Charge of Service Tax on and after 1.07.2012 is defined under section 66B of the Finance Act, 1994. Section 66B states that Service Tax shall be charged at the rate of 12% on value of all taxable services i.e., other than those specified in the negative list or exempted services, which are provided or agreed to be provided in the taxable territory by one person to another and collected in such manner as may be prescribed.
The power to search the premises of the service providers are contained in section 82 of the Finance Act, 1994 which deals with provisions relating to search and seizure of articles, documents etc, as a consequence of search. Search and seizure provisions contained in tax statutes are provided to act as a restraint on evasion of taxes. Such powers are within the constitutional frame work and cannot be considered as violative of Article 19 of Constitution of India.
The Union Government in third week of December, 2014 (19 December, 2014) introduced Constitution (122 Amendment) Bill, 2014 in Parliament which when passed shall pave the way for introduction of proposed Goods and Service Tax (GST) in India.
Power of Adjudication is contained in Section 83A of Finance Act, 1994. Adjudication proceedings in any assessment or penal proceedings is a very important aspect of tax administration. It provides an opportunity to the assessee to be heard and show cause before any action is taken in proceedings relating to him.
Prior to Finance Act, 2014, Service Tax law does not provide for any provision which stipulates the time period within which adjudicating authority is bound to complete the adjudicating process and issue the demand order or adjudication order. The experience suggests that the officers take years together to complete the adjudication or even to issue orders after personal hearings are over
The location of a service provider or receiver (as the case may be) is to be determined by applying the following steps sequentially —(a) where the service provider or receiver has obtained only one registration, whether centralized or otherwise, the premises for which such registration has been obtained;
The business and economic environ in the country seems to be recovering from the slow down and with most of the signs being positive, it looks like bullishness in economy in times to come. Translated to investments, markets and returns on most type of investment options look brighter in times to come.
Dr. Sanjiv Agarwal As we all celebrate the festival of Diwali next week, we see hectic business activities and preparations all around – host of business exhibitions; sale of what not; decked up markets, shops, showrooms, hotels etc; investments in durables, metal, stocks, vehicles, appliances and tons of shopping at personal level. Each one has […]
Gold and silver prices are these days passing through a stable phase with bearish trend. The prices are ruling at their lowest in 2014 and are also not expected to rise upwards in short term due to sluggish demand and other global factors.
Once we file a return of income tax to the tax authorities, it has to be assessed as a correct return unless it is a self assessment return under section 139 of Income Tax Act. The assessment of returned income involves verification and scrutiny of the details of income submitted.
