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.
The matter has been examined by the Ministry in consultation with the Ministry of Law & Justice. In response to the query as to whether rule 3 of CENVAT Credit Rules should be amended to allow CENVAT credit of CVD paid through DFCE scrips, the Ministry of Law has observed that “it is more a matter of policy and legal administration instead of interpretation, on which views may differ. However, it would be preferable to have scheme-specific concessions in the relevant specific notification as against general amendment to the rules.
The Stock Exchanges are advised to report to SEBI, the action taken in this regard in Section II, item no. 13 of the Monthly/Quarterly Development Report.
The trustees’ reports shall contain a declaration on whether the trustees are satisfied with the systems and procedures of the mutual fund designed for the purpose of compliance with these Guidelines.
Circular No. 9/2006-Income Tax The Central Board of Direct Taxes have notified following new return forms for assessment year 2006-07
Notwithstanding above repetitive instructions, it is noticed that in a large number of cases there is delay in the forwarding of the proposal by the Commissionerates. This has led to dismissal of several cases by the Supreme Court on limitation alone. It is reiterated that action should be initiated immediately on receipt of uncertified copy of the CESTAT’s orders (now available on www.cestat.gov.in)
Circular No. 8/2006-Income Tax Reference is invited to the clarification issued vide Circular No. 4/2006, dated 29th March, 2006 on the above subject. Vide this circular, it was clarified that the expression ‘the produce of animal husbandry’ used under rule 6DD(f)( ii) would include ‘livestock and meat’ and in a case where payment
The Finance Minister in his Budget Speech 2005-06 announced the proposal to set up Large Taxpayer Units (hereinafter referred to as LTUs) in the country, which would act as a single window facilitation centre for all large entities paying excise duty, corporate tax/income tax and service tax. Notifications No. 18/2006-CE(NT) to 22/2006-CE(NT) and 28/2006-S.Tax all dated 30th September 2006
