Service portion in execution of a works contract – Revised Rules wef 01.07.2012

Service portion in execution of a works contract – Revised Rules wef 01.07.2012 Posted: 06 Jun 2012 07:58 PM PDT Would labour contracts in relation to a building or structure treated as a works contract? No. Labour Contracts do not fall in the definition of works contract. It is necessary that there should be transfer of property in goods involved in the execution of such contract which is leviable to tax as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax Abatement & Conditions w.e.f. 07.07.2012 Posted: 06 Jun 2012 07:27 PM PDT Service Tax Notifications No. 13/2012-ST, DATED 17-3-2012 related to 'Abatement from Service tax and Conditions for same on specified services' which is to come into force from the date on which Section 66B comes into effect. Government has vide notification No. 19/2012 specified that Section 66B... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] All services except in negative list & Exempt will be taxed from July 1 Posted: 06 Jun 2012 07:02 PM PDT All services except 17 in the negative list, and those which are exempted vide mega Notification No. 12/2012-ST dated 17.03.2012 will be taxed from July 1, the Finance Ministry has said. Under the 'negative list' approach, services specified in the list will remain outside the tax net. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax – Exempt Services w.e.f. 01.07.2012 & Exemption Posted: 06 Jun 2012 06:55 PM PDT EXEMPTIONS UNDER MEGA NOTIFICATION N. 12/2012 dated 17.03.2012 w.e.f. 01.07.2012 1. Services provided to the United Nations or a specified international organization; 2. Health care services by a clinical establishment, an authorised medical practitioner or para-medics; 3. Services by a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption to service involving import of technology wef 01.07.2012 Posted: 06 Jun 2012 04:01 PM PDT Central Govt exempts vide notification No. 14/2012-ST, Dated 17-3-2012 Taxable service involving import of technology, from so much of service tax, as is equivalent to the extent of amount of cess payable on the said transfer of technology under the provisions of section 3 of the Research and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Compounding of Contraventions under FEMA, 1999 Posted: 06 Jun 2012 10:31 AM PDT An application for compounding of a contravention under FEMA, 1999 may be submitted to the Compounding Authority (CA) on being advised of a contravention under FEMA, 1999, either through a memorandum or suo moto on being made or on becoming aware of the contravention. The format of the application... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Without referring the matter to DVO, A.O. cannot compute capital gains u/s 50C Posted: 06 Jun 2012 10:21 AM PDT Section 50C of the Act is a deeming provision and ostensibly involves creation of an additional tax liability on the assessee and, therefore, notwithstanding the presence of the expression 'may' in section 50C(2)(a), the Assessing Officer in the instant case (where assessee had claimed in his... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee & his minor children entitled to separate investment & deduction limits of Rs.50 lakhs u/s 54EC Posted: 06 Jun 2012 10:13 AM PDT As per the definition of 'person' u/s 2(31), a minor is an assessable entity even though his income is clubbed u/s 64(1A) of the Act in the hands of his parents. A minor is a person distinct from his parents and is also an individual. There is no bar in separately allotting bonds upto Rs. 50,00,000... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Whether A.O. has power to issue reassessments notice during the period when A.O. already issued notice for scrutiny assessment? Posted: 06 Jun 2012 09:42 AM PDT For issue a notice u/s 143(2), reasons to believe are not required to be recorded in writing and power of the Assessing Officer to take up the return for scrutiny is much wider and the jurisdictional pre-conditions stipulated u/s 147 are not required to be satisfied. The respondents have agreed to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Ad hoc disallowance of foreign travelling expenses u/s 14A without pinpointing any specific instance not valid Posted: 06 Jun 2012 09:29 AM PDT Directors of the company have undergone foreign travelling for the purpose of export and looking for the business avenues abroad. The details submitted by the assessee though only provides the date of travelling, details of country visited and amount of fare, visa charges and other miscellaneous... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBDT launches internal inquiry in I-T officers arrest case Posted: 05 Jun 2012 11:36 PM PDT The Central Board of Direct Taxes (CBDT) has launched an internal inquiry into the recent arrest of four senior income tax officials by the CBI in a graft case. The report of the inquiry, to be conducted by a chief commissioner-rank officer, will soon be submitted to the CBDT top brass. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Companies which are liable to tax u/s. 115JB have to pay interest u/s. 234B/234C Posted: 05 Jun 2012 10:49 PM PDT this issue is covered by the decision of Hon'ble Supreme Court in the case of JCIT Vs Rolta India Ltd. 330 ITR 470 wherein it has been held that in case of company which are liable to tax u/s. 115JB / minimum alternative tax , have to pay interest u/s. 234B/234C of the Act. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax – Amendment in Rules 2B, 3, 5 & 6; insertion of rule 2C; substitution of rule 2A & omission of rule 7 Posted: 05 Jun 2012 10:26 PM PDT Notification No. 24/2012 - Service Tax, dated 6-6-2012 Determination of value of service portion in the execution of a works contract.- Subject to the provisions of section 67, the value of service portion in the execution of a works contract , referred to in clause (h) of section 66E of the Act,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfers of Deputy & Assistant Commissioners of Income Tax – Order No. 106 of 2012 Posted: 05 Jun 2012 09:51 PM PDT Vide Order No. 106 of 2012 dated 6.6.2012, the CBDT has transferred & posted several officers in the grade of Deputy & Assistant Commissioners of Income-tax with immediate effect. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Postings in Advance Pricing Arrangement Team in DGIT (International Tax) Posted: 05 Jun 2012 09:46 PM PDT Vide Order No. 105 of 2012 dated 6.6.2012, the CBDT has transferred & posted several officers in the Advance Pricing Arrangement (APA) Team in the office of the DGIT (International Taxation) with immediate effect. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Cost Accounting Records & Cost Audit – General clarifications Posted: 05 Jun 2012 09:38 PM PDT General Circular No. 12/2012 Ministry of Corporate Affairs vide no. 52/26/CAB-2010 dated 2nd May, 2011 had directed that every company to which any of the following rules apply, and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Banks advised to put in place a Board approved policy on classification of unclaimed deposits Posted: 05 Jun 2012 08:49 PM PDT In terms of our Circular DBOD.No.Leg.BC.34/09.07.005/2008-09 datedAugust 22, 2008 detailed instructions have been given to banks on dealing with unclaimed deposits/inoperative accounts. They have been advised to find the whereabouts of the customers and their legal heirs. These instructions, inter... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Financial Literacy Centres (FLCs) – Guidelines Posted: 05 Jun 2012 08:47 PM PDT Since the Model Scheme has been in operation for quite some time, it was decided to evaluate it in terms of its efficacy and impact on the spread of Financial Literacy in the country. Accordingly, a study on the functioning of the FLCC has been conducted through a nationwide sample survey of 30... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Direct Tax Collections for F.Y. 2011-12 Up by 13.02 Percent Posted: 05 Jun 2012 08:17 PM PDT Gross direct tax collections during April-March of the F.Y. 2011-12 was up by 13.02 percent and stood at Rs.5,90,077 crore as against Rs.5,22,104 crore in the same period in F.Y.2010-11. While gross collection of corporate taxes was up by 11.52 percent. The gross collections on this account stood... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FM asks to Suggest Ways& Means to Expedite Unlocking of Resources of Various Banks Posted: 05 Jun 2012 08:15 PM PDT The Union Finance Minister Shri Pranab Mukherjee asked the Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) to suggest ways and means to expedite the unlocking of resources of various banks locked in the form of Non Performing Assets... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]