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Showing posts from September, 2011

Legal -ST-Arbitration -Exemption

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
Government of India Ministry of Finance (Department of Revenue)  Notification No. 45/2011 – Service Tax
 New Delhi, the 12th September, 2011
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts taxable services referred to under item (iii) of sub-clause (zzzzm) of clause (105) of section 65 of Finance Act, 1994. 2.This notification shall come into force on the date of its publication in the Official Gazette. [F. No. 354/167/2011-TRU]
(Samar Nanda) Under Secretary to the Government of India


By virtue of this notification, Services rendered to any business entity, by an arbitral tribunal, in respect of arbitrationshall be exempted from service tax.

ER 5 & ER 6 – Electronic Filing Mandatory

ER 5 & ER 6 – Electronic Filing Mandatory
Every excise assessee is required to file ER-5(Annual Information relating to principal inputs) & ER 6 (Monthly return of Receipts andConsumption of each of principal inputs) electronically with effect from 1st October,2011 without any limit in payment of excise duty and cenvat credit mandatorily.
See notification

PPF Deposit Limit Increased

MODIFICATION IN PPF SCHEME : DEPOSIT LIMIT RECOMMENDED TO BE RAISED FROM RS. 70,000 TO RS. ONE LAC WHILE RATE OF INTEREST ON ADVANCES AGAINST DEPOSITS IN PPF SCHEME RAISED FROM 1 PER CENT TO 2 PERCENTAGE POINTS PRESS RELEASE, DATED 6-9-2011 The Committee on Comprehensive Review of National Small Savings Fund (NSSF) headed by Deputy Governor, RBI has recommended revision of certain provisions of PPF Scheme, 1968 and benchmarking of interest rates on various small savings schemes with the secondary market yields on Central Government securities of comparable maturities with suitable spread. The Committee has recommended increasing the deposit limit under PPF Scheme from existing Rs. 70,000 to Rs. 1 lakh per annum and fixing of rate of interest on advances against deposits in PPF scheme at 2 percentage points as against the prevailing interest rate on such advances at 1 per cent. The Committee has further recommended benchmarking interest rate on small saving schemes to interest rate on Gove…

CBDT Letter on Appeals

SECTION 268A OF THE INCOME-TAX ACT, 1961 - APPEALS AND REVISION - FILING OF APPEAL OR APPLICATION FOR REFERENCE BY INCOME-TAX AUTHORITY - CBDT's INSTRUCTION NO. 3/2011, DATED 9-2-2011 REVISING MONETARY LIMITS NOT TO APPLY IPSO FACTO TO APPEALS FILED PRIOR TO 9-2-2011 LETTER NO. DIT(L&R)-I/SLP/393/2011/4589, DATED 2-9-2011 1. Kindly refer to the above. 2. In a large number of cases Hon'ble Delhi High Court has summarily dismissed the appeals filed by the department prior to 9-2-2011 on the ground that the tax effect involved was less than the revised monetary limits of tax effect involved prescribed by CBDT Instruction No. 3/2011, dated 9-2-2011. 3. As per Instruction No. 3/2011 the revised monetary limit was applicable only for the appeals filed on or after 9-2-2011 i.e. the date of issue of Instruction. As per para 11 of the Instruction, it was clarified that the appeals filed earlier would be governed by the old instructions operative at the time of filing. 4. On this issue S…

DTAA with Singapore Amended

SECTION 90 OF THE INCOME-TAX ACT, 1961 - DOUBLE TAXATION
AGREEMENT - AGREEMENT FOR AVOIDANCE OF DOUBLE TAXATION
AND PREVENTION OF FISCAL EVASION WITH SINGAPORE - SECOND
PROTOCOL AMENDING SAID AGREEMENT
NOTIFICATION NO. 47/2011 [F. NO. 500/139/2002-FTD-II], DATED 1-9-2011- see attachment

Circular On Monetary Limits For Filing Appeals Applicable Prospectively: CBDT

Government of India
Office of the Director of Income-tax (Legal & Research)-I
3rd Floor, Drum Shape Building, I P Estate, New Delhi – 110002
Phone: 2337 8302 Fax: 2337 8826

No. DIT (L&R) –I/SLP/393/2011/4589 Date: 02/09/11

To
All Chief Commissioners of Income-tax
All Directors General of Income-tax
Sir / Madam,

Sub Observations of Hon'ble Apex Court- Summary dismissal of departmental appeal by Delhi High Court by retrospective application of monetary limits of tax effect revised by CBDT Inst No 3 of 2011 – filing of review petition in High Court – reg


Kindly refer to the above.

2. In a large number of cases Hon'ble Delhi High Court has summarily dismissed the appeals filed by the department prior to 09/02/11 on the ground that the tax effect involved was less than the revised monetary limits of tax effect involved prescribed by CBDT Instruction No 3/2011 dtd 09/02/11.


3. As per Instruction No 3/2011 the revised monetary limit was applicable only for the appeals filed on…