Government suggests Phasing out Concurrent Audit Systems

Service Tax on Railway Passengers Travelling in AC Classes/First Class from 01.10.2012 Posted: 01 Oct 2012 07:42 AM PDT Levy of Service Tax on Railway Passengers Travelling in AC Classes/First Class from tomorrow i.e. 1st October 2012. No Service Tax to be Levied on Tickets Issued Prior to 1st October 2012. In Case of Cancellation of Tickets Issued on or after 1st October 2012, the Applicable Amount Including... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Filing of ST-3 only for the period 1st April to 30th June 2012 & in Revised Format Posted: 01 Oct 2012 07:18 AM PDT In terms of sub-rules (1) and (2) of Rule 7 of the Service Tax Rules, 1994, the half yearly return for the period 1st April to 30th September 2012, is to be filed by 25th October, 2012. In the current financial year , an assessee would have had to give data with respect to specific services and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Now Railway Fare & Freight Go Up Posted: 01 Oct 2012 06:47 AM PDT While the levy of Service Tax on railway freight was introduced in the year 2006 but could not be enforced due to Railway Ministry being headed by one of the ruling party's allies in the alliance, the levy of Service Tax on transport of passengers was introduced by Finance Act, 2012 w.e.f. 1st... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Government suggests Phasing out Concurrent Audit Systems Posted: 01 Oct 2012 06:04 AM PDT It has been observed that there is a multiplicity of overlapping audits in the Public Sector Banks (PSBs). While the audit is essential for the health of the PSBs, it has been observed that multiple overlapping audits throughout the year engage a lot of attention, resources and time of the PSBs. It... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Exemption of Assam Comilla Cotton from export restriction Posted: 30 Sep 2012 10:30 PM PDT Export of 5,000 bales of Assam Comilla Cotton will be exempted from any export restrictions subject to registration with DGFT. Registration Certificate for such exports will be valid for 30 days only. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DGFT approves 14 new PSIA as Pre Shipment Inspection Agencies (PSIA) Posted: 30 Sep 2012 10:22 PM PDT The following agencies are approved as Pre Shipment Inspection Agencies (PSIA) and enlisted in Appendix 5 of the Handbook of Procedures (Vol-I), Appendices and Aayaat Niryaat Forms: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Procedure & conditions for export of cotton w.e.f 1st October 2012 Posted: 30 Sep 2012 10:18 PM PDT Notification No. 17 (RE-2012)/2009-14 The Procedure and conditions for export of cotton w.e.f 1st October 2012 have been notified. This is similar to Notification number 113 of 4th May 2012, except appropriate changes in para 2(iii). [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Policy Guidelines for issuance & operation of Prepaid Payment Instruments in India- Amendments Posted: 30 Sep 2012 09:25 PM PDT A. Rationalisation in the categorisation and value limits of PPIs - The five categories of semi-closed PPIs as indicated in our previous guidelines have been replaced with three broad categories as under: Semi-closed system prepaid payment instruments can be issued upto Rs.10,000/- by accepting... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notification No. 41/2012 [F.NO. 203/38/2011/ITA-II], dated 28-9-2012 Posted: 30 Sep 2012 12:28 PM PDT It is hereby notified for general information that the organization National Law School of India University, Bangalore has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of...