Ajmal Kasab hanged at Pune's Yerawada Jail Posted: 20 Nov 2012 07:38 PM PST Ajmal Amir Kasab, the lone surviving Pakistani terrorist of the 2008 Mumbai terror attacks, was hanged at Pune's Yerwada Jail at 7.30 am on Wednesday. "Yes, Kasab has been hanged this (Wednesday) morning at 7.30 a.m. in Yerawada Central Jail, Special Public Prosecutor Ujjwal Nikam, who led the...  |
| CESTAT Delhi to pronounce today on whether money transfer a taxable service Posted: 20 Nov 2012 06:46 PM PST Western Union Money Transfer through its main agents Paul Merchants Ltd. and Transcorp had been fighting a protracted battle in North & South Indian CESTAT. Most of the interim decisions of Bangalore CESTAT have been in favour of the sub-agents, holding that the services are not taxable, as...  |
| Old Service tax Accounting Code Restored for 120 Services Posted: 20 Nov 2012 06:08 PM PST Circular No. 165/16/2012 -ST Service specific Accounting Codes restored; 120 services labeled with codes unlike to one code for negative list. - Negative List based comprehensive approach to taxation of services came into effect from the first day of July, 2012. Accounting code for the purpose of...  |
| A Simplified Approach to Service Tax under Reverse Charge Posted: 20 Nov 2012 09:32 AM PST Normally, service tax is payable by service provider by charging it in invoice raised upon the service recipient. Section 68(2) makes the person receiving the service liable to pay tax. In certain cases, liability to pay service tax has been partly shifted upon the service recipient whilst in some...  |
| 'Corporate Gifts – Beware of Tax Implications' Posted: 20 Nov 2012 09:12 AM PST Gifts! Corporate Gifts have over the years proved to be an effective marketing tool for organizations across products and services. Organizations understand the importance of building and maintaining long term relationships with clients, prospective clients, business associates, employees and other...  |
| Pay Service Tax with interest on Renting of Immovable Property by 27.11.2012 to avoid penalty Posted: 20 Nov 2012 08:55 AM PST If you have put your immovable property on rent for use in furtherance of business or commerce and annual rent amount, alone or with the amount of other taxable services, exceeds Rs. 10 lacs and further, you have any service tax amount related to such renting due since 1st June, 2007, you have an...  |
| Amended Provisions of CENVAT Credit with special reference to Projects Posted: 20 Nov 2012 08:30 AM PST A. Capital Goods - As per CENVAT Credit Rules, 2004 the capital goods means the following goods used in the factory of manufacturer (also used outside in case of captive power) :  |
| ICAI retains answer books for 120 days from the date of declaration of result Posted: 20 Nov 2012 06:21 AM PST The answer books involving applications received seeking verification, inspection and/or certified copy, as also the applications received under the Right to Information Act, 2005, in relation to a given examination are retained for a maximum period of one year from the date of declaration of...  |
| Delay in Appeal cannot be condoned for Time lost in internal decision making Posted: 20 Nov 2012 02:18 AM PST Delay in present case has occurred not account of any substantial and sufficient reasons but on account of negligence of the appellant. If such delays are condoned, the meaning of limitation of thee months provided by legislature in the Central Excise Act would become meaningless and redundant.  |
| No TDS on Interest on delayed compensation / Award under Motor Vehicle Act Posted: 20 Nov 2012 02:11 AM PST The award under the Motor Vehicle Act is like a decree of the court. It do not come within the definition of income as mentioned in Section 194A(1) read with Section 2(28A) of the Income Tax Act. Proceedings regarding claim under Motor Vehicle Act are in the nature of a garnishee proceedings under...  |
| HC upheld disallowance of lease premium amortization as Annual Lease Rent was very nominal Posted: 20 Nov 2012 12:58 AM PST It is no doubt true that the decisions in HMT (Supra), Sun Pharmaceuticals (supra) and Gemini Arts (supra) dealt with fact situations where the assessee had obtained long lease, and where the Court found the down payment as lumpsum premium to be a real advance rental payment which therefore qualify...  |
| Service tax on Charges for terminal handling, DOC & bill of lading services used for export are eligible for refund Posted: 19 Nov 2012 09:18 PM PST As correctly pointed out by the learned counsel in the case of Ramdev Food Products (P.) Ltd. v. CCE [2012] 21 taxmann.com 410 (CESTAT - Ahd.) and again in the case of CCE v. Ramdev Food Products (P.) Ltd. [Final Order Nos. A/861-863/2010-WZB/Ahd., dated 30-6-2010] this bench has held that refund...  |
| Pest control, sewage disposal, AMC of AC & computers are input services Posted: 19 Nov 2012 08:49 PM PST The services/activities in question are pest control, annual maintenance contract (AMC) for ST plant for sewage disposal, AMC for air conditioners for instrumentation room, canteen facility and AMC for computers. The learned counsel for the appellant relies on the following decisions in support of...  |
| Eight Lakh E-BRCs issued in First three Months Posted: 19 Nov 2012 06:28 PM PST As nearly eight lakh Electronic Bank Realisation Certificates (eBRCs) have been issued in the first three months since the introduction of eBRC on August 17, 2012, Director General of Foreign Trade (DGFT) Dr. Anup K Pujari has written to Chairpersons of all the banks to address the issues...  |
| Export of Goods & Software – Realisation & Repatriation of export proceeds – Liberalisation Posted: 19 Nov 2012 06:16 PM PST It has been decided, in consultation with the Government of India, to further extend till March 31, 2013 w.e.f. October 1, 2012, the relaxation with respect to the period of realization and repatriation to India, of the amount representing the full value of goods or software exported, from six...  |
| Second Quarter Review of Monetary Policy 2012-13 – Definition of 'Infrastructure Lending' Posted: 19 Nov 2012 06:11 PM PST It has been decided to harmonise the definition of 'infrastructure lending for the purpose of financing of infrastructure by the banks and Financial Institutions' with that of the Master List of Infrastructure sub-sectors' notified by the Government of India on March 27, 2012. Accordingly, the...  |
| Mini derivative (Futures & Options) contract on index (Sensex & Nifty) Posted: 19 Nov 2012 06:10 PM PST SEBI vide Circular No. SEBI/DNPD/Cir-33/2007, dated December 27, 2007 had permitted Stock Exchanges to introduce mini derivative contract on Index (Sensex and Nifty) with a minimum contract size of INR 1 lakh.  |
| Seeks to provide duty exemption to ASTRA by amending notification No. 39/96-cus dt. 23/7/1996 Posted: 19 Nov 2012 05:53 PM PST Notification No. 58/2012-Customs Machinery, equipment, instruments, components, spares, jigs and fixtures, dies, tools, accessories, computer software, raw materials and consumables required for the purpose of Air-to-Air Missile System (Project ASTRA) of the Ministry of Defence.  |
| Seeks to provide exemption to Project ASTRA by amending notification No. 64/95 -CE dt. 16/3/1995 Posted: 19 Nov 2012 05:36 PM PST Notification No. 39/2012- Central Excise - Equipment and stores If,- (i) used for the systems and sub-systems of Project ASTRA of the Government of India in the Ministry of Defence;  |
| MVAT Refund through Electronic Clearing Service (ECS) Posted: 18 Nov 2012 11:37 PM PST The facility of remittance of refund through ECS will be optional to all the dealers in Greater Mumbai. However, in future the department proposes to make ECS refund scheme mandatory. Therefore, all the dealers who do not have Bank account in an ECS enabled Bank are advised to open an account in an... |