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Sep 8, 2012

ST – Reverse Charge Applicability on entity with less than Rs. 10 Lakh Turnover

Service Tax on Redevelopment & Slum Rehabilitation Project (SRA), Floor rising charges

Posted: 07 Sep 2012 08:38 PM PDT

It has been 'mentioned that many builders charge additional amount known as "floor rise charges" in addition to the normal sale price of a flat. It is also mentioned in your letter that the said charges are recovered for additional construction cost for floor rise because the construction cost...

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ST – Reverse Charge Applicability on entity with less than Rs. 10 Lakh Turnover

Posted: 07 Sep 2012 07:25 PM PDT

The threshold exemption limit (currently Rs. 10 lakh) is only available to service providers and not to service receivers. In this case, service tax under reverse charge is to be paid by service receivers from very first rupee paid to service providers (given that other exemptions are not...

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Different Dimensions of Mergers & Demergers

Posted: 07 Sep 2012 06:17 PM PDT

The term 'Amalgamation' or 'Merger' or 'De-merger' is not defined in the Companies Act, 1956. Chapter V of Part VI of Companies Act comprising sections 390 to 396A contain provisions regarding Compromises, Arrangement and Reconstructions.

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IT – Grievance cell to receive complain of incorrect demand adjustment by CPC Bangalore

Posted: 07 Sep 2012 01:19 PM PDT

The Income Tax Department is observing the first fortnight of September, 2012 starting from 03/09/2012 to 14/09/2012 as "Demand Management Fortnight". In this regard a single window grievance cell has been set up to receive, acknowledge, and monitor grievance petitions pertaining to demand...

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Pharma Companies under scanner for non payment of service tax

Posted: 07 Sep 2012 12:08 PM PDT

The government today said it has served show cause notices to manufacturers of pharmaceutical products who have failed to pay service taxes worth hundreds of crores of rupees.

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Section 80IA – In absence of separate books, AO can estimate eligible profits

Posted: 07 Sep 2012 12:06 PM PDT

On facts, we find that the assessee ought to have maintained a separate account in respect of raw material which it had sold during the assessment year. If the assessee had maintained a separate account, then, in that event, a clear picture would have emerged which would have indicated the income...

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Disallowance of wages not justified when Assessee maintained Muster & full detail of Workers

Posted: 07 Sep 2012 11:49 AM PDT

Where the assessee has maintained the Attendance Register of labourers shown the ledger account of labour charges and office expenses, which were all duly produced before the AO and also placed before us which contained the details of wages paid to and accepted by the labourers, no defect in the...

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Deduction u/s. 54B & Advance for purchase of agricultural land

Posted: 07 Sep 2012 11:42 AM PDT

The contention of the assessee is that the agricultural operations were carried out on the land under consideration. During the course of proceedings before the Assessing Officer, the assessee requested the Assessing Officer to inspect the lands at that stage. The assessee also filed pahani patrika...

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Overseas Investment by Indian Parties in Pakistan

Posted: 06 Sep 2012 08:59 PM PDT

In terms of Regulation 6 (2) of the Notification ibid, "Notwithstanding anything contained in these Regulations, investment in Pakistan shall not be permitted." It has now been decided that the overseas direct investment by Indian Parties in Pakistan shall henceforth be considered under the...

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Rates of customs duty for goods imported under SAARC Free Trade Agreement (SAFTA)

Posted: 06 Sep 2012 08:50 PM PDT

Notification No. 48/2012-Customs Seeks to amend Notification no. 125/2011-Customs, dated 30-12-2011 prescribing preferential rates of customs duty for goods imported under SAARC Free Trade Agreement (SAFTA) so as to reduce the number of tariff lines in the sensitive list for Non-Least Developed...

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Change in Constitution of dispute resolution panel – Order No. 9 /FT&TR/2012

Posted: 06 Sep 2012 07:32 PM PDT

Vide Order No. 9/FT&TR/2012 dated 07.09.2012, the CBDT has directed a change in the Constitution of the Dispute Resolution Panel in Delhi, Mumbai, Ahmedabad, Pune, Kolkota, Bangalore, Hyderabad and Chennai with effect from 24.08.2012

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Income Tax Refund in 3 Months – CBDT

Posted: 05 Sep 2012 08:56 PM PDT

The Central Board of Direct Taxes (CBDT) on Thursday said it has reduced the time period for tax refunds to three months and would take steps to release arrear payment as fast as possible.

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SEBi Circular on Know Your Client Requirements

Posted: 04 Sep 2012 08:57 PM PDT

SEBI has received representations regarding operational issues in the implementation of aforesaid SEBI Circulars in case of foreign investors viz. Foreign Institutional Investors, Sub Accounts and Qualified Foreign Investors. In consultation with the Stock Exchanges, Depositories and...

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