"20 March 2012" Archive - Page 3

Changes in rate of Service tax on Money Changers

The rate of service tax on Authorised dealers in foreign exchange or authorized changers have been changed against this year by Budget, 2012. The method of computation of service tax is prescribed in sub-rule(7B) of principal Rule 6 of Service Tax Rules, 1994. The said Rule is reproduced here under for ready reference:...

Posted Under: Service Tax |

ICWAI Empanelment for Observers for June 2012 Foundation, Intermediate & Final Examination

The Institute of Cost Accountants of India intends to draw a panel for acting as Observer at the examination centre’s in various cities during the Cost accountants examinations to be held from June 11 ‐ 18, 2012. Examination will be conducted in two sessions – (i) Morning session (9.30 A.M to 12.30 P.M.) and (ii) Afternoon session (...

Posted Under: Service Tax |

RBI to conduct Special same day Clearing on March 31, 2012

RBI/2011-12/462 DPSS.CO.CHD.No./1732/03.01.03/2011-2012 20/03/2012

With a view to facilitating accounting of all the Government transactions of the current financial year (2011-12) by March 31, 2012, the National Clearing Cells functioning under the Regional Offices of Reserve Bank of India have been advised to conduct Special Clearings with same day return clearing in the evening / night of March 31, 20...

Lead Bank Scheme – District Consultative Committees – Inclusion of Director of MSME-DI

RPCD.CO.LBS.BC.No.67/02.01.01/2011-12 20/03/2012

As the participation of MSME-DI would be useful in discussing issues concerning the MSMEs which would eventually help in increasing credit flow to the MSME sector, you are advised to invite the concerned Director of MSME-DI to attend the District Consultative Committee (DCC) meetings as invitee in those districts where MSME clusters are l...

Assessee entitled to claim Cenvat credit even if the duty is wrongly charged by supplier

Racold Thermo Ltd. Vs Commissioner of Central Excise, Pune I (CESTAT Mumbai)

There is no dispute about the fact that the appellant has taken CENVAT credit of the duty paid by them. Whether the duty is paid rightly or wrongly, is not the concern of the appellant who is only a recipient of the goods/service. So long as duty is paid either on the goods or the service, appellant is rightly entitled for the credit. Thi...

Implementation of asset classification and provisioning norms for NBFC-MFIs deferred to 1st April 2013

RBI/2011-12/463 DNBS.PD/CC.No.263/03.10.038/2011-12 20/03/2012

A new category of NBFCs namely 'Non Banking Financial Company-Micro Finance Institutions' (NBFC-MFIs) was introduced vide DNBS.CC.PD.No.250/03.10.01/2011-12 dated December 02, 2011, which also contained guidelines on asset classification and provisioning norms to be adhered to by the MFIs with effect from April 01, 2012. Taking into accou...

Advance Pricing Agreement (‘APA’) Provisions in Budget 2012-13

The APA provisions are proposed to be implemented in the Indian Income-tax Act, 1961 through the Budget recently presented before the Indian Parliament. An APA mechanism can be - Unilateral, Bilateral and Multilateral. A Unilateral APA is the one which is entered into between the tax assessee and government of a country with respect to ta...

Posted Under: Service Tax |

Service Receiver to Pay Service Tax under New reverses charge mechanism (Must Read)

The Finance Bill, 2012 has massively rattled the provisions related to service tax enshrined in the Finance Act, 1994. A New reverse charge mechanism has been proposed by the Finance Bill, 2012. And by the latest Finance Bill, Section 68 (2) of the Finance Act, 1994 has been put under amendment to put the onus of payment of service tax on...

Posted Under: Service Tax |

Desptie Retrospective amendment from 1962 no reopening beyond six years – FM

Finance Minister Pranab Mukherjee said, We are not going to reopen cases from 1962. Please remember this is the legal requirement — when we interpret something and if legislation says this is my intention, it goes back to the date it was originally enacted. But, there is also another provision in the Income Tax Act that says we cannot r...

Posted Under: Service Tax |

Assessee obliged to be vigilant about proceedings initiated by him – HC

Baganeheddal 'C' Estate Vs Karnataka Appellate Tribunal (Karnataka High Court)

The assessee cannot be heard to say that the Tribunal was obliged to inform the petitioner about the dismissal of the order. Assuming that the Tribunal is required to send a copy of the order to the assessee/appellant, the assessee is also obliged to be vigilant about the proceedings initiated by him. ...

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