"07 August 2012" Archive

World Nature Conservation Day – Significance & Corporate Initiative

A dedicated government policy and its strict implementation will go a long way in securing a better plane for conservation of nature and environment for future generations world- wide. It cannot remain any individual country’s responsibility to be concerned for the protection of nature and environment. ...

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Posted Under: Finance |

Download ITR 6 For Online Filing of I-T Return for A.Y. 2012-13

Income tax Department has finally released ITR 6 for online Filing of Income Tax Return For Companies other than companies claiming exemption under section 11 for the Assessment Year 2012-13 / Financial year 2011-12. We are giving below the official link to download the ITR for A.Y. 2012-13/ F.Y. 2011-12. ...

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Posted Under: Finance |

24X7 Customs clearance WEF September 1st 2012

Circular No. 22/2012 - Custom Duty (07/08/2012)

Circular No. 22/2012 - Customs In order to further facilitate importers and exports the Board has decided to begin on a pilot basis 24X7 Customs clearance with effect from September 1st. 2012 (1.9.2012) at identified Air Cargo Complexes and Seaports in respect of following categories of imports and exports:...

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‘Product/Activity Group Codes’ for Cost Audit Reporting and Compliance

Notification No. S.O. 1747(E) (07/08/2012)

In exercise of the powers conferred by clause (b) of sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby constitutes the Product or Activity Groups as given in the Annexure enclosed....

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What is to be done if you get NULL error, while uploading the xml file of ITR

This particular problem happens when there is slow internet connection or network congestion, as the XML is file is not read completely and henceforth > it throws exception stating to upload proper XML. Trying after sometime may resolve this problem. Kindly follow the following steps : Set the Internet Explorer settings to Low. Go to Cont...

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Posted Under: Finance | ,

Prima facie Service tax is payable at 10.30% on services provided before 01.04.2012

Delhi Chartered Accountants Society (Regd.) Vs Union of India (Delhi High Court)

Delhi HC stays differential demand of service tax of 2% on services provided & invoices issued prior to 01.04.2012 - Delhi High Court Stays collection of differential demand of service tax of 2% on services provided and invoices issued prior to 01.04.2012 for which payment received after 31.03.2012 on following 8 categories of profess...

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Security Service includes investigation, detection or verification – CBEC

Notification No. 46/2012-Service Tax (07/08/2012)

Notification No. 46/2012-ST Security service has also been notified under reverse charge on which liability to pay service tax would be partly on service provider (25%) and partly on the service receiver(75%). This provision is applicable when service is provided by any individual, HUF, partnership firm or AOP to a business entity registe...

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Company liable to pay service tax on services received from its directors

Notification No. 45/2012-Service Tax (07/08/2012)

Company receiving services from the directors are being brought into tax net as new Notification No. 45/2012-ST, dated 7-8-2012 has clarified that in respect of services provided by the directors to company, liability to pay service tax would be on the company under reverse charge. Companies would be required to pay service tax on gross a...

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FM promised to review GAAR provisions & retrospective amendments

Income tax press release (06/08/2012)

Clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution, and an independent judiciary will provide great assurance to investors. We will take corrective measures wherever necessary. We have recently appointed two Committees, one to examine GAAR legal provisions and guidelines...

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Income from providing services to tenants is taxable as business income

Assistant Commissioner of Income-tax, 20(3), Mumbai Vs Vijay S. Mallya (ITAT Mumbai)

The issue whether a particular let out is business or earning rental income by the owner of the premises has to be decided in the facts and circumstances of each case. Therefore, so far as the rental income for the let out premises owned by the assessee is concerned, the issue is settled by the Supreme Court in various decisions and it ha...

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