Urgent for may'11 ipcc service tax

Only those eight will be questioned, i suppose

if ur in IPCC then only those 8 services will be examined

yes, only 8 were supposed to be examined, but as per latest amendment, ''Lottery" has been included friendss..stay updated.

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

yups, for an IPCC student (may 2011) only these 8 services are listed as a part of syllabus.....

what about for pcc students???? pls say....

Is it applicable for pcc

Originally posted by : aswini
	what about for pcc students???? pls say....

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.

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.

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.

Lottery got inserted on 8th oct. 2010, and is surely applicable for may 11 exams..
 

Originally posted by : Shreyansh Baid
	Lottery got inserted on 8th oct. 2010, and is surely applicable for may 11 exams..

Thanks a lot my dear friend..