TMI Short Notes

TMI Short Notes on various issues

1501. Foreign Tax Credit (‘FTC’) - Currency conversion using telegraphic transfer buying rate (‘TTBR’)

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1502. Foreign Tax Credit (‘FTC’) in case of MAT/ AMT

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1503. Foreign Tax Credit (‘FTC’) - Documents to be furnished for availing FTC

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1504. Foreign Tax Credit (‘FTC’) - Lower of the tax payable under the Act and DTAA

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1505. Foreign Tax Credit (‘FTC’) shall be allowed if evidence & undertaking furnished within 6 months of dispute settlement

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1506. Foreign Tax Credit (‘FTC’) - Cases in which no FTC benefit would be available

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1507. Foreign Tax Credit (‘FTC’) - Meaning of foreign tax

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1508. Foreign Tax Credit (‘FTC’) - Benefit on proportionate basis

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1509. Foreign Tax Credit (‘FTC’) - FTC benefit in the year in which income offered to tax

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1510. Authority to inspect the prosecution work and performance? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1511. Whether prosecution once launched can be compound ? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1512. What is the impact of prosecution under this Circular No. 1009/16/2015-CX - Dated: 23-10-2015 - Central Excise for Transitional Provisions?

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1513. Can withdrawal of sanction order of prosecution is possible. If yes, then what the procedure mention ? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1514. What is the term of publication of name of person convicted as per this Circular No. 1009/16/2015-CX - Dated: 23-10-2015 ?:FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1515. Who will be responsible to monitor cases of prosecution as per this reasons include and how? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1516. what is the procedure of prosecution? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1517. Who has authority to sanction prosecution ? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1518. What is the meaning of term “Habitual Evaders” in terms of prosecution? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1519. What is the prescribed limit for prosecution proceeding ? FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE :

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1520. The person who are liable to prosecuted ?-FOR EVASION OF SERVICE TAX OR CENTRAL EXCISE

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1521. Whether SBC is levied on all or selected services?

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1522. Does a person providing both exempted and taxable service and reversing credit @ 7% of value of exempted service under Rule 6 of Cenvat Credit Rules, does he need to reverse the SBC also

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1523. How would liability be determined in case of reverse charge services where services have been received prior to 15.11.2015 but consideration paid post 15.11.2015?

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1524. Whether SBC would be applicable on services covered by Rule 6 of Service Tax Rules (i.e. air travel agent, life insurance premium, purchase and sale of foreign currency and services by lottery distributors/selling agents)?

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1525. How would the service tax and Swachh Bharat Cess (SBC) be calculated on restaurant services covered under Service Tax (Determination of Value) Rules, 2006.?

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1526. How would the tax (Service Tax and SBC) be calculated on services covered under Rule 2A, 2B or 2C of Service Tax (Determination of Value) Rules, 2006.?

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1527. What would be the point of taxation for Swachh Bharat Cess?

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1528. Whether Cenvat Credit of the SBC is available?

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1529. How will SBC be calculated for services where abatement is allowed?

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1530. How will the SBC be calculated for services under reverse charge mechanism?

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1531. Whether SBC is a ‘Cess’ on tax’ and we need to calculate SBC @ 0.50% on the amount of service tax like we were earlier doing for calculating Education Cess and SHE Cess?

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1532. What would be effective rate of service tax and SBC post introduction of SBC?

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1533. Whether separate accounting code will be there for Swachh Bharat Cess

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1534. Whether SBC would be required to be mentioned separately in invoice?

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1535. How will the SBC be calculated?

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1536. Where will the money collected under SBC go?

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1537. Why has SBC been imposed?

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1538. Whether SBC would be leviable on exempted services and services in the negative list?

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1539. What is the date of implementation of SBC?

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1540. What is Swachh Bharat Cess (SBC)?

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1541. STEPS NEED TO BE TAKEN AFTER APPROVAL ADVANCE PRICING AGREEMENT(APA)?

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1542. What is the limit of PANCARD regarding payment to Life Insurance company ?

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1543. What is the basic monetary limit required for PANCARD for amount deposit in mutual fund and shares?

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1544. What is the basic limit for PANCARD for payment to foreign country?

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1545. Whether PANCARD is require for opening account in bank?

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1546. What is the limit of PANCARD for amount depositing in securities.?

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1547. Is PANCARD is required for time deposit exceed a time of ₹ 5 lakhs?

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1548. What is the Basic limit of PANCARD for sale purchase of immovable property?

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1549. Is Permission is Required For Filing Of Revised Return?

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1550. How Much Time Revised Return Can Be Revised?

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