"20 August 2012" Archive

FAQ on Service provided by Directors to Company

The CBEC has issued Notification No. 45/2012-ST dated 7-8-2012, amending the Notification No. 30/2012-ST dated 20-6-2012 and expanded the scope of reverse charge mechanism. With effect from 7-8-2012, services provided by the director to the company will be covered under the reverse charge mechanism. ...

CBDT advocates introduction of deterrent penalties for tax offences

A Central Board of Direct Taxes (CBDT) panel on black money has suggested enactment of new laws, strengthening of existing legislation and introduction of deterrent penalties for tax offences to deal with the menace....

Posted Under: Service Tax |

Judicial Standards and Accountability Bill do not Infringe on Independence of Judiciary

Several national dailies have carried a news item on 16.08.2012 conveying that Judicial Standards and Accountability Bill will impair the independence of judiciary. The Ministry of Law & Justice, Department of Justice, would like to state that this is not true. In fact, it seems that the statement made by Hon’ble Chief Justice of India ...

Posted Under: Service Tax |

Primary Market Investments to Get a Boost

New investment in equity shares of companies which comes through primary market is almost nil for last few two years or so. As such while the investors are deprived from investing in primary market, corporate also loose the opportunity to tap the market through public offerings. ...

Posted Under: Service Tax |

Prior period Expenses not allowable

M/s. Tipco Industries Ltd. Vs. The ACIT (ITAT Mumbai)

Ground No. 3 relates to disallowance of prior period expenses amounting to Rs. 2,33,864/-. The Ld. Counsel for the assessee submitted that expenses of petty nature have been written off during the year, details of which have been furnished during the course of assessment proceedings. The Ld. DR strongly supported the orders of lower autho...

Issue of COP as per revised format under amended Cost and Works Regulations, 1959

Certificate of Practice of the members who have paid the prescribed fees and submitted the prescribed form for renewal of Certificate of Practice for 2012-2013 within due date but not having requisite CEP credit hours, shall be renewed upto 31st March, 2013 without creating a precedence and their Certificate of Practice so renewed shall ...

Posted Under: Service Tax |

CPC Workshop on Rectification / Reconciliation of Arrear Demand

F. No. CIT (CPC) / Arrear Demand/2012-13 21/08/2012

Kind reference is invited to the above, wherein the assessing officers have been instructed to verify and reconcile the demands where such demand or adjustment thereof by CPC is disputed by the taxpayer. They have also been advised to upload amended figure of arrear demand on the Financial Accounting System (FAS) portal of Centralized Pro...

How To Start Export-Import ‘Business or Services’ In India

In case you are going to start export or Import business of goods or service and both are required certain approval and registration with Reserve Bank of India, Custom Department, Central Excise, Service Tax and Value Added Tax / Central Sales Tax Department. These departments imposed certain conditions to avail tax exemption one of impor...

Works contract services provided by sub-contractor in exempt works contract services, exempt from service tax

If the principal contractor is providing an exempt works contract service [for example providing works contract service to Government] then in such case if some part of the works contract is sub-contracted then the sub-contractor would also be exempt from payment of service tax. ...

Posted Under: Service Tax |

Transfer Pricing & Role of Company Secretary

The prima-facie role of a Company Secretary is to identify all the AEs with whom the Company has transacted during the year. There are likely chances that some of the entities which are falling under the deeming fiction might go unnoticed to the auditors. The consequence of non-reporting of a transaction is as high as 2 % of the total val...

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