Once there are reasons for the AO to believe, whether such reasons originate out of the record already scrutinized or otherwise, he shall be within his competence to initiate the re-assessment proceedings. The formation of belief by the AO must always be tentative and not a firm or final conclusion as the latter will negate the very object of giving an opportunity of hearing to the assessee as it will amount to post-decisional hearing.
Death Sentence of Mohammed Ajmal Mohammed Amir Kasab Executed The petition for clemency filed by condemned prisoner Mohammed Ajmal Mohammed Amir Kasab was rejected by the President on 5th November, 2012. The sentence was executed today at 7.30 a.m. at Yeravada Central Prison, Yeravada, Pune.
Western Union Money Transfer through its main agents Paul Merchants Ltd. and Transcorp had been fighting a protracted battle in North & South Indian CESTAT. Most of the interim decisions of Bangalore CESTAT have been in favour of the sub-agents, holding that the services are not taxable, as these are not rendered in India.
Circular No. 165/16/2012 -ST Service specific Accounting Codes restored; 120 services labeled with codes unlike to one code for negative list. – Negative List based comprehensive approach to taxation of services came into effect from the first day of July, 2012. Accounting code for the purpose of payment of service tax under the Negative List approach [All Taxable Services – 00441089] was prescribed vide Circular 161/12/2012, dated 6th July, 2012.
Unhedged forex exposure of corporates is a source of risk to them as well as to the financing banks and the financial system. Large unhedged forex exposures have resulted in accounts becoming NPAs in some cases. Banks were, therefore, advised in February 2012 that they should rigorously evaluate the risks arising out of unhedged foreign currency exposure of the corporates and price them in the credit risk premium while extending fund-based and non fund-based credit facilities.
PUBLIC NOTICE No. 31 (RE 2012)/ 2009-14 Either the recipient of the goods or the supplier of the goods can claim TED refund with appropriate disclaimer.
A perusal of the legislative history of the provision makes it clear that the same was incorporated in the Act with effect from 01.04.1981 by the Finance Act, 1981. Initially, it had provided tax holiday of five consecutive year beginning with the assessment year relevant to the previous year in which the concern undertaking begins manufacturing or production of the article, things or computer software.
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.
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 before 27th November, 2012 and department would not ask for penalty.
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) :
