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Archive: 2012

Posts in 2012

Approval by Central Government must to claim deduction u/s.10B for 100% EOU

December 6, 2012 3607 Views 0 comment Print

In the instant case, there is no notification or official document suggesting that either the Interministerial Committee, or any other officer or agency was nominated to perform the duties of the Board (constituted under section 14 of the IDR Act), for purposes of approvals under section 10-B.

Penalty should not exceed 25% if service tax deposited before issue of SCN

December 6, 2012 2486 Views 0 comment Print

In this case, the service tax itself was concededly paid on 3.3.2009, i.e., before the show cause notice which was issued on 12.3.2009. The Order in Original confirmed the said demand for Rs. 3,54,37,986/- which had been so deposited.

Download Excel Gantt Chart Maker

December 6, 2012 2548 Views 0 comment Print

ABCAUS Excel Gantt Chart Maker Gantt charts illustrate the start and finish dates of the terminal elements and summary elements of a Schedule. With this excel based Gantt Chart Maker, Bar Chart of various schedules, like an Audit Program can be prepared. Download ABCAUS Excel Gantt Chart Maker

Admissibility of benefit of composition under Works Contract on-going contracts as on 01.06.2007?

December 6, 2012 1563 Views 0 comment Print

Those who had paid tax as per the provisions and classification existing prior to 1-6-2007 and those who opted for payment of tax under the provisions of rule 3 ibid and paid tax after exercising the option belonged to different classes and, therefore, the impugned circular or the provisions of rule 3(3) ibid were not discriminatory.

Delay in filing appeal condoned as director was abroad at the time of receipt of Order

December 6, 2012 993 Views 0 comment Print

Appellant’s signatory director of the applicant company was abroad during the time when the orders were received from the superintendent, and when the orders were served on the consultant. It is the submission of the ld. Counsel that the appellant company or the director was not aware of the receipt of the passing of the order.

Prima facie Value of Taxable services includes value of free material supplied

December 6, 2012 1035 Views 0 comment Print

Post service tax valuation rules, the said rules provides for inclusion of free material supplied by service recipients and has been directing the assessee in other cases to deposit some amount of the Service Tex liability for the period post service Tax valuation rules as a condition to hear and dispose the appeal.

Core Investment Companies – Overseas Investment (Reserve Bank) Directions, 2012

December 6, 2012 1174 Views 0 comment Print

Core Investment Companies (CICs) invest primarily in group companies, in different sectors of the economy. Being holding companies they need to invest in both financial and non-financial activities. It has therefore been decided to issue a separate set of Directions to CICs with regard to their overseas investments.

Public Notice No. 34 (RE-2012)/2009-14, Dated: 05.12.2012

December 5, 2012 433 Views 0 comment Print

The existing SION A-1189 is applicable for Sodium Silicate in Liquid form, but does not say so specifically. To make the SIONs more specific, separate norms for liquid and solid forms are notified.

Property attachment notice cannot be challenged by a person who is not the owner of property

December 5, 2012 1901 Views 0 comment Print

It is not open to the petitioner to challenge the notice of attachment of immovable property as she is not the owner of the property as per her claim. If the notice has been wrongly issued to the petitioner, it is open to the petitioner to give a representation to the respondent authority setting out the details of the transaction that has taken place as above.

Raise personal income tax exemption to Rs 3 lakh, cut corporate tax to 25 %

December 5, 2012 6943 Views 0 comment Print

Raise personal income tax exemption limit to Rs 3 lakh, reduce service tax and excise tax to eight per cent from 12 per cent and increase deduction of interest on housing loan to 5 lakh to revive consumer demand and boost investment, ASSOCHAM said in its pre-Budget recommendations to the government. The effective rate of corporate tax should also be brought down to 25 per cent from 32.45 per cent at present.

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