"20 November 2012" Archive

A Simplified Approach to Service Tax under Reverse Charge

Normally, service tax is payable by service provider by charging it in invoice raised upon the service recipient. Section 68(2) makes the person receiving the service liable to pay tax. In certain cases, liability to pay service tax has been partly shifted upon the service recipient whilst in some cases it is fully shifted. ...

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Pay Service Tax with interest on Renting of Immovable Property by 27.11.2012 to avoid penalty

If you have put your immovable property on rent for use in furtherance of business or commerce and annual rent amount, alone or with the amount of other taxable services, exceeds Rs. 10 lacs and further, you have any service tax amount related to such renting due since 1st June, 2007, you have an opportunity to pay such due with interest ...

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Posted Under: Service Tax |

Amended Provisions of CENVAT Credit with special reference to Projects

A. Capital Goods - As per CENVAT Credit Rules, 2004 the capital goods means the following goods used in the factory of manufacturer (also used outside in case of captive power) :...

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Posted Under: Service Tax |

ICAI retains answer books for 120 days from the date of declaration of result

The answer books involving applications received seeking verification, inspection and/or certified copy, as also the applications received under the Right to Information Act, 2005, in relation to a given examination are retained for a maximum period of one year from the date of declaration of results of relevant examination...

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Posted Under: Service Tax |

All about PAN Structure

PAN structure is as follows: AAAAA9999A. First five characters are letters, next four are numerals, last is a character letter. If PAN does not follow the above structure, PAN will be shown as invalid...

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Posted Under: Service Tax | ,

Commercial property renting by bank is not a banking activity

Income Tax Officer, Ward 1(1), Trivandrum Vs Kerala State Co-op. Bank Ltd. (ITAT Cochin)

Business of the taxpayer is banking and the business connection between the tenant and taxpayer has nothing to do with banking operation carried on by the taxpayer. Further, the Kerala High Court in Kottayam District Co-operative Bank Ltd. v. CIT [1991] 188 ITR 568 has also taken a similar view. Therefore, this Tribunal is of the consider...

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All About Abatements in Service Tax

1.Financial leasing services- 10% taxable -Financial leasing includes hire charges but excludes operating lease - The value of taxable service would be 10% i.e. abatement of 90% has been granted unconditionally. Taxability is defined as follows: -Interest chargeable to the extent of 10% -Principal amount not subject to tax ...

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Professional Opportunities In Service Tax

As the gamut of service tax expands, there is going to be ever increasing need for professionals to advise and assist the assessees. A Chartered accountant and other professionals (Advocates, CS etc.) with proper training and experience is considered to be well equipped to position in the dynamic role as an advisor and facilitator for com...

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Income tax rate Chart for Financial Year 2012-13

Income tax rate Chart for Financial Year 2012-13 / Assessment year 2013-14 . Tax Rates For Individuals (Men & Women), Hindu Undivided Families, Association of Persons and Body of Individuals...

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Posted Under: Service Tax | ,

Reimbursement of Expenses not covered by Section 269SS or 269T

ITO V/s. VS Hostel (Gujarat High Court)

On a plain reading of the provisions of section 269SS and 269T of the Act, it is amply clear that the said provisions would be attracted when loans or deposits in excess or twenty thousand rupees are made or repaid. Thus, a basic precondition for falling within the ambit of the said provisions is the existence of a loan or deposit....

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Delay in Appeal cannot be condoned for Time lost in internal decision making

Bharat Sanchar Nigam Ltd. Vs Commissioner of Customs & Central Excise (CESTAT Delhi)

Delay in present case has occurred not account of any substantial and sufficient reasons but on account of negligence of the appellant. If such delays are condoned, the meaning of limitation of thee months provided by legislature in the Central Excise Act would become meaningless and redundant. ...

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No TDS on Interest on delayed compensation / Award under Motor Vehicle Act

Commissioner of Income-tax Vs Oriental Insurance Co. Ltd. (Allahabad High court)

The award under the Motor Vehicle Act is like a decree of the court. It do not come within the definition of income as mentioned in Section 194A(1) read with Section 2(28A) of the Income Tax Act. Proceedings regarding claim under Motor Vehicle Act are in the nature of a garnishee proceedings under which the MACT has a right to attach the ...

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HC upheld disallowance of lease premium amortization as Annual Lease Rent was very nominal

Gail India Ltd. Vs Joint Commissioner of Income-tax (Delhi High Court)

It is no doubt true that the decisions in HMT (Supra), Sun Pharmaceuticals (supra) and Gemini Arts (supra) dealt with fact situations where the assessee had obtained long lease, and where the Court found the down payment as lumpsum premium to be a real advance rental payment which therefore qualify as revenue expenditure. At the same time...

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Service tax on Charges for terminal handling, DOC & bill of lading services used for export are eligible for refund

Akanksha Overseas Vs Commissioner of Service Tax, Surat (CESTAT Ahmedabad)

As correctly pointed out by the learned counsel in the case of Ramdev Food Products (P.) Ltd. v. CCE [2012] 21 taxmann.com 410 (CESTAT - Ahd.) and again in the case of CCE v. Ramdev Food Products (P.) Ltd. [Final Order Nos. A/861-863/2010-WZB/Ahd., dated 30-6-2010] this bench has held that refund of service tax paid on THC, DOC charges, H...

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Pest control, sewage disposal, AMC of AC & computers are input services

ADC India Communications Ltd. Vs Commissioner of Central Excise, Bangalore (CESTAT Bangalore)

The services/activities in question are pest control, annual maintenance contract (AMC) for ST plant for sewage disposal, AMC for air conditioners for instrumentation room, canteen facility and AMC for computers. The learned counsel for the appellant relies on the following decisions in support of their claim of CENVAT credit on the afore...

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Measures for promoting cost efficiency of imports by Indian Trade and Industry – regarding

F. No.450/95/2012-Cus.IV (20/11/2012)

Trade has represented that with the growing container traffic in India, allowing the importers to transfer the goods from foreign containers to domestic shipping containers under Customs supervision in respect of imported goods lying uncleared for more than five days in a Customs area (CFSs / ICDs), can prove beneficial in reducing outfl...

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CA Final Exam of Indirect Tax Laws on 27.11.2012

The Final Examination in Paper 8 – Indirect Tax Laws shall now be held on Tuesday, the 27th November, 2012 at the same venue and at the same timings, i.e. 2.00 PM to 5.00 PM. Admit Cards already issued would remain valid. ...

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Posted Under: Service Tax |

MVAT Notification for Amendment in Form 231,232,233,234,235

Notification NO. VAT/AMD-1012/1B/Adm-8 (20/11/2012)

In exercise of the powers conferred by sub-rule (1) and (2) of Rule 17A of the Maharashtra Value Added Tax Rules, 2005, the Commissioner of Sales Tax, Maharashtra State, Mumbai hereby, amends the forms appended to the Maharashtra Value Added Tax Rules, 2005 as follows, namely :—...

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Eight Lakh E-BRCs issued in First three Months

As nearly eight lakh Electronic Bank Realisation Certificates (eBRCs) have been issued in the first three months since the introduction of eBRC on August 17, 2012, Director General of Foreign Trade (DGFT) Dr. Anup K Pujari has written to Chairpersons of all the banks to address the issues pertaining to eBRC....

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Posted Under: Service Tax |

Income from trading in shares in regular manner, is income from business

Swarnim Multiventures (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Hyderbad)

In the instant case, the assessee has made several transactions of purchase of shares during the relevant year. If there high volume, frequency and regularly of the activity carried on by the assessee is in a systematic manner, it would partake the character of business activities carried on by the assessee in shares, and it cannot be sai...

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Export of Goods & Software – Realisation & Repatriation of export proceeds – Liberalisation

RBI/2012-13/298 A.P. (DIR Series) Circular No. 52 (20/11/2012)

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 40 dated November 01, 2011 enhancing the period of realization and repatriation to India of the amount representing the full export value of goods or software exported, from six months to twelve months from the date of export. This...

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Second Quarter Review of Monetary Policy 2012-13 – Definition of ‘Infrastructure Lending’

RBI/2012-13/297 DBOD.BP.BC.No. 58/08.12.014/2012-13 (20/11/2012)

It has been decided to harmonise the definition of ‘infrastructure lending for the purpose of financing of infrastructure by the banks and Financial Institutions’ with that of the Master List of Infrastructure sub-sectors’ notified by the Government of India on March 27, 2012. Accordingly, the revised definition of ‘infrastructure...

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Mini derivative (Futures & Options) contract on index (Sensex & Nifty)

Circular No. DRMNP/4/2012 (20/11/2012)

SEBI vide Circular No. SEBI/DNPD/Cir-33/2007, dated December 27, 2007 had permitted Stock Exchanges to introduce mini derivative contract on Index (Sensex and Nifty) with a minimum contract size of INR 1 lakh....

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Change in the territorial jurisdictions of Central Excise Zones in Karnataka

Notification No. 30/2012-Central Excise (N.T.) (20/11/2012)

The principal notification number 14/2002-Central Excise (N.T.),dated the 8th March, 2002 was published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i), vide number G.S.R.182 (E), dated the 8th March, 2002, and the same was subsequently amended vide notification number 22/2002-Central Excise (N.T.)....

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