Amendment related to TDS proposed by Union budget 2012-13

Amendment related to TDS proposed by Union budget 2012-13 Posted: 18 Mar 2012 08:51 PM PDT Section 193 of the Act- Tax deduction at source from payment of interest on debentures, Section 194E of the Act - Tax deduction at source from payment to non-resident entertainer, sports person etc., Section 194J of the Act - Tax deduction at source... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Income Tax Calculator for AY 2013-14, AY 2012-13, AY 2011-12 Posted: 18 Mar 2012 08:23 PM PDT Income Tax Rates Chart cum Calculator covering AY 2013-14 (proposed rates in Budget 2012), AY 2012-13 and 2011-12. Contributed by- http://www.meraconsultant.com- Download File- Simple Income Tax Calculator for for AY 2013-14, AY 2012-13, AY... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 – Alternate Minimum Tax (AMT) on all non-corporate Assessees Posted: 18 Mar 2012 07:31 PM PDT The Finance Bill, 2012 has proposed to amend provisions regarding AMT contained in Chapter XII-BA in the Income-tax Act to provide that a person other than a company, who has claimed deduction under any section (other than section 80P) included in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] TCS on transactions of jewellery, bullion, coal, lignite, iron ore Posted: 18 Mar 2012 07:27 PM PDT It is proposed that TCS provisions shall be made applicable on sale of minerals being coal or lignite or iron ore at the rate of 1%. In other words, seller of minerals being coal or lignite or iron ore shall be required to collect TCS @1% at the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 – Section Wise Highlights of Proposed Amendments In Income Tax Act Posted: 18 Mar 2012 07:05 PM PDT CA Avinash V. Rawani As we all know finance Minister has presented Union Budget 2012-13 on 16th march in parliament. The budget has made several amendments in direct tax provisions like imposition of TDS  / TCS on certain Income and Expenses,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Union Budget 2012 – Changes in Service Tax Posted: 18 Mar 2012 09:33 AM PDT Service Tax Rules - Besides complying with some revised drafting needs due to negative list, the rules will need changes in respect of person liable to pay tax: to provide for recipient persons relating to services provided to business entities by... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Post Budget Income tax / TDS Calculator for AY 2013-14 / FY 2012-13 Posted: 18 Mar 2012 08:49 AM PDT We have uploaded below the Income tax Calculator for the Assessment year 2013-14 or Financial year 2012-13 for Salaried person. the calculator is been prepared after considering the recent amendment by Union Budget 2012-13. Automated  TDS / Income... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Discussion on Important changes in the Service Tax and CENVAT by Union Budget 2012-13 Posted: 18 Mar 2012 08:11 AM PDT Increase in rate of Service Tax from 10% to 12%: 1.1. Rate of service tax is increased from 10% to 12%. Increase in rate of service tax is effective from 01.04.2012. 1.2. The present rate of 10% is governed by Notification No.8/2009-ST... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012- Service Tax – Rule 13- Power to notify services or circumstances, Rule 14- Order of application of Rules Posted: 18 Mar 2012 05:31 AM PDT In order to prevent double taxation or non-taxation of the provision of a service, or for the uniform application of rules, the Central Government shall have the power to notify any description of service or circumstances in which the place of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Service tax Rule 12- Services provided on board conveyances Posted: 18 Mar 2012 05:27 AM PDT Any service provided on board a conveyance (aircraft, vessel, rail, or roadways bus) will be covered here. Some examples are on-board service of movies/music/video/ software games on demand, beauty treatment etc, albeit only when provided against a... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Service tax Rule 11- Passenger Transportation Services Posted: 18 Mar 2012 05:23 AM PDT What is the place of provision of passenger transportation services? The place of provision of a passenger transportation service is the place where the passenger embarks on the conveyance for a continuous journey. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Service Tax Rule 10- Place of Provision of a service of transportation of goods Posted: 18 Mar 2012 05:07 AM PDT What are the services covered under this Rule? Any service of transportation of goods, by any mode of transport (air, vessel, rail or by a goods transportation agency), is covered here. However, transportation of goods by courier or mail is not... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012- Service Tax Rule 9- Specified services- Place of provision is location of the service provider Posted: 18 Mar 2012 05:04 AM PDT What are the specified services where the place of provision is the location of the service provider? Following are the specified services where the place of provision is the location of the service provider:- i) Services provided by a banking... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012- Service Tax Rule 8- Services where the Provider as well as Receiver is located in Taxable Territory Posted: 18 Mar 2012 04:58 AM PDT Rule 8- Services where the Provider as well as Receiver is located in Taxable Territory 1 What is the place of provision of a service where the location of the service provider and that of the service receiver is in the taxable territory? The place... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012- Service Tax Rule 7- Part performance of a service at different locations Posted: 18 Mar 2012 04:56 AM PDT This Rule covers situations where the actual performance of a service is at more than one location, and occasionally one (or more) such locations may be outside the taxable territory. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012- Service Tax Rule 6- Services relating to Events Posted: 18 Mar 2012 04:52 AM PDT Place of provision of services provided by way of admission to, or organization of, a cultural, artistic, sporting, scientific, educational, entertainment event, or a celebration, conference, fair, exhibition, or any other similar event, and of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 – Service Tax Rule 5- Location of Immovable Property Posted: 18 Mar 2012 04:48 AM PDT Rule 5- Location of Immovable Property In the case of a service that is 'directly in relation to immovable property', the place of provision is where the immovable property (land or building) is located, irrespective of where the provider or... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012- Service Tax – Rule 4- Performance based Services Posted: 18 Mar 2012 04:41 AM PDT Services that are related to goods, and which require such goods to be made available to the service provider so that the service can be rendered, are covered here. Examples of such services are repair, reconditioning, or any other work on goods... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012- Service Tax -Rule 3- Location of the Receiver Posted: 18 Mar 2012 04:23 AM PDT The main rule or the default rule provides that a service shall be deemed to be provided where the receiver is located. The main rule is applied when none of the other later rules apply (by virtue of rule 14 governing the order of application of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Draft Place of Provision of Services Rules, 2012 Posted: 18 Mar 2012 03:44 AM PDT Place of provision of performance based services.- The place of provision of following services shall be the location where the services are actually performed, namely:- (a) services provided in respect of goods that are required to be made... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Formalities and Rules for Common Registration for Service tax and Excise and Format of Registration & Return Form Posted: 18 Mar 2012 03:38 AM PDT Common registration formalities with Central excise and draft amendments to Service Tax Rules 1994 In the Service Tax Rules, 1994, in rule 4, the sub-rules (1) to (8) shall be omitted and in the rule 4 the following sub-rules shall be inserted... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Comments on Budget 2012-13 by A V Ramanathan Posted: 18 Mar 2012 03:08 AM PDT There were expectations that the 7th budget of Pranab Mukherjee might contain progressive development oriented proposals, so that despite political provocations and vagaries, the optimism of progress and growth could have held centre stage. But it... [[ This is a content summary only. Visit www.taxguru.in for full article.]] An Uneventful Budget 2012 Posted: 18 Mar 2012 02:57 AM PDT At last the budget day arrived and we have heard the budget speech of Finance Minister. Some of us could also read few relevant papers of budget document. On macro view, the budget seems to be an non event so far as providing impetus and further... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Income tax rates for AY 2013-14/ FY 2012-13 Posted: 18 Mar 2012 12:20 AM PDT The rates are for the previous Year 2012-13: 1. Income Tax Rates 1.1 For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals [[ This is a content summary only. Visit www.taxguru.in for full article.]] Union Budget 2012-13 – Indirect Tax Proposals Posted: 18 Mar 2012 12:10 AM PDT Proposal to introduce negative list approach to taxation of services will enhance the share of service tax in the total tax revenue manifolds. The services specified in the negative list shall remain outside the service tax purview. This approach... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Union Budget 2012-13 – Direct Tax Proposals Posted: 18 Mar 2012 12:01 AM PDT General Anti-Avoidance Rules (GAAR) proposed to be introduced in the Income -tax Act, 1961 to check aggressive tax planning. Earlier, the Direct Taxes Co de Bill, 2010 had proposed to introduce GAAR. • Transfer pricing provisions proposed to be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 -No service tax on metered taxis, amusement facilities, rail travel Posted: 17 Mar 2012 11:39 PM PDT As per the budget proposal, metered taxis, entry to amusement facilities, second-class rail travel, and betting, gambling and lottery will not attract the 12 per cent Service Tax. The negative list of services, on which the increased Service Tax of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 – VDIS scheme unlikely, Govt. taken steps to curb black money Posted: 17 Mar 2012 11:38 AM PDT The government today maintained it has not come out with any kind of Voluntary Disclosure of Income Scheme (VDIS) by proposing changes in the Income Tax Act, which experts believe are some sort of concessions to tap black money. [[ This is a content summary only. Visit www.taxguru.in for full article.]]