Normally, service tax is payable by service provider by charging it in invoice raised upon the service recipient. Section 68(2) makes the person receiving the service liable to pay tax. In certain cases, liability to pay service tax has been partly shifted upon the service recipient whilst in some cases it is fully shifted.
PAN structure is as follows: AAAAA9999A. First five characters are letters, next four are numerals, last is a character letter. If PAN does not follow the above structure, PAN will be shown as invalid
1.Financial leasing services- 10% taxable -Financial leasing includes hire charges but excludes operating lease – The value of taxable service would be 10% i.e. abatement of 90% has been granted unconditionally. Taxability is defined as follows: -Interest chargeable to the extent of 10% -Principal amount not subject to tax
As the gamut of service tax expands, there is going to be ever increasing need for professionals to advise and assist the assessees. A Chartered accountant and other professionals (Advocates, CS etc.) with proper training and experience is considered to be well equipped to position in the dynamic role as an advisor and facilitator for compliances under the service tax law.
Income tax rate Chart for Financial Year 2012-13 / Assessment year 2013-14 . Tax Rates For Individuals (Men & Women), Hindu Undivided Families, Association of Persons and Body of Individuals
On a plain reading of the provisions of section 269SS and 269T of the Act, it is amply clear that the said provisions would be attracted when loans or deposits in excess or twenty thousand rupees are made or repaid. Thus, a basic precondition for falling within the ambit of the said provisions is the existence of a loan or deposit.
Delay in present case has occurred not account of any substantial and sufficient reasons but on account of negligence of the appellant. If such delays are condoned, the meaning of limitation of thee months provided by legislature in the Central Excise Act would become meaningless and redundant.
The award under the Motor Vehicle Act is like a decree of the court. It do not come within the definition of income as mentioned in Section 194A(1) read with Section 2(28A) of the Income Tax Act. Proceedings regarding claim under Motor Vehicle Act are in the nature of a garnishee proceedings under which the MACT has a right to attach the judgment debt payable by the insurance company.
It is no doubt true that the decisions in HMT (Supra), Sun Pharmaceuticals (supra) and Gemini Arts (supra) dealt with fact situations where the assessee had obtained long lease, and where the Court found the down payment as lumpsum premium to be a real advance rental payment which therefore qualify as revenue expenditure. At the same time, this Court is also aware of the fact that in Madras Auto services (supra), the leased land contained a dilapidated structure, and since it could not be used by the assessee,
The services/activities in question are pest control, annual maintenance contract (AMC) for ST plant for sewage disposal, AMC for air conditioners for instrumentation room, canteen facility and AMC for computers. The learned counsel for the appellant relies on the following decisions in support of their claim of CENVAT credit on the aforesaid services:
