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Archive for July, 2012

No Service Tax on Advertisements

[By Shaleen Shah (Partner), VNCA] Selling of space or time slots for advertisements other than advertisements broadcast by radio or television is not taxable service vide Clause (g) of Negative List of Services u/s 66D w.e.f. 1-Jul-2012.  In other words, service tax is payable only on advertisements on radio or TV. Section 65B defines "advertisement" […]

TDS in respect of software payments now more tedious

The CBDT has issued a Notification No. SO 1323 (E), dated 13-06-2012, that no deduction of tax at source shall be made from payment made for acquisition of software if the stipulated conditions are satisfied. I. When benefit of notification would be available – As per the aforesaid Notification, TDS is not required on acquisition […]

Is Service Tax applicable to you in the new regime applicable from 1-Jul-2012?

[By Shaleen Shah (Partner), VNCA] Budget 2012 passed by the Parliament on 8-May-2012 and assented by the President on 28-May-2012 and 43 Notifications issued thereafter till now has completely changed the way services will be taxed w.e.f. 1-Jul-2012. Taxation will be based on what is popularly known as “Negative List of Services Print this page