Revised Procedure: As a step towards e-governance, the above procedure of manually submitting applications for registration and enrolment is being changed. From 1st April 2012 onwards, the application for registration (PTRC) and enrolment (PTEC) under Profession Tax Act should be electronically uploaded in ‘Form I’ or ‘Form II’ respectively, as provided on the web-site of the Sales Tax Department, Government of Maharashtra i.e. www.mahavat.gov.in. Notification to that effect has been issued, as referred above. The remaining processes of obtaining registration/enrolment such as verification of documents etc. will remain the same.
Since in this case, the land is acquired compulsorily and no amount of compensation has been received by the assessee and further, the matter is still pending before the Hon’ble Allahabad High Court and has not attained finality, therefore, the provisions of section 2(47) (iii) and (v) section 45(5) would not apply in the case of the assessee.
MEASURES TO PREVENT CIRCULATION OF UNACCOUNTED MONEY -1. Share Premium in excess of Fair Market Value.Onus on the Company to explain source of shareholders’ funds. Unexplained income, investments, etc. to be taxed at maximum marginal rate. Compulsory Penalty on undisclosed income in course of search and seizure [Insertion of Sec 271AAB]. Compulsory filing of return for residents having assets abroad [Amendment of Section 139] 6. Time limit for reopen of assessment increased to 16 years where any asset is located outside India
The making of a new claim if any before the Assessing Officer is required to be done only by way of filing the revised return of income and not by way of letters or by way of filing revised computation etc. But when comes to the Tribunal or for that matter the Commissioner (Appeals), who is also not the Assessing Officer, but who is the appellate authority, assessee does not have to initiate a new claim before them by way of filing the revised return of income.
REVERSE CHARGE MECHANISM -Primary Liability to pay service tax lies on the service provider. The service provider collects the service tax from the service receiver and is liable to take registration with the Service Tax Department and complete all the formalities in respect of deposit and filing return of service tax. The Budget 2012 proposes to shift this liability in certain cases to the service receiver. Presently, the service receiver has to discharge service tax liability only in a couple of case like import of services and goods transport agency.
Apex Court in the case of Goetze (India) Ltd. v. CIT [2006] 284 ITR 323 has clearly held that for making a claim other than what was originally made in return of income, filing of a revised return is mandatory. Neither the A.O. nor the CIT(Appeals) have considered these fundamental aspects regarding status and validity of a claim made other than through revised return.
Suppose you have entered the full name of a person in a particular cell and you now want to have Surname, First Name and Middle Name in three different cells. To do this, simply select the cell that contains the Full Name of the person, Click
Point of taxation Rules amended- In case of new levy, no tax is chargeable on services for which invoice issued and payment received within 14 days of date of new levy. Normally, date of payment shall be earlier of the date when the payment is entered in the books or credited to bank account. However, in case of new levy or change of rate of service tax, the date of payment shall be taken to be the date when the payment is actually credited in the bank statement of the aseessee if it is later than four days from the date of new levy. By this budget, the rate of service tax shall change to 12.36% w.e.f 1st April 2012. Hence, any advances received upto 04th April 2012 shall be taxed at 10.3% whereas amounts credited beyond that date shall be taxed at the rate of 12.36%.
Use the Data Validation + Countif function. It Prevents the user from entering Duplicate data. To do this: 1. Select a range of cells, for example, A2:A20. 2. On the Ribbon click <Data> à <Data Validation> 3. Select the [Settings] tab.
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.
