• Oct
  • 31
  • 2014

List of Income tax benefits available to Salaried Persons

Added In Income Tax
Employees Benefits allowable Salaried persons constitute a large chunk of total taxpayers in India and their contribution to total tax collection is substantial. The document includes brief introduction and tax treatment of various allowances and perquisites available to an employee, inter-alia, house rent allowance, gratuity, provident fund and so forth. List of benefits available to […]

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  • Oct
  • 31
  • 2014

List of Income Tax benefits available to Small Businessmen

Added In Income Tax
Small Businessmen Benefits allowable Small and medium enterprises contribute a major portion to the GDP and to the growth of the economy. As a matter of convenience for them, Income-tax Act extends certain benefits to them and provides relaxation from compliance with certain provisions, inter-alia, an option to compute income on presumptive basis, exemption from […]

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  • Oct
  • 31
  • 2014

FM ask IT Officials to not to lose sight of domestic black money

Added In Income Tax
Finance Minister Asks the Senior Officers of the Income Tax Department not to Lose Sight of Domestic Black Money Keeping in view its Much Higher Magnitude and Chase Those Sectors Where its Most Prevalent; Reviews with Senior Officers of the Department the Achievement of Budgeted Targets of Direct Taxes for 2014-15 and Action There of 

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  • Oct
  • 31
  • 2014

No first class air travel, 5-star hotel meetings for officials – Govt.

Added In Finance
Government Announces Measures for Fiscal Prudence and Economy; Every Ministry / Department to Effect A Mandatory 10% Cut in Non-Plan Expenditure; Utmost Economy to be Observed in Organizing Conferences/Seminars/Workshops; Ban on Purchase of Vehicles; in all Cases of Air Travel, the Lowest Air Fare Tickets Available for Entitled Class to be Purchased/Procured.

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  • Oct
  • 30
  • 2014

Old and Used propping pipes for construction service are capital goods which are freely importable

Added In Custom Duty
Peri (India) Pvt. Ltd. Vs. Commissioner of Customs (I), Nhava Sheva [2014-TIOL-1630-CESTAT-MUM] Peri (India) Pvt. Ltd. (the Appellant) imported old and used pipes declaring them as ‘old and used Prop Pep 20-300’ (Impugned goods) and classified them under Customs Tariff Heading (CTH) 7308 4000. The said classification was accepted and duty was demanded accordingly.

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  • Oct
  • 30
  • 2014

When excess payment of Service tax is established, its adjustment cannot be denied merely on non-compliance of procedural aspect

Added In Service Tax
The Hon’ble CESTAT, Delhi held that the matter is no longer res integra as it has been consistently held that substantial benefit cannot be denied merely because some aspects of the procedure had not been followed. The Hon’ble Tribunal further observed that there has been no malafide on the part of the Appellant as is evident from the fact that the Adjudicating Authority refrained from imposing any penalty observing that the Appellant acted in a bonafide manner and malafide cannot be attributed to them.

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  • Oct
  • 30
  • 2014

Non furnishing of verification report of Department to assessee for making his submissions/rebuttal leads to denial of natural justice

Added In Service Tax
It was held by the Hon’ble CESTAT, Mumbai that while the Department had opportunity to verify whatever information/ statements furnished by the Appellant, a copy of the verification report should have been provided to the Appellant to make their submissions/rebuttal. Inasmuch as a copy of the verification report has not been given to the Appellant for their comments/rebuttal, there is a violation of principles of natural justice.

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  • Oct
  • 30
  • 2014

Refund not hit by doctrine of unjust enrichment where contract value is inclusive of Service tax

Added In Service Tax
Refund is not hit by doctrine of unjust enrichment where contract value is inclusive of Service tax and same has not been charged separately by the service provider Commissioner of Service Tax, Delhi Vs. AP. Engineers [2014 (10) TMI 563 - CESTAT NEW DELHI] In the instant case, AP. Engineers (“the Assessee”) filed a refund […]

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  • Oct
  • 30
  • 2014

No disallowance for non-payment of TDS can be made if payee has paid tax thereon

Insertion of the second proviso to section 40(a)(ia) of the Act should be read retrospectively from 1/4/2005 and not prospectively from 1/4/2013. In this view of the matter, the provisions of section 40(a)(ia) of the Act is not attracted to the payments made by the assessee to Shri Uday Kumar Shetty amounting to Rs.1,53,78,795/- since the object of introduction of section 40(a)(ia) is achieved for the reason that the payee/recipient has accounted for, declared and offered for taxation the payments received from the assessee in his hands.

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  • Oct
  • 30
  • 2014

E Payment of Income Tax – Fine tuning is required

Added In Income Tax
 CA. M. Lakshmanan While paying direct taxes such as advance tax, self assessment tax, TDS and tax on regular assessment in the NSDL site after PAN and all other relevant columns such as assessment year, name, address, type of payment etc., are filled in and before we are directed to the Bank portal, the name […]

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