No TDS deductible on delayed payment of Purchase Bills U/s. 194A

No TDS deductible on delayed payment of Purchase Bills U/s. 194A Posted: 23 Aug 2012 08:29 PM PDT Tribunal has held that a payment which has direct link and immediate nexus with the trading liability being connected with the delayed purchase payments will not fall within the category of interest as defined in section 2(28A). The payment made by the assessee in the present appeal being of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 54F exemption available on Residential house constructed on agricultural land Posted: 23 Aug 2012 08:18 PM PDT The Commissioner (Appeals) considered the fact that there is no bar to purchase agricultural land on which house was to be constructed. The fact is that subject to the provisions of sub-section (4) of section 54F, where, in the case of an assessee being an individual or a HUF, the capital gain... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] What to do if your client asks about or is involved in a potential tax avoidance scheme Posted: 23 Aug 2012 07:39 PM PDT If you provide tax planning advice to clients, it is important to consider what level of risk you are prepared to accept and what processes you have in place to protect you and your practice from inadvertently contravening the promoter penalty laws. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax on Film Artists Services Posted: 23 Aug 2012 07:26 PM PDT Service tax of 12.36 per cent has been imposed on the taxable services provided by the Film Artists. As a preparation for the introduction of a nationwide comprehensive Goods and Service Tax (GST), comprehensive approach to taxation of services has been brought into effect from the 1st day of July,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Maintance of Cost Accounting Records & Compliance Certificate Posted: 23 Aug 2012 07:03 PM PDT As per notification issued by Ministry of Corporate Affairs, dated 3rd June, 2011; The Companies (Cost Accounting Records), Rules 2011 shall apply to every company, including a foreign company, which is engaged in a) Production b) Processing c) Manufacturing d) Mining Activities [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Brief on Companies Cost Audit Orders, 2011 Posted: 23 Aug 2012 06:39 PM PDT Ministry of Corporate Affairs has issued various Cost Audit Orders in Financial year 2011-12, some of which applicable from Financial Year 2011-12 itself and some become applicable in Financial Year 2012-13. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Income on account of upfront appraisal fees is business income not FTS Posted: 23 Aug 2012 12:05 PM PDT The submission that the upfront appraisal fee constitutes fees for technical services within the meaning of those words in Article 13(4)(c) is unsustainable. The said fees did not constitute payment in consideration of the respondent rendering any technical or consultancy services to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI increases fees for Duplicate Certificate of Membership & Certificate of Practice Posted: 22 Aug 2012 09:22 PM PDT Fee for Duplicate Certificate of Membership as an Associate or Fellow as well as Certificate of Practice as an Associate or Fellow respectively has been increased to Five Hundred rupees and fee for any other duplicate certificate issued under these regulations has also been increased to Two Hundred... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Banks going back from 'Settlement of Default/Debt'? Posted: 22 Aug 2012 09:03 PM PDT It is known that while some loan transactions with the Bank like Housing Loan, Educational Loan etc. are very simple, some commercial loan transactions are very complex in nature. The Bank may provide various loan facilities to the Borrower and most of these commercial loans are complex to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendments to MVAT Rules, 2005 (4th AMD)- Deduction of Land & Deemed exporter Posted: 22 Aug 2012 08:54 PM PDT No. VAT 1512/ CR 84/ Taxation-1. - Whereas the Government of Maharashtra is satisifed that circumstances exist. which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the condition of previous publication thereof under... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]