CA Jaikishan Manghani

Analysis of Service Tax Rules, 1994

Service Tax - Service Tax in India is 21 years old now. When it was introduced vide Chapter V of the Finance Act, 1994 (32 of 1994) from 01.07.1994, the rules were also notified from that date, to administer this law, taking authority from section 94 (2) of the said Act. These rules are called the Service Tax Rules, 1994. These rules are the basic rule...

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Analysis of Point of Taxation Rules, 2011

Service Tax - The Point of Taxation Rules, 2011 were notified on March 1, 2011 and have been amended from time to time. As mentioned in my earlier Article, service tax is one of the most important sources of revenue for the Central Government and therefore the legislators are trying to bring more and more persons under the service tax net. The introduc...

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Service Tax in India: Brief History and Meaning of 'Service'

Service Tax - The Service Tax was introduced in India around 21 years back on July 1, 1994 at the recommendations of Dr. Raja Chelliah Committee on tax reforms. The introduction of this levy in India can be termed as milestone in Indian Tax history. ...

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Long Term Capital Loss from Shares and Mutual Funds: Set off allowable

Service Tax - In India, the income from long term capital gains on transfer of Shares and Mutual Funds on which security transaction tax (STT) has been paid, is exempt from levy of income tax under section 10(38) of the Income Tax Act, 1961 (‘the Act’). This is a well known exemption amongst the tax payers and investors in India. ...

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Customs Valuation: Mark up by 1% on account of Handling, Loading and Unloading Charges

Service Tax - In India, it is a common practice at customs that at the time of valuation of imported goods into India for levy of customs duty 1% mark up is made in the assessable value on account of handling, loading and unloading charges of the goods without going into detail what are in fact the actual expenses in this regard. ...

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Recent Posts in "CA Jaikishan Manghani"

Analysis of Service Tax Rules, 1994

Service Tax in India is 21 years old now. When it was introduced vide Chapter V of the Finance Act, 1994 (32 of 1994) from 01.07.1994, the rules were also notified from that date, to administer this law, taking authority from section 94 (2) of the said Act. These rules are called the Service Tax Rules, 1994. These rules are the basic rule...

Read More
Posted Under: Custom Duty |

Analysis of Point of Taxation Rules, 2011

The Point of Taxation Rules, 2011 were notified on March 1, 2011 and have been amended from time to time. As mentioned in my earlier Article, service tax is one of the most important sources of revenue for the Central Government and therefore the legislators are trying to bring more and more persons under the service tax net. The introduc...

Read More
Posted Under: Custom Duty |

Service Tax in India: Brief History and Meaning of 'Service'

The Service Tax was introduced in India around 21 years back on July 1, 1994 at the recommendations of Dr. Raja Chelliah Committee on tax reforms. The introduction of this levy in India can be termed as milestone in Indian Tax history. ...

Read More
Posted Under: Custom Duty |

Long Term Capital Loss from Shares and Mutual Funds: Set off allowable

In India, the income from long term capital gains on transfer of Shares and Mutual Funds on which security transaction tax (STT) has been paid, is exempt from levy of income tax under section 10(38) of the Income Tax Act, 1961 (‘the Act’). This is a well known exemption amongst the tax payers and investors in India. ...

Read More

Customs Valuation: Mark up by 1% on account of Handling, Loading and Unloading Charges

In India, it is a common practice at customs that at the time of valuation of imported goods into India for levy of customs duty 1% mark up is made in the assessable value on account of handling, loading and unloading charges of the goods without going into detail what are in fact the actual expenses in this regard. ...

Read More
Posted Under: Custom Duty |

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