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Archive: 24 October 2011

Posts in 24 October 2011

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 1119 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7674 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Service tax paid on input services of one unit can be distrubuted to other unit ; Recovery stayed

October 24, 2011 501 Views 0 comment Print

The combined reading of the Rule 7 and the clarificatory Circular dated 23-8-2007 clearly shows that there are only two restrictions regarding the distribution of the credit. The first restriction is that the credit should not exceed the amount of Service Tax paid. The second restriction is that the credit should not be attributable to services used in manufacture of exempted goods or providing of exempted services. There are no other restrictions under the rules. The restrictions sought to be applied by the Department in this case in limiting the distribution of the Service Tax credit made in respect of the Malur Unit on the ground that the services were used in respect of the Cuttack Unit finds no mention in the relevant rules.

Benefit of rebate u/s 88E is available to assessee in MAT Assessment on book profits u/s 115JB

October 24, 2011 3174 Views 0 comment Print

The contention that this benefit is not available to assessee whose total income is assessed u/s 115JB has no substance. In other words, when the total income is assessed u/s 115JB has no substance. In other words when the total income is assessed and the tax chargeable is computed, it is from that tax which is chargeable, the tax paid under section 88 is given deduction, by way of rebate, under section 87 of the Act. This is the legislative intent. That is a promise to give deduction of the tax already paid. This is the mode in which tax already paid is handed back at the time of final computation.

India-Nepal DTAA to be expedited – FM

October 24, 2011 684 Views 0 comment Print

The Finance Minister of Nepal Mr Pun assured Shri Mukherjee about the safety and security of Indian businessmen visiting Nepal. He sought support of the Finance Minister Shri Mukherjee in completing various projects in Nepal. He also assured that finalization of DTAA between two countries would also be got expedited. He thanked Shri Mukherjee for all his support to Nepal and invited him to visit Kathmandu at the earliest.

Kamal Nath directs DDA to examine latest SC order on General Power of Attorney issue

October 24, 2011 1391 Views 0 comment Print

The other issues discussed at the meeting included, guidelines for Use conversion charges from residential to commercial on upper floor of markets, conversion to freehold without charging UEI (unearned Increase) in cases of transfer through will, gift deed, share of transfer etc., need for land monetization and better use of scarce land resources through higher FAR for public utilities such as hospitals etc.

Union Finance Minister Shri Pranab Mukherjee’s Address at the National Development Council Meeting

October 24, 2011 718 Views 0 comment Print

We have initiated two major steps in the area of tax reforms. The first pertains to the DTC and the second to the Goods and Services Tax (GST). The DTC Bill was introduced in August, 2011 and has been referred to the Parliamentary Standing Committee. I am hopeful that the Committee will submit its report by the Winter Session of the Parliament, and thereafter we would seek to get the legislation passed during the Budget session. By amalgamating several taxes levied by the Centre and the States at different stages of the value chain, the GST would mitigate cascading and make Indian industry competitive in domestic as well as international markets. It would also improve compliance and make the level of taxation transparent to the end consumers.

CBI arrests ITO and CA in Bribery Case

October 24, 2011 2930 Views 0 comment Print

The Central Bureau of Investigation (CBI) on Wednesday arrested income-tax officer Ranjan Prakash and chartered accountant Vimal Patangia on the allegation that Mr Prakash demanded Rs. 1.5 lacs from the complainant through the CA concerned for getting favourable order in A.Y. 2009-2010 pending with the ITO.

Need for Better Co-Ordination Between Monetary and Fiscal Policies for Improving Overall Economic Stability and Growth – FM

October 24, 2011 438 Views 0 comment Print

The Finance Minister Shri Pranab Mukherjee has said that the present global economic developments and more particularly the sovereign debt crisis of Europe has once again brought into focus the need for better co-ordination between monetary and fiscal policies towards improving overall economic stability and growth. He was speaking on the occasion of the 81st […]

Service Tax – Revenue Department takes notice of 9 lakh entities stop filing returns

October 24, 2011 558 Views 0 comment Print

The Revenue Department has decided to cross check service tax returns in order to locate 9 lakh entities that have stopped filing returns. E -filing has been made mandatory from this year and the exercise of cross checking is likely to start after December 26, the last date for e-filing. According to the official sources, […]

Address delivered by the Chairman, CBEC at the valedictory function for workshop on capacity building for 'SEVOTTAM'

October 24, 2011 907 Views 0 comment Print

SEVOTTAM symbolizes the Government’s intent to move from ‘administration’ mind set to ‘service orientation’ in delivery of public services. It emphasizes the relationship between service provider and service receivers. It is a standardized Services Delivery Excellence Model whose main features are to identify the services provided by the organization, to set norms for each service, to ensure delivery as per norms, to assess quality of delivery on a continuous basis and to proactively redress public grievances.

Regarding Commercial construction/infrastructure development projects of road, airports, dams, tunnels etc, – levy of service tax on various service providers engaged / associated with such construction work

October 24, 2011 1683 Views 0 comment Print

Circular No. 147/16/2011 – Service Tax , it apparent that in case the services provided by the sub-contractors to the main contractor are independently classifiable under Work Contract Service, then they too will get the benefit of exemption so long as they are in relation to the infrastructure projects mentioned above. Thus, it may happen that the main infrastructure projects of execution of works contract in respect of roads, airports, railways, transport terminals, bridges tunnels and dams, is sub-divided into several sub-projects and each such sub-project is assigned by the main contractor to the various sub-contractors. In such cases, if the sub-contractors are providing works contract service to the main contractor for completion of the main contract, then service tax is obviously not leviable on the works contract service provided by such sub-contractor.

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