STI NEWS;"List of amendments to service tax laws effective from 1st may 2011"plus 4 more

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• List of amendments to service tax laws effective from 1st may 2011
• Earning during the year is not a criteria for claiming expenditure u/s 37(1) of the I T Act
• Check Your Tax deducted(form 26AS) before filing Tax Return
• TRANSFER OF SHARES WITHOUT CONSIDERATION DOESN'T ATTRACT CAPITAL GAINS TAX: AUTHORITY FOR ADVANCE RULINGS
• Service tax applicable on sub-contractors/consultants if provided exempted services to main Service provider

List of amendments to service tax laws effective from 1st may 2011 Posted: 08 May 2011 08:41 PM PDT Amendments in service tax laws  which have become effective  FROM 1-May-2011 (AFTER ENACTMENT OF FINANCE BILL 2011) are summarized below a) Service tax is being imposed on the following specified services: i) Services provided by air-conditioned restaurants having a license to serve alcoholic beverages in relation to serving of food and/or beverages. Abatement of 70% [...] List of amendments to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Earning during the year is not a criteria for claiming expenditure u/s 37(1) of the I T Act Posted: 08 May 2011 10:03 AM PDT It is not uncommon with the assessing officer to question the allow ability of expenditure when the assessee does not show corresponding income out of such expenditure.Certain business which commences business and spends for future earning should rejoice that Delhi High Court has given a favourable verdict in case of CIT vs Aspentech India (P) [...] Earning during the year is not a criteria for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Check Your Tax deducted(form 26AS) before filing Tax Return Posted: 08 May 2011 05:37 AM PDT It is reported that as much as 30 per cent of income-tax collected is in the form of Tax Deducted at Source (TDS). Under Section 203 of the Income-Tax Act, 1961, anyone deducting tax at source is obliged to issue a certificate of TDS in evidence of tax having been paid pro tanto by the assessee. The insertion of Section 203AA with effect from April 1, 2005 has, however, queered the pitch.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

TRANSFER OF SHARES WITHOUT CONSIDERATION DOESN'T ATTRACT CAPITAL GAINS TAX: AUTHORITY FOR ADVANCE RULINGS Posted: 08 May 2011 05:32 AM PDT AUTHORITY FOR ADVANCE RULINGS Transfer of shares for the purpose of business reorganisation, if done without consideration, does not attract capital gains tax, according to a ruling by the Authority for Advance Rulings (AAR) in the case of US-based Goodyear Tire and Rubber Company . In the ruling given on May 2, AAR, a quasi-judicial authority that decides on tax liability of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Service tax applicable on sub-contractors/consultants if provided exempted services to main Service provider Posted: 08 May 2011 05:30 AM PDT ERVICES PROVIDED BY SUB-CONTRACTORS/CONSULTANTS & OTHER SERVICE PROVIDERS ARE CLASSIFIABLE AS PER SECTION 65A Classification of services - Services provided by sub-contractors/consultants & other service providers are classifiable as per section 65A - Representation by Jaiprakash Associates Limited, Noida, in terms of Judgment dated 14-2-2011 in W.P. No. 7705 of 2008 CIRCULAR... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

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