Archives for 


No service tax on reinsurance commission-CBEC issues Circular !

Great relief to insurance companies indeed .The Central Board of Excise and Customs (CBEC) has issues circular to clarify that service tax cannot be levied on the reinsurance commission . The reason , as per circular is that an insurance company does not provide any service to a reinsurance company. Read the circular Circular No. 120(a)/2/2010-ST F.No.332/29/2009-TRU Government...

Continue reading →

Can A.O Ask For Accounts From Salaried Employees During Scrutiny ?

I am a salaried employee. I had received a notice for assessment last year in 2009. Then hearing of the assessment case was adjourned sine die. It was revived again in March, 2010, and in first hearing itself AO asked for statement of affairs including capital account and credit card statements for last 3 years. I am only wondering

Continue reading →