"20 September 2012" Archive

Small Service Provider Scheme -Service Receiver Not Entitled

Vide Notification No. 6/2005-ST dated 1.3.2005, a threshold exemption scheme was introduced by Finance Act, 2005 (effective from 1.4.2005) exempting from service tax aggregate value of taxable services not exceeding four lakh rupees received by the service provider during a financial year....

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Service Tax – Partial Reverse Charge Mechanism – FAQs

With effect from 1 July, 2012, there are certain services on which 100% service tax needs to be paid by Service Recipient and there is partial reverse charge wherein both service provider and service recipient needs to pay service tax as per defined percentage as mentioned in the table below:-...

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Public Notice No. 17 (RE-2012)/2009-2014, Dated: 20.09.2012

Public Notice No. 17 (RE-2012)/2009-2014 20/09/2012

The description of Import Item No. 7 of SION A – 1691 (export product: Nylon Bicycle Tyres) is amended from ‘Nylon Fabric’ to read as “Relevant Nylon Tyre Cord Fabric”. There is no other change in this SION....

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The Bitter Diesel & The Sweet Barfi

What a week it has been - first the Government infused a bitter pill on the citizens of the country by two non-populist steps in increasing diesel rates by five rupees a litre and substantially enhancing the prices of cooking gas over six cylinders in a year (three for the current year). This was followed by yet another bold decision of a...

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Assessee must be given reasonable opportunity before Transfer of case to other city

Sahara Hospitality Ltd. Vs Commissioner of Income-tax (Bombay High Court)

A reasonable opportunity should be given to the assessee wherever it is possible to do so. The opportunity referred to is a reasonable opportunity of being heard. There is no other opportunity referred to in the section. The observation in paragraph 3 that the opportunity cannot be said to be obligatory, refers to those cases where it is ...

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Reopening based on Second thought on same material not valid – SC

Assistant Commissioner of Income-tax (OSD) Vs Parixit Industries (P.) Ltd. (Supreme Court of India)

Thus, in the case before us, in the absence of existence of "any tangible material" to come to the conclusion that there was escapement of income from assessment, the Assessing Officer exceeded his authority to reopen the assessment merely on the basis of a "change of opinion" and accordingly, it is a fit case of quashing the notice....

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FDI in Single / Multi Brand Retail, Civil Aviation, Broadcasting Sector & Power Exchanges

The Government today notified the cabinet/CCEA decisions on FDI in single brand retail, multi brand retail, civil aviation, broadcasting sector and power exchanges. The decisions were taken in the Cabinet and CCEA meetings on September 14, 2012....

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Posted Under: Service Tax |

CBI cautions Against Misleading E-Mails Purported To Be Sent By CBI

Certain instances of some e-mails with malicious and misleading content purported to be sent from CBI have come to the notice of Central Bureau of Investigation. The Sender(s) falsely claim that Central Bureau of Investigation is monitoring financial transactions of individuals and authenticating/proposing to take action on such transact...

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Posted Under: Service Tax |

Vodafone may Pay tax if interest, penalty waived

UK-based telecom giant Vodafone on Thursday said it is willing to discuss tax related issues with the government and paying tax, which amounts to around Rs. 8,000 crore, is an option provided the interest and penalty are waived...

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Posted Under: Service Tax |

Policy on foreign investment in Power Exchanges

Press Note No. 8 (2012 Series) 20/09/2012

As per extant policy, FDI, up to 100%, under the automatic route, is permitted in the power sector (except atomic energy). This includes generation, transmission and distribution of electricity, as well as power trading, subject to the provisions of the Electricity Act, 2003....

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