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Dec 20, 2012

Grossing up’ in absence of PAN should be at rates in force and not at 20%

'Grossing up' in absence of PAN should be at rates in force and not at 20%

Posted: 19 Dec 2012 07:27 PM PST

A literal reading of sec. 195A implies that the income should be increased at the rates in force for the financial years and not the rates at which the tax is to be withheld by the assessee. The Hon'ble Apex Court in the case of GE India Technology (cited Supra) has held that the meaning and effect...

Salient Features of the Companies Bill 2011

Posted: 19 Dec 2012 05:01 PM PST

The Companies Bill, 2011, which was passed by the Lok Sabha yesterday, on its enactment will allow the country to have a modern legislation for growth and regulation of corporate sector in India. The existing statute for regulation of companies in the country, viz. the Companies Act, 1956 had been...

Company Secretaries in Companies Bill 2011

Posted: 19 Dec 2012 04:54 PM PST

We have attached below a PPS / PPT – Company Secretaries in Companies Bill 2011 which is based on Companies Bill, 2011 passed in Lok Sabha  on 18.12.2012. The Company Secretary (CS in short) profession has lot more in the new Bill. This presentation intents to have a birds eye view of what is...

Taxability of set top boxes under Delhi VAT

Posted: 19 Dec 2012 04:25 PM PST

Commissioner, VAT, Department of Trade and Taxes, Delhi has issued a circular CIRCULAR No 25 OF 2012-13 dated 14-12-2012 clarifying the taxability of set top boxes under Delhi VAT Act, 2004. It has been mentioned that set top boxes are being supplied by cable operators on lease basis against...

Highlights of the Companies Bill, 2011 passed in Lok Sabha on 18.12.12

Posted: 19 Dec 2012 04:15 PM PST

The Bill has 470 clauses as against 658 Sections in the existing Companies Act, 1956. The entire bill has been divided into 29 chapters. Many new chapters have been introduced, viz., Registered Valuers (ch.17); Government companies (ch. 23); Companies to furnish information or statistics (ch....

Government for Stable Tax Regime, says the Finance Minister

Posted: 18 Dec 2012 08:56 PM PST

The Union Finance Minister, Shri P. Chidambaram said that the Government is fully committed to provide best possible facilities to the tax payers for better tax compliance and revenue augmentation. He said that our focus is always to have a reasonably stable tax regime which is in the interest of...

Intention of the parties to be considered to decide if lease/rental income is to be treated as HP income or business income

Posted: 18 Dec 2012 08:46 PM PST

On a careful perusal of the various decisions, it becomes clear that the facts prevailing in each case and the intention of the parties have to be considered in order to decide the question whether the lease/rental income is to be treated as house property income or business income. The...

When there is detailed scrutiny with regard to an issue, no re-opening for mere change of opinion

Posted: 18 Dec 2012 08:39 PM PST

At time when query was raised under the head 'Selling & Distribution Expenditure', had there been insistence that TDS was required to be deducted and the amount specified to the tune of Rs. 22,70,869 was not required to be allowed as Trade Incentive without deducting TDS, the same ought to...

For Refund service tax paid on common input services is to be apportioned in Turnover Ratio

Posted: 18 Dec 2012 08:32 PM PST

The ratio based on areas developed in SEZ and outside SEZ is not a good criterion for the purpose in question for various reasons. In the first place, Revenue will not be able to do verification of the measurements considering the activity involved vis-a-vis amount of refund to be granted. Further...

DVAT – Set top boxes provided by cable operator on lease liable to VAT

Posted: 18 Dec 2012 08:31 PM PST

The set top boxes are being supplied to the cable users by the cable operators on lease basis against refundable securities. It is reported that these operators are not paying VAT on these transactions terming the same as entrustment, thereby denying the state of its legitimate right to impose VAT...

Transportation service provided to employees to reach factory premises from home is Input service

Posted: 18 Dec 2012 08:16 PM PST

The identical questions of law came up for consideration before this Court in the case of CCE v. Stanzen Toyotetsu India (P.) Ltd. [2011] 32 STT 244. This Court held that the transportation/Rent-a-Cab service is provided by the assessee to their employees in order to reach their factory premises in...

An isolated transaction does not mean that it is not an adventure in nature of trade

Posted: 18 Dec 2012 08:13 PM PST

Normally where a transaction is undertaken by a person who is a businessman, the question as to whether investment in shares is an income from the line of business could be taken as adventure in the nature of trade and it should not pose a problem, since such transactions would be either incidental...

Draft Bank Branch Auditors' Panel 2012-13

Posted: 18 Dec 2012 08:10 PM PST

MEFICAI has notified on December 17, 2012 'Draft Bank Branch Auditors' Panel for the year 2012-13' with reference to application for the multipurpose panel for the year 2012-13.

Matter remanded to TPO as comparables were never examined before Trnasfer Pricing adjustments

Posted: 18 Dec 2012 07:08 PM PST

Coming to the applicability of most appropriate method, both the parties have agreed that TNMM Method should be most appropriate method for benchmarking the ALP. The contention of learned CITDR is that before the TPO, even though this plea of applicability of TNMM Method was taken by the assessee...

New Tariff rate in respect of goods imported from Singapore

Posted: 18 Dec 2012 04:20 PM PST

Notification No. 61/2012-Customs - Seeks to amend notification No 10/2008 – Customs, dated 15th January 2008, so as to further deepen the tariff concessions in respect of goods imported from Singapore under the Comprehensive Economic Cooperation Agreement (CECA) between India and Singapore.

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