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Nov 4, 2011

Exports of 68 services may get service tax refund

Exports of 68 services may get service tax refund

Posted: 03 Nov 2011 06:52 PM PDT

NEW DELHI: Exports of as many as 68 services, including banking and asset management, will be eligible for refund of service tax, as per a draft circular issued by CBEC on 28.10.2011. The Central Board of Excise and Customs (CBEC) in order to...

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Perquisites are not chargeable to tax if cost of education dose not exceed Rs.1000 per child per child under the proviso to Rule3(5) of the Income Tax Rules, 196

Posted: 03 Nov 2011 06:34 PM PDT

In the present matter it is seen that TDS has been deducted on "estimated income" of the employee, and the employer was not expected to step into the shoes of the AO and determine the actual income. Furthermore, under Section 191 of the Act the...

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Foreign investment in India by SEBI registered FIIs in other securities

Posted: 03 Nov 2011 08:17 AM PDT

A.P. (DIR Series) Circular No. 42, Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P.(DIR Series) Circular No.55 dated April 29, 2011, in terms of which the limit for FII investment in non-convertible debentures /...

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Applicability of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 in ICSI exams

Posted: 03 Nov 2011 08:08 AM PDT

Applicability of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 - SEBI vide its Notification No. LAD-NRO/GN/2011-12/24/30181 dated September 23, 2011 notified the New SEBI (Substantial Acquisition of Shares and Takeovers)...

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Need to Increase Trade Facilitation in Customs – FM

Posted: 03 Nov 2011 07:58 AM PDT

The Union Finance Minister , Shri Pranab Mukherjee has emphasized on the need to increase trade facilitation in customs . He was addressing the third meeting of the Consultative Committee attached to the Ministry of Finance during inter-session...

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MVAT – Due date for submission of refund application in form 501 for the year 2009-10 extended to 31st December 2011

Posted: 03 Nov 2011 07:54 AM PDT

The due date for submission of refund application u/s 51 of MVAT Act, 2002 for the period 2009-10 was 30.09.2011. Representations were received for extension of this date. Considering the difficulties faced by the Trade, the due date for submission...

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Facility of self E-updation of profile to all the dealers in Punjab is provided till 25th November, 2011

Posted: 03 Nov 2011 07:28 AM PDT

Excise and Taxation Department in Punjab has given an opportunity to all the dealers in Punjab to update/validiate/amend the data relating to their profiles on the website of Department till 25th of November 2011. If any information relating to a...

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Writ petition filed before the issued of show cause notice to the petitioner in respect of the service tax liable to be paid by it is premature and liable to be dismissed

Posted: 03 Nov 2011 05:03 AM PDT

  Court finds it appropriate to direct the respondent to issue a show cause notice and to give an opportunity of hearing to the petitioner before deciding the issues arising for his consideration relating to the payment of service tax by the...

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Penalty under Sections 76 and 78 are mutually exclusive and could not be imposed simultaneously

Posted: 03 Nov 2011 04:50 AM PDT

 On appeal levy of penalty under Section 76 was set aside while under Section 78 was upheld. It was held that penalty under Sections 76 & 78 are mutually exclusive and could not be imposed simultaneously. On further appeal, the Tribunal...

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Canteen services which are indispensable in relation to manufacture of the final products would fall within the ambit of input service

Posted: 03 Nov 2011 04:42 AM PDT

Under the provisions of section 46 of the Factories Act, it is mandatory for the employer to provide canteen services to the staff. Thus, provision of canteen services is a statutory requirement. Provision of canteen services being indispensable, it...

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Service Tax – Laying of pipeline for drinking water – Show Cause Notice Challenged – Not an indiscriminate notice without application of mind – Adjudicating Authority should decide

Posted: 03 Nov 2011 04:37 AM PDT

The present notice to show cause is not one where the question of limitation can be decided straightaway on law without adverting to intrinsic facts. It is also not a case where it can be said that the revenue has sent an indiscriminate show cause...

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Income Tax Department raid on premises of Raymond tycoon Gautam Singhania

Posted: 03 Nov 2011 04:24 AM PDT

The Income Tax Department today conducted searches at the premises of prominent industrialist Gautam Singhania here and in Delhi over alleged tax evasion. The I-T operation began early in the morning and was initiated by the Intelligence Wing of...

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Sales tax deferment scheme under Tamilnadu General Sales Tax Act, 1959 – Whether the deferment is admissible from the base production volume or base sales volume?

Posted: 03 Nov 2011 04:22 AM PDT

As per the clarification issued by the Commissioner of Commercial Taxes, in exercise of the power conferred on him under Section 28A of the TNGST Act, the benefit of sales tax deferral scheme would be available to a dealer from the date of reaching...

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Disputes between PSUs and Government – No more Committee on Disputes (COD)

Posted: 03 Nov 2011 04:06 AM PDT

Whilst the principle and the object is unexceptionable and laudatory, experience has shown that despite best efforts of the CoD , the mechanism has not achieved the results for which it was constituted and has in fact led to delays in litigation. On...

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Central Excise – Show Cause Notice issued within five years from the date of knowledge of the Department is valid

Posted: 03 Nov 2011 03:57 AM PDT

Although, the respondent has pleaded that it was done out of ignorance, but there appears to be an intention to evade excise duty and contravention of the provisions of the Act. Therefore, proviso of Section 11A ( i ) of the Act would get attracted...

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Service Tax on Commercial Training or Coaching Service – In view of insertion of explanation in section 65 (105)(zzc) w.e.f 01.07.2003, Tribunal decision liable to be set aside

Posted: 03 Nov 2011 03:49 AM PDT

Service Tax – Commercial Training or Coaching Service – In view of insertion of explanation in section 65 (105)(zzc) w.e.f 01.07.2003, Tribunal decision liable to be set aside – Matter remanded to Tribunal for de novo consideration. IN THE SUPREME...

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Service Tax on Renting of buses to UPSRTC can be challenged by aggrieved party onlt – SC

Posted: 03 Nov 2011 03:45 AM PDT

Appellant has no locus standi to file the present appeal as also the writ petition. Since payment of such tax is demanded from the private bus operators, if anybody is really aggrieved, it is the private bus operators. In our considered opinion, if...

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Collecting entry fee at airport on behalf of AAI amounts to taxable service – SC

Posted: 03 Nov 2011 02:45 AM PDT

The AAI entered into a licence agreement with the appellant by which the appellant was entrusted with the responsibility and the activity of collecting airport admission ticket charges on behalf of AAI Limited at Karipur Airport, Calicut. As per the...

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Supply of Vessels to ONGC not covered under Mining Service – SC

Posted: 03 Nov 2011 01:32 AM PDT

Union Of India Vs Indian National Shipowners Ass & Ors (SC) -None of the entries in the Schedule could be strictly said to be a service rendered in relation to mining of mineral, oil or gas. There is justification in the findings arrived at by...

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Right to Service – 'Citizens Right to Grievance Redress Bill, 2011′ – Draft Bill – Comments invited by 23rd Nov 2011

Posted: 03 Nov 2011 01:02 AM PDT

Department of Administrative Reforms and Public Grievances has prepared a Draft Bill called "Citizens Right to Grievance Redress Bill, 2011". This is a comprehensive rights based bill for the citizens of the country, providing statutory backing for...

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Oil Companies hiked Petrol by Rs 1.80 a litre to offset the fall in rupee

Posted: 02 Nov 2011 11:02 PM PDT

Oil companies today yet again hiked petrol prices by Rs 1.80 per litre to offset the fall in rupee that has made imports of crude costlier. After today's increase, petrol in Delhi will cost Rs 68.64 a litre. The rates will vary in other cities...

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Kejriwal clears I-T dues of Rs 9.27 lakh under protest

Posted: 02 Nov 2011 09:58 PM PDT

Key Team Anna member Arvind Kejriwal, Thursday, sent a cheque of Rs 9.27 lakh – to clear his dues - to Prime Minister Manmohan Singh so that his resignation from the Indian Revenue Service is accepted. In a letter enclosed with the cheque, Kejriwal...

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Guidelines on Commercial Real Estate (CRE)

Posted: 02 Nov 2011 09:20 PM PDT

Please refer to the circular DBOD.No.Dir.(Hsg).BC.31/08.12.001/2009-10 dated August 27, 2009 on 'Finance for Housing Projects'. Banks were advised, inter-alia, to stipulate a clause, in the terms and conditions of granting finance to specific...

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FEMA – Section 43 of the Foreign Contribution (Regulation) Act, 2010 – Investigation into cases under the Act – Notified authorities for investigation of offences punishable under the Act

Posted: 02 Nov 2011 09:19 PM PDT

NOTIFICATION NO. S.O. 2446(E), DATED 27-10-2011 In exercise of the powers conferred by section 43 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby specifies that the officers not below the rank of...

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FEMA – Section 40 of the Foreign Contribution (Regulation) Act, 2010 – Bar on prosecution of offences under the Act – Officers authorized for according previous sanction

Posted: 02 Nov 2011 09:15 PM PDT

NOTIFICATION no. S.O.2445(E), dated 27-10-2011 In exercise of the powers conferred by section 40 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby authorises the following officers for according previous...

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