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Service tax on Banks and Financial Institutions – A Synopsis

August 8, 2014 21038 Views 1 comment Print

Services provided by banks The banking sector is not merely an agent who accepts deposits and lends money. They provide a host of other functions like paying cheques drawn on customers account, collecting cheques deposited on customers account, enabling payments to customers via telegraphic transfer, automated clearing house, electronic transfer, etc, providing locker facilities, following […]

Review of SIONs A-1443, A-1170, A-3627 and K-134

August 7, 2014 541 Views 0 comment Print

Manufacturers of export products covered under SIONs A-1 170, A-3627 , K-134 and SION A-1443 (instead of SION A-1143 mentioned in PN 30 dated 4.10.13), and the concerned Export Promotion Councils/Associations are requested to submit production and consumption data for further review of these SIONs as soon as possible but not later than Wednesday, the 27th of August, 2014. Failure to provide the data, so required by the specified date would result in stoppage of the benefit of Advance Authorization / DFIA for export products covered by these SIONs and the SIONs would be modified based on available data.

ICAI to declare CA Final Result for MAY 14 exams today

August 7, 2014 9023 Views 0 comment Print

The result of the Chartered Accountants Final Examination held in May/June, 2014 is likely to be declared today on Friday, the 8th August, 2014 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank and in accordance […]

The Top 3 Ways in Which Your Bank Helps You

August 7, 2014 4759 Views 0 comment Print

It’s 9 am, and Amar realises he has to deposit a cheque that his previous company has given him. Not only that, he is late for an important client meeting and he has just missed the last direct bus to office. Not to mention, he intended to transfer the amount to his parents as soon […]

Service tax Implications on Land Development Agreement

August 7, 2014 42503 Views 29 comments Print

What is a Land Development Agreement Land Development Agreement also known as Joint Development Agreement is one of the arrangements commonly resorted to by the builders/developers nowadays to develop and sell properties. There are two parties to this agreement, a Land owner and a Builder. It is sometimes also a tripartite agreement between the land […]

Rule 5A(2) of Service Tax Rules, 1994 – Ultra vires the Statute

August 7, 2014 7811 Views 0 comment Print

Rule 5A(2) of the ST Rules, 1994 provides that every assessee has to provide to the officer authorized by the commissioner or CAG to produce records maintained by the assessee. Brief Facts: Theappellant ‘Travelite (India)’ is a registered assessee under the Service Tax. It received a notice from the Commissioner of Service Tax seeking records […]

EPF & MP Act, 1952 applicable to ‘rusk’ manufacturing industries

August 7, 2014 2765 Views 0 comment Print

The petitioner establishment contended that since manufacturing of ‘rusk’ is not mentioned in Schedule 1 to the Act, therefore the EPF & MP Act, 1952 is not applicable to them.

Rate of exchange of conversion of each of the foreign currency with effect from 08th August, 2014

August 7, 2014 1593 Views 0 comment Print

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue)

Notification – Principal Chief Commissioner and Commissioner of Customs

August 6, 2014 1372 Views 0 comment Print

In exercise of the powers conferred by sections 25, 151A, 156 and 157 of the Customs Act, 1962 (52 of 1962) and of all other powers enabling it in this behalf, the Central Government hereby directs that the references to the authorities specified

Notification No. 16/2014- Service Tax dated 6th August, 2014

August 6, 2014 696 Views 0 comment Print

sections 83, 93 and 94 of the Finance Act, 1994 (32 of 1994), read with sections 37A and 37B of the Central Excise Act, 1944 (1 of 1944) and of all other powers enabling it in this behalf, the Central Government hereby directs that the references to the authorities specified in column (2) of the Table below

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