"27 March 2011" Archive

75 Percent of VAT Refund under PVAT Act to be allowed on furnishing of Indemnity bond

Section 39 of Punjab VAT Act 2005 deals with refund of tax. Some welcome changes have been made in said section by adding a new sub section 1-A to the said section which provides for provisional allowing of 75% of amount of refund claimed under PVAT Act subject to furnishing of indemnity bond in prescribed format and subject to such terms...

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Portfolio management services fees not allowed as deductions against capital gains

Devendra Motilal Kothari Vs. DCIT (ITAT Mumbai)

Mumbai Income-tax Appellate Tribunal in the case of Devendra Motilal Kothari v. DCIT , has held that fees for portfolio management services are not inextricably linked with the particular instance of purchase and sale of shares and hence cannot be allowed as a deduction while computing capital gains. ...

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Non-availability of indexation benefit to a non-resident does not amount to non-discrimination

Re. Trans world Garnet Company Ltd.

Authority for Advance Rulings has rendered an important ruling in the case of Transworld Garnet Company Ltd. dealing with the issue of whether or not the non-availability of the indexation benefit under the provisions Second proviso to section 48 of the Income-tax Act, 1961 to non-residents amounts to discrimination under the India-Cana...

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Black money trail -I-T dept signs MoUs for conducting study

The government has set the ball rolling for estimating black money by signing agreements with three leading think-tanks NCAER, NIFM and NIPFP to conduct study on unaccounted income generated inside and outside the country. They have been given 18 months to complete the study and also suggest administrative and legal measures to prevent ge...

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Maharashtra govt coming out with new labour policy

Maharashtra Government is in the process of formulating a comprehensive labour policy in order to promote harmonious relationship between employers and workers. "The policy provides guidelines on the interaction between the workers and employers in the organised sector, on role of trade unions and employer's organisations and also guideli...

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Sebi to outsource processing of investor complaints

Faced with the Herculean task of handling lakhs of investor complaints, market regulator Sebi plans to rope in third party agencies for processing and maintenance of these grievances. The decision to outsource processing and maintenance of investor grievances has been taken by Sebi to help it resolve these complaints on a fast-track basis...

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Service Tax on Works contract Services

Works contract Services eans any service provided or to be provided to any person, by any other person in relation to the execution of a works contract, excluding works contract in respect of roads, airports, railways, transport terminals, bridges, tunnels and dams....

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Service tax on Transport of Goods by Road

Transport of Goods by Road Service means any service provided or to be provided to any person, by a goods transport agency, in relation to transport of goods by road in a goods carriage. (Section 65 (105) (zzp) of Finance Act, 1994 as amended). “Goods transport agency” means any person who provides service in relation to transport of...

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Service tax on Telecommunication Services

“Telecommunication service” means service of any description provided by means of any transmission, emission or reception of signs, signals, writing, images and sounds or intelligence or information of any nature, by wire, radio, optical, visual or other electro­magnetic means or systems, including the related transfer or assignment ...

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Service tax on Port Services by Major Ports

Port Services by Major Ports means any service provided or to be provided to any person' by any other person' in relation to port services in a port' in any manner. . Exemption to specified services provided within a port (w.e.f.01.07.2010) : In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act' 1994 (32...

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