"May, 2016" Archive - Page 4

Raising of invoices per se won’t result in accrual of income

Bechtel International Inc. Vs DDIT-3(2) , Mumbai (ITAT Mumbai)

The ITAT Mumbai in the above cited case held that raising of invoices per se doesn’t result in accrual of income rather an income can be considered to have been accrued only when there is a corresponding liability of the other party to pay the amount to the assessee and there is realistic probability of realization of the income to the ...

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Effect of Krishi Kalyan Cess (KKC) Related New Notifications

it has been notified that w.e.f. 1.6.2016, wherever reverse charge mechanism is applicable in terms of Notification No. 30/2012-ST dated 20.06.2012, the same (reverse charge) shall be applicable mutatis mutandis for the purpose of Krishi Kalyan Cess....

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Posted Under: Income Tax | ,

FAQS on Service Provided by Government or Local Authority

In today’s scenario, every business entity has to make multiple kinds of payment to the Government or local authority. While making these payments, it is now important for these business entities to realize the repercussions of these payments from a service tax point of view as well. This is because a number of services provided by Gove...

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Posted Under: Income Tax |

Tax on services provided by Govt or local authority to Real Estate Industry

Any service provided by Government or a local authority to a business entity has been made taxable w.e.f. 1St April 2016. Post Budget 2016, representations have been received from several quarters including business and industry associations in respect of various aspects pertaining to the taxation of such services. Accordingly, few clarif...

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Posted Under: Income Tax |

TCS on Sale of Goods and Service required to be revamped

TCS provisions have been made applicable to all the goods and services wef 01-06-2016. While the provisions are intended to frame a system of reporting high value transactions to curb black money, the law framed by the parliament in this regard is plagued by number of doubts and issues which can clog the very implementation of provisions....

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Posted Under: Income Tax | ,

Rights & Obligations of Allottees Under Real Estate Act, 2016

The Real Estate ( Regulation and Development ) Act, 2016 defines Allottee as the person to whom a plot, apartment or building , as the case may be , has been allotted, sold( whether as freehold or leasehold) or otherwise transferred by the promoter. It also includes person who subsequently acquires the said allotment through sale, trans...

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Posted Under: Income Tax |

Brief Analysis of Krishi Kalyan Cess

After Collecting cess in the name of Education, Higher Education, Cleanliness (Swachh Bharat Cess) now the government is also keen to put burden of welfare of the Farmers on all of us (Including from the farmers for any service availed by them. Imagine person paying Tax for his own welfare which might not ultimately reach to him !!!!!) so...

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Posted Under: Income Tax | ,

Levy of Luxury tax on DTH operators while exempting cable operators is discriminatory

Bharati Telemedia Ltd. Vs Union of India , State of Kerala & others (Kerala High Court)

The Hon'ble Kerala HC in the above cited case held that exempting cable operators from luxury tax while making DTH operators to pay the same is a case of discriminatory levy of luxury tax merely because of technological differences in the system of deliveryof entertainment in both the services....

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Transfer Pricing Documentation: Convergence with BEPS Action Plan

OECD stands for Organization for Economic Co-operation and Development. It is an international organization comprising of 34 countries with an objective to stimulate economic progress and world trade. The organization actively conducts researches in various areas of taxation and economic development based on which it issues recommendation...

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Posted Under: Income Tax |

Annual Return under Service Tax

As per Rule 7(1) of the Service Tax Rules, 1994, all the assessees registered under service tax are required to file service tax returns on a half yearly basis. The half yearly return is to be filed by 25th of the month following the particular half year. The Central Board of Excise and Customs (͞the Board͟) have amended Rule 7, 7A and...

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Posted Under: Income Tax | ,

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