tax act

FAQ on Profession Tax (PT) in Maharashtra

Goods and Services Tax - Who is liable to pay Profession Tax?Every person engaged actively or otherwise in any profession, trade, callings or employment and falling under one or the other of the classes mentioned in the second column of Schedule I appended to Profession Tax Act, is liable to pay Profession Tax....

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Tax Gurus failed to find Potholes in Wealth Tax under DTC

Goods and Services Tax - The direct tax code is unique in its approach in so far it prescribes a threshold limit of Rs.50 Crore. But it is to be understood only in respect of two taxable entities namely: 1.Individuals and 2. Hindu Undivided Family. However, the third taxable entity which is private discretionary trust is not treated at par for this limit of basic...

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High court upheld the levy of higher rate of tax on superior kerosene oil (white kerosene oil)

Goods and Services Tax - Levy of sales tax on a higher percentage on ‘superior kerosene oil' (SKO) (also called white kerosene oil) and also levy of resale tax and surcharge on it by Tamil Nadu Government have been upheld by the Madras High Court. The attack by dealers that levy of different rates for same commodity was discriminatory was turned down by the Cou...

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Issues arising out of & Implications of A & G Projects Judgment – The way out

Goods and Services Tax - Under entry 92A of List I of the VII Schedule to the Constitution of India, the Parliament of India has the exclusive right to impose tax on sale or purchase of goods other than newspapers where such sale or purchase takes place in the course of inter-State trade and commerce. Article 269 of the Constitution of India authorises the Parlia...

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Critical Analysis of Inter-State Works Contract

Goods and Services Tax - After amendment to the constitution by inserting Article 366(29A) providing definition of the term “taxes on sale or purchase of goods” to include deemed sales, States were empowered to levy tax on sale or purchase of goods involved in execution of works contracts. However, the power of States to levy tax on deemed sales including wor...

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Convergence with IRFS only after addressing concerns of the industry

Goods and Services Tax - Making clear its commitment to converge Indian accounting norms with International Financial Reporting Standards (IFRS) by 2011, the government on Wednesday said all concerns of the industry would be addressed before convergence takes place. “We stand by our commitment to converge the Indian accounting norms with the IFRS and have synch...

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TDS liability of a builder for sub-contracting of main contract is 1% u/s 194C

Kent Constructions Pvt. Ltd. Vs. DCIT (TDS) [ITAT Cochin] - We have heard rival submissions and perused the orders of the authorities below. Copies of Registration Certificate under Kerala Value Added Tax and Form ST-2 under Service Tax Act placed at pages 20 and 21 clearly mentions that assessee has been registered as a works contractor doing construction o...

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Income from convention centre run by a hotel company is eligible to expenditure tax

Mfar Hotels Ltd. Vs. ACIT (ITAT Cochin) - For the purpose of Expenditure Tax Act, 1987 the convention center managed by a hotel is an extension of the hotel itself and therefore, rent collection from the convention center shall be eligible for the levy of expenditure tax....

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Where fair market value of the capital asset under transfer is less than the valuation as per Stamp Value Act

Mohd Shoib Vs DCIT (ITAT Lucknow 'B' Bench) - Where fair market value of the capital asset under transfer is less than the valuation as per SVA and such valuation as per SVA becomes final under Stamp Duty Act then the assessee is left with no choice and has to pay tax on the notional sale consideration on the valuation as per SVA....

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Wealth-tax not Chargeable on Urban Land excluded from the ambit and expression of Urban Land

Amrit Lal Jindal & Sons (HUF) Vs ITO (Punjab & Haryana High Court) - The land which falls within the exception of `urban land' would have to be excluded from the ambit and scope of expression `urban land' and, such land would not be covered by the expression `assets' as defined in section 2(ea) of the Wealth-tax Act, 1957; consequently, such land would not be treated...

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Allotment of shares is “creation” of shares and not “transfer” of shares

Khoday Distilleries vs. CIT (Supreme Court) - An allotment of shares is a “creation” of shares and not a transfer of shares. There is a vital difference between the two. An allotment is the creation of shares by appropriation out of the unappropriated share capital to a particular person....

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Profession Tax Amnesty Scheme for defaulters in Maharashtra

Trade Cir.No.30T of 2009 - (03/11/2009) - The Amnesty Scheme is open for the period from 1st August, 2009 to 31st March, 2010 and is called "Profession tax Enrollment Incentive scheme 2009"....

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MVAT – Electronic Filing of Audit Report in Form -704

Trade Circular No. 27 T of 2009 - (01/10/2009) - Any dealer who files Audit Report on or after 1st October 2009 for any period shall file the same in the new Form-704. Now, it is mandatory for all the dealers who are required to get their books of account audited as per the provisions of the section 61 of the MVAT Act, 2002 to file Audit Report in...

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Extension of date for existing manual system for accepting applications for declarations prior to 1/04/2008

Trade Circular No. 23 T of 2009 - (17/08/2009) - No. VAT/U.O.R.No. 88/JC(Reg.) Mumbai – Trade Circular No. 23 T of 2009, Dated : 17.08.2009 Sub.: Procedure for on line submission of application [Statement of Requirement ] for the statutory forms (C/F/H/EI/EII) under the Central Sales Tax Act, 1956 and delivery at the place of business of the...

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Wealth-Tax (Second Amendment) Rules, 2009 – Amendment In Rule 3A

Notification No. 16/2009 - Income Tax - (13/02/2009) - Notification No. 16/2009 - Income Tax In exercise of the powers conferred by section 46 of the Wealth-tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following rules further to amend the Wealth-tax Rules, 1957, namely...

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Amendment in Wealth-tax rule 3A related to Jurisdiction of Valuation Officers

Notification No. 16/2009 - Income Tax - (13/02/2009) - Notification No. 16/2009 - Income Tax Where the valuation of any asset, being building or land or any right in any building or land, referred to the District Valuation Officer, the Valuation Officer or the Assistant Valuation Officer, as the case may be, is pending with him on the 13th February, 20...

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Recent Posts in "tax act"

FAQ on Profession Tax (PT) in Maharashtra

Who is liable to pay Profession Tax?Every person engaged actively or otherwise in any profession, trade, callings or employment and falling under one or the other of the classes mentioned in the second column of Schedule I appended to Profession Tax Act, is liable to pay Profession Tax....

Read More
Posted Under: Income Tax |

Tax Gurus failed to find Potholes in Wealth Tax under DTC

The direct tax code is unique in its approach in so far it prescribes a threshold limit of Rs.50 Crore. But it is to be understood only in respect of two taxable entities namely: 1.Individuals and 2. Hindu Undivided Family. However, the third taxable entity which is private discretionary trust is not treated at par for this limit of basic...

Read More
Posted Under: Income Tax |

TDS liability of a builder for sub-contracting of main contract is 1% u/s 194C

Kent Constructions Pvt. Ltd. Vs. DCIT (TDS) [ITAT Cochin]

We have heard rival submissions and perused the orders of the authorities below. Copies of Registration Certificate under Kerala Value Added Tax and Form ST-2 under Service Tax Act placed at pages 20 and 21 clearly mentions that assessee has been registered as a works contractor doing construction of residential complex...

Read More

High court upheld the levy of higher rate of tax on superior kerosene oil (white kerosene oil)

Levy of sales tax on a higher percentage on ‘superior kerosene oil' (SKO) (also called white kerosene oil) and also levy of resale tax and surcharge on it by Tamil Nadu Government have been upheld by the Madras High Court. The attack by dealers that levy of different rates for same commodity was discriminatory was turned down by the Cou...

Read More
Posted Under: Income Tax |

Income from convention centre run by a hotel company is eligible to expenditure tax

Mfar Hotels Ltd. Vs. ACIT (ITAT Cochin)

For the purpose of Expenditure Tax Act, 1987 the convention center managed by a hotel is an extension of the hotel itself and therefore, rent collection from the convention center shall be eligible for the levy of expenditure tax....

Read More

Issues arising out of & Implications of A & G Projects Judgment – The way out

Under entry 92A of List I of the VII Schedule to the Constitution of India, the Parliament of India has the exclusive right to impose tax on sale or purchase of goods other than newspapers where such sale or purchase takes place in the course of inter-State trade and commerce. Article 269 of the Constitution of India authorises the Parlia...

Read More
Posted Under: Income Tax |

Critical Analysis of Inter-State Works Contract

After amendment to the constitution by inserting Article 366(29A) providing definition of the term “taxes on sale or purchase of goods” to include deemed sales, States were empowered to levy tax on sale or purchase of goods involved in execution of works contracts. However, the power of States to levy tax on deemed sales including wor...

Read More
Posted Under: Income Tax |

Convergence with IRFS only after addressing concerns of the industry

Making clear its commitment to converge Indian accounting norms with International Financial Reporting Standards (IFRS) by 2011, the government on Wednesday said all concerns of the industry would be addressed before convergence takes place. “We stand by our commitment to converge the Indian accounting norms with the IFRS and have synch...

Read More
Posted Under: Income Tax |

Profession Tax Amnesty Scheme for defaulters in Maharashtra

Trade Cir.No.30T of 2009 (03/11/2009)

The Amnesty Scheme is open for the period from 1st August, 2009 to 31st March, 2010 and is called "Profession tax Enrollment Incentive scheme 2009"....

Read More

Where fair market value of the capital asset under transfer is less than the valuation as per Stamp Value Act

Mohd Shoib Vs DCIT (ITAT Lucknow 'B' Bench)

Where fair market value of the capital asset under transfer is less than the valuation as per SVA and such valuation as per SVA becomes final under Stamp Duty Act then the assessee is left with no choice and has to pay tax on the notional sale consideration on the valuation as per SVA....

Read More
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