"20 November 2012" Archive

A Simplified Approach to Service Tax under Reverse Charge

Normally, service tax is payable by service provider by charging it in invoice raised upon the service recipient. Section 68(2) makes the person receiving the service liable to pay tax. In certain cases, liability to pay service tax has been partly shifted upon the service recipient whilst in some cases it is fully shifted. ...

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‘Corporate Gifts – Beware of Tax Implications’

Gifts! Corporate Gifts have over the years proved to be an effective marketing tool for organizations across products and services. Organizations understand the importance of building and maintaining long term relationships with clients, prospective clients, business associates, employees and other agencies involved in the growth of the o...

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Pay Service Tax with interest on Renting of Immovable Property by 27.11.2012 to avoid penalty

If you have put your immovable property on rent for use in furtherance of business or commerce and annual rent amount, alone or with the amount of other taxable services, exceeds Rs. 10 lacs and further, you have any service tax amount related to such renting due since 1st June, 2007, you have an opportunity to pay such due with interest ...

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Posted Under: Service Tax |

Amended Provisions of CENVAT Credit with special reference to Projects

A. Capital Goods - As per CENVAT Credit Rules, 2004 the capital goods means the following goods used in the factory of manufacturer (also used outside in case of captive power) :...

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Posted Under: Service Tax |

ICAI retains answer books for 120 days from the date of declaration of result

The answer books involving applications received seeking verification, inspection and/or certified copy, as also the applications received under the Right to Information Act, 2005, in relation to a given examination are retained for a maximum period of one year from the date of declaration of results of relevant examination...

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Posted Under: Service Tax |

All about PAN Structure

PAN structure is as follows: AAAAA9999A. First five characters are letters, next four are numerals, last is a character letter. If PAN does not follow the above structure, PAN will be shown as invalid...

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Posted Under: Service Tax | ,

TCS Rates for FY 2008-09 to 2011-12

TCS Rates for FY 2008-09 to 2011-12 Section Nature of Payment Cut-off Amount TCS Rates (%) Individual / HUF Other 206C Scrap – 1 1 206C Tendu Leaves – 5 5 206C Timber obtained under a forest lease or other mode – 2.5 2.5 206C Any other forest produce not being a timber or tendu […]...

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Commercial property renting by bank is not a banking activity

Income Tax Officer, Ward 1(1), Trivandrum Vs Kerala State Co-op. Bank Ltd. (ITAT Cochin)

Business of the taxpayer is banking and the business connection between the tenant and taxpayer has nothing to do with banking operation carried on by the taxpayer. Further, the Kerala High Court in Kottayam District Co-operative Bank Ltd. v. CIT [1991] 188 ITR 568 has also taken a similar view. Therefore, this Tribunal is of the consider...

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All About Abatements in Service Tax

1.Financial leasing services- 10% taxable -Financial leasing includes hire charges but excludes operating lease - The value of taxable service would be 10% i.e. abatement of 90% has been granted unconditionally. Taxability is defined as follows: -Interest chargeable to the extent of 10% -Principal amount not subject to tax ...

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Professional Opportunities In Service Tax

As the gamut of service tax expands, there is going to be ever increasing need for professionals to advise and assist the assessees. A Chartered accountant and other professionals (Advocates, CS etc.) with proper training and experience is considered to be well equipped to position in the dynamic role as an advisor and facilitator for com...

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