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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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 /... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]