REVERSE CHARGE MECHANISM -Primary Liability to pay service tax lies on the service provider. The service provider collects the service tax from the service receiver and is liable to take registration with the Service Tax Department and complete all the formalities in respect of deposit and filing return of service tax. The Budget 2012 proposes to shift this liability in certain cases to the service receiver. Presently, the service receiver has to discharge service tax liability only in a couple of case like import of services and goods transport agency.
The Reserve Bank of India will shortly put into circulation the coins of Rs. 5 denomination, which shall conform to the following dimension, design and compositions, namely-
Apex Court in the case of Goetze (India) Ltd. v. CIT [2006] 284 ITR 323 has clearly held that for making a claim other than what was originally made in return of income, filing of a revised return is mandatory. Neither the A.O. nor the CIT(Appeals) have considered these fundamental aspects regarding status and validity of a claim made other than through revised return.
The question arises is whether the assessee is entitled for the deduction under section 80P(2)(a)(i). Section 80P(2)(a)(i) is explicitly clear that if the co-operative society is engaged in the business of banking or providing credit facilities to its members the co-operative society is entitled for the deduction. There is an embargo put by section 80P(4) which was introduced into the statute by the Finance Act, 2006 with effect from 1-4-2007. This section denies the deduction to a co-operative bank. It is a fact that prior to the insertion of sub-section (4) ,the assessee was getting the deduction under section 80P(2)(a)(i).
