Negative List of Service Tax

Budget 2012-13 has listed the negative list for the Services on which no service tax will be charged. All the Services which are not included in the negative list will be charged service tax at an increase rate of 12% (plus cess). The following 17 areas are included in the Negative List:

A.) Services by the Government or Local Authorities.
B) Services by the Reserve Bank Of India
C) Foreign Consulates and Embassies in India.
D) Agricultural Services
E) Trading
F) Manufacturing Goods
G) Advertisements on hoarding or Newspapers
H) Toll Charges
I) Gambling
J) Entertainment Events
K) Electricity
L) Education
M) Residential Rent
N) Financial Transactions
O) Public Transport
P) Goods Transport
Q) For the absolute end

BUDGET 2012-13

Finance Minster Pranab Mukherjee, today, presented the Union Budget 2012-13. Analysts have said that there has been no major reforms in the Budget. Though Budget has given some relief in the Income Tax Rate but  has increased Service Tax and Excise Duty. The Budget expects the growth rate of 7.6% in the Fiscal Year 2012-13 which in the current fiscal year is 6.9%

Some of the major changes in the Budget is the change in the Income Slab Rate and Service Tax Rate.
The Changed slab rate is :
Up to 2 lakh rupees - NIL
2 lakh - 5 lakh rupees - 10%
5 lakh - 10 lakh rupees - 20%
Above 10 lakh rupees - 30%
However there has been no change in the Corporate Tax.

The current budget also purposes to change the  Rate of Service Tax to 12% which at present is 10%.

The limit for the Tax Audit as per Sec 44AB has also been increased from this budget providing relief to Small and Medium Enterprises (SMEs) from 60 lakhs to 1 Crore which means that the organisation whose turnover is less than Rs. 1 Crore is not required to get their Books of Accounts audited u/s 44AB of the Income Tax Act.

The Other summary of the budgrt is briefly highlighted in the image below:

ADMIT CARDS FOR MAY 2012 EXAMINATION

ICAI has issued the notification that the students who are appearing in MAY 2012 PCE,  IPCE and Final Examination can download their admit cards with photographs and signature of the candidates generally 21 days prior to the commencement of the examination.

For downloading/printing of admit cards from the website, candidates will have to provide the following input:
A) Students Registration Number OR
B.i)  The bar code of the examination form AND
B.ii) Personal Identification Number (PIN) indicated by the Students in their application form.

However, Candidates will also be sent physical admit cards  by post. If the candidate does not receive it , for whatsoever reasons, the admit cards downloaded from the below mentioned website will also be equally valid for attaining the examination.

Candidates can download their admit cards from  http://www.icai.nic.in
for any other details follow: http://icai.org/new_post.html?post_id=8233&c_id=219