Where the father dies leaving behind only minor daughters and their mother as natural guardian, the share of the daughters became definite; the question of family partition retaining the character of joint Hindu Family property does not exist. In the present case, after the death of the father, the property has been shared amongst each member of the family and recorded in the mutation register having 1/4th share each. In such circumstances, the provision of subsection (3) of Section 8 shall attract as the mother sold the property without previous permission of the Court.
The levy of Service Tax on Road Transportation Service has always remained subject matter of uncertainty and litigation. Earlier, The Finance Act, 1997 had levied Service Tax on Goods Transport Operators w.e.f. 16-11-1997 which was subsequently withdrawn after nation-wide strike.
With a view to ensuring reasonableness and equity in the charges levied by banks for sending SMS alerts to customers, banks are advised to leverage the technology available with them and the telecom service providers to ensure that such charges are levied on all customers on actual usage basis.
For the purpose of charging service tax on any service, the incidence of levy is on person rendering of a taxable service which is termed as point of taxation. Usually people have confusion regarding the point in time when a service is deemed to be provided and thereby service tax is to be deposited.
Recently Land Deal of Institute of Chartered Accountants of India (ICAI) at Nagpur Come Under Scanner for alleged Irregularities in Purchase of the same. Madras High Court observed that The Judge observed that the records indicated that all was not well with the statutory body.
Delhi HC has held on 22.11.2013 in the case of DIRECTOR OF INCOME TAX Vs. INFRASOFT LTD. that by sale of software what has been transferred is not copyright or the right to use copyright but a limited right to use the copyrighted material and does not give rise to any royalty income.
Electronic Payment of Service Tax/ Central Excise mandatory for those who paid tax of more than One lakh in preceding financial year The Central Government vide Notification No. 16/2013-ST dated November 22, 2013 (“the Notification”) has amended the proviso to Rule 6(2) of the Service Tax Rules, 1994 (“the Service Tax Rules”) and similarly, amendment […]
CMA Suresh Chandra Mohanty, President of the Institute, in a press release, expressed deep concern that the Draft Companies (Cost Record and Cost Audit) Rules, 2013 issued by the Ministry of Corporate Affairs would hurt the economy, the corporate sector and the profession.
CA Vaibhav Sachdeva Comparative Analysis of Place of Provision (POP) of Service Rules 2012 with Export of Service Rules 2005 and Taxation of Services (Provided from outside India and received in India) Rules, 2006. As per the Notification No. 28/2012 – Service Tax dated 20th June, 2012 – Place of Provision of Services Rules, 2012 shall […]
In respect of cards, not specifically mandated by the Reserve Bank to adopt EMV norms, banks may take a decision whether they should adopt Aadhaar as additional factor of authentication or move to EMV Chip and Pin technology for securing the card present payment infrastructure.