"18 December 2012" Archive

No Service Tax on Reimbursements Is Ultra Vires

Service providers and professionals are aware that Service Tax is payable @ 12.36 percent on the value to taxable services which implies gross amount charged by the service provider for such service provided or agreed to be provided. However, where the consideration is not in money form, wholly or partly, value means money consideration ...

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Public Notice No. 38 (RE-2012)/2009-2014, Dated: 18.12.2012

Public Notice No. 38 (RE-2012)/2009-2014 (18/12/2012)

The details of existing PSIA’s at Sl.No.12, 13, 16, 17 and 18 in Appendix-5 of Handbook of Procedures (Vol-I) as notified in Public Notice No.20 dated 1.10.2012 are amended / corrected to read as under....

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Business income of trust eligible for Exemption U/s. 11 if it is incidental to its objects

PHD Chamber of Commerce & Industry Vs Director of Income Tax-Exemptions (Delhi High Court)

The assessee, a chamber of commerce and industry, in the course of pursuing its objects rendered several services, such as, certification, committee room services, secretarial services and facilities, energy audit, etc. to its members and non-members for a fee. It was registered under section 12A. From the assessment year 1996-97 up to th...

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Airport Authority isn’t a ‘municipality, Agricultural land situated within its jurisdiction is not a ‘capital asset’

Smt. T. Urmila Vs Income-tax Officer, Ward-6(2) (ITAT Hyderabad)

Land which does not fall under the provisions of section 2(14)(iii) of the IT Act and an assessee who is engaged in agricultural operations in such agricultural land and also being specified as agricultural land in Revenue records, the land is not subjected to any conversion as non-agricultural land by the assessee or any other concerned ...

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Companies Bill approved by Lok Sabha with mandate on CSR spending

Lok Sabha today passed the Companies Bill , with the government saying the aim is to protect interest of employees and small investors while encouraging firms to undertake social welfare voluntarily instead of imposing that through inspector raj. Replying to a debate before the bill was passed by a voice vote, Corporate Affairs Minister S...

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Posted Under: Service Tax | ,

RBI keeps key rates unchanged in mid-quarter policy review

The Reserve Bank of India has decided to keep all the key rates unchanged in its mid-quarter policy review today. The repo rate has been kept unchanged at 8 per cent and the cash reserve ratio has also been kept unchanged at 4.25 per cent. Consequently, the reverse repo rate will remain unchanged at 7 per cent, and the marginal standing f...

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Posted Under: Service Tax |

Time Limit to initiate proceedings u/s. 201(1)/201(1A) Prior to amendment of s. 201(3) vide Finance Act, 2009

Assistant Commissioner of Income-tax Vs Catholic Relief Services (ITAT Delhi)

In the instant case, while referring to the proviso in the newly inserted provisions of section 201(3) introduced by the Finance (No. 2) Act, 2009 with effect from 1-4-2010, the Assessing Officer concluded that he was competent to pass such orders for the aforesaid financial years at any time on or before 31-3-2011 while the Commissioner...

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PF Circular on definition of ‘basic wages’ Kept in Abeyance

Notification No. 7(1)2012/RCs Review Meeting/21224 (18/12/2012)

Circular No. 7(1)2012/RCs Review Meeting/345 dated 30th November, 2012 on Guidelines for Quasi-judicial proceedings under Section 7A of the Employees' Provident Funds & Miscellaneous Provisions Act, 1952....

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Corrigendum to General Circular No: 39/2012 related to XBRL Filing Due Date

General Circular No. 41/2012 (18/12/2012)

Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode for the financial year commencing on or after 01.04.2011- Corrigendum to General Circular No: 39/2012. ...

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If internal and external comparables available then TPO justified in adopting CUP method for comparability analysis instead of TNMM applied by assessee

RBS Equities (India) Ltd. Vs Additional Assistant Commissioner of Income-tax (ITAT Mumbai)

As regards the method to be adopted for comparability analysis, the contention of the revenue that CUP is the most appropriate method in the facts and circumstances of the case especially when internal comparables are available for the comparability analysis, has to be accepted. Therefore, there is no infirmity in the action of the Assess...

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