SERVICE TAX NOW PAYABLE ON DUE INVOICE PAYMENT BASIS

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• SERVICE TAX NOW PAYABLE ON DUE INVOICE PAYMENT BASIS
• AMENDMENT EXPANSION OF EXISTING SERVICE UNDER SERVICE TAX NET
• NEW SERVICES UNDER SERVICE TAX NET :BUDGET 2011
• LLP’S ARE NOW SUBJECT TO ALTERNATE MINIMUM TAX (AMT)
• LIST OF 130 NEW ITEMS UNDER 1 PERCENT EXCISE :BUDGET 2011

SERVICE TAX NOW PAYABLE ON DUE INVOICE PAYMENT BASIS Posted: 01 Mar 2011 06:36 PM PST It is a pertinent question in the context of taxation of services as to when a service is said to be provided so that it becomes taxable at that point of time. A service provider may consider a particular service being provided at a particular point of time whereas the revenue may have different opinion leading to conflict of opinion. Currently the service tax is required to be paid as and when... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

AMENDMENT EXPANSION OF EXISTING SERVICE UNDER SERVICE TAX NET Posted: 01 Mar 2011 11:22 AM PST Amendments, substitution or expansion of existing services1. Authorized Service Station's Services [section 65 (105) (zo)]: The existing service is being substituted with a new definition to cover:a) Services provided by any person i.e. whether authorized service station or otherwise; b) All motor vehicles, other than vehicles used for goods transport and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

NEW SERVICES UNDER SERVICE TAX NET :BUDGET 2011 Posted: 01 Mar 2011 10:48 AM PST SERVICE TAX IS BEING IMPOSED ON THE FOLLOWING SPECIFIED SERVICES:1) Services provided by air-conditioned restaurants having a license to serve alcoholic beverages in relation to serving of food and/or beverages.2) Short-term accommodation provided by a hotel, inn, guesthouse, club or campsite, or any other similar establishment for a continuous period of less than three months 1.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

LLP’S ARE NOW SUBJECT TO ALTERNATE MINIMUM TAX (AMT) Posted: 01 Mar 2011 09:21 AM PST ApplicabilityIn order to save revenue on account of companies converting to LLP's to take benefits of tax exemptions and to rationalize taxation of LLP's with companies, this Union Budget has proposed to introduce a new Chapter XII-BA under the Income Tax Act 1961 which provides for levy of Alternate Minimum Tax @ 18.5% on the adjusted total income of Limited Liability Partnerships. The effective... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

LIST OF 130 NEW ITEMS UNDER 1 PERCENT EXCISE :BUDGET 2011 Posted: 01 Mar 2011 08:00 AM PST An excise duty of 1% without Cenvat credit facility is being imposed on about 130 specified Items, which were hitherto either fully exempt from excise duty or chargeable to nil rate of excise duty. General SSI exemption would be available to all products covered under this new levy. In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

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