In consultation with Unique Identification Authority of India (UIDAI), Government of India, it has now been decided that the Aadhaar Letter issued by UIDAI shall be admissible as Proof of Address in addition to its presently being recognized as Proof of Identity.
Notification No. GSR 630(E), dated 12-8-2012 – Company Law Board hereby makes the following regulations further to amend the Company Law Board Regulations, 1991, namely:— 1. (1) These regulations may be called the Company Law Board (Second Amendment) Regulations, 2012.
In this case initially the bank guarantee furnished, was not a duty deposit in advance, but a security. After the duty was determined, the encashment of bank guarantee will amount to duty paid as the encashed bank guarantee lost its character of security.
In the present case, the provisions of sec.74(1) as amended w.e.f. 1.4.2003 have been relied upon by the revenue authorities to disallow the assessee’s claim for set off of long-term capital loss relating to AY 2001-02 against short-term capital gain of the year under consideration and as already noted by us, the plain grammatical construction of the language of sec.74(1) as amended w.e.f. 1.4.2003 makes it clear that the same are applicable and deal with carry forward and set off of loss under the head “capital gain” incurred in AY 2003-04 and subsequent years. The right accrued to the assessee by virtue of sec.74(1) as it stood prior to the amendment made w.e.f.1.4.2003 thus has not been taken away either expressly by the provisions of sec. 74(1) as amended w.e.f. 1.4.2003 or even by implication.
ON DIRECTORS SERVICES – In the absence of mention of any date in the notification, it shall be effective from the date of publication in official gazette i.e. 7th August, 2012. For services provided between1st July, 2012 to 6th August, 2012, directors will be liable to charge service tax.
Hon’ble Jurisdictional High Court has held that income in this case is chargeable u/s. 44D read with section 115A of the Act. However, I also note that tribunal in earlier round remitted the issue to the file of the Assessing Officer to give the finding as to whether the assessee is entitled to exemption under DTAA between the India and UAE.
After new regime in service tax has been introduced, there hves been various issues regarding availability of Cenvat Credit for Real Estate Industry. Through this write-up all major issues have been clarified specifically.
Accrual of income is a well-known concept of taxation jurisprudence. It is a fact that assessee is following the Mercantile system of accounting and as per the established principles of that system, whatever accrues to an assessee in a particular AY has to be offered for taxation for that particular year. In our opinion the concept of real income or no real income can never be a concept which can work if it is at variance with the statutory provisions.
Service by Directors to the Company: As per this amendment, the services provided by a Director to the Company, the entire service tax has to be paid by the Company under Reverse charge but what happen for a period from 1st July 2012 and till 6th August 2012, when there was no reverse charge mechanism for the service by Director to the Company was taxable.
The best way to start a business is to incorporate Private limited company because it has many advantages like limited liability of members and directors, separate legal entity, easy compliance, etc. A company can be formed with minimum 2 directors and minimum paid up capital of Rs 1 Lakh.
