"May, 2013" Archive - Page 3

Writing off of arrears of Central Excise duty, Customs duty and Service Tax – Constitution of Committees to advise the authority for writing off of arrears-reg

Circular No. 971/05/2013-CX (29/05/2013)

With this amendment, the authorities competent to write-off the arrears of Central Excise and the Commissioner of Service Tax are also delegated powers to write-off the arrears of Service Tax as well. Consequently, the constitution of the Committees for examining the proposals for write-off of irrecoverable arrears and recommending deserv...

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Service Tax on Services Provided to Educational Institutions

In this article I am discussing the Service tax provisions in respect to the Services provided TO the Educational Institutions. An illustrative list of services provided to Educational Institutions - Works Contract Services, Renting Services, Transportation, Security Services, Information Technology Services...

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Posted Under: Excise Duty |

No Condonation of Delay for gross negligence, inaction and laches

Shri Kunal Surana, Vs The ITO (ITAT Mumbai)

For condonation of delay, two questions are required to be seen (i) whether there is sufficient cause and it depends from case to case whether in given circumstances, sufficient cause has been established or not? (ii) Whether the law of limitation has to be enforced or the question of limitation should be taken only as a mere formality....

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Deemed export benefits are not available for supplies to Non-Mega Power Project

Policy Circular No. 1 (RE-2013/2009-14) (29/05/2013)

Benefits of deemed exports under para 8.2(f) are available only if supplies are under ICB, except for Mega Power Projects. For Mega Power projects it could be ICB or other than ICB, as given in para 3 above. Para 8.3(c)(i) and para 8.4 of FTP (table given in this para) clearly provide that if supplies are under ICB, then such supplies ar...

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DVAT – Scheduled Banks engaged in business of Silver, Gold, repossessed vehicles to file return on quarterly basis

Notification No. F.3(341)/VAT/Policy/2013/242-252 (29/05/2013)

All the Scheduled Banks, whether registered or not under the Act, having their branches in Delhi and engaged in the business of Silver, Gold, repossessed vehicles, shall furnish the return on quarterly basis, in the enclosed Form Bank-1 prescribed for the purpose. ...

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No person shall act as an investment adviser without obtaining certificate of registration from Board

PR No. 53/2013 (29/05/2013)

For operational convenience and as part of decentralisation of work, it has been decided that the application for registration as an investment adviser under IA Regulations shall be filed with the concerned Regional Office(RO) / Local Office(LO) of the Board under the jurisdiction of which the registered address of the applicant falls. ...

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DGFT- Online application & issue of Registration Certificates for export of various commodities wef 1st July, 2013

Trade Notice No. 3/2013 (28/05/2103)

DGFT is happy to announce migration of the process of obtaining Registration Certificate (for export purpose only) from the existing manual mode to digital mode. With effect from 1st July, 2013 such registrations would be online and would be mandatory. This will be applicable for obtaining registration certificates (RCs) for commodities...

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Applicability/ Non-Applicability of Service Tax Negative List & Related Topics in syllabus of Part II from May 2013 examination onwards

The Examination Committee at its 498th meeting held on September 23, 2012 has decided that the following sections of the Finance Act, 1994/rules will be covered under point no. 1 (Concepts and General principles) and point no. 2 (Charge of service tax and taxable services) of syllabus of Part II: ...

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Posted Under: Excise Duty |

Download ITR- 2 E Filing Utility for AY 2013-14 / FY 2012-13

Income tax Department has released e-Filing Utility for ITR-  2 for Assessment year 2013-14 / Financial Year 2012-13. We have placed link for the same as the bottom of the article. We also discussed Who can use this Return Form?, Who cannot use this Return Form?, Manner of filing this Return Form etc....

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Posted Under: Excise Duty |

Corporate Borrowing – Giving Wings to Corporate World !

A debt is an obligation owed by one party (the debtor) to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor. A debt is created when a creditor agrees to lend a sum of assets to a debtor. In finance, debt is a means of using anticipated future purchasing power in the present before it has act...

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Posted Under: Excise Duty |