TaxGuru Newsletter Subscription
Information You Can Rely On.
Custom Duty - Whether, for section Section 40(a)(ii), word ‘cess’ would be labeled as a ‘tax’ and hence accordingly, will not be allowed business expenditure....
Read MoreCustom Duty - Interesting Income Tax Issues: Deduction of Health and Education Cess from Taxable Income : AY 2020-21 Background Sec. 40(a)(ii) of the Income –tax Act provides that ‘any sum paid on account of any rate or tax levied on the profits or gains of any business or profession or assessed at a proportion of, or otherwise […]...
Read MoreCustom Duty - It is a well settled principle that ‘Income-tax’ of a taxpayer is a not an allowable business expenditure. However, whether the ‘Income-tax’ payable by the taxpayer also includes ‘Cess’ or does not include such ‘Cess’ is a matter of debate....
Read MoreCustom Duty - The Union Government in the Finance Bill, 2016 imposed a new Cess as a duty of excise to be called “Infrastructure Cess”. The Infrastructure Cess has been levied on certain goods specified in the Eleventh Schedule of the Finance Act, 2...
Read MoreCustom Duty - There shall be levied and collected in accordance with the provisions of this Chapter, a cess to be called the Krishi Kalyan Cess, as service tax on all or any of the taxable services @ 0.5% on the Value of such services for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating theret...
Read MoreCustom Duty - Highlights of 43rd GST Council meeting held on 12th October 2020 which was continuation of earlier meeting Today’s meeting was a continuation of the 42nd GST Council meeting, to discuss one agenda item, namely no. 9A. Finance Minister Smt. Nirmala Sitharaman has chaired the GST Council meeting via video conferencing in the presence ...
Read MoreCustom Duty - The government is mulling levy of small cess on natural gas to fund construction of national gas highway network even as it plans to extend LPG reach to rural areas and launch smart cards for kerosene. Petroleum minister Murli Deora discussed the idea of levy of $0.20 per million British thermal unit as cess on […]...
Read MoreHoneywell Technology Solutions Lab Pvt. Ltd. Vs DCIT (ITAT Bangalore) - Honeywell Technology Solutions Lab Pvt. Ltd. Vs DCIT (ITAT Bangalore) We respectfully following the aforesaid judgment of the Honable High Court of Bombay in the case of Sesa Gold Limited (supra), therein conclude that ‘Education Cess’ and the Secondary and Higher Education Cess is not d...
Read MoreAsian Paints Ltd Vs Add. CIT (ITAT Mumbai) - Asian Paints Ltd Vs ACIT (ITAT Mumbai) We have considered rival submissions in the light of decisions relied upon and perused material on record. Undisputedly, the assessee in its computation of income has computed disallowance under section 14A of the Act at Rs.23,98,769 by applying certain princip...
Read MoreNirpan Securities Pvt. Ltd. Vs ACIT (ITAT Mumbai) - Nirpan Securities Pvt. Ltd. Vs ACIT (ITAT Mumbai) We find that the issue in dispute herein is squarely covered by the decision of the Hon’ble Jurisdictional High Court in the case of Sesa Goa Ltd., vs. JCIT reported in 117 Taxmann.com 96 wherein the Hon’ble High Court had categorically held that...
Read MoreOverseas Polymers Private Limited Vs ACIT (ITAT Mumbai) - Overseas Polymers Private Limited Vs ACIT (ITAT Mumbai) Legislature in Sec. 40(a)(ii) has though provided that ‘any rate or tax levied’ on ‘profits and gains of business or profession’ shall not be deducted in computing the income chargeable under the head ‘profits and ...
Read MoreAssistant Commissioner of CGST and Central Excise Vs Sutherland Global Services Private Limited (Madras High Court) - Assistant Commissioner of CGST and Central Excise Vs Sutherland Global Services Private Limited (Madras High Court) Whether the Assessee is entitled to utilise and set off the accumulated unutilised amount of Education Cess (EC), Secondary and Higher Education Cess (SHEC) and Krishi Kalyan Cess (KKC...
Read MoreNotification No. 23/2021-Customs [G.S.R. 232(E).] - (31/03/2021) - Seeks to extend the exemption from Integrated Tax and Compensation Cess upto 31.03.2022 on goods imported against AA/EPCG authorizations vide Notification No. 23/2021-Customs dated 31st March, 2021. MINISTRY OF FINANCE (Department of Revenue) New Delhi, the 31st March, 2021 Notification No. 23/2021-...
Read MoreNotification No. 04/2017-Compensation Cess (Rate) [G.S.R. 938(E)] - (20/07/2017) - Government hereby exempts intra-State supplies of second hand goods received by a registered person, dealing in buying and selling of second hand goods and who pays the goods and services tax compensation cess on the value of outward supply of such second hand goods as determined under sub-rule (5) ...
Read MoreCircular No. 921/11/2010- Central Excise - (10/05/2010) - References have been received from field formations on the issue of levy of Education Cess and higher Education Cess on the Central Excise duty determined under Notification No. 17/2007-CE dated 1-3-2007 under compound levy scheme on S.S. Patta/Patti and Aluminium Circles....
Read MoreCircular No. 914/04/2010- Central Excise - (16/02/2010) - References have been received from Trade & Industry as well as field formations, regarding leviability of beedi cess on labelled as well as unlabelled beedis. It has been stated that Notification No. S-23011/1/79-M.V. dated 19.12.1981[G.S.R. No.669(E)] as amended by [G.S.R. No. 281(E)] dated 30.03.8...
Read MoreCircular No. 883/03/2009- Central Excise - (26/02/2009) - The Sugar Cess Act, 1982 provides that There shall be levied and collected as a cess, for the purposes of the Sugar Development Fund Act, 1982, a duty of excise on all sugar produced by any sugar factory in India for the development of sugar industry. References have been received from some field fo...
Read MoreNotification No. 23/2021-Customs [G.S.R. 232(E).] - 31/03/2021
Honeywell Technology Solutions Lab Pvt. Ltd. Vs DCIT (ITAT Bangalore) -
Asian Paints Ltd Vs Add. CIT (ITAT Mumbai) -
Nirpan Securities Pvt. Ltd. Vs ACIT (ITAT Mumbai) -
Overseas Polymers Private Limited Vs ACIT (ITAT Mumbai) -
Assistant Commissioner of CGST and Central Excise Vs Sutherland Global Services Private Limited (Madras High Court) -
