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
http://taxguru.in/wp-content/uploads/2012/04/Tax-updates-for-June-2012-Exams.pdf

DOWNLOAD DIRECT TAXES AND INDIRECT TAXES UPDATES

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