"08 May 2011" Archive

Liability to pay service tax on spare buses having spare bus permits

M Suganthi Vs The Assistant Commissioner of Central Excise (Madras High Court)

Carriages which run under public transport system fall under category of stage carriages where passengers have a right to board or alight according to their choice and convenience and pay fares for the journey individually, do not fall under definition of ‘tourist vehicle' under Section 2(43) of the Motor Vehicles Act....

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Waiver from filing Income Tax returns to benefit 85 Lakh tax payers

As many as 85 lakh tax payers will benefit from the government's decision to exempt persons earning less than Rs 5 lakh a year from filing I-T returns, a finance ministry official said. The decision, which will come into effect from June 1, 2011, will reduce the compliance burden about 85 lakh small taxpayers, he said....

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Posted Under: Service Tax | ,

Income Tax department tracking your visit to tax havens

Desperate to curb the flow of blackmoney into the country's economy, the Income Tax department has now begun to track all fliers and visitors who travel to tax havens like Switzerland, Virgin Islands and Bahamas for personal or business purposes secretly. The department has focussed its intelligence and investigation scanner on all such t...

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Posted Under: Service Tax | ,

New company law to make it mandatory for companies to disclose details of social sector initiatives

The new company law will make it mandatory for companies to disclose details of social sector initiatives, called CSR, in addition to money spent, to shareholders in their annual reports. Not just how much, but companies will also have to disclose to their shareholders where they have spent the 2 per cent of net profit earmarked for corpo...

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Posted Under: Service Tax |

Why Silver crashed and is it the time to Invest?

Silver prices plunged across the world market keeping every one on the table of quest of what made the fall of silver prices. Base metal prices were very much over leveraged or over brought in the past couple of months on a continuous basis. Silver is expected to have another correction from the last weeks closing by another 5% to 10%....

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Transfer Pricing – If loss making companies were excluded, a super profit earning company should also be removed from the comparables

Sapient Corporation Pvt Ltd Vs. DCIT (ITAT Delhi)

Sapient Corporation Pvt Ltd vs. DCIT (ITAT Delhi) - When loss making companies have been taken out from the list of comparables by the TPO, Zenith Infotech Ltd. which showed super profits should also be excluded. The fact that assessee has himself included in the list of comparables, initially cannot act of estoppel particularly in light ...

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Tax Refund Interest Not ‘Effectively Connected’ With PE

Clough Engineering Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Delhi)

ACIT vs. Clough Engineering Ltd (ITAT Delhi – Special Bench)- Under Article 11(4) of the DTAA, interest from indebtedness “effectively connected” with a PE of the recipient is taxable under Article 7 and not under Article 11. Though the interest was connected with the PE in the sense that it has arisen on account of TDS from the rec...

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Posted Under: Service Tax |

Salient Features of FCRA, 2010 Comes into Effect from May 1, 2011

Any association granted prior permission or registered with the Central Government under Section 6 or under the repealed FCRA, 1976, shall be deemed to have been granted prior permission or registered, as the case may be, under FCRA, 2010 and such registration shall be valid for a period of five years from the date on which the new Act ha...

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Posted Under: Service Tax |

Ficci Committee to advise aviation sector on effect of GST

A Ficci Committee recently said it will suggest ideas to the aviation industry on how the proposed Goods & Services Tax (GST) would affect them, along with other recommendations to give the sector a boost. The Ficci Civil Aviation Committee has also set for itself a wide-ranging agenda to give the civil aviation industry a fillip and make...

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Posted Under: Service Tax |

Uploading of Information relating to some intra state transactions made compulsory w.e.f. 1-6-2011 in Punjab

At present, the information regarding goods being brought into and moving out of the state of Punjab (Inter-state transactions) is furnished at the Information Collection Centers (I.C.Cs)/ Check Posts by the dealers and consumers. Now, this process of collection of information from dealers will be extended to intra-state transactions also...

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Posted Under: Service Tax |

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