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Oct 15, 2012

Service tax return date extended to 25th Nov from 25th Oct

Service tax return date extended to 25th Nov from 25th Oct

Posted: 15 Oct 2012 08:38 PM PDT

In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the return for the period 1st April 2012 to 30th June 2012, from 25th October, 2012 to 25th November,2012.

No acquisition cost, no capital gains tax

Posted: 15 Oct 2012 07:56 PM PDT

Assessee was granted right of lifting water from said well which is independent right given by the State Government for the rent of Rs. one per year. There is also nothing to suggest that right of lifting of water was acquired by assessee by incurring any cost. Such right is not covered by the...

Service tax applicable on cards sold in J&K but used outside J&K

Posted: 15 Oct 2012 07:16 PM PDT

Prima facie, liability to pay service tax arises with reference to the place where service was provided rather than the place where consideration was collected

Disallowance of interest paid to head office & other overseas branches

Posted: 15 Oct 2012 06:50 PM PDT

(i) Principle of mutuality applies under the Act. As such, there can be no deduction of interest paid by Indian branch to head office/other overseas branches. (ii) However, the assessee is entitled to deduction of interest paid to head office/other overseas branches as per the terms of the...

Due Date to File 23AC, 23ACA & 23B

Posted: 15 Oct 2012 09:40 AM PDT

The Ministry of Corporate Affairs vide its General Circular No.30/2012 Dated 28.09.2012, mandates the due date of filing of e‐forms 23AC(Non‐XBRL) and 23ACA (Non XBRL) as per new schedule VI extended in following manner without any additional fee :‐ • Company holding AGM or whose due date...

Reverse Charge – Mechanism- Ready Reckoner

Posted: 15 Oct 2012 09:09 AM PDT

The scheme of partial reverse charge has been introduced for three services where the service provider is either an individual or HUF or partnership Firm or LLP or association of person and a recipient is corporate.

Agriculture & Allied Sectors & their Accounting & Role of a Chartered Accountant

Posted: 15 Oct 2012 02:44 AM PDT

CA Rajkumar S. Adukia A chartered accountant can play a vital role in the agricultural and rural development of our country. A chartered accountant is bestowed with highly appreciated qualities of integrity, technical excellence, knowledge, analytical skills and leadership with consistency of...

Uneasy Spending This Festive Season

Posted: 15 Oct 2012 02:12 AM PDT

Once again festive season is on our head. While next three weeks are going to bring in cheers and happiness to all of us, with festive mood and sentiments dominating the activities, such a celebration calls for spending a lot. Spending may not be that easy as we face mounting inflation across the...

Benefit u/s. 11 cannot be denied if trust files accumulation request of income till framing of assessment order

Posted: 14 Oct 2012 11:44 PM PDT

Assessee filed Form No. 10 under rule 17 of the Rules at the time of filing revised returns in respect of each of the assessment years under consideration. Thus, evidently, the requirements of section 11(2) of the Act had been complied with before the completion of the assessments. Therefore, while...

Gift – Addition justified if Assessee fails to prove financial capacity of Donor

Posted: 14 Oct 2012 10:58 PM PDT

The assessee's argument of having established his bona fides in view of the money being deposited in his regular bank account would also be to no avail. Does the assessee mean to imply that he has some other unaccounted bank accounts as well, in which the amount could have been deposited? To pay...

Outward transportation from factory to port is 'input service' & Eligible for Cenvat Credit

Posted: 14 Oct 2012 10:23 PM PDT

The short question for consideration in this case is which is the place of removal in respect of exports? Is it the factory premises or is it the port of shipment? In the case under consideration, the appellant has availed service tax credit on GTA service, which was utilised for transportation of...

Department cannot make new case on reconsideration of matter afresh

Posted: 14 Oct 2012 10:19 PM PDT

In short the department's argument that the Commissioner (Appeals) has not properly adjudicated the matter and hence the issue should be set aside cannot be accepted as Assessing Officer at the time of the assessment was of the view that the facts are same and when the issue travelled to the...

Indirect tax collections grow 15.6% in April-Sept

Posted: 14 Oct 2012 09:51 PM PDT

Indirect tax collections have risen at 15.6 per cent to 2.17 lakh crore rupees in April-September, against the annual target of 27 per cent. This is mainly due to slowdown in economic activity. The excise duty collection during April-September period totalled 80,000 crore rupees, while customs...

Commissioner (Appeals) do not have no power to remand under Service Tax laws

Posted: 14 Oct 2012 07:35 PM PDT

Supreme Court's judgment in MIL India Ltd. v. CCE 2007 (210) ELT 188 wherein it was held that Parliament had taken away the power of remand from Commissioner of Central Excise (Appeals) by amending Section 35A of the Central Excise Act w.e.f. 11/05/2001.

Trade in Border Haats across the border at Meghalaya between Bangladesh & India

Posted: 14 Oct 2012 07:27 PM PDT

PUBLIC NOTICE NO. 23 (RE-2012)/2009-2014 Arrangements for operationalisation of Border Haats between India and Bangladesh have been harmonized with addendum dated 15th May, 2012 to the MOU dated 23rd October, 2010.

Notification No. 94/2012-CUSTOMS (N. T.) Dated- 15th, October, 2012

Posted: 14 Oct 2012 07:12 PM PDT

Notification No. 94/2012-CUSTOMS (N. T.) Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs...

General Order – SEBI (Framework For Rejection Of Draft Offer Documents) Order, 2012

Posted: 14 Oct 2012 06:46 PM PDT

CIRCULAR No. CIR/CFD/DIL/15/2012, Dated-  October 15, 2012 Sub.: General Order – SEBI (Framework For Rejection Of Draft Offer Documents) Order, 2012 1. SEBI has, vide General Order dated October 9, 2012, notified framework for rejection of draft offer documents filed with the Board. The said...

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