One Accounting code for all services for service tax payment wef 01.07.2012

One Accounting code for all services for service tax payment wef 01.07.2012 Posted: 06 Jul 2012 07:10 PM PDT Circular No.161/12/2012 -ST Accounting Code for payment of service tax under the Negative List approach to taxation of services, with effect from the first day of July 2012 - regarding. Negative List based comprehensive approach to taxation of services came into effect from the first day of July,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Clarification on Point of Taxation Rules & Partial reverse charge provisions Posted: 06 Jul 2012 06:41 PM PDT Circular No. 162/13 /2012 –ST Consequent to the changes introduced at the time of Budget 2012 in the Point of Taxation Rules, 2011, together with revision of the service tax rate from 10% to 12% and the subsequent changes that have been made effective from 01.07.2012, the following clarifications... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rent reimbursement not liable for TDS u/s. 194I Posted: 06 Jul 2012 06:34 PM PDT ACIT v. Result Services (P.) Ltd. - The assessee is paying rent to the holding company as reimbursement since last many years. This position has been accepted by the department all through and it has been never disputed even when provisions for TDS were on statute since 1994. Section 194-I of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Trade Credits for Imports into India Posted: 06 Jul 2012 06:05 PM PDT Trade Credits' (TC) refer to credits extended for imports directly by the overseas supplier, bank and financial institution for maturity of less than three years. Depending on the source of finance, such trade credits include suppliers' credit or buyers' credit. Suppliers' credit relates to credit... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 43B(f) Allowing leave encashment Expense only on payment basis unconstitutional Posted: 06 Jul 2012 09:51 AM PDT Calcutta High Court in Exide Industries case (supra) held that leave encashment is neither a statutory liability nor a contingent liability and it is a provision to be made for the entitlement of an employee achieved in a particular financial year. Testing clause (f) with the objects sought to be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If a particular sum is not income, requirement of making TDS is non-existent Posted: 06 Jul 2012 09:41 AM PDT Section 201(1) uses the expression 'any person, who is required to deduct any sum in accordance with the provisions of the Act…..'. Assessee's stand was that there was no such requirement. As per the provisions of section 194C, an amount has to be deducted out of the sum in pursuance to a contract,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 2(47)(v) Possession need not necessarily be sole & exclusive Posted: 06 Jul 2012 09:36 AM PDT Owners have entered into an agreement for development of the property and certain rights were assigned to the developer who in turn had made the substantial payment and consequently entered into the property and thereafter if the transferee has taken any steps in relation to construction of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Absence of a provision, can't be ground for declaring statute as arbitrary Posted: 06 Jul 2012 09:29 AM PDT Larsen and Toubro Ltd. v. UOI There is no provision like section 4(7) of the Andhra Pradesh VAT Act in Delhi VAT Act. The entire case of the petitioner was that there should have been a provision like this in Delhi VAT Act as well, otherwise it is leading to various difficulties. Even if one... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CCI imposes penalty of more than Eight Crores on Multi System Operators Group Posted: 06 Jul 2012 09:17 AM PDT The Competition Commission of India has found Fast Way Group abusing its dominance in the cable TV service in the territory of Punjab and Chandigarh in violation of the provisions of the Competition Act, 2002. The order was passed pursuant to investigation carried out by the Director General upon... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TP – A.O. cannot reject method adopted in earlier years if facts are identical Posted: 06 Jul 2012 09:06 AM PDT Agility Logistics (P.) Ltd. v. DCIT As the facts in issue for the year under appeal are identical with facts of the AY 2004 -05 & 2005 -06, respectfully following the decisions of the tribunal mentioned here in above in the appellants own case for the AY 2004 -05 & 2005 -06, we allow the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfer of file u/s.158BD without recording of satisfaction makes s.158BC assessment invalid Posted: 06 Jul 2012 08:58 AM PDT Section 158BD is only an enabling provision to assess any other assessee other than the searched assessee if in the course of search of another assessee evidence of undisclosed income is received in respect of the assessee who is not searched. However, the assessment pursuant to the enabling... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TDS not deductible on reimbursement of brokerage Posted: 06 Jul 2012 08:57 AM PDT With regard to the first issue the AO was under the wrong impression in treating the reimbursement of 'scheme expenses' as provision for expenses whereas the fact remains that the expenses were crystallized and it was paid immediately after the end of the financial year and similar expenses were... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Search warrant issued in the name of group concerns with names of assessees separately stated therein is valid Posted: 06 Jul 2012 08:47 AM PDT CIT v. Khyber Foods The only question raised is whether the Tribunal was justified in holding that the assessments were invalid for the reason that search warrant issued in Form 45 was invalid. The contention of Senior counsel for the Revenue is that assessee never had a case on the validity of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 54G Amounts should be utilized for acquisition of assets for business purpose Posted: 05 Jul 2012 09:02 PM PDT DCIT v. Enpro Finance Ltd Clause-b of sub section (1) of section 54G does not use its specific phrase 'for the purpose of its business of under taking' except that the business should be in non-urban area. Therefore, it can be interpreted that assessee should carry on any business in non urban... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI Election 2012 – Option for Polling Booths in Delhi/New Delhi, Mumbai and Kolkata Cities Posted: 05 Jul 2012 09:00 PM PDT The next elections to the Council and the Regional Councils of the Institute of Chartered Accountants of India are scheduled to be held on 7th and 8th December, 2012 in cities having more than 2500 members and on 8th December, 2012 at all other places in terms of the provisions of Rule 21 of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DGFT – Export of additional 4,476 MTs of raw sugar to USA under Tariff Rate Quota Posted: 05 Jul 2012 08:47 PM PDT Public Notice No. 9 (RE-2012)/2009-2014 Additional quantity of 4,476 MTs of raw sugar is permitted to be exported to USA under TRQ by M/s. Indian Sugar Exim Corporation Ltd. Earlier 8,300 MTs of raw sugar was allocated for export to USA under TRQ. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Banks to switch to 'e-BRC' system by 16.08.2012 Posted: 05 Jul 2012 08:47 PM PDT PUBLIC NOTICE NO. 08(RE-2012)/2009-14 Requests have been received from various stakeholders for extension of the date of mandatory issuance and transmission of electronic BRC's on account of lack of readiness. Accordingly, it has been decided that existing system of physical BRC issuance from... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Filing of Balance Sheet & Profit & Loss Account in XBRL Mode for F.Y. commencing on or after 1.4.2011 Posted: 05 Jul 2012 08:07 PM PDT General Circular No. 16/2012 Vide Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2011 notified vide GSR No. 748E dated 5.10.2011, select class of companies are required to file their Balance Sheet and Profit & Loss Account and other documents as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Verification of genuineness, of duty credit scrips issued under Chapter 3 of FTP, before registration Posted: 05 Jul 2012 07:16 PM PDT Circular No. 17/2012-Customs Attention is drawn to para 2 (e) of Circular No. 5/2010-Customs dated 16.03.2010, which reads - " As regards the duty credit scrips issued under Chapter 3 of FTP, the verification of genuineness of scrips in terms of Para 3.11.3 of the HBP v.1 shall be done before... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Payment to company located in Israel for purchase of software is royalty Posted: 05 Jul 2012 07:00 PM PDT Samsung Electronics Co. Ltd. V. DDIT The main grievance of the assessee in this appeal relates to the action of the ld. CIT (Appeals) in confirming the view expressed by the Assessing Officer in holding that the payment of USD 21,270 payable to CEVA DSP Limited, Israel, for purchase of software... 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