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Mar 14, 2011

TaxGuru.in : Legal & Tax Updates

TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Service Tax on Construction Services – Preferential Location and Development

Posted: 13 Mar 2011 08:22 PM PDT


Construction Services – Preferential Location and Development service means any service provided or to be provided to a buyer, by a builder of a residential complex, or a commercial complex, or any other person authorized by such builder, for...

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Service Tax on Construction or renovation of commercial / industrial buildings / pipelines / conduits services

Posted: 13 Mar 2011 08:18 PM PDT


"Commercial or Industrial Construction" means — (a) construction of a new building or a civil structure or a part thereof; or (b) construction of pipeline or conduit; or (c) completion and finishing services such as glazing, plastering, painting,...

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Service Tax on Construction of residential complex service

Posted: 13 Mar 2011 07:57 PM PDT


(a) construction of a new residential complex or a part thereof; or (b) completion and finishing services in relation to residential complex such as glazing, plastering, painting, floor and wall tiling, wall covering and wall papering, wood and...

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Service Tax on Company secretary's (practising) services

Posted: 13 Mar 2011 07:51 PM PDT


Company secretary's (practising) services means any service provided or to be provided [to any person], by a practising company secretary in his professional capacity, in any manner; "Practicing Company Secretary" means a person who is a member of...

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Service Tax on Commodity exchange service

Posted: 13 Mar 2011 07:45 PM PDT


Commodity exchange service means any service provided or to be provided to any person, by(zzzzh) to any person, by a recognised association or a registered association in relation to assisting, regulating or controlling the business of the sale or...

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Service Tax on Commercial use or exploitation of any event service

Posted: 13 Mar 2011 07:40 PM PDT


"Taxable service" means any service provided or to be provided to any person, by any other person, by granting the right or by permitting commercial use or exploitation of any event including an event relating to art, entertainment, business, sports...

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Service Tax on Commercial training or coaching services

Posted: 13 Mar 2011 09:36 AM PDT


Commercial training or coaching services means any institute or establishment providing commercial training or coaching for imparting skill or knowledge or lessons on any subject or field other than the sports, with or without issuance of a...

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Service Tax on Club's or Association's membership services

Posted: 13 Mar 2011 09:27 AM PDT


Club's or Association's membership services means any service provided or to be provided to its members, by any club or association in relation to provision of services, facilities or advantages for a subscription or any other amount;

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Service Tax on Clearing and processing house services

Posted: 13 Mar 2011 09:17 AM PDT


Clearing and processing house services means any service provided or to be provided to any person, by a processing and clearing house in relation to processing, clearing and settlement of transactions in securities, goods or forward contracts...

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Service Tax on Clearing and forwarding agent's services

Posted: 13 Mar 2011 09:06 AM PDT


Clearing and forwarding agent's services means any service provided or to be provided [to any person], by a clearing and forwarding agent in relation to clearing and forwarding operations, in any manner; Clearing and Forwarding Agent" means any...

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Service Tax on Cleaning Services

Posted: 13 Mar 2011 09:01 AM PDT


Service Tax on Cleaning Services- "Cleaning Activity" means cleaning, including specialised cleaning services such as disinfecting, exterminating or sterilising of objects or premises. Taxable Service" means any service provided or to be provided to...

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Service Tax on Chartered Accountant's (practising) services

Posted: 13 Mar 2011 08:57 AM PDT


Chartered Accountant's (practising) services - "Taxable Service" means any service provided or to be provided [to any persona], by a practicing chartered accountant in his professional capacity, in any manner;

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Service Tax on Cargo handling Services

Posted: 13 Mar 2011 08:48 AM PDT


"Cargo Handling Service" means loading, unloading, packing or unpacking of cargo and includes cargo handling services provided for freight in special containers or for non-containerized freight, services provided by a container freight terminal or...

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Service Tax on Cable Operator's services

Posted: 13 Mar 2011 08:43 AM PDT


Cable Operator's services- "Taxable Service" means any service provided or to be provided to any person, to any person, by a cable operator including a multisystem operator in relation to cable services; (Section 65 (105) (zs) of the Finance Act,...

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Service Tax on Business Support Service

Posted: 13 Mar 2011 08:34 AM PDT


Business Support Service-"Support Services of Business or Commerce" means services provided in relation to business or commerce and includes evaluation of prospective customers, telemarketing, processing of purchase orders and fulfilment services,...

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Service Tax on Business Exhibition Service

Posted: 13 Mar 2011 08:29 AM PDT


Business Exhibition Service- "Business Exhibition" means an exhibition, —(a) to market; or (b) to promote; or (c) to advertise; or (d) to showcase, any product or service, intended for the growth in business of the producer or provider of such...

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Service Tax on Business Auxiliary Service

Posted: 13 Mar 2011 07:57 AM PDT


"Business Auxiliary Service" means any service in relation to, — (i) promotion or marketing or sale of goods produced or provided by or belonging to the client; or (ii) promotion or marketing of service provided by the client; or

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Service Tax on Broadcasting (Radio and Television) Services

Posted: 13 Mar 2011 07:51 AM PDT


Broadcasting (Radio and Television) Services means any service provided or to be provided to a client, by a broadcasting agency or organization in relation to broadcasting, in any manner and, in the case of broadcasting agency or organisation,...

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Service Tax on Brand Promotion Services

Posted: 13 Mar 2011 07:48 AM PDT


Brand Promotion Services - "Taxable service" means any service provided or to be provided to any person, by any other person, through a business entity or otherwise, under a contract for promotion or marketing of a brand of goods, service event or...

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Service Tax on Beauty treatment Services

Posted: 13 Mar 2011 07:41 AM PDT


Beauty treatment Services- "Taxable Service" means any service provided or to be provided to any person, by a beauty parlour in relation to beauty treatment; "Beauty Treatment" includes hair cutting, hair dyeing, hair dressing, face and beauty...

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Service Tax on Banking and other financial services

Posted: 13 Mar 2011 07:38 AM PDT


Banking and other financial services- "Taxable Service" means any service provided or to be provided to any person, by a banking company or a financial institution including a non-banking financial company or any other body corporate or commercial...

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Service Tax on Authorised Service Stations for motor vehicles servicing or repairs

Posted: 13 Mar 2011 07:32 AM PDT


Authorised Service Stations for motor vehicles servicing or repairs- "Taxable Service" means any service provided or to be provided to any person, by an authorised service station, in relation to any service, repair, reconditioning or restoration ...

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Service Tax on Auction Service

Posted: 13 Mar 2011 07:28 AM PDT


Service Tax on Auction Service- "Taxable Service" means any service provided or to be provided to any person, by any other person, in relation to auction of property, movable or immovable, tangible or intangible, in any manner, but does not include...

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Swiss banks ask govt to reject mass-requests for banking info

Posted: 13 Mar 2011 07:17 AM PDT


Swiss banks have asked their government to reject any "mass-requests" for account details, even as the European nation plans to relax its norms for sharing banking information with countries such as India. Known for providing utmost secrecy to their...

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Rs 230 cr tax evasion by mobile phone dealers

Posted: 13 Mar 2011 07:16 AM PDT


Unearthing major tax evasion, Delhi Government has detected swindling of tax to the tune of staggering Rs 230 crore by mobile phone dealers who imported handsets from China and sold them "illegally". Top officials in the tax department said apart...

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Order under Section 14 of IRDA Act read with Section 64VA of Insurance Act' 1938

Posted: 13 Mar 2011 07:07 AM PDT


The Authority had investigated Actuarial valuation of the Indian Motor Third Party Insurance Pool (IMTPIP) under the Insurance Act, 1938 in order to assess the adequacy of the reserves which are to be calculated as per the IRDA Regulations and in...

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IRDA- Third party motor insurance pool needs to be significantly augmented

Posted: 13 Mar 2011 07:03 AM PDT


The IRDA had conducted an audit of the Third Party Motor Insurance Pool and has established that the pool reserves have to be significantly augmented in order to meet the higher compensation to be paid to the unfortunate victims of road accidents....

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Website development expense is revenue expenditure and amount advanced for it if become unrecoverable is allowable as "Bad Debt"

Posted: 13 Mar 2011 06:37 AM PDT


In the present case, we are of the opinion that even if the websites had materialized, the expenditure could not have been viewed as capital expenditure because the website is put up for the purposes of day-to-day running of the business and even if...

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CPC processes over 38.42 lakh e-filed returns of A.Y. 2010-11 upto 09/03/2011

Posted: 13 Mar 2011 06:20 AM PDT


Centralized Processing Center (CPC), Bangalore has been actively processing of returns for AY 2010-11. As on 09/3/2011 it has processed over 38.42 lakh e-filed returns of AY 2010-11 in all categories of ITRs including Corporate Returns and generated...

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Income Tax dept call Center to Solve taxpayers queries related to Refund, ITR V Status etc

Posted: 13 Mar 2011 06:17 AM PDT


Update on CPC - Call Center To assist taxpayers a call center with 20 agents provides customer service and support for resolution of taxpayers queries. It provides information and updates on the following: 1. Status of receipt of ITR-V at CPC ...

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Govt releases draft Mines and Minerals (Development and Regulation) Act, 2010

Posted: 13 Mar 2011 06:08 AM PDT


Mines and Minerals (Development and Regulation) Act. The draft Mines and Minerals (Development and Regulation) Act, 2010 was hosted on the website of Ministry of Mines (http://mines.nic.in) on 3rd June, 2010. The proposals received from the State...

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ICAI Campus Placement at New Delhi on 15th March 2011

Posted: 13 Mar 2011 06:03 AM PDT


The Institute has received overwhelming response from the members and corporates for the Campus Placement scheduled to be held on 15th March 2011 at NIRO of ICSI. The following Companies have already sent their confirmation for participation in...

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No new law to deal with illegal immigration- Govt

Posted: 12 Mar 2011 09:03 PM PST


Admitting that the country was facing a persistent problem of illegal immigration, the government has ruled out a fresh legislation to deal with the issue saying stringent mechanisms were already in place. Under the existing Foreigners' Act 1946,...

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Service Tax on ATM operation, maintenance or management services

Posted: 12 Mar 2011 09:01 PM PST


ATM operation, maintenance or management services-Taxable Service" means any service provided or to be provided to any person, by any other person, in relation to automated teller machine operations, maintenance or management service, in any manner;

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Service Tax on Asset Management Services By Individuals

Posted: 12 Mar 2011 08:55 PM PST


Asset Management Services By Individuals- means any service provided or to be provided to any person, by any other person, except a banking company or a financial institution including a non-banking financial company or any other body corporate or...

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Service tax on Architect's Services

Posted: 12 Mar 2011 08:45 PM PST


Architect's Services- means any service provided or to be provided to any person, by an architect in his professional capacity, in any manner;

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Service tax – Airport services

Posted: 12 Mar 2011 08:35 PM PST


Airport services means any service provided or to be provided to any person, by airports authority or any other person, in any airport or a civil enclave; Rate of Tax & Accounting Code:

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Service tax – Air travel agent's services

Posted: 12 Mar 2011 08:16 PM PST


"Taxable Service" means any service provided or to be provided to any person by an air travel agent in relation to the booking of passage for travel by air; "Air Travel Agent" means any person engaged in providing any service connected with the...

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Service tax Provisions on 'Advertisement-Sale of Space or Time Services'

Posted: 12 Mar 2011 08:08 PM PST


"Advertisement" includes any notice, circular, label, wrapper, document, hoarding or any other audio or visual representation made by means of light, sound, smoke or gas.providing space or time, as the case may be, for display, advertising,...

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UPDATES FROM TAXGURU