Service Tax Rules – Besides complying with some revised drafting needs due to negative list, the rules will need changes in respect of person liable to pay tax: to provide for recipient persons relating to services provided to business entities by government, advocates or arbitrators, change in services provided from non-taxable territory, some changes to services provided by GTA and the deletion of all those services that are now exempt e.g. mutual funds agents and distributers.
Shri Mukul Roy has been sworn in as the new Union Railway Minister here today. Prior to this, Shri Roy was the Minister of State for the Ministry of Shipping since 28th May 2009 onwards. He also served earlier as Minister of State for Railways.
As per File and Use Guidelines, the insurance companies are required to launch products after allowing for 60 days for non-life and 30 days for life for clearance by the IRDA. Several times, however, the full details of the product, which are required in order to assess the product, are not furnished and consequently there is delay.
Notification No. 16/2012-Customs (ADD) Now, therefore, in exercise of the powers conferred by sub-sections (1) and (5) of Section 9A of the said Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 124/2007-CUSTOMS, dated the 31st December, 2007, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.798 (E), dated the 31st December, 2007, namely: –
The ICAI proudly acknowledges professional achievements of its members in Entrepreneurship and Public Service. ICAI has a special committee, the “Committee for Members in Entrepreneurship & Public Services” to recognize their contribution to the economy as a whole and factor in their vision and perspectives in the work program of ICAI.
The Committee for cooperatives & NPO Sectors, ICAI proudly acknowledges professional achievements of its members engaged in Cooperatives & NPO Sectors. ICAI has a Non standing committee, the “Committee for cooperatives & NPO Sectors” to recognize their contribution to the economy as a whole and factor in their vision and perspectives in the work program of the ICAI.
The case of the assessee is that the assessee could not comply with the provisions of section 54 within the time prescribed for reasons beyond her control, inasmuch as the money, which was blocked by her by paying advances to procure the property, was not realized within the time and, therefore, she could not make any alternative investment within the prescribed time. It is the case of the assessee that the acquisition of the property has been completed in 2001-02 and, therefore, deduction under section 54 may be granted, condoning the period of delay caused in complying with the time-limit prescribed under section 54.
In continuation to this Departments RFP on the above mentioned subject, this Department invites proposals from reputed firms / consultants to undertake the job of scrutiny of subsidy claims in respect of NER States. Additional information to facilitate interested firms / consultants to submit their proposal to this Department is as under:
Trade Notice 24 dated 20th March, 2012 Through Public Notice No. 102 dated 16.03.2012 procedure for scrutiny and revalidation of Registration Certificates(RCs) for export of cotton were notified. Last date stipulated in this Public Notice for submission of applications for revalidation of RCs with the concerned RAs is Thursday, 22nd March, 2012. It is expected that the trade would have taken expeditious action for submitting the applications.
It was held that consideration paid by the Indian customers or end users to the assessee – a foreign supplier, for transfer of the right to use the software/computer programme in respect of the copyrights falls within the mischief of ‘royalty’ as defined under sub-clause [v] to Explanation 2 to Clause [vi] of section 9[1] of the Income-tax Act, 1961.
