"11 July 2015" Archive

Assessment initiated and framed in name of deceased is void

Income Tax Officer Vs Late Sh. Som Nath Malhotra, Through Smt. Raj Rani Malhotra ( ITAT Delhi)

In the present case also the notice u/s 148 of the Act was issued on 31.03.2010 in the name of the deceased assessee and claimed to have been served upon the deceased assessee who had already expired on 06.12.2002. ...

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Services of development of agricultural land for housing project not covered in agricultural services

M/s NGK Infrastructure Ltd. Vs. C.C.E.&S.T. (CESTAT Delhi)

Tribunal held that the service provided by appellant was not in relation to agriculture. Further appellant’s claim that service provided by it are eligible for exemption under notification no. 17/2005-ST, dated 07.06.2005...

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Private Limited Company- Provisions after exemptions

After commencement of Companies Act, 2013 from 01stApril 2014 compliance requirement of Companies has been increased. Therefore it’s difficult for the Private Company to continue and for peoples to incorporate new Companies. The new Company law was pain for the youth. Although it allows a single-person company to be set up, when it need...

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Posted Under: Income Tax | ,

Most common hobbies of creative nature

Hobby is the leisure time that we regularly spend after daily works like attending office, cooking, teaching, studying, etc. It's a method of diversion from the monotony of routine. Pastime is the other name of the hobby. It can happen that the activity which is a pastime for one person can be a job to another person. ...

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Posted Under: Income Tax |

Services covered under Reverse Charge Mechanism from 01.06.2015

Shivani Mangla Services covered under Reverse Charge Mechanism from 01.06.2015 (with % and type of person) S.No. Description of service Service Provider Service Receiver 1 Insurance Agency Services Insurance Agent Any person carrying on insurance business NIL (0%) 100% (14%) 1A Recovery Agent Services Recovery Agent Banking co./ Financial...

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Posted Under: Income Tax |

Penultimate Export Sale and Tax Exemption under CST ACT, 1956

The Central Government’s policy is, when exports are made, only products or services are to be exported and not taxes. Therefore when tax exemption is available for direct export for the exporters, the sale prior to export i.e Penultimate sale also is considered for tax exemption by the Government. ...

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Posted Under: Income Tax |

Retirement Is Not The End Of Life

Many people think retirement is relaxing in an easy chair at home after one's active service in a job or vocation. Actually, life starts again after the so-called retirement; because it is the time when you need to re-establish your links with the old and forgotten relationships of friendship and kinship. In fact, it is after the retireme...

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Posted Under: Income Tax |

Withholding tax Impact on Property transaction by Non-Residents Indian/Foreign Nationals

As per Section 194-IA If property is sold by resident than buyer requires to deduct TDS at 1% on sale Value. Whereas section 195 require deducting TDS on payment to Non-Resident at normal tax rate applies to transaction i.e. 20% in case long term held property and 30%+cess on short term held property....

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Posted Under: Income Tax |