Notification No.4/2012 – ST, dated 17-3-2012 After rule 2 of the said rules, the following rule shall be inserted, namely:- 2A. Date of payment.- For the purposes of these rules, date of payment shall be the earlier of the dates on which the payment is entered in the books of accounts or is credited to the bank account of the person liable to pay tax:
Notification No.3/2012 – ST, dated 17-3-2012 In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:- 1. (1) These rules may be called the Service Tax (Amendment) Rules, 2012. (2) They shall come into force on the 1st day of April, 2012. 2. In the Service Tax Rules, 1994 (hereinafter referred to as the principal rules), in rule 2, –
Notification No.2/2012 – ST, dated 17-3-2012 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 8/2009 – Service Tax, dated the 24th February, 2009, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 120 (E), dated the 24th February, 2009, except as respects things done or omitted to be done before such rescission.
Notification No.1/2012 – ST, dated 17-3-2012 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 42/ 2011 – Service Tax, dated the 25th July, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide G.S.R. 566 (E), dated the 25th July, 2011, namely:-
It is accordingly proposed to amend the provisions of section 245C of the Income-tax Act so as to provide that a person shall be deemed to have a substantial interest in a business or profession if such person is a beneficial owner of not less than 20% of shares or of 20% share in profits on the date of search.
Under section 245Q of the Income-tax Act, the prescribed fee for filing an application before the Authority for Advance Rulings (AAR) is Rs.2500. This fee was prescribed in 1993, when the provisions for Advance Rulings were first introduced and there has been no change/review thereafter. It is therefore proposed to amend the provisions of section 245Q so as to provide for increase in the fee for filing an application for advance ruling from Rs.2500 to Rs.10,000 or such fee as may be prescribed, whichever is higher.
Under the existing provisions of section 132 and section 132A, an authorisation can be issued or a requisition can be made, as the case may be, where the Director General or the Director in consequence of information in his possession has reason to believe that any person is in possession of any money, bullion, jewellery or other valuable article or thing (hereafter referred to as undisclosed income or property), then, he may authorise any Additional Director or Deputy Director, etc. to enter and search any building, place, vehicle, etc. and seize any such books of accounts, other documents, undisclosed property, etc.
Central Excise In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 2/2011-Central Excise, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 117 (E), dated the 1st March, 2011, namely:-
Central excise Effective Rate of 12% and 6% fixed for many items for which the Tariff Rates have also been reduced. But as the reduction in tariff does not have immediate effect, the reduction is brought into immediate effect by this notification, which will be rescinded when the Finance bill is enacted.
Following Exemption Notifications rescinded. No.2/2008 -Central Excise, dated the 1 st March, 2008; No.59/2008 -Central Excise, dated the 7 th December, 2008; No.18/2009-Central Excise, dated the 7 th July, 2009;
