Analysis of Service Tax Amendments & a Snapshot for Industry

Analysis of Service Tax Amendments & a Snapshot for Industry Posted: 12 Jun 2012 06:57 PM PDT This budget has made a clear marking that we as a law maker are supreme and No If, No But - Only Government). This time the government has come like a ROCKSTAR and conveyed a message of 'Sadda Haq Etthe Rakh'. Various Retrospective amendments has been done, some beneficial and some against, and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Disallowance of Interest on Term Loan U/s. 43B Posted: 12 Jun 2012 06:50 PM PDT The assessee has obtained a term loan from The Mahanagar Co–operative Bank Ltd., Fort Branch. It had also obtained an over draft facility. The bank debited the term loan account periodically with interest due and thereafter credited the term loan account with interest as received by debiting the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee need to prove that why payments could not be made by crossed cheques/demand draft or that these were made out of sheer necessity u/s. 40A(3) Posted: 12 Jun 2012 06:48 PM PDT There is no dispute that the case of the assessee does not fall within any of the exception provided in rule 6DD of the IT Rules,1962 nor the ld. AR on behalf of the assessee made any such claim before us. Only plea of the ld. AR is that affidavits furnished by the assessee of six persons placed at... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Punjab National Bank – Empanelment – External Auditor For Conducting Audit Of Risk Management Systems Posted: 12 Jun 2012 06:40 PM PDT REQUEST FOR PROPOSAL FOR Appointment Of External Auditor For Conducting Audit Of Risk Management Systems. Punjab National Bank has a long and glorious history. Over the years, the bank has maintained a consistent business performance. As per the latest figures (31st December), The Bank's total... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Foreign travel expense for business cannot be disallowed merely because no business could be transacted Posted: 12 Jun 2012 06:40 PM PDT If there is a foreign travel in connection with the business, merely because in the said foreign travel, no business could be transacted or the foreign travel did not result in bagging any contract is not the determinative factor. The relevant factor was as to whether he was sent by the assessee... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Senior Income Tax officer found murdered at his Ujjain residence Posted: 12 Jun 2012 12:05 PM PDT Indore's Assistant Income tax Commissioner Arun Diwan was on Sunday found murdered at his residence in Ujjain, police said. It appears that Diwan (45) was strangulated to death by his assailants and robbery could have been the motive behind the killing, they said. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Comments invited on Proposed Qualification Bridging Mechanism for Licensing Overseas Citizens of India holding COP as CA Posted: 11 Jun 2012 09:00 PM PDT The Ministry of Overseas Indian Affairs vide notification dated 6th January, 2009 announced certain benefits for registered Overseas Citizens of India (OCIs), including in the profession of Chartered Accountants. Subsequently, the Institute of Chartered Accountants of India (ICAI) has proposed a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Regarding Classification of Rail Cum Road Vehicle for Custom Duty Posted: 11 Jun 2012 08:59 PM PDT Circular No.14/ 2012 - Customs he correct classification of Road-Rail–Vehicle or Rail Cum Road Vehicle was examined in the Board. The General Rules of Interpretation (GRI), Rule 1 inter alia states that,…for legal purposes, classification shall be determined according to the terms of the headings... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FM to review Annual Performance of Public Sector Insurance Companies tomorrow Posted: 11 Jun 2012 08:41 PM PDT The Union Finance Minister Shri Pranab Mukherjee will review the annual performance of Public Sector Insurance Companies during his meeting with the Chief Executive Officers of Public sector insurance companies, here tomorrow. The focus of review by the Finance Minister will be to have a business... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]