"26 March 2012" Archive

Service Tax Rates wef 1st April, 2012

The rate of service tax is being increased from ten per cent to twelve per cent with effect from 01/04/2012. In another words from the 1st April, 2012 service tax rate will be 12.36% instead of present 10.3%. ...

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Maharashtra Budget 2012 Highlight, Download Speech

Growth in Sales Tax collection is 20 per cent and exceeds target by 4000 crore. Electronic surveillance of transactions to go up. Online verification of Input Tax Credit facility will be made avail able to dealers shortly.Exemption to food-grains, pulses and their flour, Solapuri Chadars and towels and wet dates to continue upto 31st Mar...

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Posted Under: Service Tax | ,

Misconception – e-filing of Income Tax Return

Individual assesees with income from salary or pension, one house property and income from other sources are required to file their tax return in ITR-1 (form Saral-II). ITR-2 will be applicable to salaried assessees who have also made some capital gains or own multiple house properties....

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All about Payment of Gratuity Act 1972

The Payment of Gratuity Act 1972:- Gratuity is a voluntary Payment made by the employer to the employee in recognition of continuous, meritorious services and sincere efforts by the employee towards the organization.It is governed under the Payment of Gratuity Act 1972.It is an Act to provide for a scheme for the payment of gr...

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Payment received / receivable by the applicant in connection with IVTC Services are taxable as FTS

In re XYZ (Authority For Advance Ruling)

Que.No.1 The payment received / receivable by the applicant in connection with IVTC Services are taxable as FTS under section 9(1)(vii) of the Act. The exception provided under section 9(1)(vii)(b) of the Act is not available to the applicant. Que.No.2&3 The payments received / receivable in connection with the cost incurred and recovery ...

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Tax Provision in India in 2025

1. Any transaction in West Indies is now taxable in India since the word 'Indies' substantially involves an Indian nexus. 2. A retrospective amendment is also proposed to bring to tax the income earned by 'Indiana Jones' movies...

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Posted Under: Service Tax |

TDS, Advance Tax & SA Challan Status on Mobile

National Securities Depository Limited (NSDL) provides CIN (Challan Identification Number) based view of direct tax challans to taxpayers to know the status of challan on its web-site. In addition to the above facility, NSDL has launched a Short Message Service (SMS) based facility to know the status of its challans. The procedure for ava...

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Residential Status and taxability of Income

As per the provisions of the Income Tax Act, 1961, an individual’s income is taxable based on his residential status in India. Residential status is determined based on the physical stay of the individual in the current financial year (1 April to 31 March) and the preceding 10 financial years....

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In computing book profit u/s 115JB, S.14A not apply if expense to earn exempt income not debited to P&L account

Quippo Telecom Infrastructure Ltd. Vs Asstt. Commissioner of Income-tax (ITAT Delhi)

In the present case, the AO has also made addition of Rs. 19,58,253/- on account of alleged expenditure incurred to earn exempt income while computing book profit u/s 115JB of the Act. The AO’s action has been confirmed by the CIT(A). Both the authorities have applied Rule 8D of the Income-tax Rules while computing the amount of expendi...

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If tax effect less than Rs.1 lakh Department should not file appeal before Tribunal

JCIT Vs M/s Video Electronics Pvt. Ltd. (ITAT Delhi)

The Tribunal found that in view of Instructions issued by the CBDT where the tax effect is less than Re. 1 lakh. The Department should not file an appeal before the Tribunal. In the present case the tax effect is less than Re. 1 lakh. Under the circumstances, the Tribunal did not entertain the appeal. ...

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Addition can not be made merely on the basis of information from Director of Income-tax (Inv.)

Assistant CIT Vs Puneet Mercantiles & Credits (P) Ltd. (ITAT Delhi)

The revenue is in appeal before us against the order of Learned CIT(Appeals) dated 11.10.2010 passed for assessment year 2002-03. The solitary grievance of the revenue is that Learned CIT(Appeals) has erred in deleting the addition of Rs.50,07,000 which was added by the Assessing Officer with the aid of section 68 of the Income-tax Act, 1...

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Provident Fund Calculator for Govt employees

This Excel utility prepares GPF Ledger of all the Employees and Statement of general Provident Fund Account for all Government Employees of State and Central Government....

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IRDA – No proposal to shift the insurance sector to a paperless model

Insurance Regulatory and Development Authority (IRDA) has reported that there is no proposal to shift the insurance sector to a paperless model. The insurance companies could continue to issue paper insurance policies. However, where an insurer issues e-insurance policies, the company shall do so at the option of the policyholder by utili...

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Posted Under: Service Tax |

Proposal to modify defination of term ‘foreign company’

Registration of Companies The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that Under the Companies Act, 1956, there is no specific provision for mandatory registration of foreign companies engaged in on-line business practices. However, keeping in view the present scenario which ...

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Posted Under: Service Tax |

Revised Treaty of Trade between India and Nepal – Circular No. 961/04/2012-CX

Circular No. 961/04/2012-Central Excise (26/03/2012)

Circular No. 961/04/2012-CX As you are aware, Duty refund procedure (DRP) prescribed by Notification No. 20/2004-CE(NT) dated 6.9.2004 has been rescinded vide Notification No. 25/2011-CE(NT) dated 5.12.2011 w.e.f 1st March, 2012. Export to Nepal under claim of rebate is permissible under Notification No. 19/2004-CE(NT) dated 6.9.2004 as ...

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Implementation of XBRL

Implementation of XBRL The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that the Ministry has set up a committee in November 2011 comprising of XBRL experts and representatives from the corporate sector as well as the Institute of Chartered Accountants of India (ICAI) with the [&h...

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Posted Under: Service Tax |

CCI Advocating for Competition Coherent Government Policies

The Competition Act is a modern legislation that incorporates all the broadly accepted principles of antitrust, such as provisions prohibiting anti-competitive agreements including cartels and bid rigging, and abuse of dominant position, and regulation of mergers. It has provisions relating to the interface of intellectual property and co...

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Posted Under: Service Tax |

ICAI request members to restore membership by 31.03.2012

Restoration under General Amnesty Scheme 2012. Restoration under Regulation 19 - Retrospective Restoration for the year 2011-12. Restoration from current date. ...

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Posted Under: Service Tax |

IRDA Notification on Daily Declaration of NAV

Circular No. IRDA/F&I/CIR/INV/69/03/2012 (26/03/2012)

CIRCULAR No. IRDA/F&I/CIR/INV/69/03/2012, dated 26-3-2012 Under Clause 4 of the reference first cited, Life Insurance Companies are required to compute and declare NAV on a daily basis as per the provisions of Circulars 1, 2 and 3 referred to above. In 2009, a one time relaxation was provided vide communication at SI. No. 4 above....

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Guidelines on Fair Practices Code for NBFCs

RBI/2011-12/470 DNBS.CC.PD.No.266 /03.10.01/2011-12 (26/03/2012)

A review of the guidelines is made in view of the creation of a new category of NBFCs viz; NBFC-MFIs and also rapid growth in NBFCs’ lending against gold jewellery. The revised guidelines issued under Section 45 L of the Reserve Bank of India Act, 1934 (Act 2 of 1934) and of all the powers enabling it in this behalf, in supercession of ...

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RBI issues Clarifications on The Banking Companies (Nomination) Rules, 1985

RBI/2011-12/469 DBOD.No. Leg.BC. 89/ 09.07.005/2011-12 (26/03/2012)

Certain queries were received from banks and we further clarify that for the various Forms (DA1, DA2 and DA3 for Bank Deposits, Forms SC1, SC2 and SC3 for Articles left in Safe Custody, Forms SL1, SL1A, SL2, SL3 and SL3A for Safety Lockers) prescribed under Banking Companies Nomination Rules, 1985 only Thumb-impressions(s) shall be attest...

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Deemed let Out property – ALV cannot exceed standard rent under Rent Control Act

Ms. Pramila H. Sanghvi Vs Income tax Officer (ITAT Mumbai)

This appeal by the assessee is directed against the order dated 3.2.2011 of CIT(A) for the assessment year 2005-06. The only dispute raised is regarding annual value of second house property which was self occupied by the assessee....

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Uses and Misuses of Statistics

Statistics as subject of collection and use of various kinds of statistics can be traced much earlier in India. Kautilya’s Arthasastra (321-296B.C.), one of the greatest treatise of economics, indicates a system of census and data collection relating to agriculture, population and other economic activities, covering villages and towns. ...

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Posted Under: Service Tax |

Finance Bill 2012-13- Service Tax Highlights

Rate of Service Tax, Introduction of Negative List approach, Changes in Valuation Rules, CENVAT Credit Rules, Retrospective changes, Point of Taxation, Small Service Providers(SSI), Changes With respect to Appeals, Change in Rate of Taxable Portion , Reverse charge provisions, Change in Rate of Taxable Portion as per Notification No 13...

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Finance Bill 2012-13 – Direct Tax Highlights

Increase in slab rate in case of Individual Tax Payers.No change in corporate tax rates. Alternate Minimum Tax (AMT) on all persons other than companies.Interest up to Rs. 10,000 from saving bank account will now be exempt from tax. Exemption from payment of advance tax to Senior Citizens not having income from business.Enhanced deduction...

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