The e-payment of service tax has been made mandatory w.e.f . 1.10.2006, for all assesses who has paid Rs 50 lakh or more in the preceding financial year or in the current financial year
It has been brought to the notice of the Board that certain doubts have arisen in respect to activities undertaken by authorized motor vehicle dealers and service stations
Kind attention is invited to paragraph 3.6.4.5 of the Foreign Trade Policy, 2004-09 dealing with imports under Served from India Scheme (SFIS). In terms of this paragraph, duty credit scrip issued under SFIS can be used for import of any capital goods including spares, office equipment, professional equipment, office furniture and consumables that are otherwise freely importable under ITC(HS) Classification of Export and Import Items.
Educational institutes like IITs and IIMs charge a fee from prospective employers like corporate houses / MNCs, who come to these institutes for recruiting candidates through campus interviews. A doubt has arisen as to whether these educational institutes fall in the category of ‘manpower recruitment or supply agency’ and accordingly, whether service tax is leviable on this fee.
Attention is invited to Notification No. 23/2006-Central Excise (NT), dated 12.10.2006, wherein revised format of ER-1 & ER-3 returns has been prescribed for all central excise assessees. The revision of the formats has been necessitated following the setting up of the first Large Taxpayer Unit (LTU) in Bangalore. It may, however, be noted that the revised ER 1 return form is applicable for all assessees (large taxpayers and others), although the additional details to be provided by a large taxpayer,
The issuer company shall make prompt, true and fair disclosure of all material developments taking place during the period mentioned hereunder, relating to its business and securities and also relating to the business and securities of its subsidiaries.
The Venture Capital Funds are advised to confirm compliance of the above as early as possible but not later than 2 months from the date of this circular.
Service tax is leviable with effect from 1st May, 2006 on services provided by an aircraft operator to passengers embarking in India for international journey by any class, other than economy class, under section 65(105)(zzzo) read with section 66 of the Finance Act 1994. Board of Airline Representatives in India (BAR) have sought clarifications on the levy of service tax on the above mentioned service.
Circular No. 10/2006-Income Tax Reference is invited to Board’s Circular No. 10/2003 dated 24th December, 2003 which provided that an individual deriving income from growing and curing of coffee who is not covered by the first proviso to section 139(1) of the I.T. Act, would not be required to file a return of his income if his income from growing and curing of coffee was Rs. 2 lakhs or less.
Convertible Instruments shall be deemed to be fully paid up for the purpose of clause (I), if the entire amount payable thereon has been paid and no further payment is envisaged to be made at the time of their conversion.
