"28 March 2012" Archive

Notification No. 28/2012 – Customs (N.T.) Dated: 28th March, 2012

Notification No. 28/2012-Customs (N.T.) (28/03/2012)

S.O.630 (E) - In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.62/94- Customs (N...

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Amendment in rule 12 of Income Tax Rules & substitution of forms Sahaj (ITR-1), ITR-2, ITR-3, Sugam (ITR-4S), ITR-4 AND ITR-V

Notification No. 14/2012-Income Tax (28/03/2012)

Notification No. 14/2012-Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-...

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Regarding payment of arrears from Cenvat Credit earned at a later date

Circular No. 962/05/2012-CX (28/03/2012)

Circular No. 962/05/2012-CX Duty payable under rule 8 is on a different footing from duty payable under Section 11A. Duty under Rule 8 is paid after self determination by the assessee unlike Duty payable under Section 11A where generally the duty is determined by the Central Excise officer and the payment is mandated after such determinat...

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S. 195 -Reimbursement of Salary to Overseas Parent Company attracts TDS

Re. Centrica India Offshore Private Ltd. (AAR Delhi)

Centrica India Offshore Private Ltd., (AAR) - It was held that personnel seconded to the Taxpayer, a group company in India, did not become its employees in the absence of an obligation undertaken by the Taxpayer to pay employment costs of such personnel. This was held despite the fact that the Taxpayer exercised control and supervision a...

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Notification No.24/2012-Customs – Seeks to amend Notification 12/2012 – Customs, dated 17-03-2012

Notification No. 24/2012-Customs (28/03/2012)

Notification No.24/2012-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry ...

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Seeks to amend Notification No.16/2011-Cus (N. T.), dated, 1st March, 2011

Notification No. 27/2012-Customs (N.T.) (28/02/2012)

Notification No. 27/2012 - Customs (N.T.) In exercise of the powers conferred by section 11 of the Customs Act, 1962 (52 of 1962), the Central Government on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Fi...

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Budget 2012 – Service Tax on Construction Industry

works contract means a contract wherein transfer of property in goods involved in the execution of such contract is leviable to tax as sale of goods and such contrat is for the purpose of carrying out construction, erection, commissioning, installation, completion, fitting out, improvement, repair, renovation, alteration of any building o...

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Overseas Direct Investments by Indian Party – Rationalisation

A.P. (DIR Series) Circular No. 96 (28/03/2012)

A.P. (DIR Series) Circular No. 96 Creation of charge on immovable / movable property and other financial assets. Reckoning bank guarantee issued on behalf of JV / WOS for computation of Financial Commitment. Issuance of personal guarantee by the direct / indirect individual promoters of the Indian Party. Financial Commitment without equit...

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Amended provisions of S.194I related to TDS for the purpose of S. 40(a)(ia) applicable from AY 2007-08

Assistant Commissioner of Income Tax Vs. M/s Global One India Pvt. Ltd. (ITAT Delhi)

When the CBDT itself has clarified that the amended provisions of Section 194I relating to deduction of tax at source for the purpose of Section 40(a)(ia) would be applicable for AY 2007-08, the Assessing Officer was not justified in making the disallowance. We also find that similar issue came up before the learned CIT (A) in AY 2005-06 ...

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Sec.14A & Rule 8D Disallowance Cannot Exceed Total Expenditure

M/s Gillette Group India Pvt. Ltd. Vs Assistant Commissioner of Income Tax (ITAT Delhi)

As per sub-section (1) of Section 14A, no deduction is to be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of total income. Sub-section (2) of Section 14A provides the procedure for determination of such expenditure by the Assessing Officer. The Board has also prescribed Rule 8D ...

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