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 […]
Service tax format of declaration and covering letter for issue of User ID and TPIN at aces.gov.in site for existing Assessee’s. EXISTING USER: Directly contact your service tax range office. Kindly submit a requisition letter to your range officer along with your company name, Reg. No & your updated communication email id. After submitting requisition, you will get the TPIN and PASSWORD through Email.
word ‘transfer’ does not include partition or family settlement. HC observed that it is well settled that a partition is not a transfer. What is recorded in a family settlement is nothing but a partition. Every member has an anterior title to the property which is the subject matter of a transaction, that is, partition or a family arrangement. So there is adjustment of shares, crystallization of the respective rights in family properties and therefore it cannot be construed as a transfer in the eyes of law.
Living allowance paid in addition to the regular salaries and benefits in India to the employees of Indian Company who are temporarily deployed in US will be exempt from tax. The deputation agreement between the taxpayers and the Indian Company clearly states that the additional compensation in the US has been paid in lump sum without any reference to meet personal expenses at the place where the duties of office or employment were to be performed. The additional compensation received by the taxpayers was in the form of a special allowance or benefit.
Section 40 is applicable only when deductions under Sections 30 to 38 are being made in computing the income chargeable under the head profits and gains of business or profession under Section 28. The exception in Section 40 is carved out, only for the purpose of Section 28 and not for computing the exemption of income of a charitable trust under Section 11.
Even if any provision of law is mandatory and provides for charging of tax or interest, the view taken in CIT vs. Ranchi Club Ltd 247 ITR 209 (SC) is that such charge by the assessing officer should be specific and clear and assessee must be made to know that the assessing officer has applied its mind and has ordered charging of interest. The mandatory nature of charging of interest and the actual charging of interest by application of mind and the mention of the proviso of law under which such interest is charged are two different things.
It is noticed that the appellant-assess sold the agricultural land, which was mutated in his name, for a sale consideration of Rs. 1,61,09,100/-. Thereafter out of the selling price, the appellant-assessee purchased land in the name of his son and daughter-in-law for a total consideration of Rs. 1,22,71,440/-. It is relevant to note that the land sold was in the name of appellant-assessee, while the land purchased was in the name of his son and daughter-in-law.7. A bare reading of Section 54B of the Income Tax Act does not suggest that assessee would be entitled to get exemption for the land purchased by him in the name of his son and daughter-in-law.
• Benefit of reduced tax rate of 10 percent on long term capital gain arising from sale of unlisted securities has been extended to all non-residents in parity with Foreign Institutional Investors. • Benefit of capital gains tax exemption has been extended to sale of unlisted securities in an initial public offering. However, a securities transaction tax at the rate of 0.2 percent will be payable on such a transaction.
Customs -• The rigour of the prosecution provisions originally proposed to be introduced under the Customs Act has been diluted in the following manner: – Only serious offences under the customs law involving prohibited goods or duty evasion exceeding INR 5 million has been retained as ‘cognizable offences’ as opposed to a broader criterion proposed (viz., any offence punishable for a term of imprisonment of three years or more) under the original Finance Bill;
The only dispute by the Revenue is that the amount of remuneration has not been quantified in the partnership deed. It is mentioned in clause 8 of the partnership deed that remuneration will be payable as per norms fixed by the relevant provisions of the Income-tax Act. Thus the quantification of the remuneration is apparent from the clause 8 of the partnership deed.
