14% Service Tax rate not with effect from 1st April 2015

OFFICE OF THE COMMISSIONER
CUSTOMS, CENTRAL EXCISE AND SERVICE TAX
KNDRIYAUTPADSHULKHBHAWAN, TElANGKHEDI ROAD
CIVIL LINES, NAGPUR-440001

It is brought to the notice of the Public that the new Service Tax rate of 14% has been proposed In the Finance Bill, 2015 by the Humble Finance Minister on 28-02-2015. The new Service Tax rate 14% is not effective immediately and shall come into effect only from a date to be notified later. The existing rate of Service Tax is 12.36% (Inclusive Cess.

es)

It has come to the notice of this office that though the new Service Tax rate of 14% has not yet been given effect, some of the service tax providers have started billing & recovering the amount of Service Tax at the rate of 14% from their customers. This practice is not only completely illegal but amounts to collecting consideration from the general public which is not so required to be collected as Service Tax.

It is therefore appealed to, bring any­such instance to the notice of Customs, Central Excise & Service Tax Department. The details of the nominated officers of the Department for Vidarbha Region for this purpose are, as under

Name S/Shri	A.V.Deshmukh	P.A.Thakur	A.B.Chakrovorty
Designation	Assistant Commissioner
Commissionerate	Nagpur-I	Nagpur-II	Wardha
Office Phone No.	0712-2560596
Mobile No.	9527544868	9822624258	9890223720

This office looks forward to your co-operation in this regard.

HELP US TO HELP YOU.

(Ashish Chandan)
Commissioner

    

                                                                           Regards 

                                                                   Sachin Kumar Mishra 

Section 68, 69, 69A, 69B and 69C of Income Tax Act,1961

Section 68 -Cash creditsSection  69-Unexplained investmentsSection 69A-Unexplained money, etc
Section 69B -Amount of investments, etc., not fully disclosed in books of account
Section 69C- Unexplained expenditure, etc
Comparison between section 68, section 69, section 69A, section 69B and section 69C: -

                                                                   

Particulars	Section 68	Section 69	Section 69A	Section 69B	Section 69C
Plain reading	Where any sum is found credited in the books of an assesseemaintained for any previousyear, and the assessee offers no explanation about the nature and source thereofor the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited maybe charged to income- tax as the income ofthe assesseeof that previous year.	Where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, andthe assessee offers no explanation about the nature and source of the investments orthe explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the value of the investmentsmay be deemed to be the income of the assessee of such financial year.	Where in any financial year the assessee is found to be the owner of any money,bullion, jewelry or other valuable article and such money, bullion, jewelry or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, andthe assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewelry or other valuable article, or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the money and the value of the bullion, jewelry or other valuable article may be deemed to be the income of the assessee for such financial year.	Where in any financial year the assessee has made investments or is found to be the owner of any bullion, jewelry or other valuable article, and the Assessing Officer finds that the amount expended on making such investments or in acquiring such bullion, jewelry or other valuable article exceeds the amount recorded in this behalf in the books of accountmaintainedby the assessee for any source of income, andthe assessee offers no explanation about such excess amount or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the excess amount maybe deemed to be the income of the assessee forsuch financial year.	Where in any financial year an assessee has incurred anyexpenditure andhe offers no explanation about the source of such expenditure or part thereof, orthe explanation, if any, offered by him is not, in the opinion of the Assessing Officer, satisfactory, the amount covered by such expenditure or part thereof, as the case may be, may bedeemed to be the income of the assessee for such financial year. Provided that, notwithstanding anything contained in any other provision of this Act, such unexplained expenditure which is deemed to be the income of the assessee shall not be allowed as a deduction under any head of income.
Maintenance of Books of Accounts	Compulsory	Not Compulsory as the word “if any” is used	Not Compulsory as the word “if any” is used	Compulsory	Not Compulsory
Explanation to AO	AO can ask for explanation only when the sum is credited in the Books of Accounts	AO can ask for explanation only ifinvestmentis not recorded in the Books of Accounts.	AO can ask for explanation only if Money, bullion, jewelry or any other valuable article is not recorded in the Books of Accounts.	AO can ask for explanation only if the investment, Money, bullion, jewelry or any other valuable article is recorded in the Books of Accounts and the value recorded is less than the amount spent in acquiring.	AO can ask for the source of “incurred expenditure”.

                                                   

Regards 

Sachin Kumar Mishra Voice :- + 91  813 031 96 00