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Archive: 18 December 2010

Posts in 18 December 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6327 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19356 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Can a borrower dispute the outstanding due under section 17 of SARFAESI Act, 2002?

December 18, 2010 1158 Views 0 comment Print

We all aware of the object behind SARFAESI Act, 2002 and it is to enable the banks to recover the debts speedily and to enable the banks to reduce NPAs. Despite lot of criticism that SARFAESI Act, 2002 is draconian law and it enables the Banks to harass the borrowers, Banks suffer to recover their dues in the absence of a special legislation like SARFAESI Act, 2002.

FAQ on Service Tax on receipt of services from outside India [Import of services]

December 18, 2010 1049 Views 0 comment Print

Section 66A of the Finance Act, 1994, inserted with effect from 18.4.2006, provides that where any taxable service is provided or to be provided by a person who has established a business or has a fixed establishment from which the service is provide

FAQ on Export of Services and taxable service used in relation to export of goods

December 18, 2010 2806 Views 0 comment Print

What is Export of Services? Whether export of services is exempted from Service Tax? What constitute export of service is defined in the Export of Service Rules, 2005. The export of taxable services is exempted from Service Tax.

Section 195- Deductibility of Tax on disputed Payment

December 18, 2010 615 Views 0 comment Print

the assessee-company had made various payments to its holding company M/s. Alstom Holdings, France but no deductions of tax at source were made. – there is justification for the assessee’s conviction at the time of payment that no tax was deductible at source. It was neither a composite payment.

Interest on fixed deposit made for business purpose should be considered as business income and not as income from other sources

December 18, 2010 10845 Views 0 comment Print

Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) held that interest income earned on fixed deposit made for the purpose of business should be considered as business income and not as income from other sources. Further, the Tribunal held that salary and welfare expenses of taxpayer’s staff will not be covered under section 44C of the Income-tax Act, 1961 (the Act) since the expenses are directly related to the Indian Project. The Tribunal also held that the payment made for procurement services cannot be considered to be a payment towards fees for technical services as per India-Korea Tax Treaty (the tax treaty) since procurement services were purely commercial in nature and had nothing to do with rendering of any technical managerial or consultancy services.

Captive service provider cannot be compared with Infosys Technologies Limited- Delhi ITAT

December 18, 2010 577 Views 0 comment Print

ITAT Delhi held that a captive service provider assuming minimal risks, cannot be compared to a large company like Infosys Technologies Limited which assumes all risks leading to greater rewards.

Pass-through costs (paid to third party vendors) not to be included in cost base for determining net profit margin

December 18, 2010 3459 Views 0 comment Print

The ITAT Delhi held where a taxpayer engaged in rendering advertising and related services to its Associated Enterprises (AEs) is also acting as an intermediary between the AEs and the third party vendor to rent advertisement space from the vendor, costs recovered by the taxpayer from the AEs for such renting and then passed on to the vendors (pass-through costs) would not be value adding costs for the taxpayer and would, therefore, not be taken into account for computing net profit margin (Operating Profit / Total Cost) of the taxpayer for applying the Transactional Net Margin Method (TNMM).

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