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Archive: 25 August 2014

Posts in 25 August 2014

Service Tax- Rate of exchange for determination of value of taxable service wef 01.10.2014

August 25, 2014 6298 Views 0 comment Print

11. Determination of rate of exchange.– The rate of exchange for determination of value of taxable service shall be the applicable rate of exchange as per the generally accepted accounting principles on the date when point of taxation arises in terms of the Point of Taxation Rules, 2011.

Notification – Service Tax on Advertisement & Rate of exchange for valuation of services

August 25, 2014 31329 Views 1 comment Print

Clause A & B of Finance Act, 2014 for Services of radio taxi and services of advertisement other than selling of space for advertisements in print media, such services should be taxable from 1st October, 2014 and Clause C of finance Act, 2014 relating to substitution of explanation to section 67A for meaning of rate of exchange, such subtitled explanation should be applicable from 1st October, 2014.

Service tax not payable on goods used in repairing process on which Excise duty and VAT has been paid

August 25, 2014 6389 Views 1 comment Print

Whether the CESTAT has erred in holding that Service tax is not required to be paid on goods used in the repairing process on which Excise duty and VAT has been paid on the value of the said goods, ignoring the fact that as per the contract the respondents were under an obligation to replace the damaged parts and to maintain the transformers in a proper working condition.

Coal blocks allocated since 1993 is illegal: SC

August 25, 2014 1190 Views 0 comment Print

In the case of Manohar Lal Sharma Vs. The Principal Secretary & Ors., Honourable SC has held that entire allocation of coal block as per recommendations made by the Screening Committee from 14.07.1993 in 36 meetings and the allocation through the Government dispensation route

SEBI : Formats for disclosure under Regulation 30 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Regulations).

August 25, 2014 1030 Views 0 comment Print

The format for the reports/disclosures to be filed under Regulation 30 of the Regulations has been prescribed by SEBI vide circular No. SEBI/CFD/DCR/SAST/ 1/2011/09/23 dated September 23, 2011.

Purchases cannot be bogus for mere listing of supplier as hawala dealer

August 25, 2014 29917 Views 0 comment Print

ITAT Mumbai has in the case of Shri Rajeev G. Kalathil Vs. DCIT held that Purchases can not be termed as bogus by the AO merely because the supplier was listed as a hawala dealer by the Vat authorities.

Service Tax on Advertisement & Exchange Rate for Valuation

August 25, 2014 2784 Views 0 comment Print

D.O.F. No. 334/15/2014-TRU Dated: August 25, 2014 Subject: Union Budget 2014-15: enactment of the Finance (No.2) Bill -reg. The Finance (No.2) Bill, 2014 received the assent of the President of India on 6th August, 2014 and has been enacted as the Finance (No.2) Act, 2014 [Act No.25 of 2014] [hereinafter referred to as the said […]

Tax Audit Report – CBDT – Please Extend Date of Filing of ITR

August 25, 2014 9697 Views 0 comment Print

CA Sudhir Halakhandi The central Board of Direct taxes has extended the date of obtaining and furnishing the Tax Audit report u/s 44AB to 30/11/2014 through an order issued under section 119 of the Income Tax Act, 1961 on 20/08/2014 but the order is silent about the date of filing of Income tax returns u/s […]

TDS – Online Corrections facility currently live only with Digital Signatures

August 25, 2014 2204 Views 0 comment Print

Attention Deductors: The Online Corrections facility is currently live only with Digital Signatures and the facility without the same will be available in a week. Attention Government Deductors: Please quote the Accounts Office Identification Number (AIN) in your TDS Statements Source – http://contents.tdscpc.gov.in/

Issue of Capital & Disclosure Requirements (2nd Amendment) Regulations, 2014

August 25, 2014 777 Views 0 comment Print

Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2014.

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