Income tax department has released a new form for New PAN Card or/And Changes or correction in PAN Data. the new form is simple then earlier form 49A and easy to fill. the form also have column to fill AADHAAR.number for the applicants who already have one.
Pursuant to representations received from the listed entities and the auditing fraternity regarding difficulties, faced in submission of annual financial results along with Q4 results, more specifically owing to the first time adoption of the revised Schedule VI format recently notified by the MCA for FY 2011-12 results, it has been decided to, as a one-time measure, for the purpose of submission of FY 2011-12 financial results, restore, the earlier provision for the time being and review the situation at a later stage.
Whether the transportation service, provided in the factory of the M/s. Tata Auto Comp. Systems Ltd., to their staff for pick up and drop from their residence to the factory and vice versa, was an input service, in or in relation to manufacture, whether directly or indirectly of the final products within the meaning and comprehension of Rule 2(1) of the Cenvat Credit Rules, 2004?
Issue: Whether the explanation introduced to section 65(19)(ii) read with section 65(105)(zzb) of the Finance Act 1994 providing for levy of tax on service rendered in relation to lotteries promoted or marketed by the clients is unconstitutional as claimed by the petitioners/assesee. Held: After hearing the arguments of counsel for the petitioners and the Standing Counsel and on going through the later judgment rendered by the Chief Justice of the Sikkim High Court in Writ Petition(C) No.21/2009, we are unable to accept the challenge against the constitutional validity of the amendment.
In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 118/2009 – Customs (N.T.), dated the 6th August, 2009 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number S.O. 2029 (E), dated the 6th August, 2009,
A Committee has been constituted with Director General of Service Tax Smt. Sanghamitra Panda as Chairperson to review the scheme for electronic refund of service tax paid on taxable services used for export of goods. Other members of the Committee are Commissioner of Service Tax, Mumbai-1, Shri Sushil Solanki and Director, TRU Shri J. M. Kennedy.
Policy for FDI in Commodity Exchanges- At present, foreign investment, within a composite (FDI & FII) cap of 49%, under the Government approval route-i.e. through the Foreign Investment Promotion Board (FIPB)-is permitted in commodity exchanges. Within this overall limit of 49%, investment by Registered FIIs, under the Portfolio Investment Scheme (PIS) is limited to 23% and investment under the FDI Scheme is limited to 26%. It has now been decided to liberalise the policy and to mandate the requirement of Government approval only for FDI component of the investment. Such investment by FIIs, in commodity exchanges, will, therefore, no longer require Government approval. This change aligns the policy for foreign investment in commodity exchanges, with that of other infrastructure companies in the securities markets, such as stock exchanges, depositories and clearing corporations.
In the present case, the findings recorded by the Tribunal are correct as the CIT has not gone into and has not given any reason for observing that the order passed by the Assessing Officer was erroneous. The finding recorded by the CIT is that order passed by the Assessing Officer may be erroneous. The CIT had doubts about the valuation and sale consideration received but the CIT should have examined the said aspect himself and given a finding that the order passed by the Assessing Officer was erroneous.
As part of the Government’s commitment to good governance and elimination of corruption, the Ministry of Finance has amended the rules to enable all the Ministries and Departments to facilitate payments by direct credit to the bank accounts of the payees. Orders have also been issued by the Controller General of Accounts(CGA) that, with effect from 1st April 2012, all payments above Rs.25,000 to suppliers, contractors, grantee and loanee institutions shall be directly credited to their bank accounts.
The Central Board of Excise and Customs(CBEC ) has detected a total Central Excise and Service Tax evasion amounting to Rs.3333.28 crore and Rs.10286.73 crore respectively up to February, 2012 in the Financial Year 2011-12. Further, during the investigation, Central Excise Duty and Service Tax amounting to Rs.972.69 crore and Rs.1182.64 crore respectively has also been realized.
