TMI Short Notes

TMI Short Notes on various issues

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

     ---

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

     ---

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

     ---

954. 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 :

     ---

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

     ---

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

     ---

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

     ---

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

     ---

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

     ---

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

     ---

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

     ---

962. 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

     ---

963. 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?

     ---

964. 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)?

     ---

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

     ---

966. 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.?

     ---

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

     ---

968. Whether Cenvat Credit of the SBC is available?

     ---

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

     ---

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

     ---

971. 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?

     ---

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

     ---

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

     ---

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

     ---

975. How will the SBC be calculated?

     ---

976. Where will the money collected under SBC go?

     ---

977. Why has SBC been imposed?

     ---

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

     ---

979. What is the date of implementation of SBC?

     ---

980. What is Swachh Bharat Cess (SBC)?

     ---

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

     ---

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

     ---

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

     ---

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

     ---

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

     ---

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

     ---

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

     ---

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

     ---

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

     ---

990. How Much Time Revised Return Can Be Revised?

     ---

991. Can Revised Return Substitute Original Return?

     ---

992. Is It Possible To File Auditor Report With Revised Return?

     ---

993. Whether Assessment Made Under Section 143(1) Would Be Considered as Assessment For Revised Return?

     ---

994. X Ltd., closely held company issues 1,000 shares to Mr. A (resident) whose face value is 10, issue price is 40 and fair market value is 42. What is the taxability of X Ltd.? Would your answer be different if the fair market value is 31 instead of 42?

     ---

995. X Ltd., closely held company receives shares of A Ltd. (a listed public company) for 10,000 whose fair market value is 5,00,000. What is the taxability of X Ltd.?

     ---

996. Example: 3) X gets by way of gift a plot of land in Pune from a partnership firm. The partnership firm has only two partners– father of X and Mrs. X. The stamp duty value of the plot of land is 19,00,000.

     ---

997. Example: 2) X gets a gift of 43,000 from C, who is cousin of his father and he also gets a gift of 20,000 from D, who is elder brother of his grandfather.

     ---

998. Example: 1) X purchases a house property situated in Nagpur from A on 31st March, 2013. The purchase price is 28,00,000. However, the stamp duty value is 45,00,000. Would your answer be the same if X purchased the above property on 1st April, 2013?

     ---

999. Example:- Loan Taken on 01-05-2006 of ₹ 5,00,000. Construction ends on 07-09-2012. Rate of interest is 1%. Calculate interest for pre-acquisition period?

     ---

1000. Example: 4) The details of House property are as follows: Municipal value: 80,000, Fair rent: 78,000, Standard Rent: 85,000, Annual rent: 72,000, Property remains vacant for 3 months and loss due to vacancy: 18,000. What is the Gross Annual value?

      ---

1 ....16171819202122