"06 September 2012" Archive - Page 2

S.54 exemption not available on House not having basis amenities

Ashok Syal Vs Commissioner of Income-tax (Punjab and Hariyana High Court)

In the instant case, in order to examine the entitlement of the assessee for exemption under section 54, it is to be seen whether the assessee had constructed residential house within three years of the transfer of his property. For doing so, the meaning of the term 'house' is to be explored. The term 'house' has not been given any statut...

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Chart of Service Tax under Reverse Charge Mechanism by a Corporate Entity

In this Article Author has discussed Reverse Charge Mechanisam on Services of an insurance agent to any person carrying on insurance business, Services of goods transport agency in respect of transportation of goods by road, Services by way of sponsorship , Services of an arbitral tribunal Services of advocates (individual/firm), Ser...

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Posted Under: Income Tax | ,

VAT (What) is the confusion all about in real estate- Part I

The state government’s move to generate revenue by taxing the sale of flats and imposing a VAT levy on the same has stirred up a hornet’s nest! VAT to many, is seeming like a new entrant to the list of levies on the already heavily burdened real estate sector and therefore there is a stiff opposition that the government is facing from...

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Posted Under: Income Tax | ,

Rate of exchange of conversion of each of foreign currency WEF 07th September, 2012

Notification No. 80/2012-Customs (N.T.) (06/09/2012)

Notification No. 80/2012 - Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 7th September, 2012 be the rate men...

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HC take note of Denial of TDS credit & illegal adjustment of refund by CPC Bangalore

Court on Its Own Motion Vs Commissioner of Income-tax (Delhi High Court)

The assessees must be given an opportunity to file response or reply and the reply will be considered and examined by the Assessing Officer before any direction for adjustment is made. The process of issue of prior intimation and service thereof on the assessee will be as per the law. The assessees will be entitled to file their response ...

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Verification mechanism & monitoring of export obligation under duty exemption/ reward Schemes- reg

Circular No. 25/2012-Custom Duty (06/09/2012)

Circular No. 25 /2012-Cus oard has decided to prescribe that when address verifications or Installation Certificate verifications are requested by the Customs authorities in respect of EPCG authorizations, the Central Excise authorities should include, in their verification, a check of the periodical utility bills (containing the address)...

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Income-tax Department to Use Rs. 80 crores to enhance organizational efficiency

The Directorate of Income-tax has informed vide letter dated 27.08.2012 that the Finance Minister has approved utilization of 1% incremental revenue earned during F.Y. 2009-10 amounting to Rs, 80.63 crore. The amount has to be utilized for enhancing organizational efficiency, infrastructure and wherewithal. The Officers have been requeste...

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Posted Under: Income Tax |

Change & enhancement under Punjab Value Added Tax Act, 2005 & Punjab Tax on Luxuries Act, 2009 wef 05.09.2012

Sale made to CSD is Tax free and sale made by CSD is taxable. Change in Rate of Tax on shoes including moulded plastic footwear, hawai chappals and straps thereof, plastic footwear and hand crafted footwear. Now brick kiln owners are liable to pay double tax on the determined slabs....

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Posted Under: Income Tax |

Challenges in Finalization of Accounts for the year 2011-12 post new Cost Accounting Records Rules

Ministry of Corporate Affairs has done a remarkable job for the industry by issuing notifications with regard to Common Cost Accounting Record Rules, 2011 and six other Specific Cost Accounting Record Rules. Earlier there were 44 Cost Accounting Record Rules for different Industries and Cost Records were required to be prepared as per spe...

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Posted Under: Income Tax |

Processing fee levied on all VAT dealers -Luxury tax, Lump sum tax on brick klins doubled in Punjab

Excise & taxation Department, Punjab has levied processing fee of Rs. 800 on every taxable dealer (i.e Person having VAT registration) in Punjab under a new Rule 40-A of Punjab VAT Rules, 2005. This rule provides as under:...

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Posted Under: Income Tax |