The following essay will explain the meaning of depreciation and all the terms around it through a list and contrast the surrounding terms with the main concept of depreciation.
A Company is a separate legal entity from its shareholders. Under S.2 (7) of the Income Tax Act, all entities can be shareholders. For example, sometimes Companies themselves are shareholders in other companies and draw Inter Corporate Dividends from the other.
In the first part, the scheme of Advance Ruling will be discussed. In the second part, the impact of this mechanism in terms of its ability to deliver certainty to taxpayers shall be discussed and in the third part, the case of Colombia Sportswear will be used to discuss whether the decisions of Authority of Advance Ruling should be appealable.
The ingredients to levy service tax on an Intellectual Property Service are two fold. Firstly, there must be a service provided to any person, by any other person. Secondly, the service should be provided to the recipient by granting him the right to use or exploit any Intellectual Property service.
The question before the Court was whether the value of goods and materials supplied free of cost by the service recipient was to be included in the computation of gross amount charged for the valuation of taxable service?
