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Archive: 23 April 2012

Posts in 23 April 2012

Service Tax on Trading of goods & Related services

April 23, 2012 6429 Views 0 comment Print

The services provided by commission agent or a clearing and forwarding agent are not in the nature of trading of goods. These are auxiliary for trading of goods. In terms of the provision of clause (1) of section 66F reference to service does not include reference to a service used for providing such service. Moreover the title in the goods never passes on to such agents to come within the ambit of trading of goods.

Service Tax on Services relating to agriculture

April 23, 2012 39773 Views 14 comments Print

The services relating to agriculture that are specified in the negative list are services relating to – agricultural operations directly related to production of any agricultural produce including cultivation, harvesting, threshing, plant protection or seed testing;

Service Provided by RBI is Exempt from Tax

April 23, 2012 7293 Views 0 comment Print

1 Are all services provided by the Reserve Bank of India in the negative list? Yes. All services provided by the Reserve Bank of India are in the negative list.

Notification No. 37/2012-Customs (N.T.) Dated: 23.04.2012

April 23, 2012 523 Views 0 comment Print

G.S.R. (E).- In exercise of the powers conferred by section 79 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following rules further to amend the Baggage Rules,1998, namely :-

Guidelines on Credit Default Swaps for Corporate Bonds-Permitting All India Financial Institutions

April 23, 2012 343 Views 0 comment Print

A reference is invited to our circular IDMD.PCD.No.5053/14.03.04/2010-11 dated May 23, 2011 enclosing the Guidelines on Credit Default Swaps for corporate bonds. As indicated in paragraph 2.1.1 of the guidelines, commercial banks, PDs, NBFCs, mutual funds, insurance companies, housing finance companies, provident funds, listed corporates and foreign institutional investors (FIIs) are permitted as users in the CDS market.

Section 32(1) not applicable If assessee is only permitted to use trade mark /brand name of foreign collaborator with certain conditions

April 23, 2012 1159 Views 0 comment Print

Therefore, in view of the Hon’ble Bombay High Court’s decision (supra), we, set aside the orders of the lower authorities and direct the Assessing Officer not to apply Rule 8D in the present case since the assessment year under appeal is 2005-06 and Rule 8D is applicable only from the assessment year 2008-09.

Appointment of Common Adjudicating Authority -Notification No.36 / 2012 – Customs (N.T.)

April 23, 2012 234 Views 0 comment Print

Notification No.36 / 2012 – Customs (N.T.) for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Jupiter Tools Corporation, 1, Minerva Motor Marhet, Kashmere Gate, Delhi-6 and M/s Suri & Co., 2712A, Lothian Road, Kashmere Gate, Delhi-6, issued vide, DRI F.No. 856(11)Ldh/2010/Pt.IV/265-279 dated the 13th February, 2012 by the Joint, Directorate of Revenue Intelligence, Ludhiana Regional Unit, Ludhiana.

Notification No. 35 /2012 -Customs (N.T.) to amend Notification No.12/97-Customs (N.T.)

April 23, 2012 1014 Views 0 comment Print

Notification No. 35 /2012 – Customs (N.T.) In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/97-Customs (N.T.), dated the 2nd April, 1997, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), vide number G.S.R. 193(E), dated the 2nd April, 1997, namely:-

Form 49A, Form 49AA , PAN Correction / Reprint Form – Excel Utility

April 23, 2012 359316 Views 32 comments Print

Download Automatic Excel Utility for Application for allotment of New PAN (Form 49A) – applicable for Citizens of India. This form should be used when the applicant has never applied for a PAN or does not have PAN allotted to him. An applicant can visit Income Tax Department (ITD) website to find whether a PAN has been allotted to him or not. Indian citizens located outside India should also use this form.

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