"15 December 2015" Archive

Service tax on fabrication of garments service received by apparel exporters

Circular No.190/9/2015-Service Tax (15/12/2015)

Circular No.190/9/2015-Service Tax It has come to the notice of the Board that certain field formations are taking a view that service tax is payable on services received by the apparel exporters from third party for job work. Apparently field formations are taking a view that the services received by apparel exporters is of manpower supp...

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Advance Tax Payment Due date for December 2015 extended for taxpayers in Tamil Nadu and Puducherry

F.No.385/26/2015-IT(B) (15/12/2015)

The last date of payment of December 2015 installment of advance tax for both corporate and non-corporate taxpayers in the State of Tamil Nadu and Union territory of Puducherry has been extended from 15.12.2015 to 31.12.2015 in view of unprecedented rainfall and floods in these areas....

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Posted Under: Service Tax | ,

How to Start a Primary School in India

Primary Education has a considerable emphasis in India. Whether it is the high level International schools in urban areas or the simple small schools in the rural areas. Primary schools are now a necessity in India as people are realizing the importance of education in our country....

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Input Tax Credit in Model GST Law, 2016

♠ Input Tax Credit means credit of input tax. ♠ Every taxable person is entitled to take credit of input tax. ♠ Input tax means the IGST, CGST or SGST/ IGST and CGST/ IGST and SGST charged on any supply of goods/ services which are used, or are to be used, in the course or furtherance of business....

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Posted Under: Service Tax |

Amount reimburse under personnel secondment agreement, covered in fee for technical services, liable for TDS u/s 195

M/s Food world Supermarkets Ltd. Vs DDIT (ITAT Bangalore)

ITAT Bangalore held In the case of M/s Food world Supermarkets Ltd. vs. DDIT that there is no separate contract of employment between the assessee and the secondees. The secondees are under the legal obligation as well as employment of DFCL...

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Discount on ESOP being in the nature of employee cost, allowed u/s 37 subject to adjustment for lapsed /unvested options

ACIT Vs People Interactive India Private Ltd. (ITAT Mumbai)

ITAT Mumbai held In the case of ACIT vs. People Interactive India Private Ltd. that the issue in hand is squarely covered by the decision of Hon’ble Special Bench-Bangalore Tribunal in (2013) 35 taxmann.com 335(SB) Biocon Limited v. DCIT (LTU) in favour of the assessee company whereby the Hon’ble Special Bench has held that the discou...

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Addition on account of expected rent higher than actual rent received is not sustainable

Oberoi Hotels Pvt. Ltd. Vs DCIT (ITAT Kolkata)

ITAT Kolkata held In the case of Oberoi Hotels Pvt. Ltd. vs. DCIT that the AO while applying clause (a) of Section 1 to Section 23, failed to appreciate that in the present case actually let out the property being a farm house is on rent to EIH Limited and if a property is actually let out...

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Intent to reduce tax liability need to be established before invoking explanation 3 to section 43(1)

M/s. Continental Device India Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held In the case of M/s. Continental Device India Ltd. vs. ACIT that Explanation 3 to section 43(1) is not an absolute rule. The Assessing Officer is empowered to substitute the value. However, such a valuation cannot be substituted where there is no intent to reduce the tax liability....

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Bangalore International Airport Ltd. [BIAL] is a statutory body u/s 80IA(4)(i)

ACIT Vs Menzies Aviation Bobba (Banglore) Pvt. Ltd. (ITAT Banglore)

ACIT Vs. Menzies Aviation Bobba (Banglore) Pvt. Ltd. (ITAT Banglore) Revenue filed above appeal against the order of CIT (A) who held that BIAL is statutory body as per requirement of section 80IA (4) (i) of the Income-tax Act....

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GST Network (GSTN) for Implementation of GST

The broad framework of GST model proposed for India now being clear, well-designed and well-functioning Information Technology (IT) infrastructure facility would be a precondition and pre-requisite for smooth administration of taxpayers, processing of returns, controlling collections, making refunds, auditing taxpayers, levying penalties ...

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Posted Under: Service Tax |

ITAT issues direction to furnish list of departmental appeals with tax effect not exceeding Rs. 10 Lakh

All representatives are requested to furnish a list of departmental appeals where the tax effect does not exceed the monetary limit of Rs. 10 lakhs and are covered by Circular No. 21/2015 dated 10th December, 2015 issued by CBDT. All possible efforts be made to furnish such information containing requisite details, viz., appeal number, da...

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Posted Under: Service Tax |

Phase out of R&D Deduction – Whether a step in right direction ??

Press Release dated 20th November provided a framework for phasing out of deductions and exemptions as was announced by the Hon’ble Finance Minister in his budget speech. Vide the said press release it has been provided that: 1. Profit linked, area linked and investment linked deductions will be phased out. 2. Sunset date of 31st Ma...

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Posted Under: Service Tax |

Accumulated Education Cess Balance: All Hopes in Vain!

Since the announcement of the exemption being granted to the levy of Education Cess and SHE Cess by the Finance Minister in Budget 2015-16, the issue as regards the utilisation of the accumulated balance of Education Cess and SHE Cess has been a sensational issue and a topic for discussion among the assessees and the consultants....

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Posted Under: Service Tax |

Gearing up for GST- Draft Law at a Glance

Goods and Service Tax-A dual tax system, proposed in the report submitted by the Joint Working Group of the Empowered Committee of the State Finance Ministers in November 2007, was to be implemented in April 2010,one for the Centre and other for the states replacing the state VAT...

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Posted Under: Service Tax |

Fireworks may be disposed soon after its seizure by Custom Department

Notification No. 143/2015-Customs (N.T.) (15/12/2015)

Notification No. 143/2015- Customs (N.T.) -CBEC Notifies 'Fireworks' under Section 110 (1A) of Customs Act, 1962. Now Fireworks may be after its seizure under section 110(1), be disposed of by the proper officer in such manner as the Central Government may, from time to time, determine after following the procedure specified in Section 1...

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Delhi VAT-Filling of reconciliation return for year 2014-15- Date extended to 15.01.2016

CIRCULAR NO. 32 of 2015-16 (15/12/2015)

CIRCULAR NO. 32 of 2015-16 In partial modification to this department's Circular No.28 of 2015-16 on the subject cited, above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005 read with section 9(2) of Central Sales Tax Act, 1956, I, S.S.Yadav, Commissioner, Value Added Tax, do hereby extend ...

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Income Tax Notice to Contain email & Phone Number of officer issuing notice

F.No.Dir. (Hqrs.)/CH(DT)/29/2015/2030 (15/12/2015)

Revenue Secretary has directed that henceforth any notice/letter/communication issued by any officer under Department of Revenue; including CBDT, its directorates and field formations; to the tax payers, members of public should invariably contain mention of email address and office phone numbers, of the officers signing such, communicati...

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Fixation of Tariff Value of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver

Notification No. 142/2015-Customs (N.T.) (15/12/2015)

Notification No. 142/2015-CUSTOMS (N. T.) 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, hereby makes the following amendment in the notification of the Government of India in t...

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RBI denies Message on Currency Notes circulating on Social Media

The Reserve Bank of India has today denied having issued a communication circulating on social media alerting members of public that banks will not accept currency notes with scribbling on them from January 1, 2016. The Reserve Bank has reiterated that all currency notes issued by it are legal tender and banks and members can […]...

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Posted Under: Service Tax |

Power of Chief Commissioners to Authorizing officers of Zone to appear before CESTAT

F. No. 390/Misc./69/2015-JC (15/12/2015)

F. No. 390/Misc./69/2015-JC Chief Commissioners are already empowered under the provisions of Section 35Q (as made applicable to service tax matters also under Section 83 of Finance Act,1994) and Section 146A of Customs Act,1962 read with clause (ii) of rule 2(c) of the CESTAT (Procedures) Rules, 1982 to authorize a jurisdictional officer...

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