Manasa Ponnapalli (CA-Articleship CWA-inter) (97 Points)
28 April 2011I had a doubt regarding the syllabus of service tax for ipcc may'11. Are only the following 8 services gonna be tested in the exam or all??
cargo handling
practising CAs
Customs house agent
Commercial centres & coaching
manpower recruitment
information tech. software services
legal consultancy
consulting engineer's services
Please do reply to this soon, as i'm really confused..
Abhijit R
(student)
(21 Points)
Replied 28 April 2011
Only those eight will be questioned, i suppose
Shreyansh Baid
(IPCC MAy'11)
(69 Points)
Replied 28 April 2011
yes, only 8 were supposed to be examined, but as per latest amendment, ''Lottery" has been included friendss..stay updated.
Sumit Bhargava
(CA Student)
(326 Points)
Replied 28 April 2011
| Originally posted by : Shreyansh Baid | ||
 |
yes, only 8 were supposed to be examined, but as per latest amendment, ''Lottery" has been included friendss..stay updated. |  |
CA.ViVeK M ACA
(ACCOUNTS DEPARTMENT)
(28544 Points)
Replied 28 April 2011
there are 8 taxable services which is applicable for may exam. Apart from this, introduction etc will also applicable. Learn 8 taxable service and introductory provisions. All the best
Deepak
(CA Final Student)
(357 Points)
Replied 28 April 2011
yups, for an IPCC student (may 2011) only these 8 services are listed as a part of syllabus.....
Sumit Bhargava
(CA Student)
(326 Points)
Replied 29 April 2011
| Originally posted by : aswini | ||
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what about for pcc students???? pls say.... |
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SERVICE TAX
Announcement by ICAI on 18.11.2010
Applicability of services for May and November 2011 examinations:-
Professional Competence Examination
It is clarified that in Part –II : Service tax and VAT of Paper 5 : Taxation, students will not be tested on specific questions covering individual taxable services
Integrated Professional Competence Examination
It is clarified that in Part –II : Service tax and VAT of Paper 4 : Taxation, students will be examined only in respect of the following taxable services:
1. Legal consultancy services
2. Commercial training or coaching services
3. Information technology software services
4. Cargo handling services
5. Custom housing agent’s services
6. Practicing Chartered Accountant’s services
7. Consulting engineer’s services
8. Manpower recruitment or supply agency’s services.
Sumit Bhargava
(CA Student)
(326 Points)
Replied 29 April 2011
| Originally posted by : Shreyansh Baid | ||
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yes, only 8 were supposed to be examined, but as per latest amendment, ''Lottery" has been included friendss..stay updated. |
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Lottery
The distributor or selling agent, liable to pay service tax for the taxable service of promotion, marketing or
organising lottery, shall have the option to pay tax at the following rates
S.No. Rate Condition
1 ` 6,000 on every ` 10 lakhs (or part thereof) of
aggregate face value of lottery tickets printed by
the organizing state for a draw
If lottery scheme is one where guaranteed
prize payout is 80% or more
2 ` 9,000 on every ` 10 lakhs (or part thereof) of
aggregate face value of lottery tickets printed by
the organizing state for a draw
If lottery scheme is one where guaranteed
prize payout is less than 80%.
Face value: It is the amount mentioned on the lottery ticket.
Aggregate Face Value: Face value of lottery x the number of tickets printed
Guaranteed Prize Payout: The agreed aggregate prize money distributed to all the winners
Provided that in case of online lottery, the aggregate face value of lottery tickets sold shall be taken.
Provided further that the distributor or agent shall exercise such option within a period of one month of
beginning of each F/Y and such option shall not be withdrawn during the remaining part of the F/Y.
[Inserted on 8th October 2010, applicable for May 2011 exams]
General Scheme of Lotteries (as given in Departmental Circular)
Lotteries are conducted by various State Governments and are regulated by a Central legislation, i.e. the
Lotteries (Regulation) Act, 1998.
The State Governments appoint distributors to advertise, promote and sell lottery tickets. Besides the State
Governments organizing lotteries, some other games of chance are also being organized. The services
provided for promotion or marketing or organizing such games of chance are now being covered by
introducing a separate taxable service to cover the services in connection with games of chance, organized
conducted or promoted by the client, in whatever form or by whatever name called (such as lottery, lotto)
under the ‘Games of chance’ service. The tax would be applicable also to such games conducted online.
Shreyansh Baid
(IPCC MAy'11)
(69 Points)
Replied 30 April 2011
Lottery got inserted on 8th oct. 2010, and is surely applicable for may 11 exams..
Sumit Bhargava
(CA Student)
(326 Points)
Replied 30 April 2011
| Originally posted by : Shreyansh Baid | ||
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Lottery got inserted on 8th oct. 2010, and is surely applicable for may 11 exams.. |
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Thanks a lot my dear friend..
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