Changes Made in Service Tax - Procedural Changes - Through Finance Bill

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Changes Made in Service Tax - Procedural Changes - Through Finance Bill - Commentaries / Editorials Dated:- 4-3-2008 - News - Sr.No. Changes Effective Date 1 Section 67 - Amendment - Valuation 'book adjustment, and any amount credited or debited, as the case may be, to any account, whether called "Suspense account" or by any other name, in the books of ac .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... count of a person liable to pay service tax, where the transaction of taxable service is with any associated enterprise.'; Date of enactment of Finance Bill, 2008 2 New Section 71 - Scheme for submission of Returns through Service Tax Preparers -do- 3 New Section 72 - Best Judgment Assessment can be made if: - assessee fails to file the return - having .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... made a return, fails to assess the tax in accordance -do- 4 Section 77 - Amendment - Penalty (A) Failure to Get Registered Minimum Rs. 5000/- Or Rs. 200/- per day, whichever is higher Maximum - No limit (B) Fails to keep, maintain or retain books of account Maximum Rs. 5000/- (C) Furnish information or Produce Document or Appeal before officer against summon Minimum Rs. 500 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 0/-Or Rs. 200/- per day, whichever is higher Maximum - No limit (D) Fails to make payment electronically Maximum Rs. 5000/- (E) Failure related to Invoice Maximum Rs. 5000/- (F) Residual Penalty Maximum Rs. 5000/- -do- 6 Section 78 - Amendment - Penalty When a penalty is levied u/s 78 no penalty would be levied u/s 76 -do- 7 Section 83 - Extention of Sec .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... tion 35FF of Central Excise Act to the Service Tax - Interest on delayed refund of amount deposited under the proviso to section 35F. -do- 8 Section 86 - Amendment Review of order of Commissioner and Commissioner (Appeals) by the committee of commissioners -do- - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ndia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X