"11 March 2013" Archive

India Budget 2013- Determining certainty on the Tax Residency Certificate

The Finance Minister of India presented his last Union Budget 2013 (The Budget)amidst rough financial environment. The Budget proposals comein light of the current challenging economic scenario.It is clear that Indian economy is not insulated from the global slowdown. The Indian downtrend has forced the Finance Minister to recommend slew ...

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Posted Under: Income Tax |

Consideration received for providing IT support services not taxable FTS under DTAA, if no technical knowhow was made available

Sandvik Australia Pty. Ltd. Vs Deputy Director of Income-tax (ITAT Pune)

As per the agreement, assessee was responsible for updation of patches of the software and provision of backup and recovery services in respect of data stored on the centralised server. The responsibility of the assessee is to maintain and upkeep of the centralised server owned by it. Assessee has not imparted any technical know-how, ski...

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Order passed without dealing with objections filed by the Assessee is not valid

M/s Jay Bharat Marutu Ltd Vs ASSTT. Commissioner of Income Tax And ORS (Delhi High Court)

On going through the order dated 28.01.2013 we find that the same has been passed without any application of mind. To say the least, it is a cut-and-paste job. This is apparent from the fact that the paragraph 3 is merely a repetition of the provisions of section 147 and 148 of the said Act. Thereafter, paragraphs 4, 5 upto 5.6 comprise o...

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SEBI (Certification of Associated Persons In The Securities Markets) Regulations, 2007 – Obtainment Of Requisite Certification(S) By Associated Persons

Notification No. LAD-NRO/GN/2012-13/33/1103, (11/03/2013)

In terms of sub-regulation (1) of regulation 3 of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 (the Regulations), the Board may require, by notification, any category of associated persons as defined in the Regulations to obtain requisite certification(s)....

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Sec. 54B Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases

Extract Of Section 54B of Income Tax Act 1961 54B. (1) Subject to the provisions of sub-section (2), where the capital gain arises from the transfer of a capital asset being land which, in the two years immediately preceding the date on which the transfer took place, was being used by the assessee being an individual […]...

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Posted Under: Income Tax |

Difference between Management and Those Charged With Governance (TCWG)

For Accounting Professionals and Students it is very much of relevance to know the DIFFERENCE BETWEEN MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE (TCWG) in relation to SA-260 (Communication of audit matters to those charged with governance) in Standards on Auditing....

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Posted Under: Income Tax |

NBFCs to adopt revised Fair Practices Code by March 18, 2013

The Reserve Bank of India is entrusted with the responsibility of regulating and supervising the Non-Banking Financial Companies (NBFCs) by virtue of powers vested in the Reserve Bank of India Act, 1934. ...

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Posted Under: Income Tax |

DVAT Notification regarding submission of information in Form T-2

Notification No. F.7(433)/Policy-II/VAT/201 2/1349-1359 (11/03/2013)

In partial modification of Notification No. F.7(433)/Policy‑II/VAT/2012/1297-1307 dated 28.02.2013 I, Prashant Goyal, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section (1) read with sub-section (3) of section 70 of Delhi Value Added Tax Act, 2004...

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Book on New Law of Service Tax in India, March 2013

About the Book New Law of Service Tax in India, March 2013 Dr. Sanjiv Agarwal, FCA, FCS In the Finance Bill, 2013, not much of changes have been proposed. The revised budget estimates for the financial year 2012-13 is Rs. 1,32,697 crore (Rs. 1,24,000 crore BE). However, for the 2013-14 fiscal, Service Tax revenue has […]...

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Posted Under: Income Tax |

Reopening valid for Failure to disclose all material facts necessary for assessment

E.I. Dupont India Pvt. Ltd And ANR Vs The Deputy Commissioner of Income Tax (Delhi High Court)

In view of the fact that this pre-condition has not been satisfied, we feel that the impugned notice dated 07.03.2012 as also the order dated 31.05.2012 ought to be set-aside. It is ordered accordingly. All the proceedings pursuant to the notice dated 27.03.20 12 are quashed....

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