The value for the purpose of arriving at the Service portion in the amount charged at the restaurants (or) by outdoor caterers in their service provided will be determined as under :- Sl. No. Description Percentage of the total amount (1) (2) (3) 1. Service portion in an activity wherein goods, being food or any […]
New Valuation rules in respect of Services rendered in Restaurant / Outdoor catering Read More »
The Ministry of Finance vide its Notification No 24/2012 dtd 6th June 2012 has notified the rules for Determination of Value of Service Portion in the execution of the Works Contract. These rules are notified through Service Tax (Determination of Value) Second Amendment Rules, 2012 which will be applicable from 1st July 2012. According to
New Service Tax rules for Valuation in Works Contract Read More »
[gview file=”http://bssridhar.com/blog/wp-content/uploads/2012/06/tds-rates-12_13.xls”] Click here to download the above in an Excel Sheet [wpdm_file id=17]
Rates of TDS for the year 2012-13 (A.Y.2013-14) – Non Salary Read More »
The Reserve Bank of India vide its Notification No DBOD. No. Dir. BC.107/13.03.00/2011-12 dtd 5th June 2012 has issued a new directive to all banks with regard to charge of foreclosure/prepayment penalties in respect of Home loans taken on floating rate method. As per the above notification, the banks will not be permitted to charge foreclosure charges/pre-payment
Fore-closure charges ,Pre-payment penalties on Home loans abolished Read More »
The Finance Act 2012 had proposed major changes in the Service Tax (including the negative list approach) provisions. As the Finance Act has received the assent of the President of India, the new provisions have come into effect. Accordingly, the Government of India has notified the dates from which these new provisions will be made
New Service Tax provisions to be applicable from 1st July 2012 Read More »
Who Issues IEC ? The Director General of Foreign Trade (DGFT) , Director General of Foreign Trade, Ministry of Commerce, Government of India issues IEC to eligible Importers and Exporters. Who are required to obtain IEC ? All Importers & Exporters (except as exempted) shall obtain Import Export Code , without which they are prohibited
Import Export Code – FAQs Read More »
The Ministry of Corporate Affairs have informed that the LLP Portal (www.llp.gov.in) will not be available for e filing from 1st of June 2012 to 10th of June 2012. This is being done to integrate the LLP Portal with the MCA portal. After the Integration, all the LLP services will be available in MCA21 portal
LLP Portal will not be available from 1st June 2012 to 10th June 2012 Read More »
The Government of India vide its notification No 16/2012 dtd 29th May 2012 has notified the new Service Tax (Settlement of Cases) Rules, 2012. The extract of the Notification and the relevant rules are reproduced below :- [gview file=”http://bssridhar.com/blog/wp-content/uploads/2012/05/st-16-2012.pdf”]
Service Tax (Settlement of Cases) Rules, 2012 notified Read More »
The Government of India has vide its Notification No 17/2012 notified the Service Tax (Compounding of Offences) Rules, 2012. The relevant notification is reproduced below :- [gview file=”http://bssridhar.com/blog/wp-content/uploads/2012/05/st-17-2012.pdf”]
Service Tax (Compounding of Offences) Rules, 2012 Notified Read More »
VAT Input Credit is not available for all types of purchases, there are certain purchases which are in eligible for Input Tax credit Claim. The Eligible and Ineligible Purchases for the purpose of Input Tax Credit are given below :- Eligible Purchases: Purchases made: è For sale/resale within the state è For interstate sale (Sale
Eligible & Ineligible Purchases for VAT Input Tax Credit Read More »
Most of the VAT legislations in India do not allow the set off of CST Paid against their output tax. But at the same time, these legislations allow set off of Input Tax credit against the CST due. As a common man, a question may arise why this is not allowed vice-versa. The reason is
Logic behind allowing VAT Credit against payment of CST and not allowing credit of CST. Read More »
The Ministry of Corporate Affairs vide its Notification No :- S.O.447(E) dtd 28th Febrauary 2011 issued earlier , had prescribed the new format of Balance Sheet and Profit & Loss Account in respect of Companies governed under the Companies Act,1956. The new Schedule VI contains the format in which the Balance Sheet and Profit &
Revised Schedule VI Format for Companies Read More »
The Finance Minister Mr. Pranab Mukherjee released the “Whitepaper on Blackmoney” in India. This White paper presents the different facets of black money and its complex relationship with policy and administrative regime in the Country.It also contains the options, strategies of the Government to tackle the same. It also lists out the need to address
Whitepaper on Blackmoney released Read More »
Exchange Earners Foreign Currency Account (EEFC) Account holders were permitted to retain 100% of their Forex earnings in EEFC Account with any Authorised Dealers in India. This scheme has been reviewed now and it has been revised as follows :- 1) 50% of the balances lying in the EEFC Account should be transferred to Indian
New RBI regulation on EEFC Account Forex Conversion. Read More »
The Income-tax department has released an Excel Utility for filing the return form ITR 4S (Sugam), which is applicable for Assessees opting to pay tax under Presumptive method. Click here to download the ITR 4S Excel Utility.
E Filing of Form ITR 4S(Sugam) enabled for A.Y.2012-13 Read More »
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