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Thursday, December 30, 2010
CPE hour requirement Extention
Extention of last date for complying with the requirements of CPE hours credit from 31st December, 2010 to 31st March, 2011.
Banks started contacting Chartered Accountants for branch audits
Another bank audit season going to start. It is understood that some banks started contacting Chartered Accountants for allotment of branches.
Directions for submission of system audit reports from CISA qualified Auditor
RBI/2010-11/340DPSS.CO.OSD. No. 1444 /06.11.001/2010-2011
December 27, 2010
To All Scheduled Commercial Banks / Authorised Payment System Operators
Dear Sir,
Directions for submission of system audit reports from CISA qualified Auditor
Please refer to our circular Ref No. DPSS.1206/ 02.27.005/2009-10 dated 7th December 2009 on the captioned subject.
2. All authorised entities are advised to furnish their respective system audit reports from a CISA qualified auditor on an annual basis. Authorised entities which follow an April-March financial year, the system audit report should be submitted within two months i.e. by 1st June of that year. Authorised entities, which follow a calendar year annual closing, are advised to submit their system audit reports by 1st March of the following year.
3. These directions are issued under Section 6(1) of the Payment and Settlement Systems Regulations 2008 read with Section 12 of the Payment and Settlement Systems Act, 2007.
Yours faithfully
G. Srinivas(General Manager)
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December 27, 2010
To All Scheduled Commercial Banks / Authorised Payment System Operators
Dear Sir,
Directions for submission of system audit reports from CISA qualified Auditor
Please refer to our circular Ref No. DPSS.1206/ 02.27.005/2009-10 dated 7th December 2009 on the captioned subject.
2. All authorised entities are advised to furnish their respective system audit reports from a CISA qualified auditor on an annual basis. Authorised entities which follow an April-March financial year, the system audit report should be submitted within two months i.e. by 1st June of that year. Authorised entities, which follow a calendar year annual closing, are advised to submit their system audit reports by 1st March of the following year.
3. These directions are issued under Section 6(1) of the Payment and Settlement Systems Regulations 2008 read with Section 12 of the Payment and Settlement Systems Act, 2007.
Yours faithfully
G. Srinivas(General Manager)
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Thursday, December 23, 2010
best wishes..........................
Wish you and Your family
a merry Christmas
and Happy New Year 2011.
with regards,
TONY
a merry Christmas
and Happy New Year 2011.
with regards,
TONY
Friday, December 17, 2010
Thursday, December 9, 2010
Service Tax – Commercial training or coaching – Computer training was not exempted during period 10th Sept 2004 to 15th June 2005: Supreme Court
By TIOL News Service
NEW DELHI, DEC 10, 2010: STORY of three Notifications:
In this case before the Supreme Court, the issue was related to three Service Tax Notifications and the resultant confusion.
1. By NOTIFICATION NO . 9/2003 - Service Tax , Dated : June 20, 2003, Government exempted the taxable services provided in relation to commercial training or coaching, by, -
(a) a vocational training institute;
(b) a computer training institute; or
(c) a recreational training institute; to any person,
from the whole of the service tax leviable thereon under sub-section (2) of section 66 of the said Act.
Explanation .- For the purposes of this notification, -
(i) "vocational training institute” means a commercial training or coaching centre which provides vocational coaching or training that impart skills to enable the trainee to seek employment or undertake self-employment, directly after such training or coaching;
(ii) "computer training institute” means a commercial training or coaching centre which provides coaching or training relating to computer software or hardware;
(iii) "recreational training institute” means a commercial training or coaching centre which provides coaching or training relating to recreational activities such as dance, singing, martial arts, hobbies.
This notification shall come into force on the 1st day of July, 2003 and shall remain in force upto and inclusive of the 29th day of February, 2004.
2. By NOTIFICATION NO. 24/2004-Service Tax, Dated : September 10, 2004, Government exempted the taxable services provided in relation to commercial training or coaching, by, -
a) a vocational training institute; or
b) a recreational training institute,
to any person, from the whole of the service tax leviable thereon under section 66 of the said Act.
Explanation .- For the purposes of this notification,-
(i) "vocational training institute" means a commercial training or coaching centre which provides vocational training or coaching that impart skills to enable the trainee to seek employment or undertake self-employment, directly after such training or coaching; (ii) "recreational training institute" means a commercial training or coaching centre which provides training or coaching relating to recreational activities such as dance, singing, martial arts or hobbies.
3. Notification No. 19/2005 –Service Tax Dated June 07, 2005 amended the above Notification No.24 /2004 as follows :- [effective from 16 th June 2005]
In the said notification ,-
(i) in the opening para , the following proviso shall be inserted at the end, namely :
'Provided that nothing contained in this notification shall apply to the taxable services provided in relation to commercial training or coaching by a computer training institute.'
(ii) in the Explanation, after cl. (ii), the following clause shall be inserted, namely :
(iii) "Computer training institute" means a commercial training or coaching centre which provides coaching or training relating to computer software or hardware."
The question is whether Service Tax is payable by Computer Training Institutes for the period from 10th Sept., 2004 to 15th June, 2005.
Now the first Notification, exempts the taxable services in relation to commercial training or coaching imparted by (a) vocational training institute; (b) a computer training institute; and (c) a recreational training institute. In the said notification as to what is a vocational training institute and what is a computer training institute and also as to what is a recreational training institute have been defined under the Explanation. This notification came into force on 1st day of July, 2003 and remained in force till 29th day of February, 2004.
The second notification exempted the taxable services provided by commercial training or coaching by a vocational training or a recreational training institute. In this notification, an Explanation was appended wherein only the definition of "vocational training institute" and "recreational training institute" are given and the definition of "computer training institute" was specifically excluded.
The Supreme Court observed that a comparative study of the two notifications shows that the same definition of "vocational training institute" and recreational training institute" as given under the first notification has also been given in the second notification. It is needless to state that it is apparent on the face of the reading of the second notification that computer training institute is neither included in the said notification nor it is defined and it specifically stood excluded from the ambit of the said notification.
The Supreme Court further observed that the second Notification was issued and made effective from the date of its issuance. The same did not include the concept of "computer training institute" within its ambit and under the aforesaid notification, exemption was only granted to vocational and recreational training institute. A computer training institute which is defined and was included in the first notification was specifically excluded from the purview of the second notification. The Central Government while doing so was fully conscious of the implication thereof and also of the fact as to what constitutes a computer training institute as defined in the first notification.
Regarding the third notification, Supreme Court was of the opinion that the amendment was brought in by adding the proviso more or less in the nature of clarification and the same was made effective from 16th June, 2005. The Government thought it fit to make it abundantly clear by issuing the said notification.
Held: The assessee is liable to pay the service-tax between the period 10th Sept., 2004 to 15th June, 2005.
Before Parting: But why was it not argued that “vocational training” also includes “computer training”, as held by CESTAT in several decisions?
NEW DELHI, DEC 10, 2010: STORY of three Notifications:
In this case before the Supreme Court, the issue was related to three Service Tax Notifications and the resultant confusion.
1. By NOTIFICATION NO . 9/2003 - Service Tax , Dated : June 20, 2003, Government exempted the taxable services provided in relation to commercial training or coaching, by, -
(a) a vocational training institute;
(b) a computer training institute; or
(c) a recreational training institute; to any person,
from the whole of the service tax leviable thereon under sub-section (2) of section 66 of the said Act.
Explanation .- For the purposes of this notification, -
(i) "vocational training institute” means a commercial training or coaching centre which provides vocational coaching or training that impart skills to enable the trainee to seek employment or undertake self-employment, directly after such training or coaching;
(ii) "computer training institute” means a commercial training or coaching centre which provides coaching or training relating to computer software or hardware;
(iii) "recreational training institute” means a commercial training or coaching centre which provides coaching or training relating to recreational activities such as dance, singing, martial arts, hobbies.
This notification shall come into force on the 1st day of July, 2003 and shall remain in force upto and inclusive of the 29th day of February, 2004.
2. By NOTIFICATION NO. 24/2004-Service Tax, Dated : September 10, 2004, Government exempted the taxable services provided in relation to commercial training or coaching, by, -
a) a vocational training institute; or
b) a recreational training institute,
to any person, from the whole of the service tax leviable thereon under section 66 of the said Act.
Explanation .- For the purposes of this notification,-
(i) "vocational training institute" means a commercial training or coaching centre which provides vocational training or coaching that impart skills to enable the trainee to seek employment or undertake self-employment, directly after such training or coaching; (ii) "recreational training institute" means a commercial training or coaching centre which provides training or coaching relating to recreational activities such as dance, singing, martial arts or hobbies.
3. Notification No. 19/2005 –Service Tax Dated June 07, 2005 amended the above Notification No.24 /2004 as follows :- [effective from 16 th June 2005]
In the said notification ,-
(i) in the opening para , the following proviso shall be inserted at the end, namely :
'Provided that nothing contained in this notification shall apply to the taxable services provided in relation to commercial training or coaching by a computer training institute.'
(ii) in the Explanation, after cl. (ii), the following clause shall be inserted, namely :
(iii) "Computer training institute" means a commercial training or coaching centre which provides coaching or training relating to computer software or hardware."
The question is whether Service Tax is payable by Computer Training Institutes for the period from 10th Sept., 2004 to 15th June, 2005.
Now the first Notification, exempts the taxable services in relation to commercial training or coaching imparted by (a) vocational training institute; (b) a computer training institute; and (c) a recreational training institute. In the said notification as to what is a vocational training institute and what is a computer training institute and also as to what is a recreational training institute have been defined under the Explanation. This notification came into force on 1st day of July, 2003 and remained in force till 29th day of February, 2004.
The second notification exempted the taxable services provided by commercial training or coaching by a vocational training or a recreational training institute. In this notification, an Explanation was appended wherein only the definition of "vocational training institute" and "recreational training institute" are given and the definition of "computer training institute" was specifically excluded.
The Supreme Court observed that a comparative study of the two notifications shows that the same definition of "vocational training institute" and recreational training institute" as given under the first notification has also been given in the second notification. It is needless to state that it is apparent on the face of the reading of the second notification that computer training institute is neither included in the said notification nor it is defined and it specifically stood excluded from the ambit of the said notification.
The Supreme Court further observed that the second Notification was issued and made effective from the date of its issuance. The same did not include the concept of "computer training institute" within its ambit and under the aforesaid notification, exemption was only granted to vocational and recreational training institute. A computer training institute which is defined and was included in the first notification was specifically excluded from the purview of the second notification. The Central Government while doing so was fully conscious of the implication thereof and also of the fact as to what constitutes a computer training institute as defined in the first notification.
Regarding the third notification, Supreme Court was of the opinion that the amendment was brought in by adding the proviso more or less in the nature of clarification and the same was made effective from 16th June, 2005. The Government thought it fit to make it abundantly clear by issuing the said notification.
Held: The assessee is liable to pay the service-tax between the period 10th Sept., 2004 to 15th June, 2005.
Before Parting: But why was it not argued that “vocational training” also includes “computer training”, as held by CESTAT in several decisions?
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