It all started about 2-3 months ago, when I suddenly starting receiving e-mails in my inbox from unknown people who were enthusiastic to share borrowed knowledge with me – borrowed because was forwarded presentations created by people other than the ones from whom I received the e-mails. It bothered me little, for getting more knowledge seemed no harm.
The bank’s customers holding credit cards purchase goods from shops and the bank pays to the shop keeper on their behalf. Till the customers pay up the money to the bank, they are debtors and they stand in the shoes of borrowers. If that be the case, the amount transacted is a loan and interest must accrue to the bank in the event of delay in repayment thereof.
In order to simplify the process of single & centralized registration, the requirements of documents vide Annexures-I & IA have been re-casted. (Refer Annexures I & IA).
It is to bring to the notice of all trade associations and stake holders that Clarification has been sought whether Service Tax is payable on rent paid by them to various building owners who has given the buildings on rent to Govt. Departments for office purpose.
Section 44AD deems the net profit rate at 8% in cases where accounts are not maintained and turnover is up to Rs. 40.00 lacs. This however, does not mean that profit will lower when the turnover is more than Rs. 40.00 lacs.
These rules may be called the Post Office Savings Account (Amendment) Rules, 2012. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In Post Office Savings Account Rules, 1981, in rule 4A, in the Table, —
In the present case, there is no unilateral act of the assessee of making any entry in respect of the trading liabilities in its books of account. Therefore, a sine qua non for attracting section 41 in the present case, is that the assessee should have obtained a benefit by way of remission or cessation of a particular amount in the previous year corresponding to the assessment year in question.
It is a undisputed finding of fact that the collected bagasse has been used by the assessee to make briquettes for fuel as that indeed is the business of the assessee. The reliance upon the circular No.772, dated 23-12-1998 by the revenue is misplaced. The aforesaid Circular does not restrict its benefits only to local bodies.
Assessee was promoter and marketer of services of banks as well as insurance company, and was auxiliary in the chain of economic activity carried on by them. Assessee had accordingly provided Business Auxiliary Service to the banks as well as insurance company.
Even though the Tribunal had not given any finding as regards the primary purpose, yet a reading of the order of the Assessing Officer shows that he had considered the clauses in the trust deed to arrive at the finding that the primary objects of the trust are charitable in nature and that the property given was impressed with the character of trust property.
