Postpone implementation of Negative Service tax regime Posted: 19 Jun 2012 09:02 PM PDT A CBEC panel wants the new service tax regime, which is scheduled for implementation from July 1, be deferred by 3-4 months as more time is needed to put in place the required framework.  |
| Section 206AA not applicable to persons having income below taxable limits Posted: 19 Jun 2012 08:00 PM PDT In a writ petition filed by small investors, Karnataka High Court Held that provisions of Section 206AA of the Income Tax Act are contrary to provisions of Section 139A of the Act. Accordingly, provision of Section 206AA were made inapplicable to persons and was read down from the Act only for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Deemed Sale V/S Declared Service – Controversy C/F to Negative List Posted: 19 Jun 2012 07:23 PM PDT Deemed sale – it is a critical aspect of the Sales Tax law and it is going to have direct impact on the upcoming Negative list scheme. The new definition of service as defined in context of negative list excludes the deemed sale. In other words, service tax is not to be levied on the deemed sale.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Service tax under Reverse Mechanism & SSI Exemption Benefit Posted: 19 Jun 2012 07:05 PM PDT With effect from 01-07-2012 section 66B of Chapter V of Finance Act, 1994 shall govern the CHARGE of service tax . Accordingly there shall be levied a service at the rate of 12% on the value of all services, other than those services specified in the negative list, provided or agreed to be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Small ticket – Overseas Direct Investment Posted: 19 Jun 2012 05:30 PM PDT Following is brief of the procedure under Automatic Route of ODI: 1. Submit form ODI along with the required documents 2. Conditions to be followed are under automatic route; a. Investee shall ensure that investment does not exceed 400% of the net-worth (capital plus reserves) of the investee (as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Banks to upload Bank Realization Certificate (BRC) online Posted: 19 Jun 2012 04:25 PM PDT Policy Circular No. 01 (RE- 2012) /2009-14 Uploading of BRC data by banks can be done at any time and it should be electronically transmitted on a daily basis. Electronic issuance of BRC has started with effect from 05.06.2012. Physical submission of BRC would continue concurrently for one month... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Time Limits under Punjab Value Added Tax Act, 2005 Posted: 19 Jun 2012 04:07 PM PDT Various time limits under Punjab VAT Act, 2005 for example time for filing returns, applying registration, payment of taxes etc. Particulars Rule/ Section Time Application for registration in Form VAT-1 S21, 22, R3,4,5 Within 30 days when such person liable to pay tax Issue of the Registration... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Fee payable Under Punjab Value Added Tax Act, 2005 Posted: 19 Jun 2012 04:01 PM PDT Herebelow is the chart showing various fee payable under Punjab VAT Act, 2005 along with the relevant sections and rules of Punjab VAT Act and Punjab VAT Rules, 2005. Particulars Section Rule Fee Amount (Rs.) VAT or TOT Registration 21,22 3 2000 Issue of duplicate Registration Certificate 21,22 6... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Interest for delayed payment of tax under Punjab VAT Act, 2005 Posted: 19 Jun 2012 03:50 PM PDT Herebelow is the chart showing simple interest leviable on the amount of tax in case of delayed payment of tax under Punjab VAT Act, 2005 under section 32 and section 27(7).It should be noted that such simple interest is not a penal interest and is payable without any requirement of show cause... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Validity of reassessment proceedings initiated u/s 147 to successor of business Posted: 19 Jun 2012 09:07 AM PDT Whether reassessment proceedings initiated u/s 147 to successor of business on account of omission and failure to disclose fully and truly all material facts necessary for determining the income chargeable to tax for these assessment years is valid? [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Disallowance u/s. 40A(3) for consolidated entry of cash payment in excess of Rs. 20000/- at year end? Posted: 18 Jun 2012 10:18 PM PDT A.O. In his assessment order has stated that the impounded disc. containing the books of accounts under JR-I & JR-2 from where the cash payments on 31.03.2008 were found, were not manually entered as apparent from the printout. The entries were computerized, not manual. Furthermore, as stated... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| 2% Interest subvention on rupee export credit wef April 1, 2012 to March 31, 2013 Posted: 18 Jun 2012 09:30 PM PDT Government of India has decided to extend interest subvention of 2% on rupee export credit with effect from April 1, 2012 to March 31, 2013 on the same terms and conditions to the following sectors : i. Handicrafts Carpet . Handlooms Small and Medium Enterprises (SMEs) (as defined in Annex) ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| DTAA with Norway Posted: 18 Jun 2012 09:20 PM PDT Notification no. 24/2012 - Section 90 of the Income-tax Act, 1961 - Double Taxation Agreement - Agreement for Avoidance of Double Taxation and Prevention of fiscal evasion with foreign countries - Norway. Whereas an Agreement between the Republic of India and the Kingdom of Norway for the avoidance... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Section 158BE – A panchnama which does not record a search does not extend limitation Posted: 18 Jun 2012 09:19 PM PDT Reckoning point to compute the time limit will be drawing of last panchnama in respect of any authorization issued in a particular case. However, it has already been held that the last panchnama as relevant for Explanation 2 to section 158BE will be the panchnama which show the conclusion of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Service Tax on Audit fees collected by CAG Posted: 18 Jun 2012 09:15 PM PDT Circular No. 159/10/2012-ST A doubt has been raised whether service tax is leviable on the audit fees collected by the CAG for conducting directly, audit of corporations. Reportedly some field formations are inclined to take a view that such 'audit fee' collected by the CAG is leviable to service... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Prescribed majority of shareholders entitled to decide whether there should be a reduction in capital or not – HC Posted: 18 Jun 2012 09:10 PM PDT Reckitt Benckiser (India) Ltd. [122 (2005) DLT 612], albeit, in context of reduction of share capital. In that case also, the scheme of the reduction was such that many shareholders like the applicants in the instant case were deprivation of their shareholdings on payment of certain price. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Procedure, safeguards, conditions & limitations for grant of refund of CENVAT credit under Rule 5 of CENVAT Credit Rules, 2004 Posted: 18 Jun 2012 08:45 PM PDT Notification No. 27 /2012-CE (N.T.) Refund of CENVAT Credit under rule 5 of the said rules, shall be subjected to the following safeguards, conditions and limitations, namely:- (a) the manufacturer or provider of output service shall submit not more than one claim of refund under this rule for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| RBI Committee recommends Risk Based Supervision for Commercial Banks Posted: 18 Jun 2012 08:36 PM PDT The HLSC was mandated to suggest measures for making the supervisory processes for commercial banks more effective and useful to the supervised entities as well. The terms of reference for the Committee included a mandate for reviewing the extant approach, methodology, processes/tools for onsite... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Roadmap-Provision of Banking Services in Villages with Population below 2000 Posted: 18 Jun 2012 08:22 PM PDT State Level Bankers' Committees (SLBCs) are now mandated to prepare a roadmap covering all unbanked villages of population less than 2000 and notionally allot these villages to banks for providing banking services, in a time-bound manner. The notional allotment is only intended to ensure that all... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Penalties under Punjab VAT Act, 2005 Posted: 18 Jun 2012 03:53 PM PDT Herebelow we are sharing a complete chart showing the penalties under Punjab VAT Act, 2005 for the benefit of all readers. Offence Penalty (In addition to tax and interest) Section Failure to Register An Amount equal to Tax due 52, 21 Failure to Pay tax when due A Sum @ 2% per month on tax [...]
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