"20 June 2012" Archive

FM releases booklet on new law relating to service tax – new exemptions announced

In a function held today (20-6-2012) in North Block, Hon'ble Finance Minister released the Guidance Paper on the new approach to service tax. The public release of the Guidance Paper marks the culmination of the year long efforts made by the Government to introduce a negative list based comprehensive approach to taxation of services as a ...

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Posted Under: Service Tax |

Deduction cannot be denied for delay in filing return due to loss of data on account of virus attack

Income Tax Officer Vs. Sri S. Venkataiah (ITAT Hyderabad)

Assessee filed the return of income on 23.12.2008. The due date for filing the return of income u/s. 139(1) of the Act for the assessment year under consideration in the case of the assessee is 3 1.10.2008. As such the return filed by the assessee is belated. In this the assessee claimed deduction u/s. 80IC of the Act which was disallowed...

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Service Tax under Reverse Mechanism & SSI Exemption Benefit- Part II

Service tax, like any other indirect tax, is a destination based consumption tax born the ultimate user and collected by the provider. The core of the system is section 66B which is the charging section levying service tax @ 12% on the value of all services, other than those services specified in the negative list which are provided or a...

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Posted Under: Service Tax |

Transfer Pricing – Specified Domestic Transaction – Whether an area of concern?

Transfer pricing until now was applicable to companies having cross border transactions with their ASSOCIATED ENTERPRISE. However, Finance Bill 2012, honoring the supreme court ruling in case of CIT vs. M/S Glaxo Smithkline Asia (P) Ltd. (Special Leave to Appeal (Civil) No(s).18121/2007), expanded the ambit of transfer pricing to specifie...

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Posted Under: Service Tax |

Claim investigator can’t declare driving license to be fake

An insurance claim investigator cannot declare unilaterally a driving licence to be fake without any corroborating report from the transport authority, a Delhi district consumer forum has said....

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Posted Under: Service Tax |

Australia amends ‘Cross-Border Transfer Pricing’ law wef 01.07.2004

Australian Finance Ministry passes Tax Law Amendment (Cross Border Transfer Pricing Bill) Act (No. 1) 2012 with retrospective 01 July 2004. The Tax Law Amendment (Cross Border Transfer Pricing Bill) Act (No. 1) 2012 was passed by the house of representatives without amendments on 19 June 2012....

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Posted Under: Service Tax |

Comprehensive Note on Implementation of Negative List Regime

The Union Budget 2012-13 had proposed taxation of services based on a 'Negative list’. With the enactment of the Finance Act, 2012 (the Act) on 28 May 2012, the concept of ‘negative list’ is made applicable and made effective for implementation from 01-07-2012. The Department of Revenue has issued Service tax notifications on 1 June...

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Posted Under: Service Tax |

KYC Norms for Company Secretary in Practice

Client Information as well as due diligence on clients has become a necessity for professionals in today’s complex business scenario. Such an exercise can be made possible in a structured way. Many professional bodies today advise their members to have KYC about their clients so that professionals can freely exercise and deliver their p...

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Posted Under: Service Tax |

FM releases Guidance Paper on new approach to service tax

Union Finance Minister, Shri Pranab Mukherjee released the Guidance Paper on the new approach to service tax, here today. The release of the Guidance Paper marks the culmination of the year long efforts made by the Government to introduce a negative list based comprehensive approach to taxation of services as a part of the Budget exercise...

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Posted Under: Service Tax |

Exemption on services provided to SEZ authorised operations

Notification No. 40/2012-Service Tax (20/06/2012)

Notification No. 40/2012-Service Tax- Govt exempts the services on which service tax is leviable under section 66B of the said Act, received by a unit located in a Special Economic Zone (hereinafter referred to as SEZ) or Developer of SEZ and used for the authorised operations, from the whole of the service tax, education cess and second...

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