This page also contains explanatory notes for government amendments. A tax is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority. Be it enacted by parliament in the seventieth year of the republic of india as follows. There shall be levied a tax hereinafter referred to as the service tax at the rate of. Subject amendments in service tax laws through finance act, 2012. Alternative investment fund regulations, 2012, made under the securities and. Indirect tax lawsamendment made by finance act, 2012 applicable for june 20 and december 20 examinations page 4 b.
Charge of service tax on and after finance act, 2012. Finance act 2012 related to excise, custom, service tax taxguru. The finance act, 2012 introduced indirect transfer related provisions under section 91i of the incometax act, 1961 the act and consequently the income deemed to. Chapter 6 direct and indirect taxes a tax may be defined as a pecuniary burden laid upon individuals or property owners to support the government, a payment exacted by legislative authority.
In section 593b qualifying interest in possession, for chapter i. Customs, excise and service tax appellate tribunal constituted. Amendment of chapter 1 mineral oil tax of part 2 of finance act 1999. Amendment of section 65 cesser of application of mineral oil tax to coal of finance act 2010. A in section 65, after the explanation occurring at the end of clause 121, the following proviso. Amendment of chapter 2 natural gas carbon tax of part 3 of finance act 2010. Amendments as per finance act, 2015 applicable for june 2016 and december. European legislation identifier pdf open data license. Finance act 2012 chapter 14 contents part 1 income tax, corporation tax and capital gains tax chapter 1 income tax and corporation tax charges and rate bands income tax 1 charge for 2012 and rates for 2012 and subsequent tax years 2 basic rate limit for 2012 3 personal allowance for 2012 for those aged under 65 4 personal allowances. Finance act, 2012, which has introduced drastic changes in the.
Section 1048 exemption in respect of income received by certain foreign companies section 1048 w. Service tax amendments in chapter v and va of the finance act, 1994 1 section 65 dealing with definitions ceased to apply effective from july 1, 2012. Amendment of chapter 1 electricity tax of part 2 of finance act 2008. In the customs act, 1962 hereinafter referred to as the customs act, in section 2. Service tax act chapter v of the finance act, 1994 cbic. The finance act introduces changes to the companies income tax act, value added tax act, petroleum profits tax. Now as per the amended provisions, the service tax paid both under partial. An act to give effect to the financial proposals of the central government for the financial year 20192020. It is instructive that the finance miscellaneous provisions act no.