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Archive: 10 September 2013

Posts in 10 September 2013

Postmortem of Union Budget 2024: A Comprehensive Webinar

July 18, 2024 5901 Views 3 comments Print

Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 18, 2024 4719 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Work carried out on lump sum basis does not falls under supply of manpower services

September 10, 2013 10194 Views 0 comment Print

Under a contract with a cement company, the Assessee carried out activities of loading of cement bags into closed wagons, cleaning, sealing and riveting, etc., wagon door complete spillage recovery of total quantity, drawing of bags to stenciling floor, and wagon door opening/wagon cleaning – It was compensated for different items of work at separate rates prescribed in contract.

Customs Duty Free Allowance Limit & Duty rate for Pasasngers

September 10, 2013 976 Views 0 comment Print

Customs duty is leviable @ 36.05% (Basic Customs duty @ 35% + Education Cess @3%) on the value of dutiable goods that is in excess of the Duty Free Allowance.

FAQs on Street Vendors (Protection of Livelihood and Regulation of Street Vending) Bill, 2012

September 10, 2013 1040 Views 0 comment Print

Why the need for a Street Vendors (Protection of Livelihood and Regulation of Street Vending) Bill, 2012 , which has been passed by the Lok Sabha in the recently concluded session. ?

Do not take sensitive decision after seeking VRS : CBDT

September 10, 2013 1692 Views 0 comment Print

It has come to the notice of the CBDT that the officers, even after giving notice for VRS, continue to take decisions of sensitive nature. The Centeral Vigilance Commission(CVC) has taken a serios view of this practice.

Unexplained commodities income would fall U/s. 68

September 10, 2013 4940 Views 0 comment Print

Rs.11,19,765/- claimed Ly the appellant as commodities income is not relatable to the business of the appellant and as held by the Assessing Officer, duly affirmed by the Income TAX Appellate Tribunal and is a sham transaction, recorded with the sole object of evading tax by claiming this amount as income from other sources.

FEMA : Regarding issue of corporate guarantee on behalf of second generation

September 10, 2013 1490 Views 0 comment Print

Further, it has also been decided that issue of corporate guarantee on behalf of second generation or subsequent level step down operating subsidiaries will be considered under the Approval Route, provided the Indian Party indirectly holds 51 per cent or more stake in the overseas subsidiary for which such guarantee is intended to be issued.

Penalty cannot be levied on income assessed on estimation basis

September 10, 2013 4414 Views 0 comment Print

The assessee company is engaged in the business of construction work. The Assessing Officer applied provisions of section 145 of the Act and computed the total income at 5% of turnover and levied penalty u/s 271(1) (c) of the Act.

Notional Interest & Deemed Dividend Addition for Debit Balance of Partners in Partnership Firm

September 10, 2013 5478 Views 0 comment Print

The facts of the case are that the assessee is a partnership firm and the Assessing Officer noticed that the debit balance in the partners’ account was more than the credit balance. He, therefore, charged the interest on the net debit balance of partners at the rate of 12% and accordingly made the addition of 20,61,845/-

Foreign students studying in India – KYC procedure for opening of bank accounts

September 10, 2013 850 Views 0 comment Print

On submission of the proof of current address, the account would be treated as a normal NRO account, and will be operated in terms of instructions contained in RBI’s Master Circular on Non-Resident Ordinary Rupee (NRO) Account No. RBI/2013-14/2 Master Circular No.2/2013-14 dated July 1, 2013 issued by our Foreign Exchange Department, Central Office and the provisions of Schedule 3 of FEMA Notification 5/2000 RB dated May 3, 2000may also be kept in view.

Finance for Housing Schemes – Primary (Urban) Co-operative Banks – Loans for repairs / additions / alterations – enhancement of limits

September 10, 2013 610 Views 0 comment Print

On a review of the policy, it has been decided to enhance the ceiling on loans to individuals for carrying out repairs / additions / alterations to their dwelling units to ` 2 lakh in rural and semi-urban areas and ` 5 lakh in urban areas.

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