"25 December 2011" Archive

Revised Faqs Relating To Work Related Visas Issued By India

What are the conditions to be fulfilled for grant of a Business visa? Ans.: The conditions to be fulfilled for grant of a Business visa are as follows:- (i) The foreign national must have a valid travel document and a re-entry permit, if required under the law of the country of nationality of the applicant. (ii) The foreign na...

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Posted Under: Finance |

Union Budget 2012 likely to be delayed by a few days

The Union Budget is likely to be delayed by a few days, government sources have said. The Union budget and Railway budget are likely to be tabled in the first week of March, they said. That's only after assembly elections in five states – Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur - are over....

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Posted Under: Finance |

Deemed service provider is entitled to avail Cenvat Credit on inputs/input services/capital goods for payment of GTA service tax – Stay Granted

Tata Aig Life Insurance Co Ltd Vs Commissioner Of Central Excise, Thane (CESTAT Mumbai)

Brief facts arising for consideration of the case are that the appellant M/s Tata AIG Life Insurance Co. Ltd. are holders of service tax registration under the category of Insurance auxiliary services. The service rendered by insurance agents is covered under the category of insurance auxiliary services. However, the liability to pay serv...

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Stay Petition – Existence of two different views justifies waiver of predeposit

Micro Credit Foundation Of India Vs Commissioner Of Service Tax, Chennai (CESTAT Chennai)

Assessees have made out a strong prima facie case on the ground that, although they were charging management fees from the bank who lend/advance money to the SHGs, they were a non-profit making organization as no profit or income or profit was paid or transferred to their members directly or indirectly by way of dividend or bonus. This vi...

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XBRL Report now available in Tally.ERP 9

The Highlights in Tally.ERP 9 Series A Release 3.3 are: 1. MCA’s Statutory Report (in XBRL format) now available in Tally.ERP 9 2. The user experience for Market place has been enhanced 3. In Dealer Excise Enhancements 4. Manufacturers Excise Enhancements 5. New Eligibility criteria for ESI is supported for Payroll computation...

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Posted Under: Finance | ,

Whether trade discount amounts received from newspapers for sale of space to be treated as commission and taxable under the Business Auxiliary Service or not

M/s Varadhi Advertisers Pvt Ltd Vs Cce, Bangalore (CESTAT Bangalore)

The issue involved in the matter is whether the trade discount amounts received by the appellant to be treated as commission and taxable under the Business Auxiliary Service or not. The liability in that regard is essentially to be decided on the basis of the provisions of law comprised under the service tax statute. Besides the provision...

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Service Tax –Commission received in advance cannot be considered as payment for service even prior to actual rendering of service

M/s Syndicate Bank Vs Cce, Bangalore (CESTAT Bangalore)

Explanation to Rule 6(1) of the Service Tax Rules provide that for removal of doubt, it is clarified that in case the value of taxable service is received before providing of the said service, then the service tax is required to be paid on the value of the service, then the service tax is required to be paid on the value of the service at...

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Clubbing of Income under Income Tax Act, 1961

Under Section 4 of the income tax act every person is chargeable to income tax in respect of his total income i.e. income, profits & gains accruing or arising to, or received by him but subject to provisions of the Act, which are contained in Section 60-62 of the Act. Section 60-Transfer of income where there is no transfer of assets S...

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Posted Under: Finance |

Service Tax – If dispute involved was of technical nature then penalty not imposable

M/s Kerala State Industrial Enterprises Ltd. Vs Commissioner OF Service Tax (CESTAT Bangalore)

The assessee did not file ST-3 returns declaring the correct taxable value as prescribed. We find that the Joint Commissioner had held that the assessee was not liable to pay service tax on demurrage and handling charges with respect to export cargo/baggage in appellants' own case. The Commissioner has refrained from confirming the demand...

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Finance minister to kick off pre-budget meetings from Jan 11

Amid economic slowdown, finance minister Pranab Mukherjee will hold brainstorming sessions with various stakeholders during his annual pre-budget meetings beginning January 11. The first meeting would be held with agriculturalists, followed by a series of interactions with sectoral experts, representatives, industry captains and economis...

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Posted Under: Finance |

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