Levy of 1% Excise Duty without Cenvat Credit on 130 items: 1 The following changes have been made with respect to levy of 1% excise duty on 130 items which were fully exempt till 1st March 2011: (i) Out of the 130 items covered under Notification 1/2011-CE, dated 1-3-2011, 35 items have been notified under section 4A of the Central Excise Act, 1944 with an abatement of 35%. Notification No. 11/2011-CE (NT), dated 24th March, 2011 refers. The excise duty (and CVD) on these goods will thus be charged on the assessable value determined under section 4A.
You kind attention is invited to the amendment made vide Notification No. 41/2010 dated 31 May 2010 and the notable features of the amended TDS Rules which are applicable to the month of March and to the Quartered ended 31st March 2011 are as under: (a) Time limit for deposit of TDS for the entire month of March will be 30th April instead of two separate time limits viz. 7th April for TDS up to 30th March and 31st May for TDS as of 31st March.
Mumbai ITAT has held in an important case namely Kumarpal Amrutlal Doshi vs. DCIT (ITAT Mumbai) that relief u/s 54EC shall be available even if the bonds are issued after the requisite period of 6 months for investment, if the cheque is issued within the period of 6 months but cheque is encashed after the requisite period and bonds are also issued after the requisite period of 6 months.
Mayfair Resorts Vs. CCEC, Ludhiana – The assessee is registered with the Service Tax Department under the category ‘Mandap Keeper’. During audit for the period of 2004-05, it was noticed by the Department that the assessee surrendered Rs.35 lacs to the Income Tax Department as additional taxable income on the said amount being found cash at the premises of the assessee and the assessee being unable to explain the source of income. According to the department, since only business of the assessee was providing service of ‘Mandap Keeper’, the amount represented proceeds of services provided by the assessee. Accordingly, amount was treated as subject to service tax vide order-in-original dated 28.1.2009. On appeal, the said order was set aside on the ground that without making any enquiry and in absence of any statutory presumption, the department could not treat the amount as representing proceeds of services provided by the assessee. The view taken by the Tribunal to this effect in Kipps Education Centre Bathinda Vs. CCE Chandigarh 2009(13) STR 422 was followed. The said order has been affirmed by the Tribunal.
Download Revision Test Papers(RTP) for May 2011 CA PCC,IPCC and Final Exams. IPCC RTP May 2011 , PCC RTP May 2011, FINAL RTP May 2011.
Definition of ‘Qualified institutional buyer’ and ‘Retail individual investor’ • Insurance funds set up and managed by the Department of Posts, India have been given the status of Qualified Institutional Buyers [QIBs]. Accordingly, Postal Li
Reserve Bank of India [RBI] had on 12 August 2010 issued guidelines for Core Investment Companies [CICs]. RBI has on, 5 January 2011 notified Core Investment Companies (Reserve Bank) Directions, 2011 [CIC Directions]. The CIC Directions and the conse
The strategy adopted by the Government to tackle the menace of illicit funds is five-fold. This consists of: i) Joining Global crusade against ‘black money’; ii) Creating an appropriate legislative framework; iii) Setting up institutions for dealing
In 2005, the Reserve Bank released the “Road map for presence of foreign banks in India” laying out a two track and gradualist approach aimed at increasing the efficiency and stability of the banking sector in India. One track was the consolidation o
1. What is Micro Credit? Micro Credit is defined as provision of thrift, credit and other financial services and products of very small amount to the poor in rural, semi-urban and urban areas for enabling them to raise their income levels and impro
