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Budget 2012 – New Paradigm in Service Tax

For Determination of Arm’s Length Price 5% tolerance band not standard deduction

Transfer Pricing Regulations made applicable to domestic transactions if value exceeds Rs. 5 Cr.

Extension of time limit for completion of assessment or reassessment where information sought under DTAA

Tax Residence Certificate must for claiming relief under DTAA and for issue of Form 15CB

Meaning assigned to a term used in Double Taxation Avoidance Agreement (DTAA)

Tax & Witholding Rate increased to 20% for non-resident entertainer, sports person etc.

Job Work, Advocate, Man power Supply, Transport etc. Service Receiver made liable to pay service tax

Fee for filing applications before Authority for Advance Rulings (AAR) raised to Rs. 10,000

Sum received from life insurance policy exempt if premium for any of the years during policy tenure not exceeded 10% of sum assured

S. 234D applies to proceeding completed on or after 1st June,2003

Govt to notify class of search cases where compulsory reopening of past six years not required

Processing of return not necessary where scrutiny notice issued

Sum or property received by HUF from members not taxable
Explore the latest Budget updates on TaxGuru, including relevant legal provisions, notifications, circulars, case laws, compliance developments and expert analysis. This page brings together important developments and practical guidance to help taxpayers, businesses and professionals stay informed and understand the regulatory and commercial implications of changes.
