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Home Bare Acts Phrase: taxableFinance Act 1994 Section 67
Title: Valuation of Taxable Services for Charging Service Tax
State: Central
Year: 1994
.....manner as may be prescribed. Explanation.--For the purposes of this section,-- (a) "consideration" includes any amount that is payable for the taxable services provided or to be provided; (b) "money" includes any currency, cheque, promissory note, letter of credit, draft, pay order, travellers cheque, money order, postal remittance and other similar instruments but does not include currency that is held for its numismatic value; (c) "gross amount charged" includes payment by cheque, credit card, deduction from account and any form of payment by issue of credit notes or debit notes and 2[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 account of a person liable to pay service tax, where the transaction of taxable service is with any associated enterprise.]] ______________________ 1.Substituted by the Finance Act, 2006. 2. Substituted by the Finance Act, 2008 for the words book adjustment..
View Complete Act List Judgments citing this sectionFinance (No. 2) Act, 2004 Section 95
Title: Education Cess on Taxable Services
State: Central
Year: 2004
(1) The Education Cess levied under section 91, in the case of all services which are taxable services, shall be a tax (in this section referred to as the Education Cess on taxable services) at the rate of two per cent, calculated on the tax which is levied and collected under section 66 of the Finance Act, 1994(32 of 1994). (2) The Education Cess on taxable services shall be in addition to the tax chargeable on such taxable services, under Chapter V of the Finance Act, 1994(32 of 1994). (3) The provisions of Chapter V of the Finance Act, 1994(32 of 1994) and the rules made thereunder, including those relating to refunds and exemptions from tax and imposition of penalty shall, as far as may be, apply in relation to the levy and collection of the Education Cess on taxable services, as they apply in relation to the levy and collection of tax on such taxable services under Chapter V of the Finance Act, 1994 or the rules, as the case may be.
View Complete Act List Judgments citing this sectionFinance Act 1994 Section 78
Title: Penalty for Suppressing Value of Taxable Service
State: Central
Year: 1994
.....thereunder with intent to evade payment of service tax, the person, liable to pay such service tax or erroneous refund, as determined under sub-section (2) of section 73, shall also be liable to pay a penalty, in addition to such service tax and interest thereon, if any, payable by him, which shall not be less than, but which shall not exceed twice, the amount of service tax so not levied or paid or short-levied or short-paid or erroneously refunded:] 2 [Provided that where such service tax as determined under sub-section (2) of section 73, and the interest payable thereon under section 75, is paid within thirty days from the date of communication of order of the 3 [Central Excise Officer] determining such service tax, the amount of penalty liable to be paid by such person under this section shall be twenty-five per cent of the service tax so determined : Provided further that the benefit of reduced penalty under the first proviso shall be available only if the amount of penalty so determined has also been paid within the period of thirty days referred to in that proviso : Provided also that where the service tax determined to be payable is reduced or increased by.....
View Complete Act List Judgments citing this sectionFinance (No. 2) Act, 2004 Section 99
Title: The Value of Taxable Securities Transactions
State: Central
Year: 2004
.....being "futures", shall be the price at which such "futures" is traded; and (c) in the case of any other taxable securities transaction, shall be the price at which such securities are purchased or sold: Provided that the Board may, having regard to the manner in which taxable securities transactions are settled in a recognised stock exchange or such other factors which may be relevant for the purposes of determining the price of such securities, specify, by rules made by it, the method of determining the price of such securities for the purposes of this clause. ____________________________________________________________ 1. Substituted by the Finance Act, 2008 w.e.f. 1st day of June, 2008 for the following :- (a) in the case of a taxable securities transaction relating to a derivative, being "option in securities", shall be the aggregate of the strike price and the option premium of such "option in securities";
View Complete Act List Judgments citing this sectionFinance Act 1994 Section 65A
Title: Classification of Taxable Services
State: Central
Year: 1994
65A.1 [Classificationof taxable services (1)For the purposes of this Chapter, classification of taxable services shall bedetermined according to the terms of the sub-clauses ofclause (105)of section 65. (2)When for any reason, a taxable service is, prima facie, classifiable under twoor more sub-clauses of clause (105) of section 65,classification shall be effected as follows:-- (a)the sub-clause which provides the most specific description shall be preferred to sub-clausesproviding a more general description; (b)composite services consisting of a combination of different services whichcannot be classified in the manner specified in clause (a), shall be classified as if they consisted of a service which gives themtheir essential character, insofar as this criterion is applicable; (c)when a service cannot be classified in the manner specified in clause (a) orclause (b), it shallbe classified under the sub-clause which occurs first among the sub-clauseswhich equally merit consideration.] _______________________ 1. Inserted by the Finance Act, 2003, w.e.f. 14-5-2003.
View Complete Act List Judgments citing this sectionGift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 44A
Title: Rounding off of Taxable Gifts
State: Central
Year: 1958
1[44A. Rounding off of taxable gifts The amount assessed in accordance with the foregoing provisions of this Act as being the value of all taxable gifts shall be rounded off to the nearest multiple of ten rupees and, for this purpose, any part of a rupee consisting of paise shall be ignored and thereafter, if such amount is not a multiple of ten rupees, then, if the last figure in that amount is five or more, the amount shall be increased to the next higher amount which is a multiple of ten and, if the last figure is less than five, the amount shall be reduced to the next lower amount which is a multiple of ten; and the amount so rounded off shall be deemed to be the value of all taxable gifts of the assessee for the purposes of this Act: _________________________ 1. Inserted by Act 42 of 1970, section 70 w.e.f. 1-4-1971.
View Complete Act List Judgments citing this sectionFinance Act 2005 Section 96
Title: Value of Taxable Banking Transaction
State: Central
Year: 2005
The value of taxable banking transaction shall be,-- (i) in respect of taxable banking transaction referred to in sub-clause (a) of clause (8) of section 94, the amount of cash withdrawn; (ii) in respect of taxable banking transaction referred to in sub-clause (b)) of clause (8) of section 94, the amount of cash received on encashment of term deposit or deposits;
View Complete Act List Judgments citing this sectionGovernment of India Act, 1935 [Repealed] Section 159
Title: Relief in Respect of Tax on Income Taxable Both in India and Burma
State: Central
Year: 1935
1[159. Relief in Respect of Tax on Income Taxable Both in India and Burma His Majesty in Council may make provision for the grant of relief from any Federal tax on income taxed or taxable in Burma.11 ________________________ 1.Omitted by the India (Provisional Constitution) Order, 1947.
View Complete Act List Judgments citing this sectionFinance Act 2008 Section 105
Title: Value of Taxable Commodities Transaction
State: Central
Year: 2008
The value of a taxable commodities transaction specified under column (2) of the Table in section 99 shall, with reference to such transactions-- (a) against serial number 1, be the option premium; (b) against serial number 2, be the settlement price of the option in goods or option in commodity derivative, as the case may be; (c) against serial number 3, be the price at which the commodity derivative is sold.
View Complete Act List Judgments citing this sectionFinance Act 2008 Section 121A
Title: Provisions of Chapter Vii Not to Apply to Taxable Commodities Transaction
State: Central
Year: 2008
1[Nothing contained in this Chapter shall apply to, or in relation to, the taxable commodities transaction entered on or after the 1st day of April, 2009.] ___________________________ 1. Inserted by the Finance (No. 2) Act, 2009.
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