While deciding Revenue’s appeal in ITA No. 6747/M/2011, this Bench had the occasion to consider the Circular issued by CBDT being Circular No. 8/2005 dt. 29.8.2005 wherein this Bench has held that employer/employee relationship is a pre-requisite for the levy of FBT. Rationale for introduction of FBT is that it is difficult to isolate the “personal element” if the benefits are collectively enjoyed by the people which means that the provisions of FBT will be applicable only in respect of those expenses which contain or atleast are likely to contain an element of personal benefit to employees. We do not find any such thing present on the facts of the present case. The subscription amount has been paid as per contractual agreement between the assessee and M/s. Tata Sons Ltd. The invoice raised by M/s. Tata Sons Ltd. is for the services provided for it. As no employer/employee relationship exists between the assessee and M/s. Tata Sons Ltd., we agree with the findings of the Ld. CIT(A) that subscription payment deserves to be kept outside the purview of FBT.
Voluntary Compliance Encouragement Scheme, 2013 (VCES) – To motivate about 10 lakh of those registered assesses of service tax, who are not filing returns and paying tax dues, the Finance Minister has proposed to introduce a one-time scheme called ‘Voluntary Compliance Encouragement Scheme’ in 2013-14 Budget proposals. Under this scheme a defaulter can file a […]
THE ECONOMY AND THE CHALLENGES > Getting back to potential growth rate of 8 percent is the challenge facing the country. > Slowdown in Indian economy has to be seen in the context of slowing global economic growth from 3.9 per cent in 2011 to 3.2 per cent in 2012. > However, no reason for […]
Authorised Dealer banks should report all derivative transactions including forward exchange contracts on the basis of PV adjustment for the purpose of calculation of the net open position. Authorised Dealer banks may select their own yield curve for the purpose of PV adjustments. The banks however should have an internal policy approved by its ALCO regarding the yield curve/(s) to be used and apply it on a consistent basis.
CA Amit Lath Finance minister while delivering his budget speech stressed on the importance of stability of taxation regime. With this view in mind very few changes has been introduced in the already destabilized regime of service tax. In this article an effort has been made to compare the changes introduced in the budget 2013-2014. […]
WANT TO ENCASH TAX BENEFITS OF INVESTMENT IN RESIDENTIAL UNIT- RESTRICT IT TO A BUDGET HOUSE You are planning to invest in Residential House, and got excited with the news of tax exemptions, be careful and keep a check on the Investment value. If you want to take the benefit of the Tax incentives in […]
Direct Tax – At a Glance No change in income tax slabs A tax credit of Rs. 2,000 to every person with an income of up to Rs. 5 lakh per annum Surcharge of 10 % on persons (other than companies) whose taxable income exceeds Rs. 1 crore for only one year Increase in surcharge […]
This circular is issued in exercise of the powers conferred under section 11 of the Securities and Exchange Board of India Act, 1992, read with regulation 100 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.
FINANCE BILL, 2013 – PROVISIONS RELATING TO DIRECT TAXES A. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for the assessment year 2013-14. In respect of income of all categories of assessees liable to tax for the assessment year 2013-14, the rates of income-tax have been specified in Part […]
The service tax changes in Budget 2013 are largely guided by the objectives to provide a stable tax regime and improve voluntary compliance. The important changes are as follows:
