taxable value

Take Aways & Tuck Shops- Taxable or Exempt under Service Tax?

Service Tax - Food is made and pre packed at some other place and packed food items are shelved on tuck shops. Tuck shops provide packed food available to the customers, employees, guests or visiting public where they are opened. Premises are not the property of tuck shop. Tuck shops are merely retail outlets where air conditioners are not installed....

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Service Tax Payable on PF & Bonus Under manpower services

Service Tax - Under manpower services – Provident fund and bonus paid shall be included in taxable service and service tax shall be charged Service Tax Payable on PF & Bonus Under manpower services Section 67 of the Finance Act, 1994- Valuation of Services In case of  “Laxmi  Construction v Commissioner  in CESTAT  Allahabad” 2016 STR 561...

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Service Tax on Aggregator Services

Service Tax - The term aggregator implies that there should be a web-based software application and a communication device to connect potential customers with the service providers to provide services under the brand name/trade name of the person owning the software application....

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GST, Dual GST – Meaning, Provisions & Applicabilty

Service Tax - Meaning:- The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. France was the first country to introduce this value added tax system in 1954 devised by a public servant. In India, due to non consensus between central and state government, the proposal is to […]...

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Service Tax on Banking and other financial services

Service Tax - Article explains Service Tax Provisions on Banking and other financial services. - Taxable Service means any service provided or to be provided to any person, by a banking company or a financial institution including a non-banking financial company or any other body corporate or commercial concern, in relation to banking and other financi...

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Affidavit must for gift in kind, over Rs. 50,000, from relatives

Service Tax - From now on, when you get a gift in kind, valued at more than Rs. 50,000, from your parents or other relatives, make sure you have a sworn affidavit declaring the donor your kin.The Central Board of Direct Taxes has ruled that any such gift will be taxable for the donee unless it is from relatives or given during occasions such as marriag...

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Service tax credit cannot be taken when service tax has not been shown to have been paid by service provider

Ahmednagar Merchants Co-operative Bank Ltd. Vs CCE (CESTAT Mumbai) - Service tax credit cannot be taken when service tax has not been shown to have been paid by service provider; once it is found that Cenvat credit was irregularly availed by the assessee and by implication to that extent the service tax on the output service was short paid, it has to be recovered und...

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Gifts of property (gifts-in-kind) above value of rs.50,000 become taxable from 1st October 2009

PRESS RELEASE No.402/92/2006-MC - (30/09/2009) - The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual o...

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Recent Posts in "taxable value"

Take Aways & Tuck Shops- Taxable or Exempt under Service Tax?

Food is made and pre packed at some other place and packed food items are shelved on tuck shops. Tuck shops provide packed food available to the customers, employees, guests or visiting public where they are opened. Premises are not the property of tuck shop. Tuck shops are merely retail outlets where air conditioners are not installed....

Read More
Posted Under: Income Tax |

Service Tax Payable on PF & Bonus Under manpower services

Under manpower services – Provident fund and bonus paid shall be included in taxable service and service tax shall be charged Service Tax Payable on PF & Bonus Under manpower services Section 67 of the Finance Act, 1994- Valuation of Services In case of  “Laxmi  Construction v Commissioner  in CESTAT  Allahabad” 2016 STR 561...

Read More
Posted Under: Income Tax | ,

Service Tax on Aggregator Services

The term aggregator implies that there should be a web-based software application and a communication device to connect potential customers with the service providers to provide services under the brand name/trade name of the person owning the software application....

Read More
Posted Under: Income Tax |

GST, Dual GST – Meaning, Provisions & Applicabilty

Meaning:- The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. France was the first country to introduce this value added tax system in 1954 devised by a public servant. In India, due to non consensus between central and state government, the proposal is to […]...

Read More
Posted Under: Income Tax | ,

Service Tax on Banking and other financial services

Article explains Service Tax Provisions on Banking and other financial services. - Taxable Service means any service provided or to be provided to any person, by a banking company or a financial institution including a non-banking financial company or any other body corporate or commercial concern, in relation to banking and other financi...

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Posted Under: Income Tax |

One circular- many solutions

In these CHA services, during the import or export of goods, apart from the service of CHA there are various other services which are involved like the port services, terminal handling service, cargo handling service, cleaning or fumigation of containers services etc. In most cases, it is the CHA who is dealing with the service providers ...

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Posted Under: Income Tax |

Summary of rules for valuation of perquisites for Assessment year 2010-2011

This article summarizes Notification No. 94/2009/F. No. 142/25/2009-SO(TPL) dated 18 December 2009 (Notification) issued by the Central Board of Direct Taxes (CBDT)that substitutes Rule 3 (Rule) relating to valuation of perquisites arising from employment. The new Rule is effective from 1 April 2009 and is largely similar to the erstwhil...

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Posted Under: Income Tax |

Johnny and Service Tax Refund Part – V

The assesses claiming refund orders under Insurance services are experiencing enormous complexities in getting their refund orders passed on vague and futile justifications that not only are annoying and irritating the assessees but also deprives away the faith of assessees on the refund mechanism designed by the Government. Such reasons ...

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Posted Under: Income Tax |

Affidavit must for gift in kind, over Rs. 50,000, from relatives

From now on, when you get a gift in kind, valued at more than Rs. 50,000, from your parents or other relatives, make sure you have a sworn affidavit declaring the donor your kin.The Central Board of Direct Taxes has ruled that any such gift will be taxable for the donee unless it is from relatives or given during occasions such as marriag...

Read More
Posted Under: Income Tax |

Gifts of property (gifts-in-kind) above value of rs.50,000 become taxable from 1st October 2009

PRESS RELEASE No.402/92/2006-MC (30/09/2009)

The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual or a Hindu Undivided Family […]...

Read More
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