"22 January 2016" Archive

Service Tax on Services by Government or local authority

With effect from 14.05.2015 Government means the Departments of the Central Government, a State Government and its Departments and a union territory and its departments but shall not be include any entity, whether created by a statute or otherwise, the accounts of which are not required to be kept in accordance with article 150 of the Co...

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Ten Things That Don't Have Any Guarantees

Everything in the present world revolves around awareness, safety and precautions. Before entering into any deal or agreement, we do the due diligence like ascertaining others’ experiences, verifying the terms and conditions, and comparing with the similar products. All this is done to ensure that our money is spent wisely and usefu...

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Posted Under: Service Tax |

Broad Overview of Goods & Service Tax GST

Currently, the Indirect tax structure in India comprises of several taxes and thus necessitates a number of compliances. We would first analyse in a capsule form the major Central and the State laws under the present tax regime:...

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Posted Under: Service Tax |

Notification No. 4/2016- Income Tax Dated: 22/01/2016

Notification No. 4/2016- Income Tax 22/01/2016

S.O. 223(E).— In the notification of the Government of India in the Ministry of Finance, Department of Revenue (Central Board of Direct Taxes) number S.O. 3313 (E), dated the 8th December, 2015, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 8th December, 2015, in the English version, i...

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HC restricts remedial action on audit objection – tones down rigour of Instruction No. 9/2006

Sun Pharmaceutical Industries Ltd. Vs DCIT (Delhi High Court)

Sun Pharmaceutical Industries Ltd. Vs. DCIT (Delhi High Court) Vide this judgment, the Hon’ble Delhi High Court was pleased to read down the effect of para 4 of Instruction No. 9 of 2006, which provided that the AO was compelled to initiate reassessment in case of an audit objection, even if the AO is not in agreement with the objection...

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Machinery rent cannot be taxed as Income from House Property for TDS deduction under wrong head

Heritage Hospitality Ltd. Vs DCIt (ITAT Hyderabad)

AO’s opinion that since TDS made u/s. 194-I, incomes are to be assessed under head ‘income from house property’ can not be accepted. Moreover, even if assessee has let out property but, when the Memorandum of Association permits the business of letting out of properties as such, the income cannot be brought to tax as ‘income from ...

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Claim of export turnover if foreign exchange not realised in specified period u/s 80HHC tantamount to deemed concealment of income

Emblem Fashion Wear Exports Pvt. Ltd. Vs ITO (ITAT Mumbai)

ITAT Mumbai held In the case of Emblem Fashion Wear Exports Pvt. Ltd. vs. ITO that the assessee did not obtain approval, either pre or post facto, from the competent authority, as required by law. Also the assessee did not apply for any extension of time....

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Adjustment entries being not in nature of loan or advances are outside the purview of deemed dividend u/s 2(22)(e)

CIT (TDS) Vs Schutz Dishman Bio-Tech Pvt. Ltd. (Gujarat High Court)

Gujarat High Court held In the case of CIT (TDS) vs. Schutz Dishman Bio-Tech Pvt. Ltd. that there are large number of adjustment entries between the corporates. Unlike transactions of loans and advances, in this kind of adjustment entries, the movement of funds is both ways and the same is more in the nature of current account rather than...

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Being an investment company, interest on loan used for investment in jointly controlled entity allowed as revenue expenditure

ITO Vs M/s. First American Securities Pvt. Ltd. (ITAT Delhi)

ITAT Delhi held In the case of ITO vs. M/s. First American Securities Pvt. Ltd. that the interest expenditure is to be treated as revenue in nature because the assessee is an investment company. It is very specifically mentioned in the objects of the MOU that assessee company is to make strategic investment in the business entities...

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Revised Guidelines for CEP Study Circles for Members of Institute of Cost Accountants of India

In view of the mandatory CEP credit hours requirements for members of the Institute as laid down by the Council of the Institute of Cost Accountants of India, it has been thought prudent to create another level of Programme Organising Units (POUs) to facilitate the members in complying with the said requirements....

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Posted Under: Service Tax |

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December 2021