The Bank audit could have commenced in March 2012, however the completion of the services would be in April/ May 2012. Since the completion of service is important, as per the Point of Taxation Rules {POTR} the rate of service tax would be: Basic- 12% EC- 0.24 SHEC- 0.12- Total 12.36%.
As per unconfirmed new received by us from our sources RBI has increased Audit fees for statutory Audit of Branches of Public Sector Banks for the financial year 2011-12. RBI has further increased time line to complete the audit to 21 April at branch level.
The Financial Year 2011-12 closes on 31-3-2012 falling on Saturday. Ail the Income Tax Offices through out India shall remain open on this day and the receipts counters shall also work during normal office hours. This direction is issued for administrative convenience by the Central Board of Direct Taxes in exercise of powers conferred under section 119 of the Income Tax Act, 1961.
The Ministry of Railways has revised passenger fares with effect from tomorrow i.e. 1st April 2012 in AC-First Class, AC-2 tier, Executive Class and First Class only. There is no revision in other classes of travel. The revised fares in these classes would be applicable to all types of trains on Indian Railways network.
Currently, payment for MCA21 services is required to be made at the time when the E Form is uploaded and the SRN gets generated. But now the Ministry has introduced ‘Pay Later’ facility through which user can upload the eForm and can generate SRN for MCA21 services in one step and make the payment at a later point** by using the online payment modes of Credit card or Internet banking only.
For the convenience of taxpayers, the Reserve Bank of India has made special arrangements at Mumbai and Navi Mumbai offices to receive taxes beyond normal working hours on March 30, 2012 and March 31, 2012 as follows:
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There is No Excise Duty on jewellers who are engaged only in trading activity i.e. only buying & selling so long as they do not engage in the manufacture of the same. This being so they are not required to obtain any excise registration and/or keep separate documents and file any excise returns. No field excise officer can ever raise any demand for excise duty from jewellers who are traders only.
Transfer of goods on sale of the business as a whole by a proprietor to a company in which he is a promoter, as his contribution for capital, is a ‘sale’ under Uttar Pradesh Value Added Tax Act, 2008
For the purposes of Section 80IB (10) it is not the mandate of the Section that the housing project must be on a vacant plot of land having minimum area of one acre and that where a new housing project is constructed on a plot of land having minimum area of one acre but with existing housing projects would qualify for Section 80IB (10) deduction.
