Vide Notification No.15/2012-Service Tax dated 17.03.2012, the Ministry of Finance had specified that in respect of services provided by an individual advocate, Goods Transport Agency, Insurance Agent, services provided or agreed to be provided by way of sponsorship to any business entity, in respect of services provided or agreed to be provided by an arbitral tribunal etc, the service-tax payable shall be Nil and that the person receiving the service shall pay 100% of the tax. This Notification is to come into force from the date on which section 66B of the Finance Act, 1994 comes into effect. S. 66B of the Finance Act, 1994 has been inserted by clause 143 (F) of the Finance Bill 2012. Vide Notification No. 19/2012 dated 5.6.2012, 1.7.2012 has been appointed as the date on which s. 143(F) of the Finance Act 2012 shall come into force. The result is that Notification No. No.15/2012-Service Tax dated 17.3.2012 shall come into effect on 1.7.2012.
(c) assessing authority means any authority competent to assess or audit or exercise or perform all or any of the powers and functions conferred on, or assigned, under this Act or as the case may be, has been delegated by the Commissioner and within whose jurisdiction the place of business or, as the case may be, the principal place of business of the dealer, is situated
Notification No. 18/2012-Service Tax The following sections will become ineffective from 1st day of June, 2012 1. Section 65 – Definition of Taxable Service 2. Section 65A – Classification of Taxable service 3. Section 66 -Charge of Section Tax 4. Section 66A – Charge of Service Tax on Services received from outside India
In exercise of the powers conferred by sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government’s) General Rules and Forms, 1956, namely: –1. (1) These rules may be called the Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2012.
In the Tamil Nadu Value Added Tax Act, 2006, after section 63, the following section shall be inserted, namely:—63-A. Accounts to be audited in certain cases.—(1) Every registered dealer whose total turnover including zero-rate sale and sale in the course of inter-State trade or commerce as specified in section 3 of the Central Sales Tax Act, 1956 (Central Act 74 of 1956) in a year, exceeds one crore rupees, shall get his accounts in respect of that year, audited by an Accountant and submit a report of such audit in the prescribed Form, duly signed and verified by the Accountant, to the Assessing authority, within such period as may be prescribed.
In exercise of the powers conferred by sub-section (1) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby rescinds with effect from the 1st April 2012, the Government Notification, Finance Department, No. VAT.1507/CR-44/ Taxation-1, dated the 6th December 2007.
Notification No. 10/2012-Income Tax The president is pleased to appoint the following IRS(IT) officers in the grade of ACIT(Junir Scale) in the pay scale of Rs. 15,600 to Rs. 39,100 with effect from the dates stated against their names. Notification No. 10 of 2012 appointing IRS Officers As Assistant CITs
Notification No. 118 (RE-2010)/2009-2014 73 MTs of pulses for the year 2012-13 and 80 MTs of pulses for the year 2013-14 to the Republic of Maldives would be permitted to be exported through MMTC Ltd.
The Reserve Bank, vide its notification No.DNBS.233/CGM(US)-2011 dated November 21, 2011 viz; Infrastructure Debt Fund-Non-Banking Financial Companies (Reserve Bank) Directions, 2011 issued detailed guidelines with regard to regulation of IDF-NBFCs.In terms of the Guidelines,for the purpose of computing capital adequacy, IDF-NBFCs are permitted to assign a risk weight of 50 percent on bonds covering PPP and post commercial operations date (COD) projects in existence over a year of commercial operation.
In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends SCHEDULE A appended to the said Act, as follows, namely:—
