"07 November 2015" Archive

Swachh Bharth Cess- Is it on Taxable Value or on Abated Value?

Swach Bharath Cess (SBC) to be levied @ 2% on all or any taxable services on the VALUE of such services as per S-119 of the Finance Act 2015 w.e.f 15th Nov 2015 as per Notification No.21 dated 6th Nov 2015. However Notification No.22/2015 Dated 6th Nov 2015 of service Tax exempts Swach Bharat Cess in excess of 0.50% of the value of taxabl...

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Posted Under: Service Tax |

Proposed GST and Its Impact on Rollout

In India, GST will be levied by both tiers of Government concurrently. It will be ‘Dual Concurrent Model’ of GST. Central GST will be administered by the Central Government and State GST by respective State Governments. At present, Centre can levy tax on goods and services (e.g., excise duty on goods manufactured, service tax on servi...

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Posted Under: Service Tax |

Inter State Transactions Under Proposed GST

How will Inter State Transactions be affected with the advent of GST? This is the basic question which is hovering over common man’s mindset these days. Will the situation be favourable or more adverse? Whether Rate to be increased/ decreased? Who will levy the tax- Centre or State? Will State’s Revenues be reduced????? This article [...

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Posted Under: Service Tax |

ITAT doubts exemption U/s. 54EC allowed by Bombay HC in Ace Builder against short-term capital gains computed u/s 50

ITO Vs Legal Heir of Shri Durgaprasad Agnihotri (ITAT Mumbai)

Correctness of law laid down by Bombay High Court in Ace Builder 281 ITR 210 that deduction u/s 54EC is available to short-term capital gains computed u/s 50 doubted by ITAT Mumbai in the case of ITO Vs Legal Heir of Shri Durgaprasad Agnihotri although it has followed the Judgment of Bombay High Court as required to maintain judicial di...

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FROM ‘BARTER’ TO ‘BITCOINS’-An exciting journey in the world of currencies!

Recently, I was invited to a live debate in one of the Tamil Television channels on a statement reportedly made by CA Sri S.Gurumurthy, a great economic thinker, an eminent columnist and strategy adviser to several leading business houses in the country. He, in his speech at VIT on the Indian budget had opined, among other things, that if...

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Posted Under: Service Tax |

Draft Interpretation on Foreign Currency Transactions and Advance Consideration

Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’) published for public comment a proposed Interpretation of St...

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Posted Under: Service Tax |

Physical Submission of Statement of submission and Acknowledgement of Audit Report in Form 704 for F.Y. 2014-15

Trade Circular No. 17 T of 2015 (07/11/2015)

The last date for submission of audit report u/s 61 of the MVAT Act 2002, for the period 2014­15 is 15th January 2016. After uploading their audit reports for the period 2014-15, the dealers shall submit the following documents...

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Swachh Bharat Cess @ 0.5% on value of all taxable services levied from November 15, 2015

Pursuing with Mr. Narendra Modi’s Dream of Swachh Bharat, in Union Budget 2015, a provision was made for levying a Swachh Bharat Cess on all or any of the services, for the purposes of financing and promoting Swachh Bharat initiatives or for any other purpose relating thereto. However, the SB Cess was to be levied from such date as may...

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Service Tax Rate Chart effective from 15th November 2015

Central Government has vide No. Notification No. 21/2015-ST dated November 6, 2015 has notified that Swachh Bharat Cess (SBC) is applicable on all taxable services from 15.11.2015 this has increased the service tax rate to 14.50% and has also resulted in Changes in Service Tax Rates from 15.11.2015 on Various Services which are under abat...

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Posted Under: Service Tax |

Writ Petition In Madras High Court Against ICAI Elections

Two Writ petitions (one against those SIRC members seeking elections to Central Council and another against those SIRC members seeking re-election to SIRC) have been filed by a Chennai based senior Chartered Accountant Mr P S Prabhakar, with a prayer that the validity of the nominations of such members, all of whom are collectively respon...

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Posted Under: Service Tax |

Gold Schemes – Pre Diwali Gift By PM Modi

Launching of Gold Schemes on 5 November, 2015 is a great Pre Diwali Gift to all Indians by our Prime Minister Shri Narendra Modi. It’s ‘sone pe suhaga’ for our country. If India has 20000 tonnes of gold, worth Rs. 55 Lakhs Crores, why it should import gold and rely on other countries? Now no […]...

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Posted Under: Service Tax |

Business Responsibility Report under SEBI Listing Regulation, 2015

The Business Responsibility Report has been outlined as a tool to help companies understand the principles and core elements of responsible business practices and start implementing improvements which reflect their adoption in the manner the company undertakes its business....

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Posted Under: Service Tax |

Impact of Swachh Bharat Cess on various services: FAQs

Finance Act 2015 had provided provision for levy and collection of Swachh Bharat Cess (SBC) under section 119 of the Finance Act, 2015 at a rate not exceeding two percent on the value of services. The levy was to become effective from the date to be notified by the Government. The objective of behind introducing SBC was to fund for Govern...

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Posted Under: Service Tax |

Revision u/s 263 permitted for rectification of mistake apparent from records

Infinity Infotech Parks Limited Vs DCIT (ITAT Kolkata)

Infinity Infotech Parks Limited vs. DCIT (ITAT Kolkata) Revision u/s 263 is duly authorized where there is a mistake apparent from the records which itself proves that the order passed on this issue by the Assessing Officer was erroneous as well as prejudicial to the interest of the revenue....

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Import expenses on machinery which is vital to manufacturing is Capital Expenditure

CIT Vs Modi Rubber Ltd. (Delhi High Court)

Delhi High Court held In the case of CIT vs. Modi Rubber Ltd. that in present case, it is clear that the two Banbury mixers have been described by the Assessee itself as equipment used for mixing natural rubber, synthetic rubber, carbon black, chemicals and other raw materials...

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S. 194J Wheeling charges paid for electricity transportation not liable to TDS

CIT Vs M/s Delhi Transco Ltd. (Delhi High Court)

Delhi High Court held In the case of CIT vs. M/s Delhi Transco Ltd. that as per BPTA agreement between DTL and PGCIL there is transportation of the electricity from PGCIL to DTL, through the equipment ...

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Interest on Loan taken for Machinery allowable from the date it put to use

Ashima Dyecot Limited Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held In the case of Ashima Dyecot Limited vs. DCIT that interest on capital borrowed for plant & machinery which already has put to use for commercial production is allowed u/s 36 (1) (iii). In the given case,...

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ITAT allows Exemption u/s 54EC on short term capital gain from sale of depreciable assets

ITO Vs Legal Heir of Shri Durgaprasad Agnihotri (ITAT Mumbai)

ITAT Mumbai held in ITO Vs Legal Heir of Shri Durgaprasad Agnihotri that to respect the decision given by jurisdictional Hon’ble High Court in CIT vs. Ace Builders (P.) Ltd. [2006] 281 ITR 210 (Bom) it was upholding the decision given by CIT(A) that the exemption u/s 54EC...

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Profit Exempt U/s. 10AA not to be included in calculation of Book Profit U/s. 115JB

ITO Vs M/s. Last Peak Data Pvt. Ltd (ITAT Kolkatta)

ITAT held in ITO Vs M/s.Last Peak Data Pvt. Ltd that if the assesse was an existing recognized Software Technology Park (STP) then it would be considered at par at of Special Economic Zone(SEZ) and exemptions available to SEZ would also be available to STP...

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Bogus Purchase- Mere Adjustment in Purchase without disturbing Sales not Justified

ACIT Vs Advert Communication (ITAT Delhi)

ACIT vs Advert Communication ( ITAT Delhi) 1.If addition has to be made for bogus purchases then sales should also be disturbed ; 2.Until and unless both parties don’t confirm the cessation of liability then addition cannot be made u/s 41(1); 3....

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Pooja & Temple expenses allowable as related with harmony of business

Joint Commissioner of Income Tax (OSD) Vs M/s Gillander Arbithnot & Co. Ltd (ITAT Kolkata)

JCIT Vs M/s Gillander Arbithnot & Co. Ltd (ITAT Kolkata) 1.Assessee would be allowed deduction of payment of employees contribution of ESI and PF if it paid the same before the due date of filing of return u/s 139(1). 2. Pooja & Temple expenses would be allowed as a business expenditure because it was related with the harmony of business ...

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Registration u/s 12AA cannot be denied to partly religious & partly charitable trust

Sri Maramma Temple Seva Trust Vs CIT (ITAT Bangalore)

ITAT Bangalore held in Sri Maramma Temple Seva Trust Vs CIT that even if the objective of an organization was both religious and charitable then also registration u/s 12AA could not be denied on the basis that registration could only be granted either to wholly religious...

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Registration u/s 12AA cannot be denied to an educational institute merely because it’s is been run by Christian community

Alexandra School Vs CIT, Amritsar (Punjab & Haryana High Court)

Punjab & Haryana High Court held in Alexandera School Vs CIT, Amritsar that if an educational institute had been run by a particular section of community then registration u/s 12AA could not be denied provided it was running to benefit all sections of society....

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