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Sep 7, 2012

Procedure & Documents Required for Service Tax Registration

Procedure & Documents Required for Service Tax Registration

Posted: 06 Sep 2012 08:12 PM PDT

The assessee shall make an application in form ST 1 to the Superintendent of Central Excise in duplicate. Such application can be filed online www.aces.gov.in. For this the following procedure shall be adhered to :

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Automatic Excel Utility with individual Salary sheet + form 16 + 12BA for A.Y. 2013-14

Posted: 06 Sep 2012 07:34 PM PDT

This utility can be used for Government and Non Government Employees. Utility Automatically Prepares for 16, Form 12BA, Calculates TDS deductible, HRA Exemption , Deduction Under Chapter VIA etc.Utility is for Assessment year 2013-14 or Financial Year 2012-13 and can be used for upto 50 Employees.

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VAT (What) is the confusion all about on sale of flats – Part 2

Posted: 06 Sep 2012 07:18 PM PDT

It need not be said that taxation of works contract has always been a vexatious issue. As if controversy pertaining to Works contract wasn't enough, the government in a clever move to bolster revenue, brought within its purview transactions relating to sale of under-construction properties w.e.f....

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CBDT asks to rectify incorrect demand uploaded on CPC within 30 days

Posted: 06 Sep 2012 07:02 PM PDT

The issue of demand management continues to remain an area of grave concern. It has been found that in most of the cases demand uploaded is incorrect and incomplete. Such demands have been uploaded by AOs without due diligence and verification. Adjustment of such demands against refunds is leading...

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Service Tax not to be included in Turnover U/s. 44BB for calculation of deemed Profit

Posted: 06 Sep 2012 06:18 PM PDT

As regards reimbursement of amount in respect of service tax, as pointed out by the ld. AR, the ITAT Delhi Bench in their decision in Technip Offshore Contracting BV(supra) concluded that service tax collected by the assessee being directly in connection with services or facilities or supply...

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No TDs deduction U/s 194H on Foreign Commission to Non-Resident

Posted: 06 Sep 2012 06:10 PM PDT

No TDS was required to be made because payment of commission are made to non-resident overseas agent. As such no income is arising to the non-resident agent in India. So, no TDS is deductible u/s 194H of the Act, which is applicable for resident Indians only, even the provisions of section 195 is...

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Liability of Service Receiver & Provider under Reverse Charge Mechanism

Posted: 06 Sep 2012 07:12 AM PDT

Please find below chart depicting the liability of Service Receiver & Service Provider under Reverse Charge Mechanism in very precise and simplified manner. It shall be very handy in day to day working of professionals under industry.

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Procedure & Documents for VAT / CST / PT Registration in Maharashtra

Posted: 06 Sep 2012 07:09 AM PDT

Certified true copy of the Memorandum and Articles of Association of the company.( in case of a company only) ( also the Certifcate of the Registration is required. In case of a PUBLIC Company- CERTIFICATE OF COMMENCEMENT is required)

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Retrospective Amendment to section 80HHC Ultra Vires

Posted: 05 Sep 2012 10:30 PM PDT

On consideration of the entire materials on record, we, therefore, find substance in the contention of the learned counsel for the petitioners that the impugned amendment is violative for its retrospective operation in order to overcome the decision of the Tribunal, and at the same time, for...

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Multilateral Convention in Tax Matter & Assessment of Black Money Parked Abroad

Posted: 05 Sep 2012 08:50 PM PDT

In order to find out the quantum of black money parked by Indians in the country and abroad and to recommend ways to deal with the problem of black money Government had entrusted this work to three institutions in March, 2011.

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IT Platform to Integrate Central and State Indirect Taxes Regime

Posted: 05 Sep 2012 08:49 PM PDT

The Government has approved a proposal to set up an IT platform to integrate Central and State indirect tax regime in the context of implementation of Goods and Services Tax (GST) in the context of implementation requires a strong IT Infrastructure and Service backbone to enable capture, processing...

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Violation of Accounting Principles by 316 companies & 73 audit firms

Posted: 05 Sep 2012 08:46 PM PDT

The Government is aware that violation of accounting principles and financial irregularities are being carried out by various companies and their audit firms. During the last three years, 316 companies and 73 audit firms were found guilty of violation of accounting principles and other financial...

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Rate of exchange of conversion of each of foreign currency WEF 07th September, 2012

Posted: 05 Sep 2012 08:37 PM PDT

Notification No. 80/2012 - 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...

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Verification mechanism & monitoring of export obligation under duty exemption/ reward Schemes- reg

Posted: 05 Sep 2012 08:20 PM PDT

Circular No. 25 /2012-Cus oard has decided to prescribe that when address verifications or Installation Certificate verifications are requested by the Customs authorities in respect of EPCG authorizations, the Central Excise authorities should include, in their verification, a check of the...

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Change & enhancement under Punjab Value Added Tax Act, 2005 & Punjab Tax on Luxuries Act, 2009 wef 05.09.2012

Posted: 05 Sep 2012 12:22 PM PDT

Government need funds for various purposes like maintenance of law and order, health services, education etc. and for this obtains funds from various sources and out of which VAT is major source. Taxes are conventionally of two types Direct taxes and Indirect taxes.

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