Fwd: TaxGuru : “All about service tax provisions Related to Lvey, Registration, Payment, Valuation , Penalty, Return and Recovery of taxes” plus 26 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Wed, Jul 6, 2011 at 9:44 AM
Subject: TaxGuru : "All about service tax provisions Related to Lvey, Registration, Payment, Valuation , Penalty, Return and Recovery of taxes" plus 26 more
To: palashbiswaskl@gmail.com

TaxGuru : "All about service tax provisions Related to Lvey, Registration, Payment, Valuation , Penalty, Return and Recovery of taxes" plus 26 more

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• All about service tax provisions Related to Lvey, Registration, Payment, Valuation , Penalty, Return and Recovery of taxes
• Govt to come out with negative list of service tax soon
• Assistant Commissioner of Income Tax sentenced to undergo three years imprisonment with a fine of Rs.1.50 Lacs in a bribery case
• Empanelment with Chhattisgarh Rural Road Development Agency of CA Firms for Internal & External Audit
• ICAI sets up expert group on black money to assist govt
• Sales Tax department raids 37 firms in Mumbai – Claims to unearthed hawala transactions worth around Rs 6,500 crore
• Supreme Court appoints Special Investigation Team (SIT) headed by ex-Apex Court judge to probe black money issue
• Appellate Authority (Procedure) Rules 2011
• A.O. can include transactions which he treats as fictitious in block Assessment instead of regular Assessment despite the fact that same were reflected in the return
• Post offices to offer core banking solution by next year
• Applicability of Circular No. 845/03/2006-CX dated 1.02.2007 on textile products falling under Chapter 55 – regarding
• Car expenses incurred for the personal use of directors of the company in accordance with the terms and conditions of service were allowable as business expenditure
• Statistics in the World of RBI – Duvvuri Subbarao
• DTAA Does Not Protect Tax Evaders – SC strongly disapproved the stand taken by the Government that the names of the tax evaders was a 'secret' and could not be revealed under India-Germany DTAA
• Public Comments and Stakeholders' Views Invited on the Report Submitted by Committee to Review Implementation of Informal Sector Pension
• Investment by banks in liquid/short term debt schemes of mutual funds
• Order passed under section 263 becomes 'infructuous' if effect order not passed in reasonable time
• Government of India and World Bank Sign US$200 million Agreement to Strengthen Local Government System in Kerala
• Interim Report of the task Force on Direct Transfer of Subsidies on LPG, Petroleum and Kerosene Submitted to Finance Minister
• Service tax evasion up three-times to Rs 1651 cr in FY12 so far
• Modification of Client Codes of Non-institutional Trades Executed on Stock Exchanges (All Segments) – SEBI CIR/DNPD/6/2011. Dated- July 05, 2011
• Continuation of DEPB scheme for three months beyond 30.06.2011 i.e. upto 30.09.2011–Reg
• ICAI – roup on Notification of Benefits of Registered OCI u/s 7B(1) of Citizenship Act, 1955
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Prayas Social Welfare Society, Faridabad
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – The Purkal Development Society, Uttarakhand
• Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Vidyaniketan Sanskritik, Samajik, Shikshanik, Bahuuddeshiya Sevabhavi Sanstha, Maharashtra
• ICAI to conduct special exam for IPCE student whose Answer book was reported to be missing

All about service tax provisions Related to Lvey, Registration, Payment, Valuation , Penalty, Return and Recovery of taxes Posted: 05 Jul 2011 08:49 PM PDT As on 1st May, 2011, 119 services are taxable services in India. These taxable services are specified in Section 65(105) of the Finance Act,1994. Section 64 of the Finance Act, 1994, extends the levy of service tax to the whole of India, except the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt to come out with negative list of service tax soon Posted: 05 Jul 2011 08:11 PM PDT The government will come out with a draft 'negative list' for service tax in two weeks, meaning services which are not mentioned in it would be taxed under the proposed GST regime. The draft paper (on negative list of services) is nearly ready and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Assistant Commissioner of Income Tax sentenced to undergo three years imprisonment with a fine of Rs.1.50 Lacs in a bribery case Posted: 05 Jul 2011 07:47 PM PDT The Special Judge for CBI Cases, Bangalore has today convicted Smt.K.Chandrika (IRS -2004 Batch), the then Assistant Commissioner, Bangalore in a bribery case of Rs.2 lacs. She was sentenced to undergo three years Simple Imprisonment with a fine of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment with Chhattisgarh Rural Road Development Agency of CA Firms for Internal & External Audit Posted: 05 Jul 2011 07:39 PM PDT registered under the societies registration act 1973 (No. 44 of 1973), is responsible for planning, execution & maintenance of Rural Road in Chhattisgarh. Presently execution of rural roads under Pradhan Mantri Gram Sadak Yojna in all the 18... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI sets up expert group on black money to assist govt Posted: 05 Jul 2011 07:12 PM PDT Accounting regulator ICAI has set up a group of experts to suggest the government ways to deal with the menace of black money and retrieve the illegal money stashed in tax havens and overseas banks. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sales Tax department raids 37 firms in Mumbai – Claims to unearthed hawala transactions worth around Rs 6,500 crore Posted: 05 Jul 2011 07:07 PM PDT Maharashtra Sales Tax department claimed to have unearthed a major hawala racket having a turnover of Rs 6,500 crore after raiding 37 firms in the city.  "During our investigations, we found that transactions worth around Rs 6,500 crore were... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Supreme Court appoints Special Investigation Team (SIT) headed by ex-Apex Court judge to probe black money issue Posted: 05 Jul 2011 07:03 PM PDT Pulling up the government for the "laggardly pace" in investigations into the issue of Blackmoney stashed abroad, the Supreme Court on Monday appointed a Special Investigation Team (SIT) headed by former Apex Court judge B P Jeevan Reddy to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Appellate Authority (Procedure) Rules 2011 Posted: 05 Jul 2011 06:53 PM PDT In exercise of the powers conferred by Sub-Section (2) of Section 22D of the Chartered Accountants Act, 1949 [as amended by the Chartered Accountants (Amendment) Act, 2006] read with Section 22A of the Company Secretaries Act, 1980 [as amended by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

A.O. can include transactions which he treats as fictitious in block Assessment instead of regular Assessment despite the fact that same were reflected in the return Posted: 05 Jul 2011 06:42 PM PDT Dheeraj Construction and Industries Ltd. Versus CIT - Principle laid down in the case of Mc Dowel and Co. Ltd. (supra), has no application in deciding the dispute involved herein. It is absurd to suggest that even though the finding of fictitious... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Post offices to offer core banking solution by next year Posted: 05 Jul 2011 03:50 PM PDT In a major exercise to boost its profitability, the Department of Posts (DoP) plans to introduce core banking solution besides setting up India Post ATMs and debit cards for its customers. We have set target of bringing in core banking solution by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Applicability of Circular No. 845/03/2006-CX dated 1.02.2007 on textile products falling under Chapter 55 – regarding Posted: 05 Jul 2011 04:27 AM PDT Circular No. 948/09/2011-CX It has been brought to the notice of the Board that doubts have arisen on whether the benefit of proportionate Cenvat credit as clarified by Circular 845/03/2006-CX dated 1.02.2007 would be available to textile items of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Car expenses incurred for the personal use of directors of the company in accordance with the terms and conditions of service were allowable as business expenditure Posted: 05 Jul 2011 04:22 AM PDT Mitsui & Co India Pvt Ltd v Addl CIT (ITAT Delhi) - Directors of the assessee were entitled to use the vehicles for their personal use in accordance with the terms and conditions on which they were appointed and the perquisites given to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Statistics in the World of RBI – Duvvuri Subbarao Posted: 04 Jul 2011 11:47 PM PDT I note with satisfaction, indeed some pride, that the celebration of the Statistics Day in the Reserve Bank is much more than an annual calendar event. We are deeply conscious of the fact that our policy calibration, be it monetary policy,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTAA Does Not Protect Tax Evaders – SC strongly disapproved the stand taken by the Government that the names of the tax evaders was a 'secret' and could not be revealed under India-Germany DTAA Posted: 04 Jul 2011 11:15 PM PDT Ram Jethmalani vs. UOI (Supreme Court) - SC held that That the names of those individuals with bank accounts in Liechtenstein, as revealed by Germany, with respect of whom investigations have been concluded, either partially or wholly, and show... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Public Comments and Stakeholders' Views Invited on the Report Submitted by Committee to Review Implementation of Informal Sector Pension Posted: 04 Jul 2011 10:53 PM PDT A Committee to Review Implementation of Informal Sector Pension was constituted under the Chairmanship of Shri G N Bajpai former Chairman, SEBI, LIC and also member of PFRDA NPS Trust. The Committee has submitted its report on 1st July, 2011. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Investment by banks in liquid/short term debt schemes of mutual funds Posted: 04 Jul 2011 10:51 PM PDT Please refer to paragraph 112 of the Monetary Policy Statement 2011-12 (extract enclosed) wherein it has been indicated that banks' investments in liquid schemes of mutual funds have grown manifold. The liquid schemes continue to rely heavily on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Order passed under section 263 becomes 'infructuous' if effect order not passed in reasonable time Posted: 04 Jul 2011 09:51 PM PDT CIT vs. Goyal M.G. Gases Pvt Ltd (Delhi High Court) - Even if there is no period of limitation prescribed u/s153 (3)(ii) to give effect to s. 263 orders, the AO is required to pass the order within a 'reasonable period'. Non-specification of period... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government of India and World Bank Sign US$200 million Agreement to Strengthen Local Government System in Kerala Posted: 04 Jul 2011 09:43 PM PDT To strengthen the capacity of gram panchayats and municipalities in Kerala, an IDA credit of US$200 million was signed between the Government of India and the World Bank in Thiruvananthapuram yesterday. The Kerala Local Government and Service... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interim Report of the task Force on Direct Transfer of Subsidies on LPG, Petroleum and Kerosene Submitted to Finance Minister Posted: 04 Jul 2011 09:40 PM PDT The Union Finance Minister Shri Pranab Mukherjee has said that the direct transfer of subsidies on LPG, Fertiliser and Kerosene will help in curbing pilferage and leakages. He was speaking on the occasion of submission of the Interim Report of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax evasion up three-times to Rs 1651 cr in FY12 so far Posted: 04 Jul 2011 09:39 PM PDT India's service tax evasion, aided mainly by sectors like telecom and industrial construction, has jumped by a mammoth 200 per cent in the first quarter of the current fiscal touching Rs 1,651 crore. The probe in many cases, according to sources,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Modification of Client Codes of Non-institutional Trades Executed on Stock Exchanges (All Segments) – SEBI CIR/DNPD/6/2011. Dated- July 05, 2011 Posted: 04 Jul 2011 09:33 PM PDT In consultation with BSE, MCX-SX, NSE and USE, it has been decided that the Stock Exchanges may allow modifications of client codes of non-institutional trades only to rectify a genuine error in entry of client code at the time of placing /... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Continuation of DEPB scheme for three months beyond 30.06.2011 i.e. upto 30.09.2011–Reg Posted: 04 Jul 2011 09:31 PM PDT I am directed to invite your attention to Notification No. 51/2011-Cus dated 22.06.2011 which amends Notification No. 97/2009-Cus dated 11.09.2009, whereby the validity of Notification No. 97/2009-Cus [which governs imports under the Duty... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI – roup on Notification of Benefits of Registered OCI u/s 7B(1) of Citizenship Act, 1955 Posted: 04 Jul 2011 09:30 PM PDT The Council, at its 306th meeting held from 7th to 9th June, 2011, while considering Item No.30 relating to Notification of Benefits of Registered OCI u/s 7B(1) of Citizenship Act, 1955, decided to constitute a Group to consider appropriate steps... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Prayas Social Welfare Society, Faridabad Posted: 04 Jul 2011 09:28 PM PDT NOTIFICATION NO. 58/2011 Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 2545(E), dated 6th October, 2009, issued under clause (b) of the Explanation to section 35AC of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – The Purkal Development Society, Uttarakhand Posted: 04 Jul 2011 09:27 PM PDT NOTIFICATION NO. 57/2011 Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 121(E), dated 12th January, 2009, issued under clause (b) of the Explanation to section 35AC of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC, read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Vidyaniketan Sanskritik, Samajik, Shikshanik, Bahuuddeshiya Sevabhavi Sanstha, Maharashtra Posted: 04 Jul 2011 09:26 PM PDT NOTIFICATION NO. 56/2011Whereas by Notification of the Government of India in the Ministry of Finance (Department of Revenue) Number S.O. 2370(E), dated 3rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI to conduct special exam for IPCE student whose Answer book was reported to be missing Posted: 04 Jul 2011 09:25 PM PDT In continuation to the Institute's Notification No. 13-CA (EXAM)/M/2011 dated 12th January, 2011, it is notified for the general information that Group – 1, Paper - 1 – Accounting of Integrated Professional Competence Examination held on 3rd May -... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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