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Dec 23, 2012

FICCI demands 30% income tax on income above Rs 20 lakh

FICCI demands 30% income tax on income above Rs 20 lakh

Posted: 23 Dec 2012 06:35 PM PST

Industry body Ficci has demanded that the highest income tax rate of 30 per cent should be levied on income above Rs 20 lakh as against Rs 10 lakh currently from next fiscal to encourage consumption. This needs to be re-visited as the tax rate of 30.9 per cent (inclusive of education cess) on...

Download PPT on Point of Taxation Rules

Posted: 23 Dec 2012 04:59 PM PST

Point of Taxation Rules -Is it determining the taxable event for levy of Service Tax (i.e. service deemed to be provided). RULE 2A - Date of payment.— For the purposes of these rules, date of payment shall be the earlier of the dates on which the payment is entered in the books of accounts or is...

Sachin Tendulkar Retires From One-Day Cricket

Posted: 23 Dec 2012 12:40 AM PST

India batsman Sachin Tendulkar has announced his retirement from one-day international cricket. The Board of Control for Cricket confirmed the 39-year-old, regarded as the world's greatest living batsman, had decided to bring an end to his 50-over career after 463 one-day international caps....

In case of development agreement capital gain is taxable in the year of agreement

Posted: 22 Dec 2012 09:15 PM PST

The year of taxability of the capital gain in the case of development agreements came to be considered by the Hon'ble Bombay High Court in the case of Chaturbhuj Dwarkadas Kapadia v. CIT [2003] 260 ITR 491. It is pertinent to note that the High Court also noted both clauses (v) and (vi) of...

No tax deductible on Income Paid to non Resident Company if same not taxable in its hands in India

Posted: 22 Dec 2012 08:36 PM PST

Dresser Rand Company, USA was covered by Indo-US DTAA and as per Article 12(4) of the said Treaty, technical and consultancy services were not taxable in India and there was no obligation to deduct tax at source for the payment and such technical and consultancy services.

'Force of attraction rule' to tax income not directly connected to PE in India – ITAT

Posted: 22 Dec 2012 08:31 PM PST

Where a permanent establishment takes an active part in negotiation, concluding or fulfilling contracts entered into by the enterprise, then, notwithstanding that other parts of the enterprise have also participated in those transactions, that proportion of profits of the enterprise arising out of...

Liaison work is not Management Consultancy Service

Posted: 22 Dec 2012 08:30 PM PST

Liaison work is not in the nature of any consultancy or advice. But only one of the temporary functions that was required for the functioning of the company. If a person does the activity of collecting of debts of a company that person cannot be considered to be doing management consultancy service

Prior to 18-4-2006 service tax can be paid out of Cenvat credit on GTA services

Posted: 22 Dec 2012 08:20 PM PST

Perusal of para 2.4.2 of CBEC's Excise Manual of Supplementary Instructions shows that there is no legal bar to the utilisation of Cenvat credit for the purpose of payment of service tax on the GTA services. Apart from the above, even as per Rule 3(4)(e) of the Cenvat Credit Rules, 2004, the Cenvat...

Charge of service tax cannot exceed 'gross amount charged'

Posted: 22 Dec 2012 08:04 PM PST

Section 67 quantifies the charge of service tax provided in section 66, which is the charging section. Section 67 authorises the determination of the value of the taxable service for the purpose of charging service tax under section 66 as the gross amount charged

Without sufficient cause delay of 902 days in filing appeal cannot be condoned

Posted: 22 Dec 2012 08:02 PM PST

In the instant case the assessee seems to be quite negligent by not taking the necessary steps for filing the appeal within the time prescribed by the statute .The conduct of the assessee reveals that the assessee takes the condonation of delay provision as granted. The assessee did not care to...

Amount Paid to Non Resident for 'film shooting services' is it 'fees for technical services'?

Posted: 22 Dec 2012 08:01 PM PST

As far as the finding of the Commissioner of Income Tax (Appeals) to the extent of treating the amount for fee for technical services under the provisions of sec. 9(a)(vii)(b) r.w explanation 2 and further the finding that the amount received by the assessee is for making available television film...

If tax expense part of 'power tariff', S.80-IA deduction cannot call for its exclusion

Posted: 22 Dec 2012 07:58 PM PST

Clause 6 of the agreement separately deals with tax liability of the assessee which would form part of the tariff as per the Notification. Equally, it is true that Annexure A to the agreement gives the norms and parameters for working out the generation power tariff for the 5 year period 1996-97 to...

No GTA services if custodial rights not transferred to transporter

Posted: 22 Dec 2012 07:56 PM PST

The terms of the contract showed that this was a case where the operator was responsible only for the vehicle and there were no custodial rights or responsibilities in matter of goods carried. Since the assessee was responsible for the goods transported, consignment note, which is a document of...

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