Corporates and banks mandated to issue Form 16A downloaded from NSDL Website

Corporates and banks mandated to issue Form 16A downloaded from NSDL Website Posted: 22 Feb 2012 05:09 PM PST CBDT has issued a Circular No. 03/2011 dated May 13, 2011 as per which TDS Certificates in Form No. 16A will be generated from Tax Information Network (TIN). It is mandatory for Companies and Banks to issue Form 16A from TIN to their deductees for... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Review of the Economy 2011-12 – Summary and Highlights Posted: 22 Feb 2012 08:10 AM PST Gross fixed capital formation (GFCF) as a proportion of GDP had reached a peak of 32.9 per cent in 2007/08, the year preceding the global crisis. It dropped to 32.3 per cent in 2008/09 and then to 31.6 per cent in 2009/10. Initial estimates are that... [[ This is a content summary only. Visit www.taxguru.in for full article.]] GST will bring about a Paradigm Shift in the Arena of Indirect Taxation in the Country -FM Posted: 22 Feb 2012 07:53 AM PST The Union Finance Minister Shri Pranab Mukherjee said that with the introduction of Goods and Services Tax (GST), we are now perhaps at the door-step of the most significant reform in the history of indirect taxes in the country. He said that GST is... [[ This is a content summary only. Visit www.taxguru.in for full article.]] DEPB – Whether aluminium grills can be termed as Extruded aluminium products, and if so, Whether assessee can take benefit of Item 7 of Code 61 – No, rules SC Posted: 22 Feb 2012 07:45 AM PST The core issue that falls for our consideration and decision in this appeal is: whether aluminium grills can be termed as Extruded aluminium products? If the answer is in positive, the assessee would be covered by Item Serial No.7 of the Product... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Chikdren educational allowance – Centre decides to remove the minimum age bar Posted: 22 Feb 2012 07:34 AM PST Extending benefits to its employees, the Centre has decided to remove the minimum age bar of five years for claiming educational allowance and hostel subsidy for their children. The move, which will benefit lakhs of workers, comes after the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Leviability of service tax on toll fee Posted: 22 Feb 2012 07:10 AM PST Circular No. 152/3/2012-ST Service tax is not leviable on toll paid by the users of roads, including those roads constructed by a Special Purpose Vehicle (SPV) created under an agreement between National Highway Authority of India (NHAI) or a State... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Regarding applicability of provisions of the Notifications No. 417 (E) dated 27.05.2011 on Molasses used in Hookah containing tobacco Posted: 22 Feb 2012 07:00 AM PST Reference has been received on import of molasses for use in hookah without compliance of the Cigarettes and other Tobacco Products (Packaging and Labelling) Rules, 2008 Rules, which prescribes the manner in which the specified health warning shall... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Foreign Lawyers cannot practice law in India – Madras High Court Posted: 22 Feb 2012 06:15 AM PST A.K. Balaji vs. GOI (Madras High Court) -This writ petition has been filed under Article 226 of the Constitution of India for the issuance of a Writ of Mandamus directing the respondents to take appropriate action against respondents or any other... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Three women IRS members in CBDT for the first time in 48 years Posted: 22 Feb 2012 06:04 AM PST With the induction of 1976-batch Indian Revenue Service (IRS) officer Sudha Sharma as Member (Audit and Judicial) this month, the Central Board of Direct Taxes for the first time in its 48-year-long history has three women in the seven-member body. ... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Vending of coffee is in the nature of a catering service and is very essential especially for the employees working round the clock in IT companies – repair of the coffee vending machine is an input service Posted: 22 Feb 2012 04:00 AM PST The coffee machine has been maintained by the appellant for vending of coffee to its employees. It is the nature of a catering service provided to the employees which is very essential, especially for the employees working round the clock as in the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Service Tax paid in respect of services received in relation to 'Repair and Maintenance' of the staff colony not eligible for CENVAT credit Posted: 22 Feb 2012 03:57 AM PST 3. The dispute relates to eligibility of CENVAT Credit of Service Tax paid in respect of services received in relation to 'Repair and Maintenance' of the staff colony relating to the period Apr.'08 to Dec.'08. Learned SDR submits that the identical... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Input credit allowable on insurance expenses paid for insurance policy to cover expenses relating to pay-roll Posted: 22 Feb 2012 03:44 AM PST Term Input services clearly include services relating to setting up, modernization, renovation or repairs of a factory. It inter-alia includes services received in connection with security. Insuring plant and machinery to safeguard against... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Second appeal can not be filed against the same order when the first appeal had already been dismissed Posted: 21 Feb 2012 08:48 PM PST Second appeal could not have been filed against the same order when the first appeal had already been dismissed by the ld. CIT(Appeals). On the other hand, the ld. CIT, DR submitted that the first appeal against the assessment order had been decided... [[ This is a content summary only. Visit www.taxguru.in for full article.]] If assessee fails to explain difference in books of Accounts additions for such difference can not be deleted Posted: 21 Feb 2012 08:43 PM PST Balance in the shares account is Rs.23,52,580/- whereas as per books of account and as per trial balance it is Rs.22,93,130/- and assessee has failed to explain the difference or substantiate his plea that there is no difference. As such, it is held... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Notional income cannot be brought to tax on properties shown and accepted to be taxable u/s 28 Posted: 21 Feb 2012 08:35 PM PST We find that the undisputed fact is that the premises are trading assets and have been shown as stock-in-trade. No rent has been received in respect of these unsold assets. The income from the properties have been shown and accepted to be taxable... [[ This is a content summary only. Visit www.taxguru.in for full article.]] MCA reconstitutes Quality Review Board Posted: 21 Feb 2012 08:22 PM PST The Quality Review Board has been reconstituted by the Ministry of Corporate Affairs vide notification dated February 6, 2012. Download notification [[ This is a content summary only. Visit www.taxguru.in for full article.]] CWA – Examination Pattern for Foundation Course (Entry Level) Part-I from June 2012 onwards Posted: 21 Feb 2012 08:17 PM PST Examination Pattern for Foundation Course (Entry Level) Part-I from June 2012 onwards. Examination shall  have  Multiple Choice Questions to be answered/marked in OMR answer sheets. The Examination of Foundation Course (Entry Level) Part-I shall be... [[ This is a content summary only. Visit www.taxguru.in for full article.]]