"12 March 2014" Archive

Service Tax – No Pament No Bail as its a continuing offence – HC

Kandra Rameshbabu Naidu Vs Superintendent (A.E.) & Ors. (Bombay High Court)

The applicant had collected Rs.2.59 Cores of Service Tax during the period 2010-2011 to 2013-­2014 but had not deposited the said amount except Rs.15 Lakhs. The applicant had in fact never filed any service tax returns and as such knowingly utilized the Government monies for his personal use. ...

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Short Payment / Mismatch of Challan – Duty of Person deducting TDS

CA Sandeep Kanoi Nowadays CPC (TDS) sent notices to deductors for every return filed by the Assessee for one or other reason. One of the reason for the same is Short Payment of TDS. In view of the close of the month approaching fast, you are advised to pay the outstanding demand at an early […]...

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Posted Under: Service Tax |

Mumbai – Company MD arrested for service tax default

Service Tax officials have arrested Myron John Remedios, managing director of Rare Hospitality and Services Pvt Ltd, on the charge of collecting service tax to the tune of Rs 4.5 crore and not remitting the same to the department. The Managing Director of the company was allegedly involved in the day to day operations of […]...

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Posted Under: Service Tax |

Notification No. 12/2014-Customs (ADD), Dated12th March, 2014

Notification No. 12/2014-Customs (ADD) (12/03/2014)

Whereas, the designated authority vide notification No. 15/28/2013-DGAD dated the 18th February 2014, published in the Gazette of India, Extraordinary...

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Intermediaries to maintain identity details of clients for 10 Years – SEBI

Circular No. CIR/MIRSD/1/2014 (12/03/2014)

In sub-clause 8.2 of Part II regarding maintenance of records pertaining to identity of clients: The words The records of the identity of clients have to be maintained and preserved for a period of ten years from the date of cessation of transactions between the client and intermediary, i.e. the date of termination of an account or bus...

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Tax Accounting Standards – Key Recommendations and Main Points

Sec. 145 (2) of Income tax Act empowers Central Government to issue Accounting Standards for computation of income.Earlier the Ministry of Finance has notified two accounting standards 'Disclosure of Accounting Policies' and ' Disclosure of Prior Period Items and Extraordinary Items and Changes in Accounting Policies'. ...

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Posted Under: Service Tax |

DGFT removes restrictions on export of Onion

Notification No. 73 (RE-2013)/2009-2014 (12/03/2013)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992), as amended read with Para 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendment, with immediate effect, in the Chapter 7 of Schedule 2 of ITC(HS) Classification of Ex...

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Inflation Indexed Bonds : Returns to Outperform Inflation

Himanshu Gupta Investors who desire predictable real cash flows can now include indexed bonds in their portfolios. The certain real return will be attractive to investors who are particularly risk averse. It will also be attractive to savers who want to protect their savings from being eroded by inflation. More generally, inflation-indexe...

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Posted Under: Service Tax |

Excise Duty on Job Work

Normally, if assessee is engaged in manufacturer on job work basis, he has to pay duty on material cost plus job charged. However, if a product covered under MRP provision is manufactured on job work basis, duty will be payable as per provisions of section 4A, i.e. on basis of MRP less abatement....

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Posted Under: Service Tax |