Silver prices plunged across the world market keeping every one on the table of quest of what made the fall of silver prices. Base metal prices were very much over leveraged or over brought in the past couple of months on a continuous basis. Silver is expected to have another correction from the last weeks closing by another 5% to 10%.
The chartered accountant, cost accountants and company secretaries enjoyed exemption from levy of service tax on representational services and lawyers were not taxed on such services. Now with legal fraternity coming into tax net, exemption to representational services (ie, appearing before any statutory authority in pursuance of any notice) has been withdrawn from May 1, 2011. Thus, both CAs etc and legal consultants have a similar scope of taxation except that in case of legal services, representation for individuals is not yet taxable.
For tax deducted on salaries , the employer has to issue Form 16 to the employees. The form was modified vide Notification 41/2010 dated 31.05.2010 In this form there is a reference to Form 12BB. However there is no Form 12BB notified. It certainly is a typo error and it should read Form 12BA
Salary DDOs must calculate the tax payable by an employee for the year and start deducting tax at average rate. The term salary includes wages, any annuity or pension, gratuity, any fees, commission, perquisites or profits in lieu of or in addition to any salary or wages. (These payments are covered under sec. 192 of […]
Circular No. 943/04/20 1 1-CX dated 29 April 2011 – Various amendments have been made in Cenvat Credit Rules, 2004 vide Union Budget 2011. Definitions of the terms like ‘inputs’, ‘input services’, ‘exempt services’, etc. have been amended. Also, amendments have been made in the methodology prescribed for credit reversal in case an assessee is engaged in both taxable and non taxable activities. Many of these amendments appear to be in respect of issues which have been a subject matter of judicial scrutiny in the last few years. Thus, it seems that through these amendments, Government intends to settle the long standing disputes and move ahead.
The Central Board of Direct Taxes has issued circular prescribing the procedure regulating refund of amount paid in excess of tax deducted and/or deductible in respect of payments to residents as covered under sections 192 to 194LA of the Income-tax Act. The Circular will be applicable for claim of refunds for the period upto 31 March 2010.
The Income Tax chief recently made surprise visits to some offices in the department and found to his dismay their poor maintenance and the indifferent attitude of senior officers towards their juniors. During his visit to have a first hand feel of the condition in the I-T offices, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra was shocked to see obsolete furniture, dilapidated coolers, broken tubelights — all covered under thick layers of dust.
For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) have to furnish Income Tax Return in ITR 7 and Format of the same for A.Y. 2011-12 is as give below:- ITR 7 in excel format for A.Y. 2011-12- Financial Year 2010-11
Service tax on Restaurant Service and Short term accommodation Service. Restaurant Service has been made taxable to service tax w.e.f. 1st May 2011. This levy is covered by section 65(105)(zzzzv) read with notification No. 1/2006-Service Tax, dated the 1st March, 2006, as amended by Notification No.34/2011 – Service Tax 25th April, 2011. The scope of the service is defined as services provided to any person, by a restaurant, by whatever name called, having facility of air-conditioning in any part of the establishment, at any time during the financial year, which have license to serve alcoholic beverages, in relation to serving of food or beverages, including alcoholic beverages or both, in its premises.
Income Tax Department has released ITR 1 Sahaj and ITR 2 Income Tax Return Preparation Utility as applicable for Assessment Year (A.Y.) 2011-12 or Financial Year (2010-11) which can be used to file Income Tax Return Online. Filing of Income Tax returns is a legal obligation of every Individual/HUF whose total income for the previous year has exceeded the maximum amount that is not chargeable for income tax under the provisions of the I.T Act, 1961. Income Tax Department has introduced a convenient way to file these returns online using the Internet.
