Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
The higher education and school education are exempt from service tax since the inception of the old service tax regime. For example, under the business auxiliary service head, activity of job work in relation to education was exempt, under the commercial coaching or training services, pre-school coaching/training or any educational qualification recognised by law was exempt; under outdoor catering service head, service relating to mid day meal scheme for school were exempt ;
Service tax was introduced vide the Finance Act, 1994 and since then the same has undergone with various changes and modifications in its growth from infancy to literal maturity. Service Tax has maintained the notorious trait and over time has evolved a web of complex and confusing provisions.
The definition of service in the first instant is very wide to cover any transaction done for a consideration. However, there exist few activities which would overlap with the other levies of state with a marginal difference, thereby questioning the constitutional validity of the levy under service tax.
No export or import of an item shall be allowed under Advance Authorisation / DFIA if the item is prohibited for exports or imports respectively. Export of a prohibited item may be allowed under Advance Authorisation provided it is separately so notified subject to the conditions given therein.
The ICAI has issued this exposure draft on Investment Entities which includes amendments to Ind AS 110 Consolidated Financial Statements, Ind AS 112 Disclosure of Interests in Other Entities and Ind AS 27 Separate Financial Statements. The exposure draft is open for public comments till 13 December 2013. Download Exposure Draft on Investment Entities (Amendments […]
The argument that the Indian parties should have discharged their TDS obligations u/s 195 despite the presumed request of the assessee is one of convenience or despair and not acceptable because in a practical view of the matter, the Indian payers could not have resisted the assessee’s request given future business prospects and the need to keep the assessee in good humour;
An EOU / EHTP / STP / BTP unit may export all kinds of goods and services except items that are prohibited in ITC (HS). Export of Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) shall be subject to fulfillment of the conditions indicated in ITC (HS).
There has been some turmoil in financial markets across the world as fears of a sooner-than-anticipated Fed tapering have grown. In India, we have had added volatility as the market has become concerned about policy rates and about oil marketing company demand for dollars.
Powers under section 133(6) are in the nature of survey and a general enquiry to identify persons who are likely to have taxable income and whether they are in compliance with the provisions of the Act. It would not fall under the restricted domains of being “area specific” or “case specific.” Section
