Partial Reverse Charge Mechanism – Putting Service Tax in Forward Gear

Partial Reverse Charge Mechanism – Putting Service Tax in Forward Gear Posted: 05 Jul 2012 07:54 PM PDT The concept of reverse though important, has limited applicability in our day-to-day life. We are familiar with reversing a vehicle for limited purposes. A vehicle cannot be driven in reverse for moving forward. However, when it comes to levy of taxation it is not the case. Under the ST, till 30th... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Capital gain in case of gifted or inherited properties Posted: 05 Jul 2012 07:40 PM PDT A capital asset being shares and securities is considered as long term capital asset if it is retained for more than 12 months and 36 months in case of other assets and gain, if any arising from its sales is considered as long term capital gain. In case of long term capital gains the capital gains... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Penalty for Late Filing & incorrect information in TDS/TCS Statement wef 01.07.2012 Posted: 05 Jul 2012 07:00 PM PDT In order to provide effective deterrence against delay in furnishing of TDS statement, it is proposed – (i) to provide for levy of fee of Rs.200 per day for late furnishing of TDS statement from the due date of furnishing of TDS statement to the date of furnishing of TDS statement. However, the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI postpones Implementation of e-Diary system Posted: 05 Jul 2012 06:50 PM PDT All Articled/ Audit Assistants are hereby informed that due to technical issues implementation of e-diary system for capturing the work done by students, review by the Principal, alert for due dates and monitoring at the Institute's level is kept in abeyance. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI announces CPT December 2012 Exams date Posted: 05 Jul 2012 06:49 PM PDT No.13-CA (EXAM)/CPT/ December/2012: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test (Paper- Pencil Mode) will be held on Sunday, 16th December, 2012 in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Release date of ITR 5 Online E-Filing Utility for A.Y. 2012-13 Posted: 05 Jul 2012 06:36 PM PDT It is informed by Income Tax department that E-Filing Utility for ITR-5 is likely to be made available by 7th July 2012. Government has released format of ITR form 5 & 6 as applicable for Assessment year 2012-13 vide NOTIFICATION NO.25/2012 DATED 2-7-2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Declaration of dividend by UCBs – Revised criteria for declaring without prior permission of RBI Posted: 05 Jul 2012 06:30 PM PDT It has now been decided to revise the criteria for declaring dividend without prior permission of the Reserve Bank. Accordingly, UCBs may henceforth declare dividend subject to compliance with the following parameters: i) Compliance with CRAR norms as prescribed by RBI . ii) Net NPA of less than 5%... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Buyback value of FCCBs shall be at a minimum discount of 5% on accreted value – RBI Posted: 05 Jul 2012 06:27 PM PDT Reserve Bank will consider proposals from Indian companies for buyback of FCCBs under the approval route subject to: a) The buyback value of the FCCBs shall be at a minimum discount of five per cent on the accreted value. b) In case the Indian company is planning to raise a foreign currency... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Vehicles in the nature of professional equipment can be imported against SFIS scrips Posted: 05 Jul 2012 06:23 PM PDT Circular No. 18/2012-Cus It has been decided by the Board that the vehicles which are in the nature of professional equipment, illustratively mentioned in para (4) of the said Circular, may also include Ambulance, Sewage Disposal Truck, Refuse Disposal Vehicle, that are pre-designed structurally... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rate of exchange of conversion of each of foreign currency wef 6th July, 2012 Posted: 05 Jul 2012 06:16 PM PDT Notification No.56/2012 - Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Suggestions on proposed amendments in the CESTAT Forms Posted: 05 Jul 2012 06:13 PM PDT EA 3, EA 4 and EA 5 forms have been notified for filing appeal in Central Excise disputes. Similarly, CA 3, CA 4 and CA 5 have been prescribed for Customs cases and ST 5, ST 6 and ST 7 for disputes in Service Tax matters. 2. It is proposed to amend the existing forms meant for filing appeals in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SBI launches eFile service for filing I-T returns Posted: 05 Jul 2012 06:02 PM PDT State Bank of India (SBI) today launched a new service that will facilitate filing Income Tax returns online. This service is currently available only to the bank's customers, at a discounted price, SBI said in a statement. For salaried individuals the fee starts as low as Rs 150, inclusive of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SC restrains RBI from allowing foreign law firms to operate in India Posted: 05 Jul 2012 05:12 PM PDT The Supreme Court today restrained the Reserve Bank of India from granting licenses or permission to foreign law firms to practise in India. A bench of justices R M Lodha and A R Dave also issued notices to 31 law firms in the country on the appeal filed by Bar Council of India against a Madras... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Gujarat Income Tax department detects Rs 111 crore of undisclosed income Posted: 05 Jul 2012 05:07 PM PDT Gujarat's Income Tax department has detected allegedly undisclosed income of Rs 111 crore during a I-T survey on a transport and logistics firm. On the basis of evidences gathered and inquiries conducted, the taxpayer group has surrendered Rs 111 crore as undisclosed income, an I-T official said,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Reduction of Time-line for Transfer of Equity Shares &Prescription of Time-line for Transfer of Debt Securities Posted: 05 Jul 2012 03:39 PM PDT The listing agreement for equity shares prescribed under the Securities Contracts (Regulation) Act, 1956 inter alia specifies a period of one month for registering transfer of shares from the date of lodgment. With a view to expedite the transfer process in the interest of the investors, it has... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Review of Regulatory Compliance and Periodic Reporting -SEBI Posted: 05 Jul 2012 11:43 AM PDT In order to strengthen the compliance mechanism and the role of the Boards of Registrars to an Issue and Share Transfer Agents, it has been decided to review the norms and format for periodic reporting. The revised format as given in the Annexure includes the status of regulatory compliance and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Miscellaneous Remittances from India – Facilities for Residents – Master Circular No. 6/2012-13 Posted: 04 Jul 2012 08:34 PM PDT Master Circular No. 6/2012-13, dated 2-7-2012 Miscellaneous remittance facilities for residents are allowed in terms of section 5 of the Foreign Exchange Management Act, 1999, read with Government of India Notification No. G.S.R 381(E), dated May 3, 2000, as amended from time to time. 2. This... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Acquisition & Transfer of Immovable Property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin Posted: 04 Jul 2012 08:32 PM PDT Master Circular No. 4/2012-13, dated 2-7-2012 Acquisition and transfer of immovable property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin is regulated in terms of sub-sections (3), (4) and (5) of section 6 of the Foreign Exchange Management Act, 1999, read with Notification No. FEMA... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses – Master Circular No. 3/2012-13 Posted: 04 Jul 2012 08:29 PM PDT Master Circular No. 3/2012-13, dated 2-7-2012 This Master Circular consolidates the existing instructions on the subject of "Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses" at one place. The list of underlying... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Non-Resident Ordinary Rupee (NRO) Account – Master Circular No. 2/2012-13 Posted: 04 Jul 2012 08:26 PM PDT Master Circular No. 2/2012-13, dated 2-7-2012 The acceptance of deposits by an Authorised Dealer/Authorised bank from persons resident outside India are regulated by the provisions of sub-sections (1) and (2) of section 6 of the Foreign Exchange Management Act, 1999 read with FEMA Notification... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Money Transfer Service Scheme – Master Circular No. 1/2012-13 Posted: 04 Jul 2012 08:25 PM PDT Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are... [[ This is a content summary only. 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