Restructuring proposal of the Income-tax Department has been approved by Government on 23.05.2013 for the creation of a total 20,751 additional posts, and various measures to increase the effectiveness of the Department.
Notification No. 44/2013 – Income Tax Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Kingdom of Bahrain for the Exchange of Information with respect to taxes signed in New Delhi on the 31st May, 2012 shall come into force on the 11th day of April, 2013, being the date of later of the notifications after completion of the procedures as required by the respective laws for the entry into force of this Agreement, in accordance with the provisions of Article 11 of the said Agreement.
In terms of Section 66B of the Act, service tax will be leviable on all services provided in the taxable territory by a person to another for a consideration other than the services specified in the negative list. Due to Section 66B, the regime of service tax from taxable 119 services to 17 services under negative list. Meaning thereby that except these 17 Services, all Services will be taxable under Service tax. In all, there are seventeen heads of services that have been specified in the negative list.
Some recent amendments have been introduced by the Income Tax Department for filing Income tax Return by the assessees for the Assessment Year 2013-14. These rules have substituted old Income Tax Return Forms with new Income Tax Return Forms .
In exercise of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, as amended from time to time, the Central Government hereby makes the following amendment in paragraph 2.38 of Foreign Trade Policy, 2009-2014.
Leviability of service tax has undergone a drastic change. From the list of 119 taxable services to a negative list and mega exemption has been introduced. With such a change from positive to negative list there are lots of issue which needs clarification. If no clarification is issued by CBEC it will lead to litigation.
The Service Tax Voluntary Compliance Encouragement Scheme (VCES) has come into effect upon enactment of the Finance Bill 2013 on the 10thMay, 2013. The said scheme provides an opportunity to any person whose service tax is due or has short paid and has not declared in his service tax return to pay only the service tax amount and get immunity from interest and penalty.
List of declared services has been prescribed under section 66E wherein clause (b) includes construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, as a declared service except where the entire consideration is received after issuance of completion certificate by the competent authority.
No professional has any right to invoke the judicial machinery for his own interest without any reasons. If he does so it would amount to professional misconduct on the part of the professional. Moreover, to dispute the proceedings of the court
Prohibition on import of milk and milk products (including chocolates and chocolate products and candies/ confectionary/ food preparations with milk or milk solids as an ingredient) from China is extended for one more year, i.e., till 23.6.2014 or until further orders, whichever is earlier.
