Note On Service Tax Amendments – June 2012

Note On Service Tax Amendments – June 2012 Posted: 29 Jun 2012 07:51 PM PDT From the date the Finance Bill 2012 was introduced on March 17, 2012 until date, there have been numerous amendments made in the service tax law. Several notifications have been issued over the last three months and many of them have already been superseded by a fresh set of notifications issued on... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Companies Bill 2011, towards a higher level of transparency & accountability Posted: 29 Jun 2012 07:40 PM PDT Companies Bill 2011, if passed, will take the place of nearly 55 years old yet significant law Companies Act 1956. This act came into force when our fore fathers use to do the business but the things have changed now the number of companies in India in 1956 was 30,000 which is more than 7laks now.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption to Charitable institution cannot be denied on the basis of a hypothetical assumption of an event that will happen in future Posted: 29 Jun 2012 08:58 AM PDT The whole case revolves upon the lease deed dated 24.12.2004 executed between the lessor, Smt. Sudha Saraswat and the assessee-society through which the land measuring 5150.48 sq. meter was let out to assessee society for 30 years. Copy of the lease deed is appended with the assessment order. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 80G approval to be valid in perpetuity even if assessee files an application for renewal Posted: 29 Jun 2012 08:49 AM PDT Approval u/s. 80G once granted shall continue to be valid in perpetuity unless and until a show-cause notice is issued by the concerned CIT showing his intention to withdraw already granted such approval. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Mumbai Court can admit an appeal against company listed in other state for fraud occurred in its jurisdiction Posted: 29 Jun 2012 08:35 AM PDT There is no much substance in the first argument as to aspect of lack of jurisdiction of the Metropolitan Magistrate's Court to entertain the criminal complaint of respondent No.2. This is so, in view of the factual position as to major transaction between the complainant and the accused took place... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Every information required to be disclosed is to stock exchange is not necessarily a 'price sensitive information' Posted: 29 Jun 2012 08:30 AM PDT When a company having contracts worth Rs.1000 crores pending with it for execution bags a few new projects through the tendering process such information need not necessarily be price sensitive. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Independent legal issue is beyond scope of adjudication through cross objection u/s. 253(4) Posted: 29 Jun 2012 08:29 AM PDT Tribunal is not empowered to pass an order 'thereon' on the subject-matter which is not in appeal as per the appeal memo to be adjudicated upon. As far as the question of withdrawal of cross-objection is concerned, in the light of the above discussion, had the cross-objection was not withdrawn,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Ed. Cess and SH Ed. Cess to continue even after 30.06.2012 Posted: 29 Jun 2012 05:40 AM PDT Circular No. 160/11/2012-ST There has been some doubt regarding the applicability of provisions of the Finance Act, 2004 relating to education cess and the Finance Act, 2007 relating to secondary and higher education cess as the concerned Acts make reference to section 66 of the Finance Act, 1994,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Salient features of the Companies Bill, 2011 Posted: 28 Jun 2012 10:03 PM PDT The following are the salient features of the Companies Bill, 2011:- (i) E-Governance:- Maintenance and allowing inspection of documents by companies in electronic form being allowed for the first time. (ii) Concept of Corporate Social Responsibility is being introduced. (iii) Enhanced... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] New Provisions introduced in Companies Bill, 2011 Posted: 28 Jun 2012 09:44 PM PDT While incorporating the several recommendations of the Standing Committee on Finance, as also some of the suggestions/ representations received subsequent to submission of report of Committee, the provisions of the Companies Bill, 2009 were revised and a fresh Bill was formulated as Companies Bill,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Instruction relating applicability of Ed. Cess & SH Ed. Cess in new Service Tax Regime Posted: 28 Jun 2012 09:15 PM PDT Instruction D.O.F. No. 334/1/2012 Applicability of provisions of Finance Act, 2004 and 2007 relating to education cess and secondary & higher education cess respectively. There has been some doubt regarding the applicability of provisions of the Finance Act, 2004 relating to education cess and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Insertion of Explanation to section 66B of the Finance Act, 1994 Posted: 28 Jun 2012 09:10 PM PDT ORDER NO. 2/2012, Service Tax (Removal of Difficulties) Second Order, 2012 - Insertion of Explanation to section 66B of the Finance Act, 1994 Whereas difficulties have arisen in giving effect to the provisions of section 143 of the Finance Act, 2012 (23 of 2012), in so far as it relates to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBDT Invites Comments/Suggestions on Draft GAAR Guidelines Posted: 28 Jun 2012 09:06 PM PDT The Central Board of Direct Taxes (CBDT), Ministry of Finance has invited comments/suggestions on the Draft Guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of Section 101 of The Income Tax Act, 1961.The Draft GARR Guidelines were issued yesterday along with the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Export of onions allowed without any MEP (Minimum Export Price) Posted: 28 Jun 2012 09:05 PM PDT Notification No 03(RE-2012)/2009-2014 The amended para 2 of Notification No 116 dated 08.05.2012 will now read as : "Export of onions is allowed without any MEP(Minimum Export Price) till further orders. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Maintenance of CRR on Foreign Currency (Non-Resident) [FCNR (B)] Scheme Posted: 28 Jun 2012 08:41 PM PDT Please refer to our circulars DBOD No. BC.39/12.01.001/95 dated April 05, 1995 and DBOD No. BC.50/12.01.001/2000-01 dated November 07, 2000 on the captioned subject, advising banks that in order to determine the rupee equivalent liability under FCNR (B) Scheme for the purpose of Cash Reserve Ratio... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Filing of Cost Audit Report (Form‐I) and Compliance Report (Form‐A) in XBRL mode Posted: 28 Jun 2012 08:39 PM PDT 52/17/CAB‐2011 In continuation of MCA's General Circular No. 8/2012 dated 10th May, 2012, it has been decided that filing of Cost Audit Reports and Compliance Reports with the Central Government in the XBRL mode shall be allowed after 31st July, 2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Extension of time in Filing of annual return by Limited Liability Partnerships Posted: 28 Jun 2012 08:34 PM PDT Circular No. 15 /2012 In order to have better understanding of the circular, it is clarified that the time limit of 60 days shall be read as 122 days for filing of Form 11 by LLPs in respect of the Financial Year ending on 31.03.2012. This circular shall be effective from 30.06.2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Change in Tariff Value of Brass Scrap (All Grades), Gold & Silver -Notification No. 55/2012-CUSTOMS (N. T.) Posted: 28 Jun 2012 08:32 PM PDT Notification No. 55/2012-CUSTOMS (N. T.) Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notification No. 54/2012 – Customs (N.T.) Dated 29th June, 2012 Posted: 28 Jun 2012 07:43 PM PDT Notification No. 54/2012 - Customs (N.T.) CBEC, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 14/2002-Customs (N.T.), dated the 7th March, 2002, published in the Gazette of India, vide number... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]