All About ST-3 – How to File & Modify Service Tax Returns

All About ST-3 – How to File & Modify Service Tax Returns Posted: 13 Jul 2012 08:20 PM PDT What is ST-3 Return? It is a self assessed statutory document notified by the Central Board of Excise and Customs which functions under the Ministry of Finance for the service providers to enable them to declare the value of taxable services provided or received by them and the taxes paid by them... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S.54 Date of commencement of construction not material for claiming deduction Posted: 13 Jul 2012 08:20 PM PDT ACIT v. Subhash Sevaram Bhavnani Assessee sold his residential house on consideration of sum of Rs. 35,00,000/- on 03.11.2007 and has spent a sum of Rs. 30,44,695/- on purchase of plot and on construction of a residential house thereon. The construction of this residential house was completed in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Resident welfare societies cannot be granted sec.12A registration Posted: 13 Jul 2012 08:19 PM PDT In the instant case, the admitted facts were that the objects of the assessee society were for welfare of resident of the colony and other maintenance services of the colony. Section 12AA requires that the Commissioner(Appeals) is to satisfy himself about the objects of the society and genuineness... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TDS on amount paid to agent of foreign airlines u/s. 194C or u/s.195? Posted: 13 Jul 2012 08:19 PM PDT It is an admitted position that the air freight is paid to the agents on the actual basis and that the bills and air freight documents have been directly issued by the foreign airlines. The agents, while accepting payments for air freight components, have acted merely as agents of the respective... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Merely because vehicles were used by lessees in their business, Assessee cannot be denied depreciation Posted: 13 Jul 2012 08:17 PM PDT Merely because the vehicles were used by the lessees in their business, the assessee cannot be denied the depreciation @ 40%. In fact, it is not in dispute that in respect of all these vehicles, the assessee has acknowledged the receipt of lease rent and has shown the same in his profit and loss... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No. of Tax Audits & Company Audits Permissible for a Member Posted: 13 Jul 2012 06:34 PM PDT Members have time and again, raising queries regarding maximum numbers of audits that may be accepted by a Chartered Accountant and the various situations under which numbers of audits would be reckoned. Therefore, a comparison of No. of tax audits and company audits permissible for a member in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Budget 2012 – PPT on Changes in Service Tax Posted: 13 Jul 2012 05:04 PM PDT This PPT is released by Ministry of Finance on 13.07.2012 and it discusses following important changes in Services tax effected by Union Budget 2012 :- Budget at a glance Rules of interpretation Place of Provision Rules, 2012 Negative list concept Point of Taxation Miscellaneous Towards GST... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 271C No Penalty if there was a bonafide belief for non-deducting of tax Posted: 13 Jul 2012 03:55 PM PDT DDIT V. Satellite Television Asian Region Ltd. It is an admitted fact that the assessee is a non-resident company having its principal place of business at Honkong and the various Channel Companies are also non-resident companies based in Honkong. Hence, the payment in question is made by a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rule 46A – To render justice CIT appeal can admit new evidence Posted: 12 Jul 2012 11:52 PM PDT In the instant case, the assessee has already filed requisite details before the Assessing Officer and further detail was to be filed before the Assessing Officer and the latter refused to accept the same. Therefore, the assessee was compelled to file details by way of speed post. Further, new... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 80HHC – Deduction on DEPB to be computed as per SC ruling in Topman Exports Posted: 12 Jul 2012 11:39 PM PDT Assessee submitted that the issue may be restored to the file of the Assessing Officer with a direction to decide the same afresh in accordance with law following the ratio laid down by the Hon'ble Supreme Court in the case of Topman Exports (supra) and compute the deduction u/s 80HHC on DEPB/DFRC... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Fee for ISO Certification is not FTS & not taxable under DTAA Posted: 12 Jul 2012 11:17 PM PDT Here, we are concerned with the meaning of term "fees for technical services" as given in para 4 of Article 12. The FTS has been defined as the payment of any amount in consideration of service for 'managerial' or 'technical' or 'consultancy' in nature, which is quite similar to definition given in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption notification cannot be given retrospective effect unless expressly provided Posted: 12 Jul 2012 11:01 PM PDT Notification No. 41/2009-ST, dated 23-10-2009 exempted a works contract in respect of canals, other than canals primarily used for commercial or industrial purposes, from the whole of the service tax leviable thereon. This notification appears to be the first of its kind issued after introduction... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] High Courts & Lower Courts & few issues? Posted: 12 Jul 2012 09:31 PM PDT Citizens very often complain about our legal system and as to how the Courts are functioning in this country. People having experience with Courts will explain in detail as to how our system functions. Unless one is a habitual litigant misusing the Court process knowing the 'loop-wholes', citizens... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI rationalises customer charges for NEFT Posted: 12 Jul 2012 09:20 PM PDT The Reserve Bank of India has, in consultation with stakeholders, today rationalised charges that banks can levy on customers for transfer of funds through National Electronic Funds Transfer (NEFT). Now banks can levy not more than `2.50 (exclusive of service tax) for funds transfer upto Rs.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Limited Liability Partnership (Winding up and Dissolution) Rules, 2012 Posted: 12 Jul 2012 09:05 PM PDT Circumstances in which LLP may be wound up voluntarily.- (1) Any LLP may be wound-up voluntarily if the LLP passes a resolution to wind up the LLP with approval of at least three-fourths of the total number of its partners: Provided that where the LLP has creditors, whether secured or unsecured,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Constitution of Expert Committee to finalise GAAR Guidelines Posted: 12 Jul 2012 09:02 PM PDT The Prime Minister has approved the constitution of an Expert Committee on GAAR to undertake stakeholder consultations and finalise the guidelines for GAAR. This committee would manage the consultation process and finalise the draft GAAR Guidelines. 2. While postponing GAAR by one year to 2013 was... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment to the Equity Listing Agreement – Platform for E-Voting by Shareholders of Listed Entities Posted: 12 Jul 2012 09:01 PM PDT . Section 192A of the Companies Act, 1956, read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001 (the Rules) obligates the listed companies to conduct certain businesses only by way of postal ballot. The Companies Act and the Rules also permit the companies to pass any... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CL – Rules & Forms related to filing of petitions to Central Government (Regional Director) Posted: 12 Jul 2012 09:00 PM PDT Notification [F No. 1/1/2003-CL.V], dated 10-7-2012 - Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2012 - INSERTION OF RULES 4BBB, 6C, 6D, 6E & 6F, FORM 24AAA and annexure 'e' - These rules may be called the Companies (Central Government's) General Rules and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] LLP – Corrigendum to notification GSR 430(E) dated 05.6.2012 Posted: 12 Jul 2012 05:39 PM PDT In the notification of the Government of India, Ministry of Corporate Affairs published in the Gazette of India vide G.S.R.(E) 1/242... Dated 5th June, 2012 relating to Limited Liability Partnership (Amendment) Rules, 2012, in page number 2, in point number 5. for "In the said rules, for Forms 1 to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI -Invitation to take up assignment of 'Verification checkers' Posted: 11 Jul 2012 06:41 PM PDT 12th July 2012 Examinees of CA exams have an option of applying for verification of marks, soon after declaration of results. The verification of marks work is done during July-September and February-April every year. The scope of the work includes the following: Checking Whether the answer book(s)... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Fema -Submission of Revised A-2 Form Posted: 11 Jul 2012 05:08 PM PDT Attention of Authorised Dealers (ADs) is invited to A.P. (DIR Series) Circular No.77 dated March 13, 2004, in terms of which guidelines for compilation of various R-Returns were issued to the Authorised Dealers. The purpose codes for foreign exchange purchase/ sale transactions, used for filling up... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Non Resident Deposits – Comprehensive Single Return Posted: 11 Jul 2012 05:06 PM PDT Attention of banks maintaining Non-Resident Deposit (NRD) Accounts is invited to A. P. (DIR Series) Circular No. 55 dated May 09, 2007, in terms of which the data on Non-Resident Deposits are required to be submitted in soft copy in the form of Stat 5 and Stat 8 Returns in Microsoft Excel format,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Procedure for verification of answer books of CA Final, PCE, IPCE/ATE-Units Posted: 11 Jul 2012 11:51 AM PDT An examinee of CA exams can apply for verification of his/her answer books, either physically in his/her own handwriting, or on-line from http://icaiexam.icai.org within a month from the date of declaration of results. The process of verification of marks covers the following: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI – FAQ on verification of marks Posted: 10 Jul 2012 08:48 PM PDT What is meant by verification of marks? The process of verification of marks covers the following: Checking:Whether the answer book(s) compilation is complete. Whether any question or part thereof has remained unvalued. Whether there is any totaling error in any question or total marks on the cover... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]