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Jul 27, 2012

Service tax on staff benefits & employment related transactions

Samosa justice

Posted: 27 Jul 2012 07:55 PM PDT

THE days of the cheap samosa are over. While the savoury little delight is consumed with great relish by Pakistanis around the year, sales of the samosa skyrocket during Ramazan as it is a staple of the iftar spread. However, the Supreme Court has set aside a notification of the Punjab government...

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Service tax on staff benefits & employment related transactions

Posted: 27 Jul 2012 07:39 PM PDT

Subsequent to the operationlisation of the Negative List, a number of issues have been raised in relation to the manpower supply or the services provided by the directors of a company or by the employer to the employees. These issues have been examined and are proposed to be clarified as follows:

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Delhi HC stays differential demand of service tax of 2% on services provided & invoices issued prior to 01.04.2012

Posted: 27 Jul 2012 07:31 PM PDT

Delhi High Court today Stays collection of differential demand of service tax of 2% on services provided and invoices issued prior to 01.04.2012 for which payment received after 31.03.2012 on following 8 categories of professionals services - Architect, Interior Decorator, Cost Accountant,...

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DTAA between India and Estonia

Posted: 27 Jul 2012 07:30 PM PDT

Notification no. 27/2012 Whereas an Agreement and the Protocol between the Government of the Republic of India and the Government of the Republic of Estonia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income was signed at Tallinn, Estonia, on...

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DTAA between India and Lithuania

Posted: 27 Jul 2012 07:30 PM PDT

Notification No. 28/2012 Whereas an Agreement and the Protocol between the Government of the Republic of India and the Government of the Republic of Lithuania for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital (DTAA) was signed...

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Tax Rates / Reckoner for Financial Year 2012-13

Posted: 27 Jul 2012 07:15 PM PDT

Tax Implication on Dividend received by Unitholders - Tax Rate on Dividend Distribution , Capital Gain, Income Tax Rates, Securities Transaction Tax (STT) for financial Year 2012-13 or Assessment year 2013-14.

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Jewellers misuse PAN Card details from Railway reservation charts

Posted: 27 Jul 2012 06:40 PM PDT

While complying with TCS rules for collection, payment and uploading of TCS information (E-filing of TDS returns), Jewellery dealers have to furnish PAN of customers. For Certain customers,it is not convenient to provide PAN as they may have constraints in explaining the source.In such cases to...

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ITR -7 For A.Y. 2012-13 / F.Y. 2011-12

Posted: 27 Jul 2012 05:49 PM PDT

NOTIFICATION No. 29/2012 In the Income-tax Rules, 1962, in Appendix-II, for Form ITR-7, the following Form shall be substituted, namely:- INDIAN INCOME TAX RETURN - [For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section...

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Whether employees sent on deputation to subsidiary/ associate companies amount to manpower recruitment or supply service before or after 1st July, 2012

Posted: 27 Jul 2012 04:40 PM PDT

The appellants were sending their manager/ employees to hotels run by the subsidiary/ associate companies on deputation. They were recovering costs on actual basis and were not retaining any amount out of the payment made by the hotels run by the subsidiary/ associate companies. The contention...

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Cloud Computing – Opportunities and Challenges for CA's

Posted: 27 Jul 2012 04:07 PM PDT

Cloud computing is a technology that uses the internet & central remote servers to maintain data & applications. It allows consumers & businesses to use applications without installation & access their personal files at any computer with internet access. This technology allows...

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Coffee Table book on Indian Customs 'Anything to Declare' Released

Posted: 27 Jul 2012 02:00 PM PDT

Central Board of Excise and Customs is celebrating 2012 as the Golden Jubilee year to commemorate 50 years of the Customs Act, 1962. As a part of these celebrations, a Postage Stamp and a Coffee Table book on Indian Customs -Anything to Declare were released at a function held here today.

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Rajiv Gandhi equity scheme to be launched by August 15

Posted: 27 Jul 2012 01:24 PM PDT

Finance Ministry is likely to launch the Rajiv Gandhi Equity Scheme, which is aimed at boosting retail investments in the capital market, by August 15. Officials from the Department of Economic Affairs (DEA) would meet counterparts in market regulator Sebi next week to finalise the details of the...

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Sibal Launches Anti-Ragging Web-Portal

Posted: 27 Jul 2012 12:54 PM PDT

Shri Kapil Sibal Launches Anti-Ragging Web-Portal Shri Kapil Sibal, Union Minister of Human Resource Development inaugurated the Anti-Ragging Web Portal here today. The portal has been developed by the University Grants Commission (UGC) in collaboration with Ed.CIL (India) Ltd. and Planet E-Com...

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Admission Notice for Company Secretaries Executive Programme

Posted: 27 Jul 2012 12:44 PM PDT

In a Press Release the Institute has made it clear that Graduates seeking admission till 31st August, 2012 will be eligible for Examination in June 2013. B.A / B.Sc / B.Com/ Graduates of any discipline (excluding Fine Arts) can pursue the CS EXECUTIVE PROGRAMME conducted by the Institute of Company...

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Rebate u/s. 88E is to be allowed from tax computed u/s. 115JB

Posted: 27 Jul 2012 12:39 PM PDT

Rebate under section 88E was to be allowed from the tax computed as per provisions of section 115JB to find out whether after set off of rebate under section 88E, any tax liability remained or not. Admittedly the tax liability as per MAT provisions was Rs.7,56,694/- and rebate admissible under...

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DGFT – Amendments in HBP Vol.1 wef 5.6.2012

Posted: 27 Jul 2012 12:25 PM PDT

Public Notice No. 12 (RE-2012)/ 2009-14, In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby amends para 2.13.2.A, 3.6.1, 3.10.3, 3.11.7, 3.11.8, 4.19, 5.10 and 5.23 of the Handbook of Procedures Vol I (RE 2012)/...

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DGFT opens additional branchs at Bengaluru & Hyderabad for issuing Certificate of Origin (Non Preferential)

Posted: 27 Jul 2012 12:19 PM PDT

PUBLIC NOTICE NO.11(RE 2012)/2009-2014 One additional branch each at Bengaluru and Hyderabad has been added for issuing Certificate of Origin (Non Preferential).

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Court jails two excise official in bribery case

Posted: 27 Jul 2012 12:17 PM PDT

The Special Judge for CBI Cases, Jabalpur has convicted Shri B.C. Ekka, the then Superintendent & Shri M.K. Singh, the then Excise Inspector, both working in the office of Asstt. Commissioner, Customs & Central Excise, Jabalpur and sentenced them to undergo two years rigorous imprisonment...

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DGFT Notification to give effect to Certain amendments/modifications in Foreign Trade Policy wef 05.06.2012

Posted: 27 Jul 2012 12:11 PM PDT

Notification No. 8 (RE-2012) /2009-2014, In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, as amended, read with paragraph 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby amends with immediate effect para...

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Exposure Draft on Micro Insurance (Modification) Regulations

Posted: 27 Jul 2012 11:56 AM PDT

Circular no. IRDA/Life/MI/2012, dated 26-07-2012 - On comprehensively examining the existing business model adopted under Micro Insurance vis-a-vis the extant regulations on Micro Insurance, the Authority proposes to review the IRDA (Micro Insurance) Regulations, 2005. Accordingly, an exposure...

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Contents of Application Form & Abridged Prospectus for Public Issue of Debt Securities

Posted: 27 Jul 2012 11:56 AM PDT

1. SEBI had notified SEBI (Issue and Listing of Debt Securities) Regulations in 2008 specifying norms for public issue of debt securities and privately placed listed debt securities. 2. With respect to public issue of debt securities, there is currently no specified standard format for the...

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Custom Duty – Amending Courier Imports & Exports (Electronic Declaration & Processing) Regulations, 2010

Posted: 27 Jul 2012 11:40 AM PDT

Notification No. 65/2012-Customs (N.T.) , New Delhi, dated the 26th July, 2012                         G.S.R.  (E). – In exercise of the powers conferred by section 157 of  the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following regulations...

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Companies to enter SRN of form 24AAA in form 21 & 23 wef 12.08.2012

Posted: 27 Jul 2012 11:40 AM PDT

Companies (Central Government's) General Rules and Forms (Fifth Amendment) Rules, 2012 - (Form 21 & 23) - In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules...

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Due date for filing Cost Audit & Compliance Report in XBRL mode extended to 31.12.2012

Posted: 27 Jul 2012 11:31 AM PDT

General Circular No. 18/2012 It has now been decided by the Ministry that all cost auditors and the concerned companies will be allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating to any previous year(s)] with the Central...

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