DIRECT TAXES AND INDIRECT TAXES UPDATES
APPLICABLE FOR JUNE 2012 EXAMINATION FOR EXECUTIVE & PROFESSIONAL PROGRAMME
Topics on Which amendment is been made are given below. Link to download the file is given at the bottom.
DIRECT TAX LAWS
• Tax Rates
• Definition of Charitable Purpose [Section 2(15)]
• Exemptions under section 10
• Weighted deductions under section 35
• Deduction under section36 for Employers contribution towards Pension scheme is allowed
• Deduction under Chapter VI-A
• Rationalisation of provisions relating to Transfer Pricing
• Taxation of certain foreign dividends at a reduced rate
• Minimum Alternate Tax
• Alternate Minimum Tax for Limited Liability Partnership (LLP)
• Rationalisation of Tax on Income distributed to unit holders
• Collection of information on requests received from tax authorities outside India
• Exemption to a class or classes of persons from furnishing a return of income
• Notification for processing of returns in Centralised Processing Centres
• Extension of time limit for assessments in case of exchange of information
• Modification in the conditions for filing an application before the Settlement Commission
• Power of the Settlement Commission to rectify its orders
• Omission of the requirement of quoting of Document Identification Number
• Reporting of activities of liaison offices
• Recognition to Provident Funds – Extension of time limit for obtaining exemption
from Employees Provident Fund Organisation (EPFO)
INDIRECT TAX LAWS
A. SERVICE TAX
• Basis of Payment
• Interest and Late Fees
• Penalties
• Recovery of service tax not levied or paid or short levied or short paid or erroneously refunded (Section 73)
• Insertion of New Sections
• Mandatory E-filing of half yearly return
B. CENTRAL EXCISE (CENTRAL EXCISE ACT, 1944)
• Valuation of Excise goods with respect of Retail Sale Price method (section 4A)
• Substitution of new section 11A for section 11A: Recovery of duties not levied or not paid or short- levied or short- paid or erroneously refunded
• Substitution of new section 11AA for sections 11AA and 11AB: Interest on delayed payment of duty
• Substitution of new section 11AC for section 11AC: Penalty for short-levy or non- levy of duty in certain cases
• Insertion of new section 11E: Liability under Act to be first charge:
• Insertion of new section 12F: Power of search and seizure
• Insertion of new section 35R: Appeal not to be filed in certain cases
• Mandatory E-filing of Return
C. CENVAT CREDIT RULES, 2004
D. CUSTOM DUTY (CUSTOMS ACT, 1962)
• Amendment of section 2(2): Definition of Assessment
• Substitution of new section 17 for section 17: Assessment of duty
• Amendment of section 18: Provisional Assessment of duty
• Amendment of section 19: Determination of duty where goods consist of articles liable to different rates of duty:
• Amendment of section 27: Claim for refund of duty
• Substitution of new section 28 for section 28: Recovery of duties not levied or short- levied or erroneously refunded
• Substitution of new section 28AA for sections 28AA and 28AB – Interest on delayed payment of duty
• Amendment of section 46 – Entry of goods on importation
• Amendment of section 50 – Entry of goods for exportation
• Insertion of new section 131BA – Appeal not to be filed in certain cases
• Insertion of new section 142A – Liability under Act to be first charge
• Amendment of section 150 – Procedure for sale of goods and application of sale proceeds
• Amendment of section 151A – Instructions to Officers of Customs
• Amendment of section 157 – General power to make regulation
ERRATA
DIRECT TAXES AND INDIRECT TAXES UPDATES
The words “Sixty Five”appearing on Page No. 4may be read as “Sixty”at
https://taxguru.in/wp-content/uploads/2012/04/Tax-updates-for-June-2012-Exams.pdf
