Recently Service Tax (Determination of Valuation Rules), 2012 vide Notification No. 11/2012 –S.T dated 17.03.2012 amended the Service Tax (Determination of Value) Rules, 2006 which were supposed to come into force from the date on which the new Section 66B (the new charging Section) comes into effect i.e. 1st July 2012 but the said Rules got superseded before coming into force vide Notification no. 24/2012-ST dated 06.06.2012 (the Notification no. 24/2012-ST).
ABCAUS is an Excel template that works like any modern Billing, Accounting and Reporting Software. It has facility for and provides synchronised outputs for: 1. Bill Issue to Clients 2. Receipt Issue to Clients 3. Voucher Entries + Auto Bill and Receipt Vouchers
Herebelow we are sharing a complete chart showing the penalties under Punjab VAT Act, 2005 for the benefit of all readers. Offence Penalty (In addition to tax and interest) Section Failure to Register An Amount equal to Tax due 52, 21 Failure to Pay tax when due A Sum @ 2% per month on tax […]
It is, therefore, reiterated that regional rural banks are not eligible for deduction under section 80P of the Income-tax Act, 1961, from the assessment year 2007-08 onwards. Furthermore, Circular No. 319, dated January 1 I, 1982, deeming any regional rural bank to be co-operative society stands withdrawn for application with effect from the assessment year 2007-08.
The Speed Post is a new mode of sending post, and therefore, this new postal mode if is not mentioned in Statute specifically, even then because of above reason that service by Speed Post is included in generic word Post or Registered Post.
Management service charges paid to AE by the assessee, which is closely linked to core business activities of the assessee, benchmarked by applying TNMM at entity level is held to be appropriate. Need and benefit from intra-group management services demonstrated by the assessee upheld – [McCann Erickson India Pvt. Ltd. v. ADCIT (ITA No. 5871/D/2011)]
This is a unique Ruling rendered by the AAR wherein the concept of PE of a group of companies has been discussed. It is well known that a subsidiary of a foreign company is not enough to qualify the former as a PE of later or its group companies. The mere existence of a company control is not, in fact, enough, in accordance with Article 5 of the OECD Model, However, considering the peculiar facts of the case, in this ruling the AAR has observed that 100% subsidiary is created for the purpose of attending to the business of the Group in India and therefore, such Indian subsidiary must be taken to be a PE of the Group in India.
Vexed over the delay in getting a birth certificate, a man in Virudhunagar hit upon a bizarre idea of sending a demand draft for Rs 100 as bribe to a local body, stunning the municipality authorities who made amends for the lapse and home delivered the document.
Issue -Whether the impugned order passed by the Income Tax Appellate Tribunal is perverse? In CIT versus Daulat Ram Rawat Mull, (1973) 87 ITR 349, the Supreme Court held that onus of proving what was apparent is not real is on the party who claims it to be so. There should be some direct nexus between the conclusions of fact arrived at by the authorities concerned and the primary facts upon which the conclusion is based. Use of extraneous or irrelevant material in arriving at the conclusion would vitiate the conclusion of fact, because it is difficult to predicate to what extent, the extraneous and irrelevant material has influenced the authority in arriving at the conclusion of fact.
Assessee has challenged the addition of Rs.30,914/- made by the Assessing Officer on account of non-occupancy charges as income from the business not covered under the principles of mutuality. Learned AR submitted that the assessee’s case is covered by the decision of the ITAT Mumbai Bench passed in ITA No.6325/Mum/06 for the assessment year 2003-2004 vide order dated 14-5-2009 in the case of the assessee itself.
