"01 October 2012" Archive

Service Tax on Railway Passengers Travelling in AC Classes/First Class from 01.10.2012

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 ...

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Posted Under: Service Tax |

Filing of ST-3 only for the period 1st April to 30th June 2012 & in Revised Format

F. No. 137/22/2012-Service Tax (28/09/2012)

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 t...

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Now Railway Fare & Freight Go Up

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 pr...

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Posted Under: Service Tax |

Guidelines on Internal Audit, Information Systems Audit & Concurrent Audit Systems

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 n...

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Posted Under: Service Tax | ,

Where insufficient details were furnished to prove justification of applicability of CUP method, matter required fresh adjudication

Assistant Commissioner of Income-tax, 15(2) Vs Super Diamonds (ITAT Mumbai)

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 it...

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No disallowance U/s. 14A, regarding dividends on shares received by a trader in shares

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....

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Posted Under: Service Tax |

Exemption of Assam Comilla Cotton from export restriction

Notification No. 18 (RE-2012)/2009-14 (01/10/2012)

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 P...

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DGFT approves 14 new PSIA as Pre Shipment Inspection Agencies (PSIA)

Public Notice No. 20(RE:2012)/2009-2014 (01/10/2012)

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: ...

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Procedure & conditions for export of cotton w.e.f 1st October 2012

Notification No. 17 (RE-2012)/2009-14 (01/10/2012)

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). ...

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Policy Guidelines for issuance & operation of Prepaid Payment Instruments in India- Amendments

RBI/2012-13/230 DPSS.CO.PD.No.560/02.14.006/2012-13 (01/10/2012)

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...

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