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Levy of Service Tax on Railway Passengers Travelling in AC Classes/First Class from tomorrow i.e. 1st October 2012. No Service Tax to be Levied on Tickets Issued Prior to 1st October 2012. In Case of Cancellation of Tickets Issued on or after 1st October 2012, the Applicable Amount Including Service Tax to be Refunded by Railways
In terms of sub-rules (1) and (2) of Rule 7 of the Service Tax Rules, 1994, the half yearly return for the period 1st April to 30th September 2012, is to be filed by 25th October, 2012. In the current financial year , an assessee would have had to give data with respect to specific services and the corresponding legal provisions for the period 1-4-2012 to 30-6-2012.
While the levy of Service Tax on railway freight was introduced in the year 2006 but could not be enforced due to Railway Ministry being headed by one of the ruling party’s allies in the alliance, the levy of Service Tax on transport of passengers was introduced by Finance Act, 2012 w.e.f. 1st July, 2012 but was held in abeyance due to pressure from the Ministry of Railways for a period upto 30th September, 2012.
It has been observed that there is a multiplicity of overlapping audits in the Public Sector Banks (PSBs). While the audit is essential for the health of the PSBs, it has been observed that multiple overlapping audits throughout the year engage a lot of attention, resources and time of the PSBs. It has also been observed that there is a need to revamp the audit system in PSBs in the wake of increasing computerization and shifting of operations on I.T. based system. The present audit system is lagging behind the technological advancement achieved by PSBs.
This issue is well established that determination of ALP can be made only with regard to international transactions of the assessee with its AE and it cannot be extended to international transaction of the assessee with its Non-AEs. Therefore, the ALP can be worked out only with respect to international transaction of the assessee with its AE. If it is so, it just and proper to restore this issue to the file of Assessing Officer with a direction to verify the calculations submitted by the assessee after giving the assessee reasonable opportunity of hearing and if the aforementioned calculations are correct then the difference being within the safe harbour of +/- 5 per cent, no addition with regard to ALP should be made.
The issue whether any disallowance of expenditure could be made under section 14A of the Income-Tax Act, 1961 (the Act), in respect of exempt in income by way of dividend earned by an assessee engaged in the business of dealing in shares and securities; has come up for consideration before various judicial fora.
Procedure of obtaining Registration Certificate (RC) for export of Assam Comilla Cotton [ITC(HS) Code 5201 00 12] was notified in Policy Circular No. 29(RE-2010)/2009-14 dated 19.04.2011. The same will continue to apply except that the export against Registration Certificates shall be completed within a period of 30 days (In para 3 of Policy Circular No. 29 dated 19.04.2011, such period was 45 days).
The following agencies are approved as Pre Shipment Inspection Agencies (PSIA) and enlisted in Appendix 5 of the Handbook of Procedures (Vol-I), Appendices and Aayaat Niryaat Forms:
Notification No. 17 (RE-2012)/2009-14 The Procedure and conditions for export of cotton w.e.f 1st October 2012 have been notified. This is similar to Notification number 113 of 4th May 2012, except appropriate changes in para 2(iii).
A. Rationalisation in the categorisation and value limits of PPIs – The five categories of semi-closed PPIs as indicated in our previous guidelines have been replaced with three broad categories as under: Semi-closed system prepaid payment instruments can be issued upto Rs.10,000/- by accepting minimum details of the customer provided the amount outstanding at any point of time does not exceed Rs 10,000/- and the total value of reloads during any given month also does not exceed Rs 10,000/-. These can be issued only in electronic form;
