Service Tax Rate

Increase in Service Tax Rate w.e.f 01.04.2012 With effect from 01.04.2012 by virtue of notification no. 2/2012 dated 17.03.2012 the rate of Service Tax has been increase from 10.30% to 12.36%. Changes have also been made in respect of rate of tax in Service Tax Rule 1994 and Work Contract (Composition Scheme of Payment of Service Tax) Rule 2007. Hence, Special Rate of Tax w .e. f 01.04.2012 for Services in Execution of Work Contract shall be 4.80%. The Special rate of tax payable in respect of life insurance business services (fall under...

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Due date of payment of Service Tax

Service Tax collected by service provider or service receiver as the case may be to the credit of Central Government on the regular basis before the Due date of payment of service tax. As per Rule 6 of service tax rule 1994 , the due date of payment of service tax for individual/partnership firm and others are as follows: Due date of payment of Service Tax for Individual/Partnership firm For individual/partnership firm due date of payment of service tax is 5th of the following quarter in which payment is received. However in case...

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Applicability of Service Tax and Its Registration

Service tax provision have been forced since 1994, since 1994 taxation in respect of service tax has been dealt positively, but with the introduction of finance bill 2012 on 16.03.12 service tax shall be charged on all activity undertaken by a person for another for consideration except services specified in the negative list of services as well as those exempted by virtue of exemption notification. Every person is required to take Service Tax Registration if the value of Services provided by him during the financial year is more than 9 lacs,...

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Precaution to be taken on Making a Smart Property Deal

Property is an asset that is bought as well as sold with due care. Taking property decisions is not an easy task especially when the Real Estate Market suffers a lot of ups and downs. Whether you are a buyer or a seller of property it is imperative for you to act smartly while dealing in property matters. While selecting property following question should come in mind of the people engaged in the Real Estate: Is the time right to buy or sell property? Is the location perfect? Will the price of the property hike in the near future? Should I...

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Waiver of Term Loan, Working Capital Loan and its Taxability under Income-tax Act, 1961

With the globalization, business in India has expended manifold. While existing units have expended their footprint, new entities have entered the booming Indian business arena by availing of various types of finances such as term loan and working capital loan from public institution, bank, private parties, etc. Due to various reasons such as stiff global competition, new invention and global recession financial position of many units have deteriorated and, as a result, their accounts with financial institutions or bank have become non-performing...

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E Voting - mandated for top 500 listed companies on the BSE and the NSE

E Voting is a new concept in India and introduction of which will take India well ahead of other developed countries.  The Securities and Exchange Board of India (SEBI) made it mandatory for top listed firms to provide for electronic voting facilities wherever shareholders are allowed to vote through postal ballot. “To begin with, it would be mandated for top 500 listed companies on the BSE and the NSE based on market capitalization. Listed companies may choose any one of the agencies which is currently providing the e-voting platform,”....

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Foreign Direct Investment (FDI)

Introduction As the world turned to a global village, India leaped ahead of its Peer Countries due to its several investment opportunities, huge growth potential and favorable business environment and become hub of Foreign Investment. The steady growth of foreign investment in the Country since the past few years has become one of the pivotal factors in determining the pace of growth of Indian Economy. The foreign Investment in India is not only...

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Corporate Social Responsibility (CSR)

Corporate Social Responsibility (CSR) is a new concept introduced in India with a view to have social change. There is as such no common definition of CSR. Most ideal definition of CSR has been given by World Business Council for sustained Development which says, “Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the...

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