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Archive: 16 February 2012

Posts in 16 February 2012

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

May 15, 2024 6447 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.

Check Status of PAN / TAN Application with NSDL

February 16, 2012 21440 Views 5 comments Print

To know the status of PAN / TAN application filed with NSDL Assessee have to follow the following procedure:- 1. Visit the following Link :- https://tin.tin.nsdl.com/tan/StatusTrack.html 2. In The Application Type we have to choose out of the following two options :- PAN – New / Change Request TAN – New / Change Request

DVAT for Works Contractors – Jargon Simplified

February 16, 2012 17225 Views 0 comment Print

Works Contract has always been a matter of dispute for judiciary as well as professionals. The Complexity of transactions can briefly be gauged from the fact that applicable provisions include levy of Sales Tax (As per State Acts), Service Tax (As per Central Government), TDS and WCT Deductible (as required in most of state act) all on one single running bill of a Larger Work Contract. The Fact that one Single Works Contract may run into years and thereby resulting in transactions like Mobilisation advance, running bills and advances adds to the jargon.

Excise Duty on Branded Readymade Garments

February 16, 2012 6705 Views 0 comment Print

In Recent times the Rollback of Excise Duty Exemption on Branded Readymade Garments has been a Subject Matter of big protest from Industry. Despite all the efforts and rows the government looks in no mood to give any relaxation on the same. Excise duty at the rate of 10% shall now apply to ready-made garments […]

Practical Aspects in Works Contract – A Service Tax Perspective (Part – 1)

February 16, 2012 6553 Views 0 comment Print

What is Works Contract? According to Section 65 (105) (zzzza), any service provided or to be provided to any person, by any other person in relation to the execution of a works contract, excluding works contract in respect of roads, airports, railways, transport terminals, bridges, tunnels and dams, is a taxable service;

DTC committee favoured raising I-T exemption limit to Rs 3 lakh

February 16, 2012 1472 Views 1 comment Print

The committee, according to sources, wants the government to raise the income tax exemption limit to Rs 3 lakh in view of the near double-digit inflation which has eroded purchasing power of rupee. The Bill has a provision to raise the limit to Rs 2 lakh. Currently, income of Rs 1.80-5 lakh attracts 10 per cent income tax, Rs 5-8 lakh 20 per cent and above Rs 8 lakh 30 per cent.

Income Tax Department Seizes cash,Jewellery and Fixed Deposit worth Rs. 11.61 crore

February 16, 2012 1848 Views 0 comment Print

Cash Worth Rs 2.03 Crore, Jewellery and Ornaments worth the Value of Rs.5.18 Crore, Fixed Deposits of Rs. 4.4 Crore, and Large Number of Documents Seized During the Search Operations by Income Tax Department. It has been reported in certain section of the media that there has been a leak in a search case conducted recently by the Income Tax department on a ‘liquor baron’. It is also being reported in the media that CBDT has instituted an inquiry into the matter.

Packing of export cargo not liable to Service Tax

February 16, 2012 1827 Views 0 comment Print

Besides this, we have to keep in mind the object and purpose of granting service tax exemption on handling of export cargo, which is only to reduce the cost of exporters to send goods for sale in international markets at competitive rates. In fact all kinds of incentives such as tax and duty exemptions are allowed for export cargo to make the Indian goods competitive in international markets.

Guidance Note on Accounting for Real Estate Transactions (Revised 2012)

February 16, 2012 21299 Views 0 comment Print

. This Guidance Note covers all forms of transactions in real estate. An illustrative list of transactions which are covered by this Guidance Note is as under: (a) Sale of plots of land (including long term sale type leases) without any development. (b) Sale of plots of land (including long term sale type leases) with development in the form of common facilities like laying of roads, drainage lines and water pipelines, electrical lines, sewage tanks, water storage tanks, sports facilities, gymnasium, club house, landscaping etc. (c) Development and sale of residential and commercial units, row houses, independent houses, with or without an undivided share in land.

Need to move from government regulation to self regulation says Moily

February 16, 2012 657 Views 0 comment Print

There is an urgent need to move from government regulation to self regulation. This was stated by Union Minister for Corporate Affairs Dr. M. Veerappa Moily while delivering valedictory address at the 8th Corporate Registers Forum (CRF) 2012 here today. He stressed on setting of norms and standards which attract the international firms and setting of standard norms that help to improve good governance.

Notification for Amendment to Rule 52, 53 and 54 of MVAT Rules

February 16, 2012 23505 Views 0 comment Print

Whereas the Government of Maharashtra is satisfied that ircumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the condition of previous publication thereof under the proviso to sub-section (4) of section 83 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005).

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