Revised CBDT Instruction on Grant of TDS Credit For AY 2011-12 Posted: 26 May 2012 08:23 PM PDT Instruction No. 4/2012 (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs. Five thousands, the TDS claim may be accepted without verification. (ii) Where there is zero TDS matching, TDS credit shall be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| A Negative List in Service Tax Levy- Impact on Construction Industry Posted: 26 May 2012 10:57 AM PDT It was 18 years ago when the levy of service tax was introduced with a meagre three services which has now grown manifold to 119 services. The scope of services has widened during the period of time. At present the levy of service tax is based on positive list. That is, only those services are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Copyright Board cannot grant interim relief Posted: 26 May 2012 10:44 AM PDT In the instant case, the power being sought to be attributed to the Copyright Board involves the grant of the final relief, which is the only relief contemplated under Section 31 of the Copyright Act. Even in matters under Order XXXIX Rules 1 and 2 and Section 151 of the Code of Civil Procedure, an... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Charity should not become a façade to promote business interest or secure advantage of persons mentioned in section 13(3) Posted: 26 May 2012 10:19 AM PDT What is prohibited and barred is application of income or use of the property of the institution directly or indirectly for benefit of a person mentioned in Section 13(3) i.e. he is paid beyond what is reasonable, adequate, commensurate and justified for the services rendered or goods supplied. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Office of CA or of a firm of a CA is neither a shop nor a commercial establishment. Posted: 26 May 2012 10:08 AM PDT Once it is held that the office of a chartered accountant or of a firm of chartered accountants does not come within the expression of shop or commercial establishment as defined in the Act of 1961, the corollary would be that the provisions of the Act of 1961 cannot be applied to the office of a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Profession of CA is neither a trade nor a business Posted: 26 May 2012 09:52 AM PDT The Principal Judge, Small Causes Court, Pune, and thereafter the District Judge, Pune, negatived the contention of the Corporation holding that profession of Chartered Accountant is neither a trade nor a business. Advocate for the Respondents drew my attention to the judgment reported in Current... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Commission Agent Services provided prior to 10.09.2004 also taxable services under BAS Posted: 26 May 2012 09:40 AM PDT The Appellants are dealers of Ford Motor vehicles and they had entered into agreements with different banks and also with Non-Banking Financial Companies to market car-loan to potential customers. For loan taken by the customers, these appellants got commission from the banks and NBFCs. The issue... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Subscription fee received for social media monitoring and market intelligence services taxable as Royalty Posted: 25 May 2012 10:36 PM PDT Assessee was a tax resident of Singapore. The applicant sought a ruling on taxability of subscription fee received from users in India to access the online information database maintained by it. AAR was of the view that the market intelligence services provided by the applicant on online portal was... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Transfer Pricing – Disallowance of excess advertisement expense by comparing with average advertisement expense of companies is an adhoc method ¬ TNMM Posted: 25 May 2012 10:05 PM PDT Transfer Pricing Officer recomputed the expenditure relating to reimbursement of business promotion expenses by Assessee to its associated enterprise based in Cyprus. The TPO had compared the said expense with the average of promotional expenditure incurred by 17 pharmaceutical companies, to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Payment of PF accumulations after closure of establishment, in absence of Form 3A/6A Posted: 25 May 2012 09:29 PM PDT May kindly refer to the subject cited above. As you are aware that the establishments covered under the EPF and MP Act, 1952 are required to remit provident fund contribution on monthly basis in respect of all the eligible employees. However, till 31.03.2012 (Before introduction of ECR) the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Regarding Compliance in respect of International Workers Posted: 25 May 2012 09:23 PM PDT Special Provisions in respect of International Workers included in the Employees' Provident Funds Scheme, 1952 as well as Employees' Pension Scheme, 1995 have been given effect from 15t October, 2008. Subsequently, certain amendments have also been carried out vide notification dated 11th... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| DGFT Clarification regarding standard weight and tolerance in weight of 1 bale of cotton Posted: 25 May 2012 09:10 PM PDT Trade Notice No. 03/2012 It has been brought to our notice that some exporters find it convenient to have bales of lesser weight, and also that various bales may contain different quantity of cotton depending on local condition. Thus a bale of cotton may weigh more or less than the exact 170 Kg. ...
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