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Archive: 02 November 2011

Posts in 02 November 2011

Service tax on Architect’s Services

November 2, 2011 36685 Views 2 comments Print

Architect’s Services- means any service provided or to be provided to any person, by an architect in his professional capacity, in any manner;

Service tax – Airport services

November 2, 2011 9323 Views 0 comment Print

Airport services means any service provided or to be provided to any person, by airports authority or any other person, in any airport or a civil enclave; Rate of Tax & Accounting Code:

MVAT – Due date for submission of refund application in form 501 for the year 2009-10 extended to 31st December 2011

November 2, 2011 4872 Views 0 comment Print

The due date for submission of refund application u/s 51 of MVAT Act, 2002 for the period 2009-10 was 30.09.2011. Representations were received for extension of this date. Considering the difficulties faced by the Trade, the due date for submission of refund application in form 501 for the year 2009-10 has been extended up-to 31st December 2011.

RBI issues Comprehensive Guidelines on Derivatives – Modifications

November 2, 2011 1829 Views 0 comment Print

Please refer to our Circular DBOD No.BP.BC.86/21.04.157/2006-07 dated April 20, 2007 on Comprehensive Guidelines on Derivatives. The guidelines with regard to suitability and appropriateness policy for offering of derivative products to users, as outlined in paragraph 8.3 of the said circular, were reviewed in the light of the experience gained in implementation of the guidelines over last four years, and the revised version of the paragraph 8.3 was issued vide circular DBOD.No. BP.BC.27/21.04.157/2010-11 dated August 2, 2011.

Service tax – Air travel agent’s services

November 2, 2011 4718 Views 0 comment Print

“Taxable Service” means any service provided or to be provided to any person by an air travel agent in relation to the booking of passage for travel by air; “Air Travel Agent” means any person engaged in providing any service connected with the booking of passage for travel by air;Rate of Tax & Accounting Code:

Service tax Provisions on ‘Advertisement-Sale of Space or Time Services’

November 2, 2011 5552 Views 0 comment Print

“Advertisement” includes any notice, circular, label, wrapper, document, hoarding or any other audio or visual representation made by means of light, sound, smoke or gas.providing space or time, as the case may be, for display, advertising, showcasing of any product or service in video programmes, television programmes or motion pictures or music albums, or on bill-boards, public places, buildings, conveyances, cell phones, automated teller machines, internet;

Conference of CVOs Organized by Department of Financial Services, Ministry of Finance

November 2, 2011 552 Views 0 comment Print

During the Vigilance Awareness Week, Department of Financial Services, Ministry of Finance organised a full day Conference of Chief Vigilance Officers in Public Sector Banks, Public Sector Insurance Companies and Financial Institutions, here today. The conference was inaugurated by Shri Pradeep Kumar, Chief Vigilance Commissioner. Shri JM Garg, Vigilance Commissioner and Shri Balwinder Singh, Special Director, CBI were guests of honour.

Task Force on an IT Strategy for PDS Submits Report to Finance Minister

November 2, 2011 499 Views 0 comment Print

The Task Force on an IT strategy for PDS submitted its report to the Finance Minister today. Following the announcement by the Finance Minister in his Budget Speech for 2011-12, the Task Force on Direct Transfer of Subsidies on Kerosene, LPG and Fertiliser was constituted by the Ministry of Finance in February 2011 under the Chairmanship of Shri Nandan Nilekani, Chairman, UIDAI. It submitted its Interim report in June 2011. In July 2011, this Task Force was given an extended mandate to recommend an IT strategy for PDS and an implementable solution for the direct transfer of subsidy for Food and Kerosene.

Advertising Agency Service- Brief, Tax Rate, Accounting code, Classification, Valuation

November 2, 2011 42442 Views 6 comments Print

“Advertising agency” means any person engaged in providing any service connected with the making, preparation, display or exhibition of advertisement and includes an advertising consultant. “advertisement” includes any notice, circular, label, wrapper, document, hoarding or any other audio or visual representation made by means of light, sound, smoke or gas;

ICAI-Rules and Procedures for obtaining opinion from Expert Advisory Committee

November 2, 2011 3627 Views 0 comment Print

The fast changing and immensely competitive environment often calls upon organisations to enter into complex business deals and transactions where accounting practices and norms are not yet settled. In such situations, accounting for transactions and auditing thereof becomes a difficult task. This gives rise to the need for authoritative guidance on such matters. The Expert Advisory Committee (EAC) of the Institute of Chartered Accountants of India fits into the role of giving such authoritative guidance in the form of Opinions on matters relating to application and implementation of accounting and auditing standards and other pronouncements comprising generally accepted accounting and auditing principles under peculiar and intricate situations.

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