"September, 2012" Archive

‘Reasonable steps’ in Cenvat Credit Rules – Signals of coming back ..!!

Off late many assessees faced the wrath of the Department by way of Show Cause Notices, spot recoveries and personal penalties owing to the alleged failure to take reasonable care while taking Cenvat credit. If the default of duty or tax payment is necessitated either due to genuine reasons or conscious evasion, the assessees at the recei...

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Estimation of income in case of civil contract work at 6% of gross receipt is just where 80% of amount was towards purchase of material

Girish Chandra Nayak Vs Income-tax Officer (ITAT Cuttack)

In this view of the matter, the estimation at 8% confirmed by the learned CIT(A) by deleting these additions and disallowances made u/ss.68 and 69 we hold 7% profit as reasonable to be taxable income on the gross receipts disclosed by the assessee in its financial statements. ...

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Service tax on transport of passengers by Air – Draft circular

F. No.354 /146/2012 - TRU 27/09/2012

Issue (a) : Whether service tax of 4.944% (60% abatement) will apply to related charges such as reconfirmation fee, upgrade fee, date change, additional collection, etc., levied by airlines to passengers?...

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Cenvat Credit on Advances towards provision of taxable service

Input service is defined in Rule 2(l) of Cenvat Credit Rules, 2004 as service used by the manufacturer or service provider. Wherever the word “input service’ appears in Cenvat Credit Rules, it would connote the meaning as input service used. Being so, Service Tax on advances, inasmuch as it relates to a service provided and not used b...

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Analysis of Rule 3 of Point of Taxation Rules, 2011

The purpose of presenting this article to the various members is to provide the clarity on the issue regarding the booking of income (without raising invoice to the respective parties) at the end of the financial year say March 2012 and the applicability of Service Tax on this income. In other words, when the service provider has provided...

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No Service Tax Return Filing Till Modification in ST 3 Form

All Service Tax assessees are hereby informed that they will not be able to file ST 3 returns in ACES now and have to wait until the modified version of ST 3 Form is made available in a few weeks. Please revisit ACES website(http://www.aces.gov.in) for further information. Inconvenience caused is regretted....

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Posted Under: Service Tax | ,

No service tax on railway tickets issued prior to 1-10-2012

Levy of Service Tax on Railway Passengers Travelling in AC Classes/First Class from 1-10-2012 - No Service Tax to be Levied on Tickets Issued Prior to 1-10-2012 - In Case of Cancellation of Tickets Issued on or after 1st October 2012, the Applicable Amount Including Service Tax to be Refunded by Railways...

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Posted Under: Service Tax |

Income Tax offices to remain open on 29th & 30th September, 2012

Order [F.No.225/163/2012/TA-II] 28/09/2012

The Board has decided that the Income-tax offices all over India shall make special arrangements by opening of receipt counters on 29th & 30th September, 2012 being Saturday & Sunday respectively for the convenience of taxpayers....

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Section 295 of Companies Act, 1956 – An Analysis

Section 295 of Company Law deals with the loan given to DIRECTORS of the company. It also covers the security or guarantee provided for the same. Let us see in each detail, all the aspects of this section. As per section 295 of Companies Act 1956, previous approval of Central Government is required, if any company directly or indirectly-...

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Special Allowances Where Exemption Depends Upon Actual Expenditure By Employee

The following allowances are exempt under section 10(14) to the extent the amount is utilized for the specified purpose for which the allowance is received. In other words, in the cases given below the amount of exemption under section 10(14) is –...

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