"06 August 2012" Archive

Employers to Face Trouble in Service Tax

Under the new service tax regime, any services not mentioned in the negative list will be subjected to Service Tax, if not otherwise exempt. If services are provided against a portion of the salary foregone by the staff, then it will be considered as having been made for a consideration and thus liable to tax. ...

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Posted Under: Service Tax |

MVAT – Grant of Registration & Administrative Relief to Developers

Trade Circular 14T of 2012 06/08/2012

Trade Cir. 14T of 2012 he Hon. Bombay High court has delivered judgement in case of Maharashtra Chamber of Housing Industry (MCHI) vs. State of Maharashtra in respect of the writ petition no. 2022 of 2007. The constitutional validity of the amendment to section 2(24) of the Maharashtra value added tax Act, 2002, Notification dated 9­7-20...

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Service Tax – Place of Provision of Service Rules – Analysis

The negative list of taxing services has hailed complexities in determination of the jurisdiction of the statute for taxation of services. The emphasis for taxing services is on the provision of services in the taxable territory. However, due to the inherent nature of service arrangements, it is not easy to determine the place where ser...

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ITAT has power to stay proceedings to give effect to 263 revision order

The Commissioner of Income Tax (Central-II) Vs Income Tax Appellate Tribunal & ORS. (Delhi High Court)

It is well settled by the judgment of the Supreme court in ITO v. Mohd. Kunhi, (1969) 71 ITR 815 that the Tribunal, while exercising its appellate powers under the Income Tax Act has also the power to ensure that the fruits of success are not rendered futile or nugatory and for this purpose it is empowered, to pass appropriate orders incl...

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Reference by AO to valuation officer u/s. 142A without any material evidence or finding is invalid

DCIT Vs Mr. Abhinav Kumar Mittal (ITAT Delhi)

The condition precedent for making the reference by invoking the provisions of Section 142A thus is that there should be something on record to show that the assessee in first place has made such investment outside the books or the investment so made by him is not fully disclosed in the books of account and once this condition is satisfi...

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Section 44AC covers only expenditure the benefit of which derived both by Head Office & Branch

Shinhan Bank (Erstwhile Chohung Bank) Vs The Deputy Director of Income-tax (International Taxation) (ITAT Mumbai)

It was held that what is covered u/s.44C is the expenditure that is common in nature meaning thereby that the benefit of the said expenditure is derived both by the Head Office and the Branch. It was held that payment of salary made in the case of the assessee was to expatriate employees who were working actually with the assessee in Indi...

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MVAT -Amendment to the certain Laws administered by Sales Tax Department

Trade Circular No. 13T of 2012 06/08/2012

Trade Circular No. 13T of 2012 To give effect to the Budget proposals, a Bill (Legislative Assembly Bill No. XVII of 2012) to amend the Maharashtra Sugarcane Purchase Tax Act, 1962, the Maharashtra State Tax on Professions, Trades, Callings and Employment Act, 1975, the Maharashtra Tax on Entry of Motor Vehicles into local Areas Act, 1987...

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Notification No. 38/2012-Customs (ADD) – Dated the 6th August, 2012

Notification No. 38/2012-Customs (ADD) 06/08/2012

Notification No. 38/2012-Customs (ADD) in exercise of the powers conferred by sub-sections (1) and (5) of Section 9A of the said Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), ...

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Inconsistencies in ITR which need to be avoided for accurate processing of I-T Return

Data Inconsistency issues which need to be avoided for accurate processing. 1. Set off of brought forward loss claimed, but Schedules BFLA / CFL not filled ....... Year of loss not indicated in CFL. 2. Profit before tax (at serial No. 43 of Sch. P & L Account) differs from Profit from business at serial 1 of Sch. B P 3. Depreciation claim...

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Income Tax Refund,Demand, No refund No demand – FAQ

[r 1] In this Article we have dealt with Question related to income Tax Refund i.e. 1) Necessary data necessities required in order to get the Refund through Cheque 2) Basic data required all the validations to get the Refund through ECS? 3) What should I do, if my Refund is failed due to change in my Communication Address? 4) Within h...

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