Follow Us :

Archive: 17 March 2012

Posts in 17 March 2012

Notification No. 5/2012-Service Tax, Dated: 17.03.2012

March 17, 2012 5534 Views 0 comment Print

Notification No.5/2012 – ST, Dated 17-3-2012 aggregate value means the sum total of value of taxable services charged in the first consecutive invoices issued or required to be issued, as the case may be, during a financial year but does not include value charged in invoices issued towards such services which are exempt from whole of service tax leviable thereon under section 66 of the said Finance Act under any other notification’.

Budget 2012- Point of Taxation (Amendment) Rules, 2012

March 17, 2012 12337 Views 0 comment Print

Notification No.4/2012 – ST, dated 17-3-2012 After rule 2 of the said rules, the following rule shall be inserted, namely:- 2A. Date of payment.- For the purposes of these rules, date of payment shall be the earlier of the dates on which the payment is entered in the books of accounts or is credited to the bank account of the person liable to pay tax:

Notification No. 3/2012-Service Tax, Dated: 17.03.2012

March 17, 2012 15121 Views 0 comment Print

Notification No.3/2012 – ST, dated 17-3-2012 In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:- 1. (1) These rules may be called the Service Tax (Amendment) Rules, 2012. (2) They shall come into force on the 1st day of April, 2012. 2. In the Service Tax Rules, 1994 (hereinafter referred to as the principal rules), in rule 2, –

Notification No. 2/2012-Service Tax, Dated: 17.03.2012

March 17, 2012 5157 Views 1 comment Print

Notification No.2/2012 – ST, dated 17-3-2012 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 8/2009 – Service Tax, dated the 24th February, 2009, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 120 (E), dated the 24th February, 2009, except as respects things done or omitted to be done before such rescission.

Notification No. 1/2012-Service Tax, Dated: 17.03.2012

March 17, 2012 1030 Views 0 comment Print

Notification No.1/2012 – ST, dated 17-3-2012 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 makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 42/ 2011 – Service Tax, dated the 25th July, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide G.S.R. 566 (E), dated the 25th July, 2011, namely:-

Dividend Distribution Tax and common man

March 17, 2012 8053 Views 0 comment Print

Though the proposed amendment to Section 115-O of the Act providing that in case any company receives, during the year, any dividend from any subsidiary and such subsidiary has paid DDT as payable on such dividend, then, dividend distributed by the holding company in the same year, to that extent, shall not be subject to Dividend Distribution Tax under section 115-O of the Act, will remove the cascading effect of ‘Dividend Distribution Tax’ (DDT), the one of the basic ‘canons of taxation’ viz. ‘one who earns more has to pay more tax’ has not been taken into account in the sense that because the entire Dividend is exempt at the hands of the recipient without any limit and the Limited company pays DDT (Dividend Distribution Tax) @ DDT and common man 10% at the time of distribution of dividend.

Related person for the purpose of making an application before Settlement Commission

March 17, 2012 759 Views 0 comment Print

It is accordingly proposed to amend the provisions of section 245C of the Income-tax Act so as to provide that a person shall be deemed to have a substantial interest in a business or profession if such person is a beneficial owner of not less than 20% of shares or of 20% share in profits on the date of search.

Fee for filing applications before Authority for Advance Rulings (AAR) raised to Rs. 10,000

March 17, 2012 4468 Views 0 comment Print

Under section 245Q of the Income-tax Act, the prescribed fee for filing an application before the Authority for Advance Rulings (AAR) is Rs.2500. This fee was prescribed in 1993, when the provisions for Advance Rulings were first introduced and there has been no change/review thereafter. It is therefore proposed to amend the provisions of section 245Q so as to provide for increase in the fee for filing an application for advance ruling from Rs.2500 to Rs.10,000 or such fee as may be prescribed, whichever is higher.

Not necessary to issue S.132 authorisation or make a requisition u/s. 132A separately in the name of each person in search cases

March 17, 2012 2754 Views 1 comment Print

Under the existing provisions of section 132 and section 132A, an authorisation can be issued or a requisition can be made, as the case may be, where the Director General or the Director in consequence of information in his possession has reason to believe that any person is in possession of any money, bullion, jewellery or other valuable article or thing (hereafter referred to as undisclosed income or property), then, he may authorise any Additional Director or Deputy Director, etc. to enter and search any building, place, vehicle, etc. and seize any such books of accounts, other documents, undisclosed property, etc.

5% duty made 6%. Notification No. 2/2011 – CE dated 1.3.2011 amended. Sl. Nos 34 and 35 of the table again omitted, which were already omitted by Notification No. 43/2011 – CE dated 30.12.2001

March 17, 2012 1862 Views 0 comment Print

Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 2/2011-Central Excise, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 117 (E), dated the 1st March, 2011, namely:-

Search Post by Date
March 2012
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031