"June, 2013" Archive

Service by Non- Profit Entity to its Members- Taxability in Service Tax

S.N. 28 of the Exemption Notification no. 25 /2012 dated 20.6.2012 exempts services by unincorporated body or a non profit entity registered under any law to own members by way of reimbursement of charge or share of contribution. a. As a Trade Union b. For provision of exempted services c. For the common use of its member in a housing ...

Read More
Posted Under: Service Tax |

HC expresses ‘Shock & Anguish’ at Mal-Administration by Tax Dept.

M/S Fateh Chand Charitable Trust Vs Commissioner Of Income Tax And Another (Allahabad High Court)

The income tax authorities are required to administer the Act. The right to administer, cannot obviously include the right to mal-administer. Thus, we find no words to express anguish as what kind of governance it had been....

Read More

CBDT Withdraws / Amends Circulars on Transfer Pricing

Chapter X of the Income-tax Act, 1961 contains special provisions relating to avoidance of tax. Terms such as 'associated enterprise', 'international transaction', 'intangible property', and 'specified domestic transaction' are defined in different sections of the Chapter....

Read More
Posted Under: Service Tax |

e-TDS/TCS RPU (version 3.5) for statements from FY 2007-08 onwards

e-TDS/TCS RPU (version 3.5) for statements from FY 2007-08 onwards released (28/06/2013) Key features of RPU 3.5 Addition/ deactivation of fields Change in quarterly TDS/TCS statement pertaining to FY 2013-14 onwards as below: Alternate contact details like e-mail and contact no. of the deductor and responsible person may be provided. Quo...

Read More
Posted Under: Service Tax |

File validation utility (FVU) version 3.8 for FY 2010-11 and onwards released (28/06/2013)

Key feature of FVU version 3.8 - Change in data structure of quarterly TDS/TCS statement pertaining to FY 2013-14 onwards as below: Alternate contact details like e-mail and contact no. of the deductor and responsible person may be provided. Quoting of TAN registration no. (if any) as provided by TIN. Minor head code is to be ...

Read More
Posted Under: Service Tax |

Key features of FUV version 2.134 applicable wef 01.07.2013

Key features of FVU 2.134 is as follows: 1. Addition of filler fields in: Deductor details (BH record) Challan details (CD record) Deductee details (DD record) Salary details (SD record). Applicable in case of 24Q, Q4....

Read More
Posted Under: Service Tax |

Bonafide claim of assessee for an expenditure to be revenue in nature which in itself is debatable, do not attracts provision of S. 271(1)(c)

Shervani Hospitalities Ltd. Vs CIT (Delhi High Court)

Issue raised by the assessee was debatable and capable of two views. The assessee had an arguable case or had taken a bonafide plea. The assessee had given his explanation and categorically and clearly stated the true and full facts in the return itself. He did not try to camouflage...

Read More

No addition during reassessment of a particular expense which has been duly examined by the AO during Original Assessment proceedings

Maruti Suzuki India Ltd. Vs DCIT (Delhi High Court)

Whether notice u/s 148 can be issued for disallowance of a particular expense which has been duly examined by the AO during the Assessment proceedings by asking for specific details but not mentioned in Assessment Order....

Read More

S. 80IB Expenditure incurred by a unit cannot be reallocated to another unit merely because the profits were significantly higher

CIT Vs M/s Delhi Press Patra Prakashan (Delhi High Court)

Whether the expenditure incurred by a unit can be reallocated to another unit engaged in job work and claiming deduction u/s 80IA and 80IB, as the case may be, merely because the profits were significantly higher than profits earned by the assessee from other units....

Read More

Benefit u/s 54B can be claimed even if new agricultural land is purchased prior to transfer of previously owned agricultural land

Asstt. CIT Vs Dr. S. Balasundaram (ITAT Chennai)

The assessee before execution of the sale deed purchased the properties vide document No. 8547/2008 on 18.09.2008 for Rs. 47,53,223/-, document No. 8743/2008 on 04.10.2008 for Rs. 51,47,014/- and document No. 8295/2008 on 24.09.2008 for Rs. 28,68,302/-...

Read More

First Report of Rangachary Committee on Taxation of Development Centres and IT Sector

The Committee set-up by the Government to examine some of the issues relating to taxation of income of persons engaged in the IT sector is glad to furnish its first report on some of these issues. Its report on the other issues will follow in due course. While furnishing this report, I must duly acknowledge […]...

Read More
Posted Under: Service Tax |

Empowering Through Value Addition And Overcoming Challenges In CA Profession

Let us first segregate the words and then it relate it with our profession. “EMPOWEREMENT” means” STRENGTHNING” and “VALUE ADDITION” in simple terms means -” ADDING VALUE”. So the basic argument is to strengthen the entire Chartered Accountancy profession through value addition of services which will not only help ...

Read More
Posted Under: Service Tax |

Registration Procedure under Gujarat Value Added Tax Act, 2003 for Companies

As per provision of Sec. 21 of the Gujarat Value Added Tax Act, 2003 a dealer is required to obtain compulsory registration when his total turnover in a particular financial year exceeds Rs. 5 lacs (including OGS, tax free sale and export) and turnover of purchase or sales of taxable goods exceeds Rs. 10,000/-....

Read More
Posted Under: Service Tax |

Luxury Tax Collection in Uttarakhand- A Reality

Advocate Rajnish R. Singla In order to discuss luxury tax collection in Uttarakhand- a reality, it will be imperative to go through The Preamble of Uttarakhand taxation & land Revenue Laws Act, 1975, Interpretation of Statutes, The Constitution of India....

Read More
Posted Under: Service Tax |

ICAI President's Message – July 2013

Dear Friends, It’s 6.18 in the morning. After getting back from a small walk, I had my first tea that is usually minus sugar and milk. My newspapers have been delivered. As I start reading some of them, I realise: Few more days and June will be over. July is ready to dawn in. July […]...

Read More
Posted Under: Service Tax |

Transfer Pricing – CBDT withdraws circular on Profit Split Method (PSM)

Circular No. 05/2013-Income Tax (29/06/2013)

Circular No. 05/2013 It is noticed the Circular appeared to give the impression that there was a hierarchy among the six method listed in section 92C and that Profit Split Method (PSM) was the preferred method in the case involving unique intangible or in multiple interrelated international transactions....

Read More

CBDT amends Circular on conditions relevant to identify development centres engaged in contract R&D services with insignificant risk

Circular No.06/2013-Income Tax (29/06/2013)

Circular No.06/2013 - (amending Circular No.03/2013 dated 26th March,2013) - It has been brought to the notice of CBDT that there is divergence of views amongst the field officers and taxpayers regarding the functional profile of development centres engaged in contract R&D services for the purposes of determining arm’s length price/tra...

Read More

Name availability guidelines,2011 – Registration of Electoral Trusts as Companies u/s. 25 of the Companies Act,1956

General Circular No. 12/2013 (28/06/2013)

However, the company to be formed under section 25 of the Act, shall be the new company and such company will be required to comply with section 293-A of the Act. Further, Name application may be accompanied with an affidavit to the effect that the name to be obtained shall be only for the purpose of registration of companies under Elect...

Read More

DVAT – Extension of date of filing Stock Statement in Form Stock -1 online

Notification No. F.7(43 3)/Policy-II//VAT/20 12/Part file/353-364 (28/06/2013)

In partial modification to Notification No.F.7(43 3)/Policy-II//VAT/20 12/472-483 dated 16.08.2012, I, Prashant Goyal, Commissioner, Value Added Tax, in exercise of the powers conferred on me under sub-section (1) read with sub-section (3) of section 70 of Delhi Value Added Tax Act, 2004, do hereby extend the date for filing of stock stat...

Read More

RBI releases Draft Guidelines on Wealth Management/Marketing/ Distribution Services offered by Banks

DBOD.CO.FSD.No. /24.01.026/2012-13 (28/06/2013)

As per extant instructions, banks are allowed to market insurance and mutual fund products as agents of other entities on non-risk participation basis. It has been observed that in some cases, banks did not have clear segregation of duties of marketing personnel from other branch functions, and bank employees were directly receiving incen...

Read More

A New ITR-5S Is Required For 44AD Firms

The assessment of the Partnership firms under the Income tax Act, 1961 has very specific characteristics and the “Remuneration and interest to partners” are two very specific figures without which one cannot calculate the tax liability of a partnership firm. ...

Read More
Posted Under: Service Tax |

Tariff of Gold and Silver Further Reduced – Notification No. 69/2013-Customs., (N.T.), Dated: June 28, 2013

Notification No. 69/2013-Customs (N.T.) (28/06/2013)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do...

Read More

Validity of circular issued by Commercial Tax Authorities under Uttarakhand VAT Act, 2005

To sum up, the Commissioner of Commercial Tax being so placed in the hierarchy of the department can issue instruction to his subordinates but in the administrative field only. There is nothing wrong if the Commissioner of Commercial Tax issue such circulars which bring to the notice of his subordinates things likes changes in legislation...

Read More
Posted Under: Service Tax |

Customs – Tariff Value of Silver Reduced – Gold Remains same

Notification No. 68/2013-Customs (N.T.) (27/06/2013)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC), being satisfied that it is necessary and expedient so to do...

Read More

Customs – Classification of Elements of Filters of Heading 8421

Circular No. 24/2013-Customs (27/06/2013)

The Board has noted that while majority of import data in National Import Data Base shows that 'elements of Filters' are being classified under Tariff Item 84219900 as parts of Filters...

Read More

Priority Sector Lending- Restructuring of SGSY as National Rural Livelihood Mission (NRLM) – Aajeevika

RBI/2012-13/559 RPCD. GSSD. CO. No 81/ 09.01.03/2012-13 (27/06/2013)

The Ministry of Rural Development, Government of India has launched National Rural Livelihood Mission (NRLM) by restructuring Swarnajayanti Gram Swarozgar Yojana (SGSY) replacing the existing SGSY scheme, effective from April 1, 2013....

Read More

RBI Guidelines on Valuation of Bonds issued by State Distribution Companies (Discoms)

RBI/2012-13/555 DBOD.BP.BC.No.105/21.04.132/2012-13 (27/06/2013)

As these bonds are to be acquired by banks under special circumstances and these have two distinct features, viz., (i) issued and serviced by State Discoms with the guarantee of the respective State Governments during the initial period and (ii) issued and serviced by the State Governments during the latter period, the following methodolo...

Read More

No Credit in any form for import of Gold

RBI/2012-13/557 A.P. (DIR Series) Circular No. 122 (27/06/2013)

Attention of Authorised Persons is drawn to our A.P. (DIR Series) Circular No. 103 dated May 13, 2013 & A.P. (DIR Series) Circular No. 107 dated June 04, 2013 on the captioned subject in terms of which, it was decided to restrict the import of gold on consignment basis by banks, nominated agencies/ premier / star trading houses who have b...

Read More

Priority Sector Lending-Targets and Classification-Bank loans to MFIs for on-lending- Amendment in income generation criteria

RBI/2012-13/558 RPCD.CO.Plan.BC 80/04.09.01/2012-13 (27/06/2013)

Please refer to Paragraph VIII (a) of circular No. RPCD.CO.Plan. BC.13/04.09.01/2012-13 dated July 20, 2012 on Priority Sector Lending-Targets and Classification wherein it has been mentioned, inter alia, that bank credit to MFIs for onlending will be eligible for categorization as priority sector advance if aggregate amount of loan, exte...

Read More

RBI Guidelines on Private Placement by NBFCs

RBI/2012-13/560 DNBD(PD) CC No. 330/03.10.001/2012-13 (27/06/2013)

NBFCs raise money by issuing capital/debt securities including debentures by way of public issue or private placement. In the case of public issue of such securities, institutions and retail investors can participate. Private placement, on the other hand, may involve institutional investors. It has however been observed that NBFCs have la...

Read More

Legal Provisions Relating To Appointment of Foreigners as Directors in Indian Companies

The foreign nationals or foreign citizen or Non-Resident Indians residing abroad can be appointed as a Director on the Board of Indian companies. A foreign body corporate may have 100% subsidiary company in India, may nominate one or all its Directors on the Board of the subsidiary Indian company who are foreign nationals....

Read More
Posted Under: Service Tax |

Service tax on Construction of dams & Canals for Sardar sarovar Narmada Nigam Limited

Whether Construction of dams & Canals on tender and contracts issued by Sardar sarovar Narmada Nigam Limited (SSNNL) is liable to service tax? First of all we have to look at the extract of 12th entry of Notification No. 25/2012(MEGA EXEMPTION) ST dated 20.06.2012, which states that benefit of mega exemption is available only  if [&h...

Read More
Posted Under: Service Tax |

IT – Anti-avoidance measures to discourage transactions by a resident assessee with persons located in a non-cooperative jurisdiction

Notification No. 47/2013 - Income Tax (26/06/2013)

Notification No. 47/2013 - Income Tax In exercise of the powers conferred by sub-section (3) of section 94A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely...

Read More

VAT Cir – 4T of 2013 – Amendments to the Maharashtra Value Added Tax Act, 2002

Trade Circular No. 4 T of 2013 (26/06/2013)

To give effect to the Budget proposals, a Bill (Legislative Assembly Bill No XI of 2013) to amend the Maharashtra Value Added Tax Act, 2002 was introduced in both the houses of the Legislature. The said. Bill has been passed by both the houses of the Legislature and the Act No VIII of 2013 is now published in the Maharashtra Government Of...

Read More

DVAT – Form ‘A’ under Central Sales Tax (Registration & Turnover) Rules, 1957 to be submitted online

Notification No.F.7(453)/Policy/VAT/20 12/339-349 (26/06/2013)

I, Prashant Goyal, Commissioner, Value Added Tax, Delhi, in exercise of the powers conferred on me by sub rule (1) of Rule 63 of the Delhi Value Added Tax Rules, 2005, in partial modification of Notification No.F.7(453)/ Policy/VAT/ 2012/298-308 dated 18/06/2013...

Read More

Exporter undertaking Project Exports and Service contracts abroad should submit form DPX1, PEX-1 and TCS-1

RBI/2012-13/548 A.P. (DIR Series) Circular No.118 (26/06/2013)

On a review, it has been decided to increase the time limit and henceforth the exporter undertaking Project Exports and Service contracts abroad should submit form DPX1, PEX-1 and TCS-1 to the Approving Authority (AA) i. e. AD Bank / Exim Bank / Working Group, within 30 days of entering into contract for grant of post-award approval....

Read More

External Commercial Borrowings (ECB) Policy – Import of Services, Technical know-how and License Fees

RBI/2012-13/552 A.P. (DIR Series) Circular No.119 (26/06/2013)

The above modifications to the ECB guidelines will come into force with immediate effect. All other aspects of the ECB policy, such as eligible borrower, recognized lender, end-use, all-in-cost ceiling, average maturity period, prepayment, refinancing of existing ECB and reporting arrangements etc. shall remain unchanged....

Read More

External Commercial Borrowings (ECB) Policy – Structured Obligations

RBI//2012-13/553 A.P. (DIR Series) Circular No.120 (26/06/2013)

On invocation of such credit enhancement, if the guarantor meets the liability and if the same is permissible to be repaid in foreign currency to the eligible non-resident entity, the all-in-cost ceilings, as applicable to the relevant maturity period of the Trade Credit / ECBs as per extant guidelines, would apply to the novated loan....

Read More

Risk Management and Inter Bank Dealings – A.P. (DIR Series) Circular No.121

RBI//2012-13/554 A.P. (DIR Series) Circular No.121 (26/06/2013)

Under the provisions of the said section, AD Category I banks are required to verify on a periodical basis that the forward cover outstanding is supported by underlying exposures. In this context, it is clarified that in case an FII intends to hedge the exposure of one of its sub-account holders, (cf paragraph 4 of schedule 2 to Notificat...

Read More

Download ITR – 5 for Online Filing AY 2013-14

Income Tax Department has released Income Tax Return (ITR )  5  as Applicable for Partnership Firms, AOPs, LLPs and BOIs for e-filing of Returns for A.Y. 2013-14 of Financial Year 2012-13. ITR form can be downloaded from the website  https://incometaxindiaefiling.gov.in/ ....

Read More
Posted Under: Service Tax |

Restoration of Charm of Settlement Commission

The budget for the financial year 2013-14 took a hard hand by drastically amending the penal provisions relating to the offences under the Central Excise and Service Tax law. Though these provisions are harsh in the way making certain offences as cognizable and non-bailable, but, these amendments seems to restore the charm of Settlement C...

Read More
Posted Under: Service Tax |

Donations u/s 80 G by employees through their respective employer to PMNRF

The Prime Minister of India, Dr. Manmohan Singh, has appealed to all citizens of India to stand with our distressed countrymen affected by the extensive devastation due to cloud burst and floods in the state of Uttarakhand where a large number of people have died and property worth crores of rupees has been damaged. The Prime Minister ha...

Read More
Posted Under: Service Tax |

India-Japan DTAA – taxability of a sum received from onshore activities to tax in India

The assessee is a company incorporated in and tax resident of Japan engaged in manufacturing of heavy machinery, providing technology oriented products and services to industrial, private and public sectors....

Read More
Posted Under: Service Tax |

Transfer and posting of Deputy/Asstt. Commissioners of Income-tax in Delhi

ORDER NO. 39 /G.O./ 2013-14 (18/06/2013)

Sub:- Estt. Group 'A' - Transfer and posting of Deputy/Asstt. Commissioners of Income-tax - Reg. The following transfers and postings in the grade of Deputy/Assistont. Commissioners of Income-tax ore hereby ordered with immediate effect and until further orders:-...

Read More

CBEC- Why Commissioners are not able to pass Adjudication Orders?

F.No. C-30013/19/2012-Ad.IVA/Ad.11 (25/06/2013)

During the Conference of the Chief Commissioner / Directors Generals with the Hon'ble Finance Minister on 28.08.2012 in Delhi, the issue of high pendency of Adjudication cases raised by Mr. S.B. Singh, Chief Commissioner, Hyderabad and Shri Sushil Solanki, Commissioner (ST), Mumbai-I was discussed. It was proposed, therein, to grant power...

Read More

Cenvat credit cannot be denied on inputs used in a process not considered as manufacture

We are sharing with you an important judgement of the Hon’ble Customs, Excise and Service Tax Appellate Tribunal of Bangalore (the CESTAT) in the case of the CCE Vs. M/s Amar Roto Prints [2013-TIOL-926-CESTAT-BANG] on following issue: Issue: Whether Cenvat credit can be denied on inputs used in a process not considered as manufacture an...

Read More
Posted Under: Service Tax |

CBEC Extends 24×7 Customs Clearance Facility for Export Cargo from 1ST July, 2013

Beginning 1st July, 2013, Customs clearance of all export goods will take place on 24×7 basis from four major Air Cargo Complexes/airports i.e., Bangalore, Chennai, Delhi and Mumbai. Thus, all exports including those made under export incentives scheme as well as duty drawback scheme will now be able to be move out of the country [&h...

Read More
Posted Under: Service Tax |

Maturity period for NSC reduced to 5 years & Change in Interest Rate

Notification No. G.S.R. 397(E) (25/06/2013)

NOTIFICATION NO. GSR 397(E) [F.NO.2/1/2013-NS-II], DATED 25-6-2013 In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (VIII Issue) Rules, 1989. namely:- 1. (1) These rules...

Read More

ECB window for financing outstanding 3G spectrum rupee loans to remain open upto March 31, 2014

RBI/2012-13/543 A.P. (DIR Series) Circular No. 114 (25/06/2013)

As per the extant policy, the payment for spectrum allocation may initially be met out of the Rupee resources by the successful bidders, to be refinanced with a long term ECB, under the approval route, subject to the condition that ECB should be raised within 12 months from the date of payment of the final installment to the Government....

Read More

New System of Filing of ITR- A Total Reversal of Taxation Reforms

We, in our country, have very specific set of law makers and they make the rules and regulations, specially the rules and regulation affecting the Tax payer public in a very strange way. Sometimes they brought a new of rules and procedures in the name of tax reforms and user friendly and then in a year or two they revert back to the more...

Read More

Banks not to loan against units of gold Exchange Traded Funds (ETF) and gold Mutual Funds

RBI/2012-13/541 RPCD. RRB. BC. No. 79/03.05.33/2012-13 (25/06/2013)

We have also been receiving references from certain banks asking whether advance against units of gold Exchange Traded Funds (ETF) and gold Mutual Funds is permitted. As these products are backed by bullion/primary gold, it is clarified that the restriction on grant of loan against “gold bullion” stipulated in terms of our circular da...

Read More

Remuneration payable to Statutory Central & Branch Auditors of Public Sector Banks from year 2012-13

Ref.DBS.ARS.No. BC. 08/08.92.001/2012-13 (25/06/2013)

Remuneration payable to the Statutory Central and Branch Auditors of Public Sector Banks from the year 201 2-13 DBS.ARS.No.BC. 08/ 08.92.001/ 2012-13 June 25, 2013 The Chairman & Managing Director, all Nationalised Banks and The Managing Director, Associate Banks of SBI Dear Sir, Remuneration payable to the Statutory Central and Branc...

Read More

Anti-dumping duty on imports of ‘Pentaerythritol’ from Chinese Taipei upto & inclusive of 27.04.2014

Notification No. 13/2013-Customs (ADD) (25/06/2013)

Whereas, the designated authority vide notification No. 15/19/2012-DGAD, dated the 25th April, 2013, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 25th April, 2013, had initiated review...

Read More

Buyback / Prepayment of FCCBs scheme under the approval route to continue till 31.12.2013

A.P. (DIR Series) Circular No. 115 (25/06/2013)

Considering the developments in the global financial markets and on a review of the aforesaid scheme, it has been decided that the existing scheme of Buyback / Prepayment of FCCBs under the approval route which expired on March 31, 2013 may be continued till December 31, 2013 and shall stand discontinued thereafter....

Read More

Anti-dumping duty on imports of ‘Acetone’ from Korea upto and inclusive of 9th June, 2014

Notification No. 12/2013-Customs (ADD) (25/06/2013)

Whereas, the designated authority vide notification No. 15/30/2013-DGAD, dated the 6th June, 2013, published in Part I, Section 1 of the Gazette of India, Extraordinary...

Read More

Date for raising ECB for working capital for civil aviation sector extended till 31.12.2013

RBI/2012-13/545 A.P. (DIR Series) Circular No. 116 (25/06/2013)

In terms of paragraph 2 (iii) of the aforesaid circular, the ECB for working capital for civil aviation sector should be raised within twelve (12) months from the date of issue of the circular. On a review, it has now been decided that the scheme of availing of ECB for working capital for civil aviation sector will continue till December...

Read More

RBI discontinues External Commercial Borrowings (ECB) in Renminbi (RMB)

RBI/2012-13/546 A.P. (DIR Series) Circular No. 117 (25/06/2013)

It has been observed that the facility of ECB in Renminbi (RMB) had remained unused so far. Accordingly, the scheme of ECB in Renminbi has been reviewed and it has been decided that this scheme may be discontinued from the date of issue of this circular....

Read More

Amendments to SEBI (Buy Back of Securities) Regulations, 1998 governing buy-back through open market purchase

Press Release No. 60/2013 (25/06/2013)

As part of SEBI's constant endeavour to align regulatory requirements with the changing market realities as well as to enhance efficiency of the buy-back process, the following changes to buyback of shares or other specified securities from the open market through stock exchange mechanism have been approved:...

Read More

Tariff Value fixed for Areca Nuts – Notification No. 67/2013-Customs (N.T.) Dated 25.06.2013

Notification No. 67/2013-Customs (N.T.) (25/06/2013)

In exercise of the powers conferred by Sub –section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Government , being satisfied that it is necessary and expedient so to do...

Read More

Entry Tax in Uttarakhand-A Reality

In order to discuss Entry Tax in Uttarakhand, it will be imperative to go through The Uttarakhand Tax on Entry of Goods into Local Areas Act, 2008. Interpretation of statutes, The Constitution of India. ...

Read More
Posted Under: Service Tax |

Standardizing process of filing application U/s. 10(46) of Income Tax Act, 1961

Notification under section 10(46) (24/06/2013)

Under section 10(46) of the Income-tax Act, specified income arising to a body or authority or Board or Trust or Commission, established or constituted by or under a Central or State Act or by a Central or State Government with the object of regulating or administering any activity for the benefit of general public, would be exempt from t...

Read More

Acknowledgement by RRBs at the time of submission of Form 15-G / 15-H

RBI/2012-13/542 RPCD.CO.RRB.BC.No. 78/03.05.33/2012-13 (24/06/2013)

As you are aware RRBs are not required to deduct TDS from depositors who submit declaration in Form 15-G/15-H under Income Tax Rules, 1962. However, it has been brought to our notice that despite submission of Form 15-G/15-H by customers, RRBs are deducting tax at source, at times, causing inconvenience to customers resulting in a number ...

Read More

External Commercial Borrowings (ECB) for low cost affordable housing projects

A.P. (DIR Series) Circular No. 113 (24/06/2013)

Interest rate spread to be charged by National Housing Bank (NHB) may be decided by NHB taking into account cost and other relevant factors. NHB shall ensure that interest rate spread for HFCs for on-lending to prospective owners’ of individual units under the low cost affordable housing scheme is reasonable....

Read More

Customs – Regarding Introduction of Risk Management Systems (RMS) in Exports

Circular No. 23/2013-Customs (24/06/2013)

Attention is invited to the Board Circular No.43/2005-Cus dated 24.11.2005 whereby Risk Management System (RMS) was introduced in Imports as a trade facilitation measure and for selective interdiction of high risk consignments for Customs control....

Read More

Notification No. 66/2013-Customs,(N. T.), Dated: June 24, 2013

Notification No. 66/2013-Customs (N.T.) (24/06/2013)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do...

Read More

Brief Note of Renting of Immovable Property under Service Tax

Renting of Immovable property has been taxed under the earlier tax regime vide Section 65 (105) (zzzz). Renting of immovable property has been brought into tax net vide Notification No. 23/2007-ST dated 01.06.2007. But After 1.7.2012, the transition involves shift from taxation of 119 service-specific descriptions to a new regime whereby ...

Read More
Posted Under: Service Tax |

Real Estate transactions- Recent amendments in Income tax & Wealth tax

Real estate transactions in recent past have attracted the attention of Central & State Governments. New provisions under Income tax, Wealth tax, Service tax, Value added tax & revised guidelines for registration are examples of attempts on the part of the Government to raise more & more revenue from real estate transactions....

Read More
Posted Under: Service Tax |

Overview of Impairment of Assets and Comparative Analysis Between AS -28 &Indian AS-36

MEANING OF IMPAIRMENT OF ASSETS In conformity with AS-28 impairment of assets means reduction in value of assets due to any market factors or performance of assets. It is applied to fixed assets including intangible assets. As per the provisions, the following assets are specifically excluded out of coverage of Impairment Rules:- Inventor...

Read More
Posted Under: Service Tax |

Advocates is the only recognized class of persons entitled to practice the profession of law

In order to discuss, Advocates is the only recognized class of persons entitled to Practice the profession of Law. It will be imperative to go through the Advocates Act, 1961, The Indian Power of Attorney Act, 1882 and The Constitution of India....

Read More
Posted Under: Service Tax |

Legal Binding / Judicial discipline and Contempt of Court – a reality

In order to discuss, legal binding / judicial discipline and Contempt of Court a reality. It will be imperative to go through the Constitution of India. Article 141- Law declared by Supreme court to be binding on all courts- The law declared by Supreme court to be binding on all courts within the territory of India. ...

Read More
Posted Under: Service Tax |

Section 7(2) of CST Act, 1956 – A Reality

Section 7(2)- Any dealer liable to pay tax under the sales tax law of the appropriate state, or where there is no such law in force in the appropriate state or any part thereof, any dealer having a place of business in that state or part, as the case may be, may, notwithstanding that he is not liable to pay tax under this act, apply for r...

Read More
Posted Under: Service Tax |

Tax Collection in Uttarakhand –A Reality

In order to discuss Tax Collection in Uttarakhand, it will be imperative to go through the Preamble of The Uttarakhand VAT Act, 2005, The Uttarakhand (U.P. Taxation and Land Revenue Laws Act, 1975) Adaption and Modification Order, 2002, The Uttarakhand Tax on Entry of Goods into Local Areas Act, 2008, Interpretation of statutes, The Const...

Read More
Posted Under: Service Tax |

Is There Any Need to E-File The 44AD Tax Audit Report

Yesterday we wrote an article on my experience of E-filing of Tax audit report and received a very interesting question – Is there any need to file tax audit report u/s 44AD? I have analyzed the case and framed the following opinion:- 1. A proviso is added to rule 12(2) w.e.f. 01/04/2013 and the same […]...

Read More
Posted Under: Service Tax |

Corporate Social Responsibility In India

Business scandals involving high profile organizations such as Enron and WorldCom have rocked the corporate world and be-come front-page news. This has shaken consumer confidence in both business leaders and the economy, creating concern about business ethics and governance. As a result, corporate social responsibility (CSR) has become in...

Read More
Posted Under: Service Tax |

Transfers & Postings of 48 Joint/ Additional CITs (Mumbai)

Chief Commissioner of Income-tax, Mumbai has vide Order No. 1 Dated 20.06.2013 made the transfer and posting of 48 officers in the grade of  Joint/ Additional Commissioners of Income-tax (Mumbai Region) with immediate effect unless specified otherwise :- Download Order No. 1 dated 20.06.2013...

Read More
Posted Under: Service Tax |

SEBI Order in the matter of market manipulation using GDR issues

Press Release No. 59/2013 (21/06/2013)

SEBI had passed an ad interim ex-parte order dated September 21, 2011, in the matter of market manipulation using GDR issues against several entities including Shri Arun Panchariya(hereinafter referred to as AP) and Pan Asia Advisors Limited (now known as Global Finance and Capital Limited....

Read More

Practical Experience Of CA Sudhir Halakhandi – E-Filing Of Audit Report

 1. CHARTERED ACCOUNTANT:- (i) Go to incometaxindiaefiling.gov.in and click on ‘REGISTER YOURSELF’ and select the option Tax professional – Chartered Accountant. The registration of chartered accountant is one time activity and the Registration form which is opened after selecting the option chartered accountant will require your M...

Read More
Posted Under: Service Tax |

Article On Introduction of New Audit Report Format By ICAI

Revision in Form and Content of Auditor’s Report [SA 700 Revised)/SA 705/SA706] & Implementation of the same- Articles Discusses on the following Topics :- Extant Provisions Under Companies Act 1956 Applicability Of CARO With Respect To Audit Report Revision In Form And Content Of Auditors Report Implication On SA 70...

Read More

Customs House Agents Licensing Regulations, 2013

Notification No. 65/2013-Customs (N.T.) (21/06/2013)

NOTIFICATION NO 65/2013 - Customs,(N.T.) (1) Before granting the licence under regulation 7, the Commissioner of Customs shall require the successful applicant to enter into the bond in Form D and where specified a surety bond in Form E for due observance of these regulations and furnish a bank guarantee, a postal security or National Sav...

Read More

Territorial Jurisdiction and Delegation of Powers under Profession Tax Act

Notification No. DC(A&R)/PT -2009/31/ADM-(6)8 (21/06/2013)

In exercise of the powers sub-section (1) of section 12 of the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 (Mah. XVI of 1975), the Commissioner of Profession Tax, Maharashtra State, Mumbai hereby specifies the entire area comprised within the State or, ...

Read More

Delhi VAT – Last date for submission of information online in Form DP-1

Notifcation No. F.3(352)/Policy/VAT/201 3/314-324 (20/06/2013)

In partial modification of Notification No.F. 3(3 52)/Policy/VAT/20 13/231-241 dated 28.05.2013 regarding submission of information online in Form DP-1, 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 sub­section ...

Read More

Transfer & Posting in the grade of CITs/DITs – Order No. 109 of 2013

CBDT Order No. 109 of 2013 (20/06/2013)

CBDT has vide Order No. 109 of 2013, Dated : 20/06/2013 has made Transfer & Posting in the grade of CITs/DITs of 13 Commissioners of Income tax. Download CBDT Order No. 109 of 2013, Dated : 20/06/2013...

Read More

Customs – Drawback rates changed for Gold Jewellery Article

Notification No. 64/2013-Customs (N.T.) (20/06/2013)

In exercise of the powers conferred by sub - section (2) of section 75 of the Customs Act, 1962 (52 of 1962), sub - section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), and section 93A read...

Read More

Rate of exchange of conversion of each of foreign currency w.e.f. June 21, 2013

Notification No. 63/2013-Customs (N.T.) (20/06/2013)

Notification No. 63/2013-Customs (N.T.)6th June, 2013 vide number S.O.1465(E), dated the 6th June, 2013, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby...

Read More

Filing Income Tax Returns to be Simpler

For most of the individual income tax assessees, last date for filing of income tax return for the assessment year 2013-14 (financial year 2012-13) is just few weeks away, i.e., 31st July, 2013. ...

Read More
Posted Under: Service Tax |

Transfers / Postings of Assistant/ Deputy CITs (Mumbai) – Order No. 1 dated 18.06.2013

Order No. 1 (18/06/2013)

Chief Commissioner of Income-tax, Mumbai, has ordered transfer and posting of 148 officers in the grade of Assistant/ Deputy Commissioners of Income-tax (Mumbai Region) with immediate effect vide  Order No. 1 dated 18.06.2013. Download Order No. 1 dated 18.06.2013...

Read More

SEBI : (Mutual Funds) (Second Amendment) Regulations, 2013

Notification No. LAD-NRO/GN/12/6108 (19/06/2013)

In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the regulations to amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996,...

Read More

Commodities Transaction Tax Rules, 2013 & Forms for return & appeals filing

Notification No. 46/2013 - Income Tax (19/06/2013)

Notification No. 46/2013 - Income Tax Payment of commodities transaction tax. ─ Every recognised association, who is required to collect and pay commodities transaction tax under section 119 of the Act, shall pay the amount of such tax to the credit of the Central Government by remitting it into any branch of the Reserve Bank of India ...

Read More

Commodity Transaction Tax (Chapter VII) effective from July 1, 2013

Notification No. 45/2013 - Income Tax (19/06/2013)

Notification No. 45/2013 - Income Tax In exercise of the powers conferred by sub-section (2) of section 115 of the Finance Act, 2013 (17 of 2013), the Central Government hereby appoints the 1st day of July, 2013 as the date on which Chapter VII of the said Act shall come into force....

Read More

Notification No. 33/2013-Customs, Dated – June 19, 2013

Notification No. 33/2013-Customs (19/06/2013)

G.S.R. 590 (E), dated the 13th August, 2008 and was last amended vide notification number 19/2013-Customs, dated the 2nd April, 2013, published in the Gazette of India, Extraordinary, vide number G.S.R. 198 (E), dated the 2nd April, 2013....

Read More

CBDT – Implementation of Cadre Restructuring of it Department – Constitution of Core Committee

Office Order F. No. HRD/CM/102/3/2009-10/(Pt)/963 (19/06/2013)

Restructuring proposal of the Income-tax Department has been approved by Government on 23.05.2013 for the creation of a total 20,751 additional posts, and various measures to increase the effectiveness of the Department. ...

Read More

India-Bahrain TIEA effective from April 11, 2013

Notification No. 44/2013 - Income Tax (19/06/2013)

Notification No. 44/2013 - Income Tax Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Kingdom of Bahrain for the Exchange of Information with respect to taxes signed in New Delhi on the 31st May, 2012 shall come into force on the 11th day of April, 2013, being the date of later of t...

Read More

Service Tax – Analysis of Negative List

In terms of Section 66B of the Act, service tax will be leviable on all services provided in the taxable territory by a person to another for a consideration other than the services specified in the negative list. Due to Section 66B, the regime of service tax from taxable 119 services to 17 services under negative list. Meaning thereby th...

Read More

Changes In ITR Forms & Return Filing Rules For A.Y. 2013-14

Some recent amendments have been introduced by the Income Tax Department for filing Income tax Return by the assessees for the Assessment Year 2013-14. These rules have substituted old Income Tax Return Forms with new Income Tax Return Forms ....

Read More
Posted Under: Service Tax |

Defective parts/spares imported exclusively for undertaking root cause analysis may not be re-exported

Notification No. 24 (RE-2013)/2009-2014, (19/06/2013)

In exercise of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, as amended from time to time, the Central Government hereby makes the following amendment in paragraph 2.38 of Foreign Trade Policy, 2009-2014....

Read More

Selling of Space to an Advertising Agency- Whether it will be covered in Negative List?

Leviability of service tax has undergone a drastic change. From the list of 119 taxable services to a negative list and mega exemption has been introduced. With such a change from positive to negative list there are lots of issue which needs clarification. If no clarification is issued by CBEC it will lead to litigation. ...

Read More
Posted Under: Service Tax |

Voluntary Compliance Encouragement Scheme- Steps for Compliance and FAQ

The Service Tax Voluntary Compliance Encouragement Scheme (VCES) has come into effect upon enactment of the Finance Bill 2013 on the 10thMay, 2013. The said scheme provides an opportunity to any person whose service tax is due or has short paid and has not declared in his service tax return to pay only the service tax amount and get immun...

Read More
Posted Under: Service Tax |

Credit Reversal on Trading of Flats- Questions that remains unanswered

List of declared services has been prescribed under section 66E wherein clause (b) includes construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, as a declared service except where the entire consideration is received after issuance of comple...

Read More
Posted Under: Service Tax |

Prohibition on import of milk and milk products from China till till 23.6.2014

Notification No. 23 (RE-2013)/2009-2014 (18/06/2013)

Prohibition on import of milk and milk products (including chocolates and chocolate products and candies/ confectionary/ food preparations with milk or milk solids as an ingredient) from China is extended for one more year, i.e., till 23.6.2014 or until further orders, whichever is earlier. ...

Read More

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031