"18 March 2012" Archive

S. 80IB – CIT V/s. Finolex Cables Ltd. (Bombay High Court)

The Commisioner of Income Tax- V Vs Finolex Cables Ltd. (Bombay High Court)

Whether where substantial investment has been made and the new plant and machinery is installed in the newly constructed building it can be said that assessee has set-up a new industrial undertaking and it is not the expansion of earlier unit and hence the depreciation of such unit is not to be set-off with the income of that unit which e...

Income tax / TDS Calculator for AY 2013-14 / FY 2012-13

We have uploaded below the Income tax Calculator for the Assessment year 2013-14 or Financial year 2012-13 for Salaried person. the calculator is been prepared after considering the recent amendment by Union Budget 2012-13. Automated  TDS / Income tax Calculator for  Financial Year  2012-2013 or Assessment year 2013-14 Developed by-  ...

Important changes in the Service Tax & CENVAT by Union Budget 2012-13

Increase in rate of Service Tax from 10% to 12%: 1.1. Rate of service tax is increased from 10% to 12%. Increase in rate of service tax is effective from 01.04.2012. 1.2. The present rate of 10% is governed by Notification No.8/2009-ST Dt.24.02.2009 which exempts all taxable services from levy of service tax under Section 66 of the Finan...

Posted Under: Income Tax |

Service Tax – Rule 13- Power to notify services or circumstances, Rule 14- Order of application of Rules

In order to prevent double taxation or non-taxation of the provision of a service, or for the uniform application of rules, the Central Government shall have the power to notify any description of service or circumstances in which the place of provision shall be the place of effective use and enjoyment of a service....

Posted Under: Income Tax |

Service tax Rule 12- Services provided on board conveyances

Any service provided on board a conveyance (aircraft, vessel, rail, or roadways bus) will be covered here. Some examples are on-board service of movies/music/video/ software games on demand, beauty treatment etc, albeit only when provided against a specific charge, and not supplied as part of the fare....

Posted Under: Income Tax |

Service tax Rule 11- Passenger Transportation Services

What is the place of provision of passenger transportation services? The place of provision of a passenger transportation service is the place where the passenger embarks on the conveyance for a continuous journey....

Posted Under: Income Tax |

Service Tax Rule 10- Place of Provision of a service of transportation of goods

What are the services covered under this Rule? Any service of transportation of goods, by any mode of transport (air, vessel, rail or by a goods transportation agency), is covered here. However, transportation of goods by courier or mail is not covered here....

Posted Under: Income Tax |

Budget 2012- Service Tax Rule 9- Specified services- Place of provision is location of the service provider

What are the specified services where the place of provision is the location of the service provider? Following are the specified services where the place of provision is the location of the service provider:- i) Services provided by a banking company, or a financial company, or a non-banking financial company to account holders; ...

Posted Under: Income Tax |

Budget 2012- Service Tax Rule 8- Services where the Provider as well as Receiver is located in Taxable Territory

Rule 8- Services where the Provider as well as Receiver is located in Taxable Territory 1 What is the place of provision of a service where the location of the service provider and that of the service receiver is in the taxable territory? The place of provision of a service, which is provided by a […]...

Posted Under: Income Tax |

Budget 2012- Service Tax Rule 7- Part performance of a service at different locations

This Rule covers situations where the actual performance of a service is at more than one location, and occasionally one (or more) such locations may be outside the taxable territory....

Posted Under: Income Tax |

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