Finance (No. 2) Act 2014 had proposed certain changes in Negative List which were to be applicable from a future date to be notified. These changes have now been effected from 1st October, 2014 vide Notification No. 18/2014-ST dated 25th August, 2014.

Consequent to this  notification, following shall be the impact.

Service Tax will be applicable on:

  • Radio Taxi 

( The abatement of 60% presently available in terms of Notification No. 26/2012-ST Dated 20-6-2012, duly amended by Notification No. 8/2014-ST Dated 11-7-2014, to rent-a-cab service would also be made available to radio taxi service, to bring them on par.)

  • Sale of space or time slot for advertisement  other than print media

Advertisements in internet websites, out-of-home media, on film screen in theaters, bill boards, conveyances, buildings, cell phones, Automated Teller Machines, tickets, commercial publications, aerial advertising, etc. (sale of space for advertisements in newspapers, book other than business directories/yellow pages/trade catalogs would continue to be non-taxable)

The relevant notification is reproduced here for ready reference:

Download (PDF, 120KB)

 

Central Board of Direct Taxes (CBDT) has extended the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from
30th day of September, 2014 to 30th November, 2014.

Also CBDT  further clarified that the tax audit report under section 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report furnished under section 44AB of the Act.

The relevant order is reproduced here for ready reference:

Download (PDF, 105KB)

 

 

Happy Independence Day.

INDIA

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