Many services to become taxable w.e.f.01.07.2012- What we should do?

Many services to become taxable w.e.f.01.07.2012- What we should do? Posted: 15 Jun 2012 02:42 AM PDT Services becoming taxable w.e.f. 01.07.2012- advisable to pay and to receive evidence of payment before 30.06.2012 to avoid extra liability, contingency and disputes. -Many services will become taxable w.e.f.01.07.2012:- On new regime of taxable services based on negative list and deemed service... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Reverse Charge Mechanism – Precautions – Budget 2012 Posted: 14 Jun 2012 10:21 PM PDT The Union Budget 2012 has proposed multiple changes in Service Tax. One of the important aspects of burden of tax liability under Reverse Charge concept has also been proposed to be replaced from existing provisions. Applicability of New Reverse Charge Mechanism -According to Notification No... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment in Service Tax – Determination of Valuation Rules Posted: 14 Jun 2012 10:07 PM PDT Service tax payable by builders - Composition scheme of 25% available to builders done away with?: As per Rule 2A of Service Tax (Determination of Value) Rules, as amended on 17-3-2012 composition scheme of payment of tax @ 25% on value of works contract of construction available to builder, where... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Works Contract Tax – Rajasthan VAT – Tax Liability of Contractor Posted: 14 Jun 2012 10:00 PM PDT Works contract is a deemed sale which involves the transfer of property in goods (whether as goods or in any other form) involved in the execution of the works contract. The concept of taxation of goods transferred during the execution of works contract has been a matter of great litigation over... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S.10(48) Exemptions – Foreign Oil Company selling crude oil in India Posted: 14 Jun 2012 09:49 PM PDT Notification No. 22/2012 In exercise of the powers conferred by clause (48) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government, having regard to the national interest, hereby notifies for the purposes of the said clause, the National Iranian Oil... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TDS on software payments – No deduction in certain cases Posted: 14 Jun 2012 09:30 PM PDT Notification No. 21/2012 Payment by a person (hereafter referred to as the transferee) for acquisition of software from another person, being a resident, (hereafter referred to as the transferor), where- (i) the software is acquired in a subsequent transfer and the transferor has transferred the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Contention that expenditure incurred is revenue in nature but the benefit accrues in the capital field is not correct Posted: 14 Jun 2012 09:21 PM PDT There may be cases where expenditure, even if incurred for obtaining advantage of enduring benefit, may, none the less, be on revenue account and the test of enduring benefit may break down. It is not every advantage of enduring nature acquired by an assessee that brings the case within the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Limitation being a matter of procedure, only law that is applicable at the time of filing appeal, would apply Posted: 14 Jun 2012 09:20 PM PDT The impugned show cause notice dated 02.02.2010 could not have been issued under Section 46 of the Delhi Sales Tax Act, 1975. However, even if it is assumed that the impugned show cause notice was issued in exercise of the powers of revision under Section 74A of the DVAT Act, the period of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]