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 of service; (ii) 1.5 per cent of the gross amount of premium charged from a policy holder in all other cases; towards the discharge of his service tax liability instead of paying service tax at the rate specified in section 66 of Chapter V of the said Act:
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, including alcoholic beverages or both, in its premises; Services provided or to be provided, to any person, by a hotel, inn, guest house, club or campsite, by whatever name called, in relation to providing of accommodation for a continuous period of less than three months;
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 tax with effect from 1st May 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 initiated under any law for the time being in force, were exempted from service tax vide Notification No. 25/2006, dated 13 July, 2006.
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 policies. The department is also considering changes in the limits for cash payment for foreign travel. At present, the cap is Rs 25,000, including fare, the fee of a travel agent/tour operator and purchase of foreign currency.
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 the said Act.
Notification No. 30/2011 – Service Tax – G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 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 exempts the taxable service referred to in sub-clause (zzzzo) of clause (105) of section 65 of the Finance Act, from the whole of the service tax leviable thereon under section 66 of the said Act.
29/2011 – Service Tax, dated 25-04-2011- In exercise of the powers conferred by clauses (A) and (B) of section 71of the Finance Act, 2011 ( 8 of 2011), the Central Government hereby appoints the 1st day of May 2011, as the date on which the provisions of the said Act shall come into force.
Aiming to give more teeth to the investigation against black money, Income Tax Department hit by staff shortage today said it has sought an additional 22,000 staff to strengthen its various operations. Besides, the tax department will redeploy its existing manpower towards intelligence gathering, investigations and prosecutions.
The investigation relating to the issuance of new Unified Access Services Licenses and subsequent allocation of 2G spectrum during 2008-09 has established commission of offences punishable U/s 120-B IPC read with Section 7/11 & 12 of PC Act, 1988 against the then Union Telecom Minister; two Directors of Mumbai-based private company who were also promoters of a Mumbai-based private Telecom company; two Directors of another Mumbai based private company; one Director of Mumbai based private film company and one Director and one partner of Chennai based private TV company are liable to be prosecuted.
