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Oct 10, 2012

Tax to be deducted on value of Property Sold to NRI in absence of Application U/s. 195(2)

Service tax Payable on TDS as it is part of Consideration

Posted: 10 Oct 2012 07:42 PM PDT

Consideration charged for the service provided shall include income tax deducted at source as per terms of contract and is in accord with Section 66A read with Rule 7(1) of the Service Tax (Determination of Value) Rules 2006 for the reason that net price of contract agreed to be paid to foreign...

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Tax to be deducted on value of Property Sold to NRI in absence of Application U/s. 195(2)

Posted: 10 Oct 2012 06:54 PM PDT

In the instant case of the assessee, the legal position is clear in as much as not having made the application under section 197 r.w.s. 195 of the Act to the Assessing Officer for lower or no deduction of tax, he was statutorily duty bound to have deducted tax at the specified rate on the 'sum'...

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Cases already settled cannot be reopened on the basis of Retrospective Amendment

Posted: 10 Oct 2012 11:57 AM PDT

In the instant case, the amendment under Section 260A (2A) has been introduced retrospectively w.e.f. 01.10.1998 by the Finance Act, 2010. But fact remains that the cases already settled before the said amendment cannot be re-opened, as per the ratio laid down in the case of Babu Ram v. C. C. Jacob...

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'Election period' notified as 'specified class' where no notice required to assess the income in case of search

Posted: 10 Oct 2012 09:41 AM PDT

Notification No. 42/2012 In the Income-tax Rules, 1962, after rule 112E, the following rule shall be inserted, namely:- Class or Classes of cases in which the Assessing Officer shall not be required to issue notice for assessment or reassessment of the total income for six assessment years...

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Chart of Service Tax Provisions under Reverse Charge Mechanism

Posted: 10 Oct 2012 04:21 AM PDT

1. Point of taxation under reverse charge mechanism is date of payment to the service provider provided payment must happen within 6 months from the date of invoice otherwise point of taxation will be date of invoice. Invoice needs to be issued by the service provider within 30 days of completion...

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Taxability of goods manufactured – 'Parts of Television Receivers' falling under Tariff Entry 8529 OR 'Television Receivers' under Tariff Entry 8528

Posted: 09 Oct 2012 10:00 PM PDT

The issue under consideration in this appeal is whether the goods manufactured by the appellant are liable to be taxed as 'Parts of Television Receivers' falling under Tariff Entry 8529 of the Central Excise Tariff contained in the First Schedule to the Central Excise Tariff Act, 1985 (in short...

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MCA discontinues its Front offices in 4 Metro Cities

Posted: 09 Oct 2012 09:49 PM PDT

MCA Front offices situated at Delhi , Chennai , Mumbai and Kolkata are being discontinued with effect from Monday, the 8th of October, 2012 , and hence, will not be available to offer any assistance to MCA stakeholders. Kindly plan your activities accordingly.

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Gross direct tax collection swells up 5.87 pc in Apr-Sept

Posted: 09 Oct 2012 09:29 PM PDT

Gross direct tax collection during first six months of current financial year was up by 5.87 percent at 2,72,133 crore rupees. It was over 2,57, 000 crore rupees in the same period last year. While gross collection of corporate taxes increased to 1,78,173 crore rupees from 1,75,360 crore rupees and...

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Master Circular on Preparation of Financial Statements of General Insurance Business

Posted: 09 Oct 2012 07:47 PM PDT

The Authority in order to streamline the preparation of the financial statements of General Insurance Business, have been issuing various Circular/Guidelines. In order to enable the Insurers to have a one stop document of all such directions issued, this Master Circular has been prepared. This...

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Definitive anti-dumping duty on imports of Melamine

Posted: 09 Oct 2012 10:13 AM PDT

Notification No. 48/2012-Customs (ADD) - Seeks to levy definitive anti-dumping duty on imports of Melamine, originating in or exported from the European Union, Iran. Indonesia and Japan for a further period of 5 Years.

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Exchange Rate for South African Rand Changed

Posted: 09 Oct 2012 10:10 AM PDT

Notification No.93/2012 - Customs (N.T.) In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department...

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Anti Dumping Duty on Tyres, Tubes and Flaps

Posted: 09 Oct 2012 10:06 AM PDT

Notification No. 47/2012-Customs (ADD) Whereas, the designated authority vide notification No. 15/35/2010-DGAD, dated the 3rd August, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1, had initiated review in terms of sub-section (5) of section 9A of the Customs Tariff Act,...

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