Taxation - Corporate Law Reporter

CBEC Notifies Exchange Rate for May 2011

Notification No.32/2011 - Customs (N.T.) GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS 7 Vaisakha, 1933(SAKA) S.O. (E). In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry… Read More

Quick Refunds expected by CBDT – An achievement

The Central Board of Direct Taxes has taken a commendable initiative, of refunding nearly 40,000 crore by the end of April 2011. This comes as a huge relief for the tax payers as the entire refunding process will be completed in the first month of the financial year itself, where earlier it was received only in the last three… Read More

Amendment in the rate of Service Tax on Life Insurance Business

Notification No.35/2011 Service Tax Government of India Ministry of Finance (Department of Revenue) New Delhi, the 25th April, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the said Act), the Central Government… Read More

If Exoneration in Adjudication Proceeding on Merits, Criminal Prosecution on Same Set of Facts Can Not be Allowed to Continue

Recently, a three judge bench of hon™ble Supreme Court in Radheshyam Kejriwal Vs State of West Bengal & Anr. {(2011) 3 SCC 581; Decided on 18.02.2011} held as follows (per majority) (SCC para 37, 38 and 39). 19¦¦¦¦¦. There may appear to be some conflict between the views in the case of Standard Chartered… Read More

Exemption from Service tax on Hotels, Inn, guest house etc. in specified cases

The Ministry has exempted the levy of service tax applicable with respect to services provided or to be provided, to any person, by a hotel, inn, guest house, club or campsite etc. in relation to providing of accommodation for a continuous period of less than three months, where the declared tariff for providing of such accommodation is… Read More

Rate of Abatement of Service Tax on Services provided by Hotels or Restaurants

Vide the below notification, the rate of abatement of Service Tax has been prescribed by the Ministry for the following Services : 1) Services provided by a restaurant having the facility of air-conditioning and having licence to serve alcoholic beverages, in relation to serving of food or beverage, including alcoholic beverages or both, in its premises… Read More

Judicial Discipline High time to Evolve the Concept of Judicial Accountability

By Narendra Sharma, Consultant (Legal) Introduction Recently in Commissioner of Income-tax Vs. General Insurance Corporation (2007)19 CLA-BL Supp 85 (SC) (decided on 25 September, 2006) (hereinafter referred to as ˜CIT Vs. GIC™) the Hon™ble Supreme Court has held that expenditure incurred by the company on account of stamp duty and registration fee for the … Read More

Service Tax exemption to professionals withdrawn w.r.t appearance before any statutory authorities

Vide the below Notification, the Ministry of Finance has rescinded the earlier Notification no. 25/2006 dated 13th July 2006 which exempted the levy on service tax with respect to services provided or to be provided by a practicing chartered accountant, a practicing cost accountant and a practicing company secretary respectively, in his professional capacity, to a… Read More

Exemption from Service Tax on Coaching and Training services

Notification No.33/2011 Service Tax [F. No. 334/3/ 2011 TRU] Government of India Ministry of Finance (Department of Revenue) New Delhi, the 25th April, 2011 G.S.R. (E) - In exercise of the power conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government on being satisfied that it… Read More

Exemption from Service Tax granted to Hospitals, Nursing Homes etc.

Taxable Services provided or to be provided by any Hospital, Nursing Home, or Multi-specialty Clinic to an employee of a business entity or any person covered by Health Insurance Scheme has been exempted vide below Notification. Notification No. 30/2011 Service Tax [F. No. 334/3/ 2011 TRU] Government of India Ministry of Finance (Department of… Read More

Service Tax not applicable on fees for short-duration open programmes by IIM

The Indian Institutes of Management (IIM) have won the fight for service tax exemption on fees generated by short-duration open enrolment Executive Programmes. The Central Board of Excise and Customs, a wing of the department of revenue under the finance ministry, has gone back on its decision to charge service tax on these programmes. In… Read More

Conditions and Modalities for registration of contracts of Assam Comilla Cotton with DGFT

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhavan, New Delhi. Policy Circular No. 29(RE-2010)/2009-14 Dated the 19th April, 2011 (Issued from F.No 01/91/180/1194/AM10/Export Cell) To All Customs Authorities / All Regional Authorities / Members of Trade. Subject:- Conditions and modalities for registration of contracts of Assam Comilla Cotton with DGFT. As per Notification… Read More

EOUs shipments post 1.01.2011 require ‘declaration of Indent’ for claiming Chapter 3 benefits of Foreign Trade Policy

Government of India Department of Commerce Directorate General of Foreign Trade Udyog Bhavan, New Delhi-110011 Policy Circular No. 28 (RE-2010)/2009-14 Dated: 15 April, 2011 (Issued from F. No.01/91/180/1582/AM10/PC3) To All Regional Authorities FIEO and All EPCs Subject:- Clarification about requirement of Declaration of Intent for EOU shipping bills for claiming Chapter 3 scheme benefits. 1. Para 3.11.8 of… Read More