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Archive: 20 May 2016

Posts in 20 May 2016

Tax exemption can't be denied for Service fee designation in Rs.

May 20, 2016 1183 Views 0 comment Print

It is held that although contract, undoubtedly, designates the consideration in Indian rupees so that the service provider is not put to loss on account of currency fluctuations and merely because Service provider designates the consideration in Indian rupees, his Service Tax Exemption on Exports cannot be denied,

Notified exempt Services by Govt to person with turnover up to Rs. 10 lakh

May 20, 2016 10669 Views 3 comments Print

CBEC has clarified the Services on which no Tax is leviable if provided Government or a local authority to a business entity with a turnover up to rupees ten lakh in the preceding financial year, which are as follows :- (i) services by the Department of Posts by way of speed post, express parcel post, life insurance and agency services provided to a person other than Government ; (ii) services in relation to an aircraft or a vessel, inside or outside the precincts of a port or an airport;

Duties of Builders & Developers : Real Estate Regulation Act, 2016

May 20, 2016 11917 Views 3 comments Print

Real Estate is playing very important role in development of Indian economy. It is one of the most profitable businesses in some part of country. The Real Estate Sector has given employment to large people in our country. It has contributed a lot in the development of housing projects and trying to fulfil demand for housing to all.

Department cannot insist to avail particular option under Rule 6

May 20, 2016 2182 Views 0 comment Print

They were availing Cenvat credit of education cess paid on the inputs used by them in the manufacture of tractors. The tractors manufactured by the appellants are exempted from payment of excise duty vide Notification No. 23/2004-CE dated 09/07/2004.

Reg. Duty Free Shops/Ship stores/Airline Stores/Diplomatic Stores

May 20, 2016 3529 Views 0 comment Print

Amendment to Ch IX of the Customs Act, 1962 – Insertion of Section 58A – clarification regarding transitional provisions relating to Duty Free Shops/Ship stores/Airline Stores/Diplomatic Stores – reg.

Allotment of Warehouse Code for Customs Bonded Warehouses

May 20, 2016 8809 Views 1 comment Print

Please refer to the changes made in the Finance Act, 2016 to shift towards record based control with respect to Bonded Warehouses. It is proposed that each warehouse be allotted a unique warehouse code so that importers can declare the warehouse in which goods shall be deposited, at the into-bond bill of entry stage.

Excise on jewellery: CBEC invite suggestions on Procedural Issues

May 20, 2016 2785 Views 0 comment Print

Associations related to the Jewellery trade may send their representation by 28th of May, 2016 on the procedural issues related to the imposition of Central Excise duty on articles of jewellery in the Union Budget 2016-17.

Penalty for Late Filing of Service tax Return

May 20, 2016 437141 Views 67 comments Print

File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000 – Under the existing scheme of law, Rule 7 of the Service tax Rules, 1994 read with its sub-rules deals with the provisions relating to the service tax return. As per Rule 7C; where the return prescribed under rule 7 is furnished after the date prescribed for submission of such return, the person liable to furnish the said return shall pay to the credit of the Central Government, from the date prescribed for submission of return i.e. 25th of the month following the particular half year till the date of furnishing of the said return, the following penalty:

Special / Ordinary resolution under Companies Act, 2013

May 20, 2016 287575 Views 3 comments Print

What is a Ordinary Resolution? Act has been duly given and it is required to be passed by the votes cast, whether on a show of hands, or electronically or on a poll, as the case may be, in favour of the resolution, including the casting vote, if any, of the Chairman, by members who, being entitled so to do, vote in person, or where proxies are allowed, by proxy or by postal ballot, exceed the votes, if any, cast against the resolution by members, so entitled and voting.

All about the Legal Term ‘Pursis’

May 20, 2016 85735 Views 9 comments Print

Pursis is written statement /information given to the court pertaining to any matter pending before it which may include information/ facts/ joint statement/ compromise/ settlement/ no instruction from a party etc with the intent to put the same before the court for its consideration in any proceeding.

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