Free Book on New System of Taxation of Services

Free Book on New System of Taxation of Services Posted: 31 Aug 2012 08:44 PM PDT Taxation of services in India has been a learning experience for not only the tax payers but also the tax administrators. The gradual expansion of the list of taxable services from an initial three to more than one hundred has posed its own challenges. The Finance Act, 2012 has started to change... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 54 – Two flats on different floors cannot constitute one house Posted: 31 Aug 2012 08:30 PM PDT In the present case, the assessee was allotted two flats on two different stories which he claimed as eligible for exemption u/s 54. Admittedly there is no unity of construction between such flats. The Special Bench of the Tribunal in the case of Sushila M. Jhaveri (supra) has categorically held... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 10A deduction can be claimed by filing revised return u/s. 139(5) Posted: 31 Aug 2012 08:14 PM PDT Reason behind disallowance of claim made by the assessee was that since the assessee had not claimed deduction under section 10A in the return filed under section 139(1), the proviso to section 10A debarred him from making any such claim in revised return. At this stage, it would be relevant to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revised Procedure for validating, upload & print of Form 15CA Posted: 31 Aug 2012 07:18 PM PDT Steps to download and install File Validation Utility (FVU). Procedure for preparation of Form 15CA file for bulk upload: Procedure for validating Form 15CA file. Procedure for upload of successfully validated Form 15CA file. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revised Guidelines for filling Form 15CA Bulk Upload Posted: 31 Aug 2012 06:36 PM PDT File Based (Bulk) Upload of Form 15CA Facility for upload of multiple Form 15CA records in single file is available to registered TANs at www.tin-nsdl.com . Pre-requisites for bulk upload of Form 15CA records: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBDT notifies Advance Pricing Agreement Scheme – Costly with fat application fee & not time-bound Posted: 31 Aug 2012 05:39 PM PDT Notification No. 36/2012 In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), - (a) after rule 10E, the following rule shall be inserted, namely.- Advance Pricing Agreement Scheme- 10F. Meaning of expressions used in matters in respect of advance pricing agreement.—For... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBDT Releases Transfer Pricing 'Advance Pricing Agreement Scheme' (APA) Posted: 31 Aug 2012 05:31 PM PDT Vide Notification No. 36 of 2012, in exercise of the powers conferred by sub-section (9) of section 92CC read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes releases Advance Pricing Agreement Scheme. The advance pricing agreement scheme shall be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI President's Message – September 2012 Posted: 31 Aug 2012 04:29 PM PDT Direct Entry to the CA Course: The Ministry of Corporate Affairs has given its final approval to the Amendments to Chartered Accountants Regulations, 1988 which have been notified on 1st August, 2012. Amongst other provisions, the amendments also stipulate Direct Entry Scheme to CA Course. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CMA President Communique September, 2012 Posted: 31 Aug 2012 03:36 PM PDT In the current economic scenario the members of the Institute are required to emerge as true friends of the Consumers by correctly pricing the natural resources, product and services on one side and assisting the Regulators on the other. The responsibility cast upon the members of the institute is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Deduction u/s.35(2AB) on expenditure in respect of patent filing in foreign countries & on foreign consultancy Posted: 31 Aug 2012 01:15 PM PDT The consultancy charges had been paid by the assessee in providing technical services regarding the patents, obtaining patent information from innovator companies and obtaining innovator samples for research and development purposes. The payments have been accepted towards research and not towards... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Superintendent of Service Tax Sentenced In Bribery Case Posted: 31 Aug 2012 12:27 PM PDT The Special Judge for CBI Cases, Bangalore, Shri M.S. Biradar, has convicted M.A.Raghuraman, the then Superintendent of Service Tax, Commissionerate of Service Tax, Bangalore to undergo 1 ½ years simple Imprisonment with fine of Rs.10,000/- in a bribery case. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax collected to be deposited with Government before availing Cenvat credit Posted: 31 Aug 2012 11:54 AM PDT Trade Notice No. 10/2012, It is brought to the notice of all the members of Trade and Industry that large scale evasion of service tax by service providers providing Security Agency Service and Manpower Supply Agency Service have come to light in this Commissionerate where the Service Providers... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Multilateral convention on mutual administrative assistance on tax matters with OECD member countries Posted: 31 Aug 2012 11:52 AM PDT Notification No. 35/2012 Whereas, a Multilateral Convention on Mutual Administrating Assistance in Tax Matter and as amended by the 2010 protocol was signed by the Republic of India at the headquarters of the Organisation for Economic Co-operation and Development (OECD) at Paris on the 26rd day of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Ministry of Finance Notifies Advance Price Agreement (APA) Scheme Posted: 30 Aug 2012 11:39 PM PDT The Ministry of Finance has notified an "Advance Pricing Agreement Scheme" (Rules 10F to 10T of Income Tax Rules, 1962) vide notification No. 36/2012 dated 30-8-2012. The Finance Act, 2012 had inserted sections 92CC and 92CD in the Income Tax Act 1961 introducing the provisions of Advance Pricing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notification No. 79/2012-CUSTOMS (N. T.) – Tariff of Gold Silver, Crude Palm Oil etc Posted: 30 Aug 2012 06:26 PM PDT Notification No. 79/2012-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! ]] RBI allows QFIs to hedge their currency risk Posted: 30 Aug 2012 06:24 PM PDT It has now been decided to allow QFIs to hedge their currency risk on account of their permissible investments (in equity and debt instruments), as per the details given in the Annex. [[ This is a content summary only. Visit my website for full links, other content, and more! ]]