Income Tax : Understand tax audit requirements under Section 44AB for AY 2024-25. Detailed analysis for businesses and professionals, including...
Corporate Law : Explore the Prevention of Money Laundering Act (PMLA) in India, ED powers, and significant Supreme Court rulings impacting anti-mo...
Corporate Law : Understand the Hindu Succession Act's rules of inheritance for coparcenary property, including amendments for daughters' rights. L...
Corporate Law : Explore the new manufacturing norms (NMN) in India aimed at boosting SME growth. Learn about eligibility criteria, investment thre...
Income Tax : Explore the impact of Income Tax Sections 269SS, 269ST, 269SU, and 269T on transactions via Journal/Book Entries. Learn about legi...
Income Tax : Synopsis of the Representation by ‘Bhayandar CA Social Group’ made for extension of due dates – To the Finance M...
CA, CS, CMA : Vasai Branch of WIRC of ICAI is hosting Members Regional Convention on International Taxation-2012 to share knowledge of Basic P...
Income Tax : Explore ITAT Mumbai's order on sundry creditors from bogus purchases. Learn about tax implications, sections 68 and 41(1), and the...
Income Tax : All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) High Court held that respondent No.1 – Union of...
Income Tax : ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai) MAT on depreciation on write back of excess depreciation provided in ea...
Income Tax : Armoury International Vs ACIT (ITAT Mumbai) In this case, the assessee was observed to have made bogus purchases as per informatio...
Income Tax : ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the conte...
ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary
1. Is Reserve Bank of India a Temporary Bank ? 2. Do you need to have an aircraft pilot license for flying a Kite? India’s repertoire of laws that don’t work-the bizarre, the weird, the irrelevant and the absurd-seems infinite. They are not necessarily bad laws, just obsolete as smoke belching steam engines. But, beware, they are all ‘live’ laws that can theoretically be moved in court.
As all the dealers are aware that the Urban Development Department, Government of Maharashtra has informed all the dealers that from 1st August 2015, LBT shall apply only to those dealers whose turnover would exceed Rs. 50 Cr. in a year.
Before the amendment of the constitution by its (Forty-Sixth Amendment) by a series of subsequent decisions, the Supreme Court has, on the basis of the decision in Gannon Dunkerley’s case, held various other transactions which resemble, in substance, transactions by way of sales, to be not liable to sales tax.
CA Lalit Munoyat For latest update refer comments at the bottom of the article. Notification No. 30/2004-CE dated 09-07-2004 further amended by Notification No. 37/2015-CE dated 21-07-2015 so as to restore the legal position as it stood before the amending notification No. 34/2015-CE dated 17-07-2015. Raw materials levied at NIL rate of duty also allowed […]
Under various taxing statutes discretionary power vests in a functionary like Income Tax Officer, Dy. Commissioner of Income Tax, Commissioner, Income tax , Service tax and central excise adjudicators and the like in case of customs laws and such other taxation law. Such powers are expected to be exercised reasonably and in good faith following the principles of natural justice.
Vasai Branch of WIRC of ICAI is hosting Members Regional Convention on International Taxation-2012 to share knowledge of Basic Principles of international taxation to the Related Controversial Issues in International Taxation including Cross Border Transactions. The date of the event is Friday 21st & Saturday 22nd December, 2012 at Green Court Club (G.C.C.), Mira- Bhayandar, […]
Advocates were resisting being brought within the ambit of Service Tax by their argument that their basic function is to assist the Court in effective justice delivery system and while doing so they function more like officers of the Court than as service provides. They were assisting the litigants in obtaining justice and that charging of fees was just ancillary to the main object. However, appreciating the popular sense they have agreed to be so covered by the Finance Act 2012, albeit in a restricted manner.
Service tax, like any other indirect tax, is a destination based consumption tax born the ultimate user and collected by the provider. The core of the system is section 66B which is the charging section levying service tax @ 12% on the value of all services, other than those services specified in the negative list which are provided or agreed to be provided in the taxable territory by one person to another and collected in such manner as may be prescribed.
With effect from 01-07-2012 section 66B of Chapter V of Finance Act, 1994 shall govern the CHARGE of service tax . Accordingly there shall be levied a service at the rate of 12% on the value of all services, other than those services specified in the negative list, provided or agreed to be provided in the taxable territory by one person to another and collected in such manner as may be prescribed.
