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Mar 20, 2012

Service Receiver to Pay Service Tax under New reverses charge mechanism (Must Read)

Clarification – Prior intimation to RBI to raise aggregate FII / NRI limits for investments under PMS

Posted: 19 Mar 2012 09:13 PM PDT

Clarification - Prior intimation to the Reserve Bank of India for raising the aggregate Foreign Institutional Investors / Non-Resident Indian limits for investments under the Portfolio It is hereby clarified that the Indian company raising the...

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Changes in rate of Service tax on Money Changers

Posted: 19 Mar 2012 07:54 PM PDT

The rate of service tax on Authorised dealers in foreign exchange or authorized changers have been changed against this year by Budget, 2012. The method of computation of service tax is prescribed in sub-rule(7B) of principal Rule 6 of Service Tax...

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Advance Pricing Agreement ('APA') Provisions in Budget 2012-13 – An Overview

Posted: 19 Mar 2012 07:27 PM PDT

The APA provisions are proposed to be implemented in the Indian Income-tax Act, 1961 through the Budget recently presented before the Indian Parliament. An APA mechanism can be - Unilateral, Bilateral and Multilateral. A Unilateral APA is the one...

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Service Receiver to Pay Service Tax under New reverses charge mechanism (Must Read)

Posted: 19 Mar 2012 07:11 PM PDT

The Finance Bill, 2012 has massively rattled the provisions related to service tax enshrined in the Finance Act, 1994. A New reverse charge mechanism has been proposed by the Finance Bill, 2012. And by the latest Finance Bill, Section 68 (2) of the...

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Job Work, Man power Supply, Transport etc. Service Receiver made liable to pay service tax

Posted: 19 Mar 2012 07:07 PM PDT

Notification No.15/2012-Service Tax The taxable services,— (A) (i) provided or agreed to be provided by an insurance agent to any person carrying on the insurance business; (ii) provided or agreed to be provided by a goods transport agency in...

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Desptie Retrospective amendment from 1962 no reopening beyond six years – FM

Posted: 19 Mar 2012 06:29 PM PDT

Finance Minister Pranab Mukherjee said, We are not going to reopen cases from 1962. Please remember this is the legal requirement — when we interpret something and if legislation says this is my intention, it goes back to the date it was originally...

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TDS / TCS Rates for Financial Year 2012-13

Posted: 19 Mar 2012 03:05 AM PDT

Post Union Budget 2012-13 TDS Rates for financial year (FY) 2012-13 and assessment year (AY) 2013-14. Threshold for TDS on payment of interest on debentures. Section 194J of the Act – Tax deduction at source from payment to director. Section 194LA...

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Budget 2012 -13 – Income Tax Amendments

Posted: 19 Mar 2012 01:51 AM PDT

Deduction in respect of payment of Life Insurance Premium [section 80C] Deduction for life insurance premium as regards insurance policies issued on or after 1 April 2012 shall be available only if premium payable does not exceed 10% of actual...

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DTC may be effective from 2013-14 – FM

Posted: 19 Mar 2012 12:42 AM PDT

On the changes suggested by the panel in the DTC, Mukherjee said two recommendations, General Anti Avoidance Rule (GAAR) and Advance Pricing Agreement (APA), have already been proposed in the Budget 2012.

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An Analysis of Direct Tax and Service Tax Proposals 2012-2013

Posted: 19 Mar 2012 12:38 AM PDT

In his Budget three years ago, the Finance Minister announced the introduction of the New Direct Taxes Code ('DTC') and a draft of the same was also circulated for comments and discussion. Thereafter, based on the inputs from various lobbies; the...

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Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for 2011-12

Posted: 18 Mar 2012 09:13 PM PDT

With a view to facilitating accounting of all Government transactions of the current financial year (2011-12) by March 31, 2012 and meeting the probable rush of tax-payers towards the end of the year, it has been decided in consultation with the...

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Investment in Indian Venture Capital Undertakings and /or domestic Venture Capital Funds by SEBI registered FVCI

Posted: 18 Mar 2012 09:08 PM PDT

It has now been decided, to allow FVCIs to invest in the eligible securities (equity, equity linked instruments, debt, debt instruments, debentures of an IVCU or VCF, units of schemes / funds set up by a VCF) by way of private arrangement / purchase...

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Request to share contact details of ICAI Members in Entrepreneurship & Public Services

Posted: 18 Mar 2012 09:06 PM PDT

The ICAI proudly acknowledges professional achievements of its members in Entrepreneurship and Public Service. ICAI has a special committee, the "Committee for Members in Entrepreneurship & Public Services" to recognize their contribution to...

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Constitution of a Committee to formulate a Policy Document on Corporate Governance

Posted: 18 Mar 2012 09:02 PM PDT

General Circular No. 5/2012, Dated: 19th March, 2012 In continuation of this office O.M. of even number dated 7.03.2012, the following amendments /modifications are made in the composition of the Committee to formulate a policy document on Corporate...

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ICSI Union Budget 2012 Highlights

Posted: 18 Mar 2012 08:52 PM PDT

1) The Exemption limit for the general category of individual taxpayers enhanced from Rs. 1,80,000 to Rs. 2,00,000 giving uniform tax relief of Rs.2,000. Further, slab of 20% proposed to increase from 8,00,000 to 10,00,000. It is in line with DTC. ...

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Benefits from Setting Up of NCLT and NCLAT

Posted: 18 Mar 2012 08:38 PM PDT

The establishment of NCLT and NCLAT as specialized Quasi Judicial Bodies with professional approach will have the following beneficial effects: (i) reduce pendency of winding up cases and shorten the period of winding-up process; (ii) avoid...

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ICSI June, 2012 Examination SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 applicable

Posted: 18 Mar 2012 11:51 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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