"02 March 2013" Archive

Transfer pricing provisions do not put any cap on number of comparable to be selected by TPO

Willis Processing Services (I) (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Mumbai)

Under the Transfer Pricing Regulations, the number of comparables may be one or more than one; but there is no upper limit prescribed u/s 92C of the I T Act. However, the first proviso to se.92(2) indicates that more than one price can be considered for determination of ALP and in such a case, the ALP shall be taken to be arithmetic mean ...

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Union Budget 2013-14 – Income Tax & Service tax Highlights

We have hereby attempted to elucidate and analyze the major and important amendments proposed in the Direct Tax and Service Tax Laws, with their implications; and are sure that the same would be handy to you....

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Posted Under: Income Tax | ,

Budget 2013-14 – Analysis of Income Tax Provisions

 1. Personal Income Tax: Minor relief of Rs.  2000   Slabs of taxation not revised Ad-hoc Relief of Rs.  2000 for Tax Payers in the first bracket of Rs.  2 lakhs to Rs.  5 lakhs. Relief available to Individuals having total income upto Rs. 5 lacs....

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Posted Under: Income Tax |

Service Tax Voluntary Compliance Encouragement Scheme, 2013 – FAQ

Scheme to whom it is applicable? The person who has not paid the tax dues. Tax Dues means the service tax due or payable under the Chapter or any other amount due or payable under Section 73 A thereof for the period beginning from 1st day of October 2007 to 31st December 2012 including a CESS, leviable thereon under any other ACT for t...

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E-version of Service tax Return to be available by 1st week of March, 13

The revised Form ST-3 is expected to be available on ACES by the first week of March. However in the event of any delay, the last date will be suitably extended and adequate time given so that no inconvenience is caused to the assessees. ...

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Posted Under: Income Tax |

Assessee can take Cenvat Credit of service tax paid on input services availed by it prior to date of its registration

C. Metric Solution (P.) Ltd. Vs Commissioner of Central Excise (CESTAT Ahmedabad)

There is no provision in the rules that credit was not available to unregistered manufactures. Manufacturers exempted from the registration do not cease to be a manufacturer of excisable goods. This case squarely covers the issue in this case also. Therefore, in respect of the goods manufactured during the period when the appellant was no...

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Submit Articles on budget 2013-14 by E-Mail for Publication

We would like to invite Article / Analysis on on Budget 2012-13 from Accounting, Tax, Finance and Legal professionals on taxation, Accounting, Finance, Audit and Corporate law. Article will be Published with details of the Author which they send with the Article. For Publication of Your Article on www.taxguru.in E mail your articles at:-...

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Posted Under: Income Tax |

Voluntary Compliance Encouragement Scheme, 2013 – A Defaulter Friendly Scheme

a new scheme has been introduced for defaulter - service tax assessees named as Service Tax Voluntary Compliance Encouragement Scheme. While announcing this scheme, it was said by hon’ble Finance Minister that there are nearly 17,00,000 registered assessees under service tax, ...

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Posted Under: Income Tax | ,

Income Tax Calculator for FY 2013-14 / AY 2014-15

CA Srikant Agarwal We have uploaded below Income Tax Calculator for Financial Year 2013-14 or Assessment Year 2014-15 after making the changes effected by union budget 2013-2014.  The calculator calculates Income Tax from Financial Year 2006-07 to 2013-14 and also contains Income Tax Rate for the period from 1997-98 to 2013-14. The Calcu...

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Union Budget 2013-14 – Highlights of Direct Tax Proposals

The Direct Taxes Code Bill is to be re-introduced before the end of this Budget Session. The Bill is expected to give due weightage to the recommendations of the Parliamentary Standing Committee on Finance and incorporate the best global practices. The other major proposals on the direct taxes front are as follows –...

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Posted Under: Income Tax | ,

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