Tower sharing not liable for VAT – Karnataka HC

Tower sharing not liable for VAT – Karnataka HC Posted: 10 Aug 2012 08:32 PM PDT Division Bench of the Karnataka High Court held that tower sharing by Telecom Infrastructure companies with telecom service providers is not liable for levy of VAT, as there is no transfer of right to use. M/s. Indus Tower Limited V/s. The Deputy Commissioner of Commercial taxes [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Note on Availability of Cenvat Credit- Real Estate Industry Posted: 10 Aug 2012 08:20 PM PDT After new regime in service tax has been introduced, there hves been various issues regarding availability of Cenvat Credit for Real Estate Industry. Through this write-up all major issues have been clarified specifically. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tax Paid by employer on salary is not taxable in the hand of Employee Posted: 10 Aug 2012 07:02 PM PDT There is no dispute that the employer has entered into agreements with the employees and thereby has taken over an obligation to pay income tax payable by the employees. If the employer was not obliged to pay such income tax, the same would have been payable by the employees in question. Such... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest from Partnership firm needs to be offered for tax on accrual basis Posted: 10 Aug 2012 06:47 PM PDT Accrual of income is a well-known concept of taxation jurisprudence. It is a fact that assessee is following the Mercantile system of accounting and as per the established principles of that system, whatever accrues to an assessee in a particular AY has to be offered for taxation for that... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Clarification on Service provided by Directors & Security Service under partial Reverse Charge Posted: 10 Aug 2012 07:56 AM PDT Service by Directors to the Company: As per this amendment, the services provided by a Director to the Company, the entire service tax has to be paid by the Company under Reverse charge but what happen for a period from 1st July 2012 and till 6th August 2012, when there was no reverse charge... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Procedures for Incorporation of Company in India Posted: 10 Aug 2012 07:47 AM PDT To register a company, you need to first apply for a DIN. You would then need to acquire your Digital Certificate and register the same on the portal. Thereafter, you need to get the company name approved by the Ministry. Once the company name is approved, you can register the company by filing the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Risabh Saboo scores 100 out of 100 in 2 IPCE Papers Posted: 09 Aug 2012 11:46 PM PDT Rishabh Saboo who appeared for IPCE May 2012 Examination has scored 100 out of 100 in 1. Accounting & 2. Cost Accounting & Financial Management. Snap Shot of Online mark-sheet downloaded from ICAi website is as follows :- [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 153A applies if incriminating material is found even if assessments are completed Posted: 09 Aug 2012 11:03 PM PDT The Assessing Officer has the power under Section 153A to make assessment for all the six years and compute the total income of the assessee, including the undisclosed income, notwithstanding that the assessee filed returns before the date of search which stood processed under Section 143(1)(a).... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No tds deductible on payment for banner advertisement to Yahoo Inc. USA Posted: 09 Aug 2012 10:47 PM PDT Tribunal held that the payment made by assessee to a foreign company for the services rendered by it for uploading and display of the banner advertisement on its portal was in the nature of business profit and not royalty and such payment was not chargeable to tax in India as the recipient has no... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 14A applies even if the securities are held as stock-in-trade Posted: 09 Aug 2012 10:39 PM PDT It is undisputed that the Revenue is aggrieved against the allowability of expenditure incurred in respect of earning dividend and interest income liable to tax at special rate u/s 115A, against the income chargeable to tax at normal rate. It is not a case and cannot be that such dividend and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Banks to allow saving account without requirement of minimum balance Posted: 09 Aug 2012 10:05 PM PDT Banks are advised to offer a 'Basic Savings Bank Deposit Account' which will offer following minimum common facilities to all their customers: i. The 'Basic Savings Bank Deposit Account' should be considered a normal banking service available to all. ii. This account shall not have the requirement... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]