14 new services added to negative list w.e.f 01-07-2012

0 comments Friday, June 22, 2012


While releasing the Guidance Paper Hon'ble Finance Minister also announced some new exemptions as follows:

(a) Service provided by advocates to other advocates and business entities upto a turnover of Rs. 10 lakh in the preceding financial year.

(b) Exemption to firm of advocates on the same lines as individual advocates.
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CBDT's authorizies AOs to reconcile the disputed demands if already paid

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Section 119 of the Income-tax Act, 1961 – Income-tax authorities – Instructions to subordinate authorities – Authorization of AOs in certain cases to rectify/reconcile disputed arrear demand
Circular No. 4 of 2012, dated 20-6-2012
The Board has been apprised that in certain cases the assessees have disputed the figures of arrear demands shown as outstanding against them in the records of the Assessing Officer. The Assessing Officers have expressed their inability to correct/reconcile such disputed arrear demand on the ground that the period of limitation of four years as provided under sub-section (7) of section 154 of the Act has expired.
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