Changes in Excise Duty on Textiles and Precious Metal Jewellery

S.80IA Combined or Individual Activity – Whether the Assessee is entitled to tax holiday for development of the infrastructure development? Posted: 17 Mar 2012 11:14 PM PDT the persons who merely execute the civil construction work or any other work contract has been encouraged by giving tax benefits. Thus the provisions of section 80IA shall not apply to a person who executes a works contract entered into with the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Concession in VAT not applicable after rollback of Rise in Price of Petrol and Diesel Posted: 17 Mar 2012 10:31 PM PDT The notification dated 5th June, 2007 issued in terms of the proviso does not help the appellants. The proviso itself stipulated that the Government by a notification in the official gazette can withdraw the concession. Thus, the State Government... [[ This is a content summary only. Visit www.taxguru.in for full article.]] As per Import and Export Policy for the period 2009-2014 mport of second hand goods except capital goods is restricted and special import license is required Posted: 17 Mar 2012 10:20 PM PDT Eastron Overseas Inc., Mataji Enterprises & M/s. Celestial Enterprises by bill of entries dated 12.12.2011, 14.12.2011 and 7.12.2011 had asked the Commissioner of Customs at ICD, Tughlakabad, New Delhi to permit and allow import into India of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Assessee entitled to interest u/s.244A of on tax paid in pursuance of the order passed by A.O. u/s.195 Posted: 17 Mar 2012 09:56 PM PDT In the case of DDIT, Mumbai V/S M/s. Star Cruises (India) Travel Services P. Ltd. vs. 2009-TIOL-351-ITAT-Mumbai Tribunal has again considered identical situation in which the tax was paid in consequence of the order passed by the A.O. u/s.195(2) in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] If original return filed in time then b/F losses can be set off in revised Return filed Posted: 17 Mar 2012 09:35 PM PDT It is clear from the finding of the CIT (A) that while deciding the issue of setting off of brought forward loss, the crucial and vital fact of date of filing the return and revised return has been overlooked. In view of these facts, the order of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Appeal by revenue before ITAT not maintainable if tax effect is not above Rs.3 lakhs Posted: 17 Mar 2012 09:26 PM PDT We have heard the rival submissions and perused the material available on record. We find that the tax effect in the present case is below Rs.3 lakh and we find that as per this Board instruction No.3 dated 9.2.2011, the limit of tax effect for... [[ This is a content summary only. Visit www.taxguru.in for full article.]] In all cases where additional evidence is admitted, the CIT (A) should be considered to have exercised his powers u/s 250(4) is not acceptable Posted: 17 Mar 2012 09:09 PM PDT U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has the right to ask for the admission of additional evidence. If the CIT (A) exercises his powers u/s 250(4) to call for... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Union Budget 2012 – Changes in Excise Duty on Textiles and Precious Metal Jewellery Posted: 17 Mar 2012 07:59 PM PDT Changes in the Rates of Duty- a. Central Excise rate for all goods, other than petroleum, called the Standard Rate has been enhanced from 10% to 12% ad valorem. b. The merit rate of excise duty for all non-petroleum goods has been increased from 5%... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget Analysis 2012-13- Service Tax Proposals Posted: 17 Mar 2012 07:09 PM PDT Shift to Negative List Approach from Positive List: (Applicable date to be notified) Present: A present under positive list approach, only those services are taxable which are specifically prescribed under service tax law (more than 125 services).... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 – What Citizen of India Get From This Budget Posted: 17 Mar 2012 06:57 PM PDT Sec 2 , Sec 9 and Sec 195 have been amended and it clarifies " Property includes any rights in or in relation to an Indian company,including rights of management or control or any other rights whatsoever. This was retrospectively ammended from... [[ This is a content summary only. Visit www.taxguru.in for full article.]] No Tax to be withhold on Server and Web hosting Charges under Indo-USA DTAA Posted: 17 Mar 2012 09:48 AM PDT The assessee is a owner/host of website www.shaadhi.com where individuals can register and exchange the relevant information for matrimonial alliances on payment of appropriate subscription amount. The facility is available to the resident as well... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Financial crises may be exceptional or unavoidable circumstance for cash payment Posted: 17 Mar 2012 09:31 AM PDT In the present case, the appellant assessee had filed before the Tribunal a copy of their bank account statements as well as ledger account of the parties to whom the payment was required to be made. It is apparent that the appellant-assessee was... [[ This is a content summary only. Visit www.taxguru.in for full article.]] For s. 80-I, Even "Dependent" Unit Can Be "New Industrial Undertaking" Posted: 17 Mar 2012 09:24 AM PDT In the present case it is not the case of the Revenue that the new unit by itself is not capable of production of goods but the case of the Revenue is that it takes help of the old existing unit. We are of the view that, that itself should not be... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Service tax provisions as amended by Budget 2012 Posted: 17 Mar 2012 09:12 AM PDT 1. Rate of Service Tax Increased from 10% to 12% across all the services; (effective date 1st April, 2012). 2. Consequent rates changes in the service tax have been made in specific and compounding rates of tax for the following (effective date 1st... [[ This is a content summary only. Visit www.taxguru.in for full article.]] General Anti-Avoidance Rules (GAAR) (Implication) Posted: 17 Mar 2012 09:01 AM PDT General Anti-Avoidance Rules has been introduced as a result of Ruling in the case of VODAFONE by the Apex Court. The implication of this is that the Income-tax department will have powers to deny tax benefit if a transaction was carried out... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Section 80A – Another way to trap Renting service providers Posted: 17 Mar 2012 05:56 AM PDT Recent Budget has introduced a Section 80A for waiver of penalty subject to following conditions – Service tax due on renting of immovable property service is paid within a period of six month along with interest. The amount of service tax due... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 – Completion of assessment in search cases referred to DRP Posted: 17 Mar 2012 05:06 AM PDT Under the provisions of section 144C of the Income-tax Act where an eligible assessee files an objection against the draft assessment order before the Dispute Resolution Panel (DRP), then, the time limit for completion of assessments are as provided... [[ This is a content summary only. Visit www.taxguru.in for full article.]] DRP can consider any matter arising out of the assessment proceedings relating to the draft assessment order Posted: 17 Mar 2012 05:01 AM PDT Power of the DRP to enhance variations Dispute Resolution Panel (DRP) had been constituted with a view to expeditiously resolve the cases involving transfer pricing issues in the case of any person having international transactions or in case of a... [[ This is a content summary only. Visit www.taxguru.in for full article.]] AO Can file appeal before ITAT against order passed in pursuance of directions of DRP Posted: 17 Mar 2012 04:56 AM PDT Under the provisions of sub-section (8) of section 144C, the DRP has the power to confirm, reduce or enhance the variations proposed in the draft order. The Income Tax Department does not have the right to appeal against the directions given by... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Filing of return of income, definition of international transaction, tolerance band for ALP, penalties and reassessment in transfer pricing cases Posted: 17 Mar 2012 04:49 AM PDT Section 139 of the Act provides for due date of filing return of income in case of various categories of persons. In addition to filing of return of income, the assesses who have undertaken international transactions are also required to prepare and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Post Budget 2012 Service tax rates Posted: 17 Mar 2012 04:41 AM PDT The rate of service tax is being increased from ten per cent. to twelve per cent. 2) Consequent to change in the rate of service tax, changes are also being made in specific and compounding rates of tax for the following:a) Service in relation to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 – New Paradigm in Service Tax Posted: 17 Mar 2012 04:28 AM PDT In 2012 budget, there has been a paradigm shift in the Service Tax Laws. The shift is affecting all businesses- whether they are in manufacturing, service providing, NGOs, Trading or even Government departments. Even individuals are not immune from... [[ This is a content summary only. Visit www.taxguru.in for full article.]] For Determination of Arm's Length Price 5% tolerance band not standard deduction Posted: 17 Mar 2012 04:23 AM PDT Section 92C of the Act provides for computation of arms lengths price. Sub-section (1) of this section provides the set of methods for determination of arms length price and mandates application of the most appropriate method for determination of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Transfer Pricing Regulations made applicable to domestic transactions if value exceeds Rs. 5 Cr. Posted: 17 Mar 2012 04:13 AM PDT It is, therefore, proposed to amend the Act to provide applicability of transfer pricing regulations (including procedural and penalty provisions) to transactions between related resident parties for the purposes of computation of income,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Examination by Transfer Pricing Officer of international transactions not reported by Assessee Posted: 17 Mar 2012 04:07 AM PDT It is proposed to amend the section 92CA of the Act retrospectively to empower Transfer Pricing Officer (TPO) to determine Arm's Length Price of an international transaction noticed by him in the course of proceedings before him, even if the said... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Extension of time limit for completion of assessment or reassessment where information sought under DTAA Posted: 17 Mar 2012 03:55 AM PDT During the course of assessment proceedings, in the case of an assessee having income or assets outside India, information is being sought from the tax authorities situated outside India, while completing an assessment. Under the provisions of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Tax Residence Certificate must for claiming relief under DTAA and for issue of Form 15CB Posted: 17 Mar 2012 03:50 AM PDT Section 90 of the Income Tax Act empowers the Central Government to enter into an agreement with the Government of any foreign country or specified territory outside India for the purpose of –(i) granting relief in respect of avoidance of double... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Meaning assigned to a term used in Double Taxation Avoidance Agreement (DTAA) Posted: 17 Mar 2012 03:40 AM PDT Section 90 of the Act, empowers the Central Government to enter into an agreement with foreign countries or specified territories for the purpose of granting reliefs particularly in respect of double taxation. Under this power, the Central... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Tax & Witholding Rate increased to 20% for non-resident entertainer, sports person etc. Posted: 17 Mar 2012 03:36 AM PDT Section 115BBA of the Income Tax Act provides a concessionary tax regime in the case of income of sports persons who are non-citizen and non-resident. The provision covers income received by way of participation in any game or sport, advertising or... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Budget 2012 – Customs, Central Excise & Service Tax Notifications Posted: 17 Mar 2012 03:24 AM PDT We have uploaded below all the notifications, Circulars issued by CBEC Post Budget 2012-13 related to amendment in Central Excise Duty (Tariff and Non Tariff), Custom Duty (Tariff and Non Tariff), Service Tax, Clean Energy Cess, Medicinal and Toilet... [[ This is a content summary only. Visit www.taxguru.in for full article.]]