Service Tax on Directors & Security Services – Analysis

More profit from related than unrelated parties does not itself make it 'more than ordinary' Posted: 11 Aug 2012 08:32 PM PDT A reading of the provisions of section 80-IA(10) shows that when business transaction is so arranged that it produces to the assessee more than the ordinary profits, which might be accepted to arise in such eligible business, then the Assessing Officer is empowered to restrict the allowance of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] India enters DTAA with Guernsey Posted: 11 Aug 2012 07:50 PM PDT Notification No. 30/2012 Central Government hereby notifies that all the provisions of the Agreement between the Government of the Republic of India and the States of Guernsey for the exchange of information with respect to taxes, as set out in the Annexure hereto, shall be given effect to in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Right to set-off capital loss is a vested right not affected by amendment Posted: 11 Aug 2012 07:18 PM PDT In the present case, the provisions of sec.74(1) as amended w.e.f. 1.4.2003 have been relied upon by the revenue authorities to disallow the assessee's claim for set off of long-term capital loss relating to AY 2001-02 against short-term capital gain of the year under consideration and as already... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service Tax on Directors & Security Services – Analysis Posted: 10 Aug 2012 11:00 PM PDT ON DIRECTORS SERVICES - In the absence of mention of any date in the notification, it shall be effective from the date of publication in official gazette i.e. 7th August, 2012. For services provided between1st July, 2012 to 6th August, 2012, directors will be liable to charge service tax. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ITAT asks to check availability of exemption under DTAA between India & UAE Posted: 10 Aug 2012 09:22 PM PDT Hon'ble Jurisdictional High Court has held that income in this case is chargeable u/s. 44D read with section 115A of the Act. However, I also note that tribunal in earlier round remitted the issue to the file of the Assessing Officer to give the finding as to whether the assessee is entitled to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]