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Learn Last Minute for Company Secretary Exams:Service tax,VAT,Company law,Secretarial Practice,Financial Management,Securities law,Due diligence,Corporate Governance,Drafting,Economic & Labour laws,Indirect Taxes & Corporate Restructuring

Learn Last Minute for Company Secretary Exams:Service tax,VAT,Company law,Secretarial Practice,Financial Management,Securities law,Due diligence,Corporate Governance,Drafting,Economic & Labour laws,Indirect Taxes & Corporate Restructuring

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Published by Only This Much
Learn Last Minute for Company Secretary exams covering more than 150 marks which can be read almost like a comic book. Enjoy passing:))) Do share your comments on reading. All the best to Concentrate for 3 full hours on exams. Learnlabz
Learn Last Minute for Company Secretary exams covering more than 150 marks which can be read almost like a comic book. Enjoy passing:))) Do share your comments on reading. All the best to Concentrate for 3 full hours on exams. Learnlabz

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Published by: Only This Much on Jun 01, 2011
Copyright:Attribution Non-commercial

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11/26/2014

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Www.learnlabz.com1
LearnLastMinute
an effort by Learnlabz
 from the makers of OnlyThisMuch
including:
 
Service Tax & VAT
 
Company Law/Company Secretarial Practice
 
Financial Management
 
Securities Law/Due Diligence & Governance
 
Corporate Restructuring
 
Indirect Taxes
 
Acts under General Laws, Economic, Labour laws & Drafting
Enjoy passing...To make learning an interesting experience, visit
www.learnlabz.com,www.youtube.com/learnlabz,www.facebook.com/onlythismuch. For Classes registration, Learnlabz – Xperiment, Xcel! No. 26/37, South West Boag Road, Opp:Visa Hospital, Landmark: from T.nagar Bus Terminus towards CIT Nagar, T.nagar, Chennai. Classesalso@ No. 128, Veeraperumal Koil Street, Mylapore, Chennai.
Call 044 – 45535425 or +91 93829 35598
This booklet is offered free of cost and exclusively to select Company Secretary students inIndia. This booklet cannot be sold by any party nor displayed in any bookshop or stall or retailoutlet nor used for any commercial purpose whatsoever. The contents of this booklet have beenselected with due consideration of copyright provisions under Copyright Act, 1957.
 
Www.learnlabz.com2
Service Tax & VAT
Service tax valuation
Situation Value of taxable service
Value =
Sec 67(1)(i)
– In a case where the provision of service is for a consideration in money, thevalue shall be gross amount charged by the service provider for such service provided or tobe provided by him.Value = (Its moneyvalue)
Sec 67(1)(ii)
– In a case where the provision of service is for a consideration not wholly orpartly in money, the value shall be such amount in money, with the addition of service taxcharged as is equivalent to consideration.Value = (Its money value)
Sec 67(1)(ii)
– In a case where the provision of service is for a consideration not wholly orpartly in money, the value shall be such amount in money, with the addition of service taxcharged as is equivalent to consideration.Service tax (Determination of value) Rules,2006 shall apply
Sec 67 (1) (iii)
– In a case where the provision of service is for a consideration which is notascertainable, the value shall be the amount as may be determined in the prescribedmanner (i.e. Valuation Rules)
 
Www.learnlabz.com3
Value for service recipient -1 =
Rule 3 (a)
- the value of such taxable service shall be equivalent to the gross amountcharged by theservice provider to provide similar service to any other person in the ordinary course otrade and thegross amount charged is the sole consideration.Value of Service = EQUIVALENTMONEY VALUE of consideration whichshould not be less than COST of provision of service.
Rule 3(b)
- Where the value cannot be determined in accordance with clause (a), theservice providershall determine the equivalent money value of such consideration which shall, in no casebe less than thecost of provision of such taxable service.Value = As determined by the exciseofficer after giving an opportunity of being heard.(If assessee is not satisfied with thevalue then he can go for appeal)
Rule 4 -
Where the Central Excise Officer is satisfied that the value so determined by theservice provider is not in accordance with the provisions of the Act or these rules, he shallissue a notice to such service provider to show cause why the value of such taxable servicefor the purpose of charging service tax Should not be fixed at the amount specified in thenotice. The Central Excise Officer shall, after providing reasonable opportunity of beingheard, determine the value of such taxable service for the purpose of charging service taxin accordance with the provisions of the Act and these rules.

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