Goods and Services Tax : Article covers Taxability of Transfer of Development Rights in Positive List, Negative List and GST ERA - A Comparative Analysis o...
Income Tax : The Taxes shall arise for Gains Booked on Long Term Capital Assets being an equity share in a company or a unit of an equity orie...
Goods and Services Tax : Printing Industry is a very wide Industry ranging from Newspapers to Commercial Books and Periodicals. Involvement of Jobwork and ...
Goods and Services Tax : Value for supply of goods and services is important part of GST since the valuation will determine the corpus of tax leviable on e...
CA, CS, CMA : So, I think the topic itself is of high appeal to all the youngsters to enter in the field of chartered accountancy for making a c...
Service Tax : Held by Hon’ble Delhi HC-Rule 5A(2) as amended in terms of Notification No. 23/2014-Service Tax dated 5th December 2014 of the ...
Conflicts are what make legislation difficult to understand and subject to multiple views. Though we are always seeking for decision from judiciary to guide us in clear manner but the same might come much later than what we expect. There exists conflict for a transaction under various legal frameworks like:
Assessees have to provide data only for the period 1-4-2012 to 30-6-2012 in the first half yearly return which is due on 25-10-2012. (The data for the period from 1-7-2012 to 30-9-2012 should not be filed. Modifications will be made in the ACES so that any data filed for this period is rejected. Till such time as the modifications are made, ACES will not be accepting returns).
This article aims to discuss few essential issues that require to be addressed in light to the changes brought by negative list provisions, the jeopardy created by the board’s circulars and complexity of structures adhered to in this industry. Broadly the article shall cover the aspects as mentioned hereinafter: – (Strictly relevant to real estate only)
Service tax legislation has been amended vigorously by Finance Act, 2012. One such amendment relates to the increase in number of services that shall be subject to reverse charge mechanism. The intention behind such restructuring is that it has been noticed that a number of registrants collect the tax but do not pay the same to the Department. This is a serious loss of the revenue even though the compliant section at the recipient end is often not benefitted. To ensure proper collection, while not inconveniencing small business, a new scheme is proposed to be introduced.
DLF Limited entered into an agreement with BCCI-IPL dated 13.02.2008 and for title sponsor agreement wherein it was appointed as exclusive title sponsor of the League for the Cricket IPL 20-20 matches at a consideration of Rs. 40 crores. Crucially, the taxability of this service shall be governed by finance Act prior to amendment made by Finance Act, 2010 which excludes sports event explicitly from taxability of sponsorship service.
Where a person is liable to pay service tax u/s 68 and fails to credit the tax or any thereof to the account of the Central Government within the prescribed time limit then he shall be liable to pay taxes along with applicable interest under section 75 and face penal consequences under section 76, 77 and 78. Interest under section 75 is mandatory and automatic. The assessee is required to pay interest along-with the service tax or before filing of service tax return. He is not supposed to wait for a show cause notice from the department. The interest is liable to computed on day to day basis.
Works Contract has always been a matter of dispute for judiciary as well as professionals. The Complexity of transactions can briefly be gauged from the fact that applicable provisions include levy of Sales Tax (As per State Acts), Service Tax (As per Central Government), TDS and WCT Deductible (as required in most of state act) all on one single running bill of a Larger Work Contract. The Fact that one Single Works Contract may run into years and thereby resulting in transactions like Mobilisation advance, running bills and advances adds to the jargon.
In Recent times the Rollback of Excise Duty Exemption on Branded Readymade Garments has been a Subject Matter of big protest from Industry. Despite all the efforts and rows the government looks in no mood to give any relaxation on the same. Excise duty at the rate of 10% shall now apply to ready-made garments […]
What is Works Contract? According to Section 65 (105) (zzzza), any service provided or to be provided to any person, by any other person in relation to the execution of a works contract, excluding works contract in respect of roads, airports, railways, transport terminals, bridges, tunnels and dams, is a taxable service;
XBRL (Extensible Business Reporting Language) is another advanced reporting language of the XML family. XBRL ensures that the figures reported to government authorities and other organisation does not remain dormant piece of printed papers but these figures can be used in data analysis.
