"24 April 2012" Archive

Section 54EC NHAI Capital Gains Bonds 2012-13 – Tax Benefits

TAX BENEFITS UNDER SECTION 54 EC OF THE INCOME TAX ACT 1961 Section 54 EC relating to exemption on long term capital gains if invested in Bonds was inserted by the Finance Act 2000 effective for the assessment year 2001-2002 and subsequent years from 1st April, 2001. The section as effective for the assessment year 2008-09 and subsequent ...

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Posted Under: Income Tax | ,

Tax on Service relating to transportation of goods

The following services provided in relation to transportation of goods are specified in the negative list. Services:- • by road except the services of (i) a goods transportation agency; or (ii) a courier agency • by aircraft or vessel from a place outside India to the first customs station of landing in India; or • by inland...

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Posted Under: Income Tax |

Tax on Service relating to transportation of passengers

The following services relating to transportation of passengers, with or without accompanied belongings, have been specified in the Negative List. Services by: • a stage carriage; • railways in a class other than (i) first class; or (ii) an AC coach; • metro, monorail or tramway; • inland waterways;...

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Posted Under: Income Tax |

Service Tax on Financial sector

Financial sector Services Covered in Negative List –Services by way of – (i) extending deposits, loans or advances insofar as the consideration is represented by way of interest or discount; (ii) inter se sale or purchase of foreign currency amongst banks or authorized dealers of foreign exchange or amongst banks and such dealers;...

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Posted Under: Income Tax |

Service Tax on renting of residential dwelling used as residence

The phrase ‘residential dwelling’ has not been defined in the Act. It has therefore to be interpreted in terms of the normal trade parlance as per which it is any residential accommodation, but does not include hotel, motel, inn, guest house, camp-site, lodge, house boat, or like places meant for temporary stay....

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Posted Under: Income Tax |

Make Auspicious Investing Today – It’s Akshaya Tritiya

Investments and sale to consumers does pick up around Akshaya Tritiya, one of the most auspicious days in the hindi calendar to buy gold, silver , jewellery and to make investment. ‘Akshaya’ means some thing which never diminishes. It is believed that all investments on this day appreciates. Infact, as per astrology, each moment to...

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Posted Under: Income Tax |

Interest leviable u/s 234B on income computed u/s 115JB

Central Warehousing Corporation Vs. ACIT (OSD) (ITAT Delhi)

Issue is covered by decision of Hon’ble Supreme Court in the case of JCIT vs. Rolta India Ltd. 330 ITR 470 (SC) wherein it has been held that interest u/s 234B and 234C shall be payable for failure to pay advance tax in respect of tax payable u/s 115JA/115JB. Therefore, we hold that learned CIT (A) has rightly decided that interest is...

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RTI – ITAT Member’s Corruption Charges Can Be Disclosed

R.K. Jain Vs Union of Bank & Anr. (Delhi High Court)

As is clear from the arguments of Mr. Bhushan, whole attempt was to say that divulgence of ACR is in public interest. That is precisely the CIC is asked to find out. The matter is still at large and the appellant can always argue this before the CIC. What is important is that the procedure under Section 11(1), which is mandatory has to be...

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Order not dealing with finding of sham transaction is erroneous, cryptic, perverse & laconic

Commissioner of Income Tax (Central) Ludhiana Vs M/s Punjab Breweries Ltd. Ludhiana (now amalgamated with M/s United Breweries) (Punjab and Hariyana High court at Chandigarh)

It is not in public interest to accept such a claim when there is no evidence of rendering any service by Blue Chip & Co to the assessee. The sole object of diverting funds to Blue Chip & Co was to facilitate passing of funds as interest free loan to Vijay Mallya and Samira Mallya. ...

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Punjab VAT Dept, launches drive to survey unregistered dealers liable to be registered

Excise and Taxation Department, Punjab has launched a special drive for finding out the unregistered dealers by way of survey u/s 48 of Punjab VAT Act, 2005, who are eligible for registration under Punjab VAT Act but may not have registered as yet. ...

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Posted Under: Income Tax |

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