rupees 1000 per day from the whole of the service tax leviable thereon under section 66 of th...

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