When the assessee-society was granted registration under section 12AA, it is a testimony to the fact that the society is established for charitable purposes as defined in section 2(15); the same will be charitable purposes irrespective of the fact...

Carry forward of MAT credit for how many years if there is contradiction between statutory provisions and circular issued

There is no ambiguity in the language of sub-section (3) of section 115JAA; the carry forward is available for a total of six (1+5) years; the period of `five assessment years', mentioned in sub-paragraph (2) of the paragraph 45.4 of the CBDT...

Provisions of section 40 cannot be invoked where the income is to be computed under section 42 of the Act

The fact that even Capital expenditure is allowable as deduction under section 42 itself shows that it overrides the provisions of section 37 of the Act. Thus, the scheme of the Act makes it clear that the provisions of section 42 would prevail over...

Applicability of MAT on amount withdrawn from revaluation reserve and credited to P&L account

Prior to insertion of the proviso to clause (i) of the Explanation of section 115JB the assessee was entitled to reduce the sum from revaluation reserve while computing book profit under section 115JB; however, after the insertion of the proviso to...

Applicability of TDS in case of Third Party Administrator (TPA) providing health insurance claim services.

Having regard to the agreement entered into inter se between the hospital and the TPA for payment of money to the hospital, it cannot be said that the TPA, who is the authority or the person to pay the amount to the hospital, is not required to...

RBI Circular on Combating Financing of Terrorism – Unlawful Activities (Prevention) Act, 1967 – Obligation of banks

In paragraph 5 (b) of the above circular,it has been advised to RRBs that as and when lists of individuals and entities, approved by Security Council Committee established pursuant to various United Nations' Security Council Resolutions (UNSCRs),...

New Online Facility from Central Board of Excise & Customs – Professional Opportunity for Members

This new service is a new centralised web based software application of CBEC which provides us an online electronic interface with the department. ACES aims to reduce paperwork, visits to the department and transaction costs while increasing...

Scrapping the Apex Court decision on Scrap

The Central Excise duty is leviable on the process of "manufacture". Any process that brings a new article into existence with different name, character and use is known as manufacturing activity. For levying duty on any article it must satisfy 2...

Leviability of service tax on Tour operator service in connection with Haj & Umrah pilgrimage

The amount charged to the pilgrims in India undertaking Haj and Umrah pilgrimage, is for services provided by the Government of Saudi Arabia and the tour takes place outside India. As perRule 3 (1) (ii) of the Export of Services Rules, 2005,...