SERVICE TAX ACT PDF
Chapter V of the Finance Act, Income-tax Act, (43 of );. (14) .. Charge of service tax on and after Finance Act, —. presently services are subject to service tax (list of taxable services at annexure Thus, the law relating to Service Tax is still governed by Chapter V of the. The legal provisions for the levy and collection of Service Tax were introduced through Chapter V of the Finance Act, Initially the service tax rate was 5% of.
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has the meaning assigned to it in section 92A of the Income tax Act, ;] 3 Omitted (w.e.f. ) by s of the Finance Act, (8 of ). of the Finance Act (32 of ) to the designated areas in the Continental Shelf and has the meaning assigned to it in section 92A of the Income tax Act, ;]. Omitted vide Finance (No.2) Act , w.e.f. assigned to them in clauses (30), (26) and (23A) of section 2 of the Income-tax Act, (
Time of supply of services: Amended and the said amendment is drafting in nature. The said Amendment further seeks to include the provisions relating to the new return format as specified in the proposed new section 43A, for availing the input tax credit. Apportionment of credit and blocked credits: Amended in order to further expand the scope of eligibility of input tax credit.
The manner of distribution of credit by Input Service Distributor: Amended in order to exclude the amount of tax levied under Entry 92A of List I of the Seventh Schedule of the Constitution from the value of turnover for the purposes of distribution of credit. Persons liable for registration: Amended so as to increase the threshold turnover for registration in special category States of Arunachal Pradesh, Assam, Himachal Pradesh, Meghalaya, Sikkim and Uttarakhand from ten lakh rupees to twenty lakh rupees.
Income Tax in India
Compulsory registration in certain cases: Amended so as to provide for mandatory registration for only those e-commerce operators who are liable to collect tax at source under section 52 of the Act. Replaced clause x every electronic commerce operator who is required to collect tax at source under section 52 Earlier clause x every electronic commerce operator Section Procedure for registration: Amended also as to allow persons having multiple places of business in a State or Union territory to obtain a separate registration for each such place of business, and to insert the provisions for separate registration for a person having a unit s in a Special Economic Zone or being a Special Economic Zone developer, distinct from his other units located outside the Special Economic Zone.
Earlier Proviso: Provided that a person having multiple business verticals in a State or Union territory may be granted a separate registration for each business vertical, subject to such conditions as may be prescribed. Cancellation of registration: Amended so as to provide for temporary suspension of registration while the cancellation of registration is under process.
Accounts and other records: Amended so as to provide that any Department of the Central or State Government or local authority which is subject to audit by the Comptroller and Auditor-General of India need not get their books of account audited by any Chartered Accountant or Cost Accountant.
Furnishing of returns: Amended so as to provide for prescribing the procedure for quarterly filing of returns with monthly payment of taxes.
Section 43A: Procedure for furnishing return and availing input tax credit. Goods and services tax practitioners: Amended so as to allow Goods and Services Tax Practitioners to perform other functions such as filing the refund claim, filing the application for cancellation of registration, etc.
Payment of tax, interest, penalty and other amounts: Amended in order to provide that the credit of State tax or Union territory tax can be utilised for payment of integrated tax only when the balance of the input tax credit on account of central tax is not available for payment of integrated tax.
First Nations Goods and Services Tax
Replaced Sub-section 2 : The input tax credit as self-assessed in the return of a registered person shall be credited to his electronic credit ledger, in accordance with section 41 or section 43A, to be maintained in such manner as may be prescribed.
Section 49B: Order of utilisation of input tax credit: Newly inserted: This Section seeks to empower the Government to prescribe any specific order of utilisation of input tax credit of any of the taxes for the payment of any tax.
Section Collection of tax at source: Amended in order to give the reference of section 39 of CGST Act Furnishing of Returns Replaced sub-section 9 : Where the details of outward supplies furnished by the operator under sub-section 4 do not match with the corresponding details furnished by the supplier under section 37 or section 39, the discrepancy shall be communicated to both persons in such manner and within such time as may be prescribed.
It is a ten-digit alphanumeric code issued by the Department of Income Tax. It is a unique code. Q Define the benefits of having PAN?
First Nations Goods and Services Tax
The PAN is made mandatory for various other financial transactions like when one goes to open a bank account, for the purchase of high-end consumer goods, availing financial credits of institutions, foreign travel, dealing with securities, making a transaction of some immovable property, etc.
In addition to this, a PAN card is considered as one of the most valuable ways of photo identification that is accepted all of the non-Government and Government institutions of India. To locate the nearest TRP, you can visit — www dot trpscheme dot com Q What do the terms like Income-tax other than companies and Income-tax on companies that are mentioned in Challan mean? However, the tax that is paid on the non-corporate assessees it is known as income-tax and to pay this in the challan, this tax is mentioned as Income-tax other than companies — Q What is the process to calculate advance tax and to pay it?
One can make the deposits of the advance tax through challan ITNS by selecting the relevant column for advance tax.
Q What is the meaning of tax on regular assessment and what is the process to pay it? When the Income Tax Department finds underestimation of the income and the consecutive due tax, it takes special measures to calculate the actual amount of tax that should be paid.
This kind of demand raised on the person is known as Tax on Regular Assessment.
This tax on regular assessment — must be paid within 30 days of the receipt of the demand notice. Q What precautions should one take while filling the challan of the tax payment? Mode of payment and amount of the tax.
Therefore, you should get this counter-foil with the stamp. The PAN number provided to collector or deductor by the taxpayer is not correct. The deductor or collector has not provided the PAN of the taxpayer.
Take to the bank to rectify the issue in the challan details that are uploaded through the bank. Q Define Assessing Officer in brief.
This officer has given a particular jurisdiction in a specific geographical area in the town or city or on the class of people. Q Since income tax is levied on the income of each person.
GST Act or Goods & Service Tax Act India 2017
So, according to the law of the Income-Tax what is considered as income?All rules made under section 94 and applicable to the taxable services shall also be applicable to any other service in so far as they are relevant to the determination of any tax liability, refund, credit of service tax or duties paid on inputs and input services or for carrying out the provisions of Chapter V of the Finance Act, In the new system all services, except those specified in the negative list, are subject to taxation.
Levy and collection: Amended so as to restrict the levy of tax on reverse charge basis under Section 9 4 on receipt of supplies of certain specified categories of goods or services or both by notified classes of registered persons from unregistered suppliers on the recommendations of the Council. Amended to specify the amount of pre-deposit payable for the filing of appeals — a before the Appellate Authority to be capped at fifty crore rupees; b before the Appellate Tribunal to be capped at one hundred crore rupees.
Krishi Kalyan Cess, which was announced during the —17 Budget, has become applicable from 1 June. Compulsory registration in certain cases: Amended so as to provide for mandatory registration for only those e-commerce operators who are liable to collect tax at source under section 52 of the Act.
Declared services. Earlier the levy of service tax was based on positive list—specified taxable services. When the Income Tax Department finds underestimation of the income and the consecutive due tax, it takes special measures to calculate the actual amount of tax that should be paid.
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