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Sep 16, 2012

Reverse Charge of Service Tax (Accounting Treatment)

Section 53A- 'Willingness to perform' is key factor to tax transfer

Posted: 15 Sep 2012 08:22 PM PDT

It is thus clear that 'willingness to perform' for the purposes of Section 53A is something more than a statement of intent; it is the unqualified and unconditional willingness on the part of the vendee to perform its obligations. Unless the party has performed or is willing to perform its...

Interest free fund can be used for giving interest free advances

Posted: 15 Sep 2012 07:45 PM PDT

Even otherwise the interest free funds available with the assessee are Rs.44.28 crores. The assessee has earned profit of Rs.5.93 crores during the Assessment Year 2007-08. If depreciation of Rs.2.88 crores is added, the cash accruals during the year would be Rs.8.81 crores. The interest free...

Telecom Infra Service Providers are eligible to procure goods against Form 'C'

Posted: 15 Sep 2012 08:53 AM PDT

Telecom Infrastructure Service Providers – Entitled to procure goods against 'C' Forms at concessional rate of CST @2% - Goods purchased are used in the telecommunication network and therefore covered by Section (1) and 8(3)(b) of the CST Act – Petitions allowed - Penalties levied on the appellants...

Reverse Charge of Service Tax (Accounting Treatment)

Posted: 15 Sep 2012 08:25 AM PDT

As we are witnessing the major changes in the Service Tax Rules/Acts recently. Under Reverse Charge Mechanism the service recipient is liable to pay the service tax instead of service provider. However in certain cases both service provider and service recipient has been made liable to pay service...

Non compete fees taxable as business income not as Salary Income

Posted: 14 Sep 2012 10:45 PM PDT

 Now coming to the issue in question about the head of taxability, the provisions of Section 28(va) have been narrated above. Except from raising general argument about colourable device, lower authorities have not disputed the arguments of the assessee about applicability of Section 28(va), CIT(A)...

Condition to be imposed for conversion of ordinary Society into Producer Company, Part- IX A of Companies Act, 1956

Posted: 14 Sep 2012 07:59 PM PDT

General Circular: 29/2012 The question of acceptance of documents by the Registrar of Companies for conversion of a Cooperative Society (not registered as the Multi State Society) under Section 581 J(5) of the Companies Act has been examined in the Ministry.

Allocation of quantity of Rough Marble and Travertine Blocks for import for Financial Year 2012-13

Posted: 13 Sep 2012 07:48 PM PDT

Trade Notice No. 04/2012 Issue of import license by RAs of DGFT would commence from 17th September 2012 & end on 20th September 2012. In case any applicant/firm is found to have submitted false or erroneous information or have made any misdeclaration / misrepresentation, such applicant /...

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