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Exemption from Service Tax on Services Provided by Goods Transport Agency

December 19, 2015 38851 Views 0 comment Print

Serial No 21 of the Notification No 25/2012 dated 20.06.2012 provides for an exemption for services provided by Goods Transport Agency, by way of transport of goods carriage. The extract of clause, providing exemption as per Original Notification No 25/2012 dated 20.06.2012 (Applicable with effect from 01.07.2012) is narrated as under:-

Notification No. 992(E)/2015 – Income Tax Dated 18/12/2015

December 18, 2015 877 Views 0 comment Print

Notification No. 992(E)/2015 – Income Tax G.S.R. 992(E).— In exercise of the powers conferred by the proviso to article 309 of the Constitution and in supersession of the Ministry of Finance, Department of Revenue, Income Tax Department (Group C Posts), Recruitment Rules, 2003 relating to Staff Car Driver (Ordinary Grade) except as respects things done or omitted to be done before such supersession, the President hereby makes

Tangible material required to reopen assessment u/s 148 of Income Tax Act,1961

December 18, 2015 2285 Views 0 comment Print

M/s.Peacock Apparels (P) Ltd vs. ITO (Madras High Court), Except to state that the EOU has not been approved by the Specific Authority, the first respondent has not assigned any other reason to reopen the assessment order.

Notification No. 990(E)- Income Tax, Dated: 18.12.2015

December 18, 2015 2863 Views 0 comment Print

Tax Assistant except as respects things done or omitted is be done before such supersession, the President hereby makes the following rules regulating the method oC recruitment to the posts of Tax Assistant in the Central Berard of Direct Taxes (CBDT), Derartrrient of Revenue, Ministry of Finance.

Mere transfer of unexpired contracts cannot be treated as Capital Expenditure

December 18, 2015 655 Views 0 comment Print

Tata Consultancy Services Ltd. vs. ACIT (ITAT Mumbai) ITAT observed that the assessee has acquired the service agreement whereby all the liabilities, rights and obligation and interest in the afore-stated agreement are acquired by the assessee.

Compulsory pre-emptive purchase not necessary in collaboration agreement between owner & developer

December 18, 2015 1631 Views 0 comment Print

In case of Unitech Ltd. Vs. UOI Hon’ble SC has set aside the order passed by Bombay HC in a writ petition filed by asseessee against the order under section 269UD. Hon’ble SC have held compulsory pre-emptive purchase illegal.

In Reopening AO cannot pass Composite Order for Assessment and for rejection of objection

December 18, 2015 1489 Views 0 comment Print

JVS Export vs. DCIT (Madras High Court) As per dictum laid by Hon’ble Supreme Court in GKN Driveshafts (India) Ltd. Vs. Income Tax Officer and Others, (2003) 259 ITR 19 that pursuant to the notice issued by the assessing officer, he is bound to consider the objections of the parties

Extension of date for Exicse Return/ Service Tax & Excise Payment in UT of Puducherry

December 18, 2015 764 Views 0 comment Print

Date for payment of Central Excise duty and Service Tax for November 2015 in the Union Territory of Puducherry (except Mahe & Yanam) extended to 20th December 2015 while the date of filing of the Central Excise return for November 2015 extended to 31st December 2015. For all Central Excise and Service Tax assessees in […]

Notification No. 991/2015 – Income Tax Dated 18.12.2015

December 18, 2015 2876 Views 0 comment Print

Notification No. 991/2015 – Income Tax G.S. R. 991(E).—In exercise of the powers conferred by the proviso to article 309 of the Constitution and in Supersession of the Ministry of Finance, Department of Revenue, Income Tax Department (Group C Post), Recruitment Rules, 2003 relating to Notice Server except as respects things done or omitted to be done before such supersession, the President herby makes the following rules

Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Proposed amendments to IFRS 4)

December 18, 2015 843 Views 0 comment Print

Exposure Draft issued by IASB on Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Proposed amendments to IFRS 4) is for comment only. Comments on the Exposure Draft need to be received by January 8, 2016. The International Accounting Standards Board (the Board) published for public comment proposals to amend the existing insurance […]

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