Clarification on service-tax payable where invoice raised before 01.4.2012

MVAT- Latest Suspicious Dealers List of 1155 Dealers Posted: 08 May 2012 07:40 PM PDT The Department of Sales Tax, Maharashtra State has declared the List of Suspicious Dealers who has issued false bills without delivery of goods on their website http://mahavat.gov.in in Excel 2007 file containing 698 names firstly. An additional list making total 817 names was declared later and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfer Pricing – In Realm of evolution – Part II Posted: 08 May 2012 05:14 PM PDT In the part II of this series we have analyzed the proposed enactment relating Advance Pricing Agreement bringing out its benefits and issues. Also to add a broader perspective we have put forward a study of the integral features of APAs prevalent across the globe. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Clarification on service-tax payable where invoice raised before 01.4.2012 Posted: 08 May 2012 08:52 AM PDT Circular No. 158/9/2012 –ST The rate of service tax has been restored to 12% w.e.f. 1st April 2012. Representations have been received requesting clarification on the rate of tax applicable wherein invoices were raised before 1st April 2012 and the payments shall be after 1st April 2012.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Download ITR-1 (SAHAJ) & ITR-4S (SUGAM) Return Preparation Software Posted: 08 May 2012 05:15 AM PDT Download Return Preparation Software - Income Tax Department has finally released Return Preparation Software for ITR-1 (SAHAJ) & ITR-4S (SUGAM) which is applicable for A.Y. 2012-13 or financial year 2011-12. The same can be used to file your return online. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] IT Raids on Nithyananda Madurai Adheenam Posted: 08 May 2012 04:17 AM PDT Income tax officialson 05.05.2012 conducted a raid at the Madurai Adheenam (mutt) which has been in the limelight following the appointment of the controversial self-styled godman Nityananda as head of the 1500-year-old Saivaite Mutt. Officials said they were conducting the raid on orders from... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Download Amendments to Finance Bill 2012 Posted: 08 May 2012 02:24 AM PDT The Finance Minister Pranab Mukherjee on 7th May 2012 introduced amendments to the Finance Bill 2012. The text of the amendments is available. Download Amendments To Finance Bill 2012 As Introduced In Parliament . [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Budget 2012- Tax on Subsidiarisation of Indian branches of foreign banks Posted: 08 May 2012 01:49 AM PDT The Reserve Bank of India is formulating a scheme for subsidiarisation of Indian branches of foreign banks to ring fence Indian capital and Indian operations from economic shocks external to the Indian economic scenario. To support this effort, I propose to provide tax neutrality for such... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Prosecution for dishonoured cheques possible against Company & its functionaries – SC Posted: 08 May 2012 01:20 AM PDT If the offence is by a Company, arraigning of a company as an accused is imperative: the company can have criminal liability and further, if a group of persons that guide the business of the companies have the criminal intent, that would be imputed to the body corporate. In this backdrop, Section... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Use of words on a product package, even though they may not serve as brand names, would amount to infringement, if identical or similar to prior registered trademarks Posted: 08 May 2012 01:11 AM PDT If in the sale it becomes reasonably necessary for the manufacturer of adaptable goods, to refer to the trademark of the relatable goods, such reference would not amount to an infringement of the trademark under which the relatable goods are sold, but has misapplied the evidence on record. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Non-brand use amounts to trade mark infringement Posted: 08 May 2012 12:46 AM PDT The Court held that even if the defendant genuinely intended using the mark only to describe the aroma of the products, it would make no difference if the use of the mark is likely to be taken as a use as a trademark. The use of a registered trademark would constitute an infringement if it... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notional interest on deposits paid by employer to landlord cannot be considered while computing perquisite value of residential accommodation Posted: 08 May 2012 12:23 AM PDT On a plain reading of Rule 3, it is seen that the perquisite value of the residential accommodation provided by the employer is to be computed on actual amount of lease rental paid or payable by the employer and not on notional basis. Therefore, in our opinion, the contention of the revenue that... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] How to Verify Digitally Signed Certificate on MCA21 portal Posted: 08 May 2012 12:18 AM PDT 1. You will need to click the link 'Verify digitally signed certificate' available on the MCA21 portal home page to view the same. 2. Once the CIN/Company name is entered for the Company for which the Certificate is to be viewed, a list of Forms for which Digitally Signed Certificate is available... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment with DFCCIL for Maintenance of Accounts Posted: 08 May 2012 12:07 AM PDT Dedicated Freight Corridor Corporation of India Ltd. - Sealed Bids in Single Packet system are invited from eligible Consultants for Outsourcing of Maintenance of Accounts on monthly basis for DFCCIL for a period of two years extendable by additional one year. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment with HPGCL for preparation of Fixed Assets Registers & physical verification of assets Posted: 07 May 2012 11:57 PM PDT Sealed tenders in two parts (i) Technical Bid and (ii) Price Bid are invited from reputed firms of Chartered Accountants/ Cost Accountants/ Management Consultants having experience of preparation of Fixed Assets Registers and physical verification of assets of Public Sector Corporations preferably... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Portable Provident Fund A/c numbers coming soon Posted: 07 May 2012 11:46 PM PDT EPFO is reportedly planning to provide portable numbers to salaried individuals. The move might stem the trend of premature withdrawal which most people prefer over getting their accounts transferred while switching jobs. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Calcutta HC strictures CLB member for 'copy and paste disease', 'non-application of mind Posted: 07 May 2012 09:59 PM PDT Most of Paras 32 to 34 of the impugned CLB judgment in the instant case appear to have been physically lifted – the copy and paste disease – from a previous decision of the same member of the CLB which was taken up on appeal before the Delhi High Court which set aside the judgment and order. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Registration of institution u/s 12AA cannot be cancelled if its receipts from trade, commerce, etc., exceeds Rs.10Lakhs/Rs.25 Lakhs limit u/s 2(15) Posted: 07 May 2012 09:40 PM PDT If in any year, the gross receipts of the Institution exceeds Rs. 10 lakhs or Rs. 25 lakhs, as the case may be, then in that year, the Assessing Officer is empowered to examine the allowability of exemption u/s 11 but the same has no effect on granting the registration u/s 12AA of the Act. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RRBs – Interest Rates on FCNR (B) Deposits Posted: 07 May 2012 09:03 PM PDT RPCD.CO RRB.No. 76 /03.05.33 (C) /2011-12 Please refer to paragraph 2 of our circular RPCD.CO.RRB.BC.No. 36/03.05.33 (C) /2011-12 dated November 24, 2011 on Interest Rates on deposits held in FCNR (B) Accounts. In view of the prevailing market conditions, it has been decided that until further... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Foreign investment in Commodity Exchanges & NBFC Sector – Amendment to FDI Scheme Posted: 07 May 2012 09:01 PM PDT A. P. (DIR Series) Circular No.121. The extant policy for foreign investment in commodity exchanges, has since been reviewed and it has been decided that prior approval of the Government (FIPB) would be required only for FDI component and Government approval would not be required for investment by... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Enforcement of Intellectual Property Rights on imported goods – Clarification on the issue of parallel imports Posted: 07 May 2012 09:00 PM PDT Circular No. 13/2012-Customs, I am directed to invite your attention to the Notification No.51/2010-Customs (N.T.) dated 30.6.2010 and Board's Circular No. 41/2007-Customs dated 29.10.2007 prescribing certain conditions and procedures in implementation of Intellectual Property Rights (IPR) such... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FDI in India – Issue of equity shares under FDI scheme allowed under Government route Posted: 07 May 2012 09:00 PM PDT A. P. (DIR Series) Circular No.120 Attention of Authorised Dealers Category – I (AD Category - I) banks is invited to the A.P. (DIR Series) Circular No. 74 dated June 30, 2011, and A.P. (DIR Series) Circular No. 55 dated December 09, 2011, on issue of equity shares/ preference shares under the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No Case of Data Leak & Refund Frauds Detected Due to Outsourcing of Infotech Functions by IT Department Posted: 07 May 2012 08:51 PM PDT The outsourcing of infotech functions by the Income Tax (IT) Department has emerged after extensive discussions, rigorous evaluation and comprehensive examination by various authorities. Till now no instance has come to light of involvement of Vendor Personnel of Service Providers of Centralised... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Value of Assets Seized in Searches Conducted by Income Tax Department Stood at Rs. 905.61 Crore in 2011-12 Posted: 07 May 2012 08:49 PM PDT The Government has received a number of cases of information relating to remittances, payments and money held in foreign bank accounts etc. under the provisions of the DTAAs/TIEAs. Every reliable information, including information received from outside the country, is verified according to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Clarification on AIRCEL Issue Posted: 07 May 2012 08:48 PM PDT The Central Government's attention has been drawn to a report in one newspaper containing allegations against a proposal for foreign investment that was considered by the Foreign Investment Promotion Board (FIPB). [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Non-furnishing of PAN by payee caused delay in filing of e-TDS return, penalty for such late filing not to be levied Posted: 07 May 2012 07:18 PM PDT It is an admitted fact that the amount of tax deducted at source by the assessee (Person Responsible) was paid within the limit under the relevant provisions of the Income Tax Act, 1961. There was only a technical and venial breach to the provisions contained in Rule 31A(2) of the Income Tax Rules,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICSI – Applicability of Schedule VI of Companies Act, 1956 for June 2012 Examination Posted: 07 May 2012 06:12 PM PDT The Ministry of Corporate Affairs (MCA) under notifications number S.O. 447(E) and 653(E) dated 28th February, 2011 and 30.03.2011 respectively notified that the annual accounts for the financial year ending 31st March 2012 shall be prepared in accordance with the revised Schedule VI. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBR Register case for Alleged Impersonation , Bribery & for Conducting Searches Posted: 07 May 2012 05:58 PM PDT CBI REGISTERS A CASE AGAINST A SSO OF CFSL;ONE OFFICIAL EACH OF REVENUE DEPARTMENT & CENTRAL EXCISE AND OTHER PRIVATE PERSONS FOR ALLEGED IMPERSONATION & BRIBERY AND CONDUCTS SEARCHES [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DVAT – Notification dated 23.03.2012 applicable only for movement of goods in pursuance of interstate sale, stock transfer & export Posted: 07 May 2012 12:27 PM PDT I, Rajendra Kumar, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section (1) read with sub-section (3) of Section 70 of Delhi Value Added Tax Act, 2004, hereby order that notification... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MVAT Notification regarding entry C-12 -Bidy & D-12 Posted: 07 May 2012 12:25 PM PDT No.VAT.1512/CR-55/ Taxation-1.—In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby with effect from the 1st May 2012, amends SCHEDULES C and D appended to the said Act, as follows,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI found irregularities in operations of MNC Audit firms Posted: 07 May 2012 12:08 PM PDT The government today said accounting regulator ICAI has found irregularities in the operations of certain multinational audit firms in the country. The high-power committee appointed by the Institute of Chartered Accountants of India for examining the operation of Multinational Network Accounting... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MVAT Notification under Scedule entry C-75A- Poultry equipments Posted: 07 May 2012 12:06 PM PDT No.VAT.1512/CR-49/Taxation-1. -In pursuance of tho powers conferred by ontry 75A of SCHEDULE C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby notify with effect from 1st May, 2012, tho goods described in the SCHEDULE appended hereto, to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Anti-dumping duty on imports of Viscose Filament Yarn, originating in, or exported from, China PR for a further period of five years Posted: 07 May 2012 11:54 AM PDT Notification No. 23 /2012-Customs (ADD) In exercise of the powers conferred by sub-section (1) read with sub-section (5) of section 9A of the said Customs Tariff Act, 1975 read with rules 18 and 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MVAT Notification for ECS of Refund and Mandate form to be submitted by Dealer Posted: 07 May 2012 11:53 AM PDT No. VAT, 1512/ CR 48/ Taxation-1. - In pursuance of the powers conferred by clause (b) of rule 45A of the Maharashtra Value Added Tax Rules, 2005, the Government of Maharashtra, hereby specify that, with effect from the 1st May 2012, the refund, if any, due under the Maharashtra Value Added Tax... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption to notified class of investors from tax on consideration received by a closely held company in excess of the fair market value of its shares Posted: 07 May 2012 11:43 AM PDT It has been proposed in the Finance Bill that any consideration received by a closely held company in excess of the fair market value of its shares would be taxable. Considering the concerns raised by 'angel' investors who invest in start-up companies, I propose to provide an enabling provision in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Foreign exchange remittance limit for miscellaneous purposes without documentation raised to USD 25000 Posted: 07 May 2012 09:12 AM PDT A. P. (DIR Series) Circular No.118 With a view to further liberalizing the documentation requirements, the limit for foreign exchange remittance for miscellaneous purposes without documentation formalities, has been raised from USD 5000 to USD 25000 with immediate effect. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfer of Funds from NRO account to Non- Resident External Account Posted: 07 May 2012 09:11 AM PDT A. P. (DIR Series) Circular No.117 2. On a review, it has been decided that henceforth NRI as defined in Foreign Exchange Management (Deposit) Regulations, 2000 contained in Notification No. FEMA.5/2000-RB dated 3rd May 2000, as amended from time to time, shall be eligible to transfer funds from...