Payment of Service Tax Under New Accounting Code Only

Payment of Service Tax Under New Accounting Code Only Posted: 07 Oct 2012 07:57 PM PDT Service tax payer who is liable to pay Service Tax monthly & quarterly should pay Service Tax under New Category & Code only. As you are aware, Negative List based comprehensive approach to taxation of services has came into effect from the 1st July, 2012 and accordingly now for payment... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] XBRL Filings for F.Y. 2011-12 would be enabled w.e.f 14th October, 2012 Posted: 07 Oct 2012 12:14 PM PDT The Final Validation Tool and subsequent XBRL filings of financial statements for F.Y. 2011-12 on MCA website would be enabled with effect from 14th October, 2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] XBRL filing due date extended to 15h November, 2012 Posted: 07 Oct 2012 12:01 PM PDT All companies will be allowed to file their financial statements in XBRL mode without any additional fee/penalty upto 15h November, 2012 or within 30 days from the date of their AGM, whichever is later. GENERAL CIRCULAR NO. 16/2012, DATED 6-7-2012 [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DVAT & Service Tax Updates – September, 2012 Posted: 07 Oct 2012 09:03 AM PDT Assessees have to provide data only for the period 1-4-2012 to 30-6-2012 in the first half yearly return which is due on 25-10-2012. (The data for the period from 1-7-2012 to 30-9-2012 should not be filed. Modifications will be made in the ACES so that any data filed for this period is rejected.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tuition fees in advance is an asset under Wealth Tax Act Posted: 07 Oct 2012 08:34 AM PDT A reading of the decision of the Supreme Court in the case of CWT v. Vysyaraju Badreenarayana Morthy Raju [1985] 152 ITR 454 shows that the computation of the net wealth of an assessee calls for a determination of his assets and debts as on the valuation date. Whether the system of accounting,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Institute providing academic services & applying income towards same is entitled to registration u/s. 12AA Posted: 07 Oct 2012 08:26 AM PDT The programme of professional education imparted by the assessee Institute in India is not in the nature of coaching or tuition. The Institute at London is an Institute established by a Royal Charter and recognized world-wide as the nodal agency of design, improving and controlling the profession... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CIT can refuse Registration U/s 12AA if Activities of Trust are not Charitable Posted: 07 Oct 2012 08:19 AM PDT Assessee spent considerable amount on advertisement of the institution which never existed and further, prospectus of the assessee trust has devoted substantially on carrying out the business activities of group concern showing logo of milk product. These factors were sufficient to hold that the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Additions u/s. 68 justified if details of Share Applicants furnished by Assessee is not correct Posted: 07 Oct 2012 08:04 AM PDT In the present case, this Court notices that the Assessing Officer went into great lengths to verify the genuineness of these transactions. He issued summons to the share applicants- only 9 could be served; none actually responded through their authorized or principal officer. Even during remand,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee not entitled to claim depreciation on an asset which has been written off from books Posted: 07 Oct 2012 07:51 AM PDT Where the assessee has written off the value of assets in the books of assessee as obsolete, can it still be include the value of said machinery in the block of assets and claim depreciation thereon. In the decision of the Hon'ble Delhi High Court in the case of M/s Bharat Aluminium Co., Ltd., the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] HC refer applicability of Monetary Appeal Filing Limit Instruction to Larger bench Posted: 07 Oct 2012 07:38 AM PDT Whether the view taken by this Court in case of Sureshchandra Durgaprasad Khatod (HUF) (supra) that the instructions of 2011 of the Board providing for revised monetary limits for filing the appeals to the Tribunals, High Courts and Supreme Court, would apply to all pending cases irrespective of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SEBI permits demat of Fixed / Post OfficeDeposits, Insurance Policies etc. Posted: 07 Oct 2012 04:20 AM PDT Expansion of asset classes which can be held in demat form - (i) There have been demands for dematerialization of assets/records other than securities, such as, Warehouse receipts, Fixed Deposits with banks and corporates, Insurance Policies, Investment products of Post Office, etc. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Procedure of Annual Processing Fee under Punjab Value Added Tax Act, 2005 Posted: 06 Oct 2012 09:12 PM PDT Rule 40A has been added to the Punjab Vat Rules, 2005 as per which Every taxable person shall pay annual processing fee of Rs. Eight Hundred only during the month of October alongwith the filing of quarterly return. This processing fee is in lieu of operation, maintenance and upgradation of such... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Guarantors fail to claim their rights under Contract Act although Courts have recognised these rights Posted: 06 Oct 2012 09:11 PM PDT Narendra Sharma, Consultant (Legal) Introduction – Recently, after going through my Articles on the website {namely (1) Director's Personal Guarantee-A Void Agreement and (2) Personal Guarantee-A Void Agreement), one visitor informed me that, on the contrary, commenting on his case regarding... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Voluntary guidelines for companies for providing general information on their websites Posted: 06 Oct 2012 12:11 PM PDT Voluntary Guidelines for Companies for providing general information on their websites about the company to promote good corporate governance and to enhance investors' awareness [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Number of countries from which import of poppy seeds is allowed is increased to 16 Posted: 05 Oct 2012 04:01 AM PDT NOTIFICATION NO. 19 (RE-2012)/2009-2014 The number of countries from which import of poppy seeds is allowed is increased from 11 to 16 and Slovenia has been replaced by Slovakia in 3(a). [[ This is a content summary only. Visit my website for full links, other content, and more! ]]