"16 February 2012" Archive

Check Status of PAN / TAN Application with NSDL

To know the status of PAN / TAN application filed with NSDL Assessee have to follow the following procedure:- 1. Visit the following Link :- https://tin.tin.nsdl.com/tan/StatusTrack.html 2. In The Application Type we have to choose out of the following two options :- PAN - New / Change Request TAN - New / Change Request...

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Posted Under: Income Tax | ,

Liability to pay service tax on commission paid to Foreign Service provider arises only with effect from 18.4.2006

CCE Vs M/s BBK Leather Pvt. Ltd. (CESTAT Chennai)

On hearing both sides, we find that the issue in dispute is as to whether service tax liability arises on recipient of commission who resides outside India and has no office in India, for the period prior to 18.4.2006. The Apex Court has held that such liability arises only with effect from 18.4.2006 with the introduction of Section 66A o...

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DVAT for Works Contractors – Jargon Simplified

Works Contract has always been a matter of dispute for judiciary as well as professionals. The Complexity of transactions can briefly be gauged from the fact that applicable provisions include levy of Sales Tax (As per State Acts), Service Tax (As per Central Government), TDS and WCT Deductible (as required in most of state act) all on on...

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Posted Under: Income Tax |

Excise Duty on Branded Readymade Garments

In Recent times the Rollback of Excise Duty Exemption on Branded Readymade Garments has been a Subject Matter of big protest from Industry. Despite all the efforts and rows the government looks in no mood to give any relaxation on the same. Excise duty at the rate of 10% shall now apply to ready-made garments […]...

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Posted Under: Income Tax |

Practical Aspects in Works Contract – A Service Tax Perspective (Part – 1)

What is Works Contract? According to Section 65 (105) (zzzza), 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, is a taxable service;...

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Posted Under: Income Tax |

S. 28(va)(a) – Amount received for “not carrying out any activity in relation to any business” taxable only from A.Y. 2003-04

ACIT Vs. Dr. B.V. Raju (ITAT Hyderabad)

The sum in question was not paid for transfer of any intangible right in respect of manufacture, production or process of cement. The provisions relating to capital gains are therefore not attracted. The amount was paid for ‘not carrying out any activity in relation to any business’ and would fall within the ambit of Sec.28(va)(a) of ...

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DTC committee favoured raising I-T exemption limit to Rs 3 lakh

The committee, according to sources, wants the government to raise the income tax exemption limit to Rs 3 lakh in view of the near double-digit inflation which has eroded purchasing power of rupee. The Bill has a provision to raise the limit to Rs 2 lakh. Currently, income of Rs 1.80-5 lakh attracts 10 per cent income tax, Rs 5-8 lakh 20 ...

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Posted Under: Income Tax |

Income Tax Department Seizes cash,Jewellery and Fixed Deposit worth Rs. 11.61 crore

Cash Worth Rs 2.03 Crore, Jewellery and Ornaments worth the Value of Rs.5.18 Crore, Fixed Deposits of Rs. 4.4 Crore, and Large Number of Documents Seized During the Search Operations by Income Tax Department. It has been reported in certain section of the media that there has been a leak in a search case conducted recently by the Income T...

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Posted Under: Income Tax |

Guidance Note on Accounting for Real Estate Transactions (Revised 2012)

. This Guidance Note covers all forms of transactions in real estate. An illustrative list of transactions which are covered by this Guidance Note is as under: (a) Sale of plots of land (including long term sale type leases) without any development. (b) Sale of plots of land (including long term sale type leases) with development in the f...

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Posted Under: Income Tax |

Need to move from government regulation to self regulation says Moily

There is an urgent need to move from government regulation to self regulation. This was stated by Union Minister for Corporate Affairs Dr. M. Veerappa Moily while delivering valedictory address at the 8th Corporate Registers Forum (CRF) 2012 here today. He stressed on setting of norms and standards which attract the international firms...

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Posted Under: Income Tax |
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