"17 July 2018" Archive

Service Tax not leviable on Participation in promotion of brand name under BAS

Narmada Drinks Pvt. Ltd Vs C.C.E. & S.T. (CESTAT Delhi)

Narmada Drinks Pvt. Ltd Vs C.C.E. & S.T. (CESTAT Delhi) It is well known that the bottlers receive concentrate from the brand owners such as M/s Coca Cola, manufacture aerated products there from and sell the same. Para 6.2 of the relevant show cause notice alleges that the amounts have been received from the brand […]...

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How to view TDS Certificate from Form 26AS?

Deductee can view TDS certificate (only non-salary TDS certificate i.e. Form 16A) online by logging into Form 26AS. From financial year 2011-12, it is mandatory for companies and banks to issue Form 16A downloaded from TIN Website and issue only such downloaded Form 16A to deductees. The other categories of deductors may also exercise thi...

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Posted Under: Service Tax |

Conditions & Manner of providing Exit Options to Dissenting Shareholders

A Company is run by Board of Directors and officers of the Company. They have been appointed by Shareholders of the Company. The true owner is the Shareholders of the Company, who have exercise their rights through meeting of members. ...

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Posted Under: Service Tax |

Loans and income tax benefits available

Most of us must have borrowed at some point in life whether it is friendly borrowings from friends and relatives or whether it is a home loan from a financial institution. In this article, I shall discuss the tax benefits available in respect of such loans....

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Posted Under: Service Tax |

Law related to residency in India & role of exemption under DPS

Article explains Law related to residency in India & role of exemption under Dependent Personal Service ('DPS') when a person is providing services in more than one country...

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Posted Under: Service Tax |

GST – Drawing Splits and Bundles from Composite and Mixed

Conveying the definition but not the intent, how do you do that government’s way? Bitterly easy, introduce the concepts of Composite and Mixed Supply under Section 8 of Central Goods and Services Tax Act, 2017 (‘the Act’). The present piece provide a discussion over the application of these concepts in transactions which by their na...

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Posted Under: Service Tax |

Tax benefits of investing in mutual funds

Under the equity/debt mutual funds, you invest a fixed sum of money in a scheme either every month or quarter. When you’re investing in a particular mutual fund, the first thing you need to do to assess its returns is to know how it will be taxed. It is the post tax returns that will […]...

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Service Tax cannot be levied on incentive to encourage use of franking machines

M/s. Mail Related Services Vs Commissioner of Service Tax (CESTAT Chennai)

Coming to the controversy on rebate received from the postal department, it cannot be treated as a commission or an amount received for promoting the postal services. Such incentives are given by the postal authority to encourage use of franking machines, especially where the volumes are above a certain threshold level....

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No Addition merely on the Basis of Statements recorded U/s. 133A

Shri Ashok Vani Vs ITO (ITAT Indore)

That, the learned CIT(A) grossly erred, both on facts and in law, in confirming the addition of 77,845/- made by the AO in the appellant's income on allegation of unexplained cash, solely on the basis of statement of the appellant recorded during the course of survey u/s. 133A of the Act, without considering and appreciating the explanati...

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Section 14A will not apply if no exempt income

McDonald's India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi)

McDonald's India case: Section 14A of the Income-tax Act, 1961 will not apply if no exempt income has been received or receivable during the previous year in question...

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