Circular No.154/5/2012 Notification No.4/2012 – Service Tax dated the 17th March 2012 has amended the Point of Taxation Rules 2011 w.e.f. 1st April 2012, inter- alia, amending Rule 7 which applied to individuals or proprietary firms or partnership firms providing taxable services referred to in sub-clauses (g), (p), (q), (s), (t), (u), (za) and (zzzzm) of clause (105) of section 65 of the Finance Act, 1994. Rule 7 determined the point of taxation in such cases as the date of receipt of payment. The provisions have been amended both in the Point of Taxation Rules 2011 and the Service Tax Rules 1994 such that from 1st April 2012 the payment of tax shall be allowed to be deferred till the receipt of payment upto a value of Rs 50 lakhs of taxable services. The facility has been granted to all individuals and partnership firms, irrespective of the description of service, whose turnover of taxable services is fifty lakh rupees or less in the previous financial year.
Requirement of section 54EC to the effect that investment in specified assets is to be made within a period of six months from the date of transfer, was put to some clarification by the CBDT in Circular No 791 (supra). The question arose before the CBDT regarding exemption of a long term capital asset which had arisen on conversion of a capital asset into stock-in-trade.
works contract means a contract wherein transfer of property in goods involved in the execution of such contract is leviable to tax as sale of goods and such contrat is for the purpose of carrying out construction, erection, commissioning, installation, completion, fitting out, improvement, repair, renovation, alteration of any building or structure on land or for carrying out any other similar activity or a part thereof in relation to any building or structure on land;
The salient features of the Karnataka State Budget for financial year 2012-13 presented in the Legislative Assembly with respect to Commercial Taxes matters are been discussed in below article. The amendments indicated in the Article are effective from 01.04.2012 or such specific dates that it may be made effective from.
Country’s largest lender SBI today raised fixed deposit rates on select maturities by up to 1 per cent, amid tight liquidity situation. Fixed deposits with maturity period of 7 to 90 days will earn eight per cent interest against existing seven per cent. The SBI said in a statement that the new rates would be effective from on Wednesday.
Students whose parental income is less than Rs. 4.5 lakhs per annum and are enrolled in recognized technical & professional courses, after class twelfth, in India are eligible under the scheme. Educational loans of such students disbursed from 1st April 2009, irrespective of date of sanction are eligible for interest subsidy.
Based on the decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the interest rates for small saving schemes are to be notified every financial year, before 1st April of that year. Accordingly, the rate of interest on various small savings schemes for the financial year 2012-13 effective from 1.4.2012, on the basis of the interest compounding/payment built-in in the schemes, shall be as under:
Haven’t you always wanted to create those lovely drop down list boxes to enter data in lists or forms for uniformity and standardisation? These are called data validation list boxes. Here’s how create them. In our example, Let us consider that you want the user to enter season in column B from a list of valid seasons. To create the List box for all cells in that column, select the entire column, except cell B1, and on the ribbon click à
The rate of service tax is being increased from ten per cent to twelve per cent with effect from 01/04/2012. In another words from the 1st April, 2012 service tax rate will be 12.36% instead of present 10.3%.
Growth in Sales Tax collection is 20 per cent and exceeds target by 4000 crore. Electronic surveillance of transactions to go up. Online verification of Input Tax Credit facility will be made avail able to dealers shortly.Exemption to food-grains, pulses and their flour, Solapuri Chadars and towels and wet dates to continue upto 31st March, 2013.
