The Ministry issued General Circular No.30/2012 Dated 28.09.2012, In order to ensure smooth filing and to avoid last minute rush, the due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL) as per new schedule VI is extended in following manner without any additional fee :-
In compliance of the provisions contained in Finance Bill 2012 and subsequent notifications issued by the Ministry of Finance, the Service Tax in case of transportation of parcel traffic (leased or non-leased parcel traffic) by rail, which was exempted upto 30th September 2012, would now be levied on total freight charges with effect from 1st October 2012.
Levy of Service Tax on Railway Passengers Travelling in AC Classes/First Class from tomorrow i.e. 1st October 2012. No Service Tax to be Levied on Tickets Issued Prior to 1st October 2012. In Case of Cancellation of Tickets Issued on or after 1st October 2012, the Applicable Amount Including Service Tax to be Refunded by Railways
It has been observed that there is a multiplicity of overlapping audits in the Public Sector Banks (PSBs). While the audit is essential for the health of the PSBs, it has been observed that multiple overlapping audits throughout the year engage a lot of attention, resources and time of the PSBs. It has also been observed that there is a need to revamp the audit system in PSBs in the wake of increasing computerization and shifting of operations on I.T. based system. The present audit system is lagging behind the technological advancement achieved by PSBs.
All Service Tax assessees are hereby informed that they will not be able to file ST 3 returns in ACES now and have to wait until the modified version of ST 3 Form is made available in a few weeks. Please revisit ACES website(http://www.aces.gov.in) for further information. Inconvenience caused is regretted.
Levy of Service Tax on Railway Passengers Travelling in AC Classes/First Class from 1-10-2012 – No Service Tax to be Levied on Tickets Issued Prior to 1-10-2012 – In Case of Cancellation of Tickets Issued on or after 1st October 2012, the Applicable Amount Including Service Tax to be Refunded by Railways
In case of refund of passenger fare, if any, refund of Service Tax shall be claimed by the passenger from the concerned Service Tax authority. No refund shall be made by the Railways on this account. For the purpose of claiming refund, Chief Commercial Manager (CCM) office of concerned Zonal Railway shall issue a certificate […]
The Direct Taxes Code Bill, 2010 which intends to revamp the law relating to direct taxes is likely to result in considerable unacceptable losses on a continuing basis. Given the low tax-GDP ratio and the existing fiscal crisis, there is absolutely no fiscal space for such large revenue loss. Therefore, the Direct Taxes Code Bill, 2010 should be comprehensively reviewed before it is enacted into law for implementation.
For better compliance of the statutory obligations, we recently made a representation to CBDT to review and delete both the Annexures I and II to Form No. 3CD as they have outlived their utility. We are hoping that our request will be accepted by the Department. Further, we also submitted a Representation to CBDT to clarify the applicability of provisions of Section 44AB to Cooperative Societies. This is because it was brought to our notice that majority of Co-operative Societies carrying on business or providing services and claiming deduction under section 80P of the Income tax Act, 1961, were under the impression that they are not required to get their accounts audited under section 44AB of the Income-tax Act, 1961.
Since the last date of submission of Registration Forms under Direct Entry Scheme for Articled Training is 30th September, 2012 i.e. Sunday, the offices of The Institute of Chartered Accountants of India (ICAI) will remain open on 29th & 30th September, 2012 (Saturday and Sunday) and forms will be accepted to enable the students to avail the benefit of appearing in May, 2013 Examination and completing Orientation and ITT Courses by 31st March, 2012 as mentioned in our earlier Announcement dated 16th August, 2012.
