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Jan 31, 2013

Govt to raise income tax exemption limit to Rs 3 lakh in revised DTC

Govt to raise income tax exemption limit to Rs 3 lakh in revised DTC

Posted: 31 Jan 2013 07:20 PM PST

The government will come up with a modified Direct Taxes Code (DTC) Bill after incorporating the suggestions of the Standing Committee on Finance, which among things had suggested raising annual income tax exemption limit to Rs 3 lakh.

Custom cannot insist on pre authorization from recipient of gifts before allowing clearance

Posted: 31 Jan 2013 06:39 PM PST

It has been reported that Customs is insisting that the Courier Companies Produce an authorization from the recipient of the gifts before allowing clearance, which is causing delays and hardship to individuals.

India-Malaysia new Treaty – Recognizes branch as arm of foreign HO, Tax on dividend reduced to 5%

Posted: 31 Jan 2013 06:31 PM PST

The Government of the Republic of India and the Government of Malaysia, desiring to conclude an Agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and with a view to promoting economic cooperation between the two countries, have...

Download New Lighter Form 16A Traces PDF Converter

Posted: 31 Jan 2013 06:22 PM PST

New utility for generation of Form 16A in pdf format provided by is very light and is sized only 8.43 MB while earlier utility was sized 58.04 MB.

Municipal valuation to be taken as ALV if no other data exists

Posted: 31 Jan 2013 12:55 PM PST

If we consider the facts of the case as stated above that neither the Revenue authorities nor the assessee has brought on record any material or evidence in support of the determination of annual value of properties, however, the assessee has furnished evidence in respect of annual value determined...

Women Wearing Cocaine Diapers arrested by US Customs

Posted: 31 Jan 2013 11:49 AM PST

Two Bronx women traveling from the Dominican Republic were arrested at JFK on Saturday for carrying 6.5 kilos of cocaine in diapers made of duct tape.

AO cannot disturb finality of intimation u/s.143(1) at his whims & caprice

Posted: 31 Jan 2013 11:37 AM PST

It has been recognized by the Supreme Court itself in Asstt. CIT v. Rajesh Jhaveri Stock Brokers (P.) Ltd. [2007] 291 ITR 500, that even where proceedings under section 147 are sought to be taken with reference to an intimation framed earlier under section 143(1), the ingredients of section 147...

A rule cannot be tyrant but can only be a servant of law

Posted: 31 Jan 2013 11:29 AM PST

Certainly the procedure prescribed by rule 4(7) of Cenvat Credit Rules needs interpretation in favour of Revenue. But to the extent service tax is paid in respect of an invoice and in a contingency of retention of part of payment for any dispute on the invoice or any other legal purpose,...

Assocham advocates expansion of Services under negative list

Posted: 31 Jan 2013 10:51 AM PST

Over 200-representatives of trade industry representatives have opposed shifting from to negative list of the 2012 regime of the service tax which, if carried out, will only create hassles, paperwork and additional burden to the tax payers, revealed at the ASSOCHAM National Conference on Service...

Ownership of land not the criteria to decide status of developer to claim deduction u/s. 80IB(10)

Posted: 31 Jan 2013 10:43 AM PST

As rightly pointed out by learned Senior Counsel appearing for the assessee, in the decision Radhe Developers's case (supra), the Gujarat High Court considered the question on ownership as a condition for grant of deduction under Section 80IB(10) in depth and accepted the case of an assessee...

Amendments to Lokpal – Political parties exempted

Posted: 31 Jan 2013 10:40 AM PST

The Lokpal and Lokayuktas Bill, 2011 was passed by the Lok Sabha on 27th December, 2011. The Bill was taken up for discussion and passing in the Rajya Sabha on 29.12.2011. Discussions remained inconclusive. Thereafter, the Rajya Sabha adopted a motion on 21.05.2012 to refer the Bill to a Select...

ICAI President's Message – February 2013

Posted: 31 Jan 2013 10:31 AM PST

To CBDT on difficulties being faced by taxpayers with regard to requirement of audited balance sheet as on valuation date for the purposes of Section 56(2)(vii)/(viia) read with Rule 11UA(1) of Income tax Rules, 1962.

Extension of Date under DVAT for the month of Dec-13 & third Quarter of 2013

Posted: 29 Jan 2013 07:22 PM PST

In order to facilitate the filing of online DVAT/CST returns, in exercise of the powers conferred under Rule 49A of the DVAT Rules, 2005, the last date of online filing of return for monthly dealers, for the month of December, 2012 is herby extended upto 01.02.2013. The last date of filing of hard...

ITAT criticizes department for filing appeal despite lower tax effects

Posted: 27 Jan 2013 08:00 PM PST

From the ratio laid down by the Hon'ble Delhi High Court, it is clear that the instructions issued in the Circulars by CBDT are applicable for pending cases also. Therefore, by keeping in view the ratio laid down in the aforesaid referred to cases, we are of the considered view that...

Assessment cannot be reopened for excess credit of TDS

Assessment cannot be reopened for excess credit of TDS

Posted: 30 Jan 2013 06:57 PM PST

The credit given for TDS in an order passed under Section 155(14) read with Section 154 cannot be construed as a relief given in the original assessment order. Section 155 of the Act provides for various situations under which an order can be amended because of developments taking place subsequent...

Zero tolerance for corruption in tax department – Revenue Secretary

Posted: 30 Jan 2013 06:27 PM PST

In the recent past, instances of some officers of the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) being subjected to searches investigations by Anti-Corruption Branch of the Central Bureau of Investigation (CBI) have been reported.

KYC – Transfer of Bank Accounts – Rent agreement

Posted: 30 Jan 2013 06:15 PM PST

Banks may transfer existing accounts at the transferor branch to the transferee branch without insisting on fresh proof of address and on the basis of a self-declaration from the account holder about his/her current address, subject to submitting proof of address within a period of six months.

Big Four to appear before Public Accounts Committee of UK

Posted: 30 Jan 2013 06:10 PM PST

BIG FOUR tax partners are to appear before the Public Accounts Committee as it continues its investigations into tax avoidance. Witnesses from PwC, Deloitte, KPMG and Ernst & Young will appear on 31 January and will include KPMG's UK head of tax Jane McCormack, Deloitte's head of...

New Reverse Charge Mechanism & Small and Medium Enterprise

Posted: 30 Jan 2013 05:54 PM PST

The New Service Laws as amended by Finance Act, 2012 has made some radical changes in the entire structure of service tax laws.One of such area is introduction of Reverse Charge Mechanism (RCM) on some of the services, in which liability has been casted on service receiver to pay service tax even...

Amendment in Jurisdiction of CCIT Chennai

Posted: 30 Jan 2013 11:28 AM PST

Notification No. 5/2013 Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O. 733(E), dated the 31st July, 2001 namely

Amalgamation not comes within scope of transfer u/s. 2(47)

Posted: 30 Jan 2013 11:07 AM PST

Amalgamation does not come within the scope of 'transfer' as defined in Section 2(47) of the Act and such being the view taken not only by this court, but Madras High Court and also the Supreme Court, there is no question of holding that the assessee disentitles the benefit of Section 80-I of the...

Amendment in Jurisdiction of Commissioner of Income-tax Chennai

Posted: 30 Jan 2013 10:41 AM PST

Notification No.6/2013 Central Board of Direct Taxes hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O. 732(E), dated the 3rd July, 2001, namely

Machinery installation charges are capital expenditure

Posted: 29 Jan 2013 07:00 PM PST

The test of enduring benefit which was perceived as the true and applicable test to judge whether an expenditure fell in capital field has been, over the years, considered as a self-limiting one. The Courts have held that a proper approach has to be adopted and in doing so the nature of the...

AO can go beyond ITAT directions if his inquiry justifies it

Posted: 29 Jan 2013 06:52 PM PST

The general proposition that while remanding issues for fresh consideration by the assessing officer, the Tribunal should be very cautious in issuing directions, even if it is only for the guidance of the assessing officer. The direction should not give rise to a situation where the assessing...

No waiver of Interest if delay in return filing was not because of impounding of documents

Posted: 29 Jan 2013 06:50 PM PST

It is a fact that the documents were given to the petitioner only after more than two years. But the reasons stated by the Chief Commissioner would unequivocally indicate that initially the request was made to release the books of account and documents; then the returns were prepared even without...

Jan 29, 2013

Deduction u/s 54F available on portion of investment made in wife’s name

Third Quarter Review of RBI Monetary Policy 2012-13

Posted: 29 Jan 2013 07:03 PM PST

Since the Second Quarter Review (SQR) of Monetary Policy in October 2012, headwinds holding back the global economy have begun to abate gradually, although sluggish conditions prevail. In the US, activity gathered momentum in Q3 of 2012 but this is unlikely to have been sustained in Q4. While a...

Deduction u/s 54F available on portion of investment made in wife's name

Posted: 29 Jan 2013 06:31 PM PST

The new residential property was acquired in the joint names of the assessee and his wife. The income tax authorities restricted the deduction under Section 54F to 50% on the footing that the deduction was not available on the portion of the investment which stands in the name of the assessee's...

Reopening based on Directors complain with CLB of illegal fund siphoning justified

Posted: 29 Jan 2013 06:16 PM PST

Whether a complaint filed by one of the directors before the Common Law Board alleging irregularities such as illegal siphoning off of the company's funds by two other directors constitutes tangible material, on the basis of which reopening U/s 147 is possible?

Penalty justified on income Surrendered during survey without explanation

Posted: 29 Jan 2013 05:53 PM PST

The absence of any explanation is statutorily considered as amounting to concealment of income. In the absence of any explanation regarding the receipt of the money, which is in the exclusive knowledge of the assessee, an adverse inference is sought to be drawn against the assessee under the first...

Exemption U/s. 54EC available on STCG calculated u/s. 50 on sale of depreciable assets held for more than 36 months

Posted: 29 Jan 2013 10:40 AM PST

In case of transfer of capital asset forming part of block of assets in respect of which depreciation has been allowed, mode of computation and cost of acquisition shall be as per modifications provided in section 50. Thus, special provision made for computation of capital assets in respect of...

Companies May Find It Difficult To Get Auditors For Filling Up The Casual Vacancy In Their Office

Posted: 29 Jan 2013 10:12 AM PST

The existing provisions of the Companies Act, 1956 (hereinafter referred to as the Act) contemplate two situations, viz; (a) where the company has only one auditor; and (b) where it has more than one auditor.

Cenvat credit is admissible on the basis of invoices issued by consignment agent

Posted: 28 Jan 2013 07:47 PM PST

In the case of Kushboo Plastics (P.) Ltd. v. CCE 2002 (149) ELT 694 (Tri.-Delhi), it was held that credit is admissible on the basis of invoices issued by the consignment agent who are registered as a dealer. Clarification issued by the Jaipur Commissionerate, which was based on the Chief...

Cenvat credit admissible on Dismantling service of existing structure for renovation

Posted: 28 Jan 2013 07:40 PM PST

Hence, the Cenvat credit is admissible to the appellant of the service tax paid by them on the service of 'dismantling' as the same is duly covered under the definition of input service.

Department appeal not valid if review committee not records its satisfaction for filing of appeal

Posted: 28 Jan 2013 07:33 PM PST

We are of the view that there should be a meaningful consideration which should be reflected on the note sheets in order to comply with the requirement of Section 35(2) of the Act. In this case, the file does not show any such satisfaction or opinion having been recorded by the Committee of...

Financial Inclusion of Urban Poor in India

Posted: 28 Jan 2013 07:06 PM PST

Though the Indian economy has witnessed tremendous growth lately, vast sections of our society have remained excluded from the India growth story due to various socio-economic factors. It is ironic that despite our cities seeing widespread affluence, large pockets of financial exclusion should...

Statement of RBI Governor on 3rd Quarter Review of Monetary Policy 2012-13

Posted: 28 Jan 2013 07:03 PM PST

Based on an assessment of the current macroeconomic situation, we have decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 8.0 per cent to 7.75 per cent.

RBI reduces Repo & Reverse Repo rate by 25 basis points

Posted: 28 Jan 2013 06:55 PM PST

As announced today by the Governor in the Third Quarter Review of the Monetary Policy 2012-13, it has been decided to reduce the Repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 8.00 per cent to 7.75 per cent with immediate effect.

RBI reduces CRR by 25 basis point to 4 per cent

Posted: 28 Jan 2013 06:51 PM PST

As set out in the Reserve Bank's Press Release 2012-2013/1267 dated January 29, 2013, it has been decided to reduce the Cash Reserve Ratio (CRR) of Scheduled Commercial Banks by 25 basis points from 4.25 per cent to 4.00 per cent of their Net Demand and Time Liabilities (NDTL

PPF Account -Frequently Asked Questions

PPF Account -Frequently Asked Questions

Posted: 28 Jan 2013 06:44 PM PST

 Can I maintain more than 1 Public Provident Fund (PPF) account under my name? Only one PPF account can be maintained by an Individual, except an account that is opened on behalf of a minor. What is the eligibility for investing under Public Provident Fund (PPF) Scheme, 1968? A Public Provident...

How to Download / Install TRACES PDF Generation Utility & Procedure to convert text file into PDF

Posted: 28 Jan 2013 06:30 PM PST

Download TRACES PDF Generation Utility Deductor can download TDS Certificate (Form 16 (Part A) and Form 16A) from TRACES. The file will be provided in text format and will contain certificate details for all requested PANs. Text file is password protected and password will be...

S. 271(1)(c) No cannot be imposed if despite addition tax effect not changes

Posted: 28 Jan 2013 06:15 PM PST

This was an appeal filed by the department against the penalty deleted by the Ld. CIT(A). The assessee is a software company claiming deduction u/s 10B of the Act. During the quantum proceedings, the then assessing officer disallowed the deduction claimed u/s 10B of the Act of Rs. 31,52,432/- on...

No direct Nexus required of Input Services vs. Output Services for Refund on Export

Posted: 28 Jan 2013 06:05 PM PST

In the present case, M/s Kijiji (India) (P.) Ltd. (hereinafter referred to as appellants) was engaged in providing Business auxiliary services to their customers located abroad. The appellant filed a refund claim for the service tax paid on input services such as legal services, market data,...

Taxability of a revocable transfer as deemed gift u/s 4(1)(c) of the Gift-tax Act

Posted: 28 Jan 2013 10:46 AM PST

The fundamental question before the High Court was whether there was in fact a gift of 14,000 bonus shares made by the assess to the transferee. The answer to this question lies in the interpretation of Section 4(1)(c) of the Act which reads as follows :- "Gifts to include certain transfers....

Amendment in Section 40(a)(ia) In Finance Act, 2012: Rerospective or Prospective

Posted: 27 Jan 2013 09:15 PM PST

Ever since the insertion of provision of Section 40a(ia) ( "the section")through finance act, 2004, the subject of TDS has gained a lot of momentum in terms of anxiety from general public. Non deduction or even untimely deduction of tax results to disallowance or deferment of allowance of...

Notional gains from derivatives held as stock-in-trade is taxable in year of realization

Posted: 27 Jan 2013 09:12 PM PST

As per Ld Counsel for assessee, the anticipated profits are notional profits in this year and are realized in the next year and therefore, they are taxable in the next year. Therefore, as per Sri Mehta, the addition made by the AO is rightly deleted by the CIT(A). On the other hand, Ld DR for the...

Incidence of income-tax on house property is on ownership

Posted: 27 Jan 2013 08:46 PM PST

The assessee is engaged in building activities. It argues that flats are held as part of its inventory of stock-in-trade, and are not let out. The further argument is that unlike in the other instances, where such builders let out flats, here there is no letting out and that deemed income - which...

ICSI – Clarification on Notification implementing the new training structure

Posted: 27 Jan 2013 06:53 PM PST

Clarification on Notification number 710/ 1(M)/1 dated 29th December, 2012 notifying the draft Company Secretaries (Amendment) Regulations, 2012 implementing the new training structure Dear Student, This has reference to the Institute's Notification number 710/1(M)/1 dated 29th December, 2012...

RBI – Standardisation of Interest Rate Swap Contracts

Posted: 27 Jan 2013 06:06 PM PST

To begin with, standardisation shall be mandatory for INR Mumbai Inter Bank Offer Rate (MIBOR)- Overnight Index Swap (OIS) contracts. The standardisation requirement shall be mandatory for all IRS contracts other than client trades.

Jan 26, 2013

SCN issued after death of proprietor is bad in law

SCN issued after death of proprietor is bad in law

Posted: 26 Jan 2013 06:40 PM PST

Undisputedly, late Smt. Bimla Rani was the proprietor of the respondent firm M/s Shree Ambica Steel Industries. She died on 17.9.2006 and after her death the legal heir applied for cancellation of Excise registration in the name of the firm and the registration was admittedly cancelled by the...

No transfer of right to use – No deemed sale

Posted: 26 Jan 2013 06:35 PM PST

It is well settled that, whether the transaction amounts to transfer of right or not cannot be determined with reference to a particular word or clause in the agreement. The agreement has to be read as a whole to determine the nature of the transfer. From a close reading of all the clauses in the...

Buy-back of Shares and Company Law

Posted: 26 Jan 2013 06:27 PM PST

Not only statute, but also common law, has upheld the 'sanctity' of a company's capital. In 1887, in Trevor Vs. Whitworth 12 App Case 409, it was held that a company limited by shares may not purchase its own shares as this would amount to an unauthorized reduction of capital.

Subsequent Sale (Sale in Transit) under CST Act, 1956

Posted: 26 Jan 2013 06:01 PM PST

There are two types of inter-State sales. An inter-State sale contemplated by clause (b) is one, which is effected by transfer of documents of title to the goods during their movement from one state to another. Where the property in the goods has passed before the movement has commenced, sale will...

Compounding of offences under FEMA, 1999

Posted: 26 Jan 2013 04:06 AM PST

CA Kamal Garg The term 'compounding' has not been defined either in the Foreign Exchange Management Act, 1999 or the rules issued there under. However, inference can be drawn from the definition given in the Companies Act, 1956. It defines 'compounding' as: 'Any offence punishable under the Act...

Dividend Stripping Transactions – Income tax provisions

Posted: 26 Jan 2013 03:47 AM PST

Dividend stripping refers to transacting in shares or securities linked to shares of a company on which dividend is payable. Typically, a dividend stripping transaction can be explained with an illustration.

Download Income Tax Interest Calculator in Excel u/s. 234A B C

Posted: 26 Jan 2013 03:36 AM PST

ABCAUS Excel Income Tax Interest Calculator With this excel based income tax interest calculator one can calculate accurate amount of interest payable under section 234A, 234B and 234C of Income Tax Act, 1961. Inbuilt Help section and text of relevant sections have also been provided for ready...

PCE & IPCE result of Nov, 12 on 05.02.2013

Posted: 25 Jan 2013 09:19 PM PST

Results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in November, 2012 are likely to be declared on Tuesday, the 5th February, 2013 around 5.00 P.M. The results of the Chartered Accountants Professional Competence and Integrated...

CA loses Rs 85 lakh to online lottery scam

Posted: 25 Jan 2013 09:15 PM PST

As reported by leading daily TOI – Falling prey to an online lottery scam, chartered accountant Pankaj Kumar (name changed), 25, transferred nearly Rs 85 lakh to account numbers provided by the cyber criminals, who duped him by showing frivolous dreams having won lottery money of 10 lakh...

S. 194H TDS applicable on payment in the nature of commission, even in the absence of relationship of a principal & agent

Posted: 25 Jan 2013 09:09 PM PST

Section 194H talks about the payment to a recipient which is the income by way of commission or brokerage. It does not require that the relationship between the payer and the payee should be of a principal and agent. The Explanation to section 194 elaborates on the terms 'commission or brokerage'...

Ex- ITO from Mumbai gets 5 Year imprisonment for accepting bribe

Posted: 25 Jan 2013 09:03 PM PST

FIVE YEARS RIGOROUS IMPRISONMENT TO THEN INCOME TAX OFFICER FOR ACCEPTING A BRIBE OF RS. 75,000/- The Special Judge for CBI Cases, Mumbai has convicted Shri Leeladhar Bangera, the then Income Tax Officer, Ward No.10, Piramal Chambers, Mumbai and sentenced him to undergo five years Rigorous...

TDS is applicable U/s. 194C on Warehousing charges paid to clearing and forwarding agents & Not U/s. 194I

Posted: 25 Jan 2013 08:53 PM PST

CIT(Appeals) and the ITAT had the benefit of examining the entire documentary evidence which consisted of the various lease deeds and the c & f agents agreements. The conclusions drawn by these authorities on the basis of such scrutiny are concurrent. Even otherwise, if the revenue was of the...

While granting registration, objects of trust & not purported utilization of income to be considered

Posted: 25 Jan 2013 08:42 PM PST

The submission of the counsel for the revenue that the Trust was not set up for charitable purposes and it was utilizing its income not for the said purpose cannot be examined at this stage as only objects of the Trust had to be considered by the Commissioner. The Trust was in nascent stage and was...

Service tax not payable on Electricity charges as it is not part of 'renting of immovable property' service

Posted: 25 Jan 2013 08:35 PM PST

The applicant has contended before the adjudicating authority that supply of electricity is supply of 'goods' and the same is exempted as per Notification no. 12/2003-ST wherein it has been clarified that supply of goods shall not form part of taxable service.

Order of attachment u/s. 226(3) not justified if AO passes unspeaking order u/s. 220(6)

Posted: 25 Jan 2013 08:31 PM PST

Under Section 220(6) of the Act, where an appeal was pending against the assessment order, the assessee was not to be treated as an assessee in default in respect of the amount in dispute in appeal, in the discretion of the Assessing Officer on such conditions as he may think fit to impose. The...

Taxability of Agricultural Income in the Hands of HUF or Individual depends on ownership of property

Posted: 25 Jan 2013 06:40 PM PST

As far as instant assessment is concerned, it is a case of individual assessment. The extent of the property sought to be assessed at the hands of HUF was to the extent of 20.88 acres at Alamarathupatti Village. Even though the assessee claimed the property in entirety as HUF property, the...

Service tax not payable on Technical inspection & testing of LPF Tankers under Indian Explosives Act, 1884

Posted: 25 Jan 2013 06:36 PM PST

Technical inspection and testing under the Indian Explosives Act, 1884 is a statutory obligation, therefore the same is not liable to tax under Technical Testing and Certification Service. Therefore, the appellants are liable to pay service tax as prayed by the learned counsel.

Mechanism for 'offer for sale' by promoters through RSE modified to ensure efficiency and transparency

Posted: 24 Jan 2013 09:15 PM PST

Comprehensive guidelines on Offer For Sale (OFS) of Shares by Promoters through the Stock Exchange Mechanism CIRCULAR No. MRD/DP/04/2013, dated 25-1-2013 1. Comprehensive guidelines on sale of shares through OFS mechanism were issued vide Circular No. MRD/DP/18/2012, dated July 18, 2012. Based on...

S. 194A CBDT notifies 'National Skill Development Fund'

Posted: 23 Jan 2013 09:46 PM PST

SECTION 194A OF THE INCOME-TAX ACT, 1961 – DEDUCTION OF TAX AT SOURCE – INTEREST OTHER THAN INTEREST ON SECURITIES – NOTIFIED INSTITUTION NOTIFICATION NO. 4/2013 [F.NO.275/28/2012-IT(B)], DATED 24-1-2013 In exercise of the powers conferred by sub-clause (f) of clause (iii) of...

Interest Rates on and Premature Withdrawal of Rupee Term Deposits

Posted: 23 Jan 2013 09:44 PM PST

Interest Rates on and Premature Withdrawal of Rupee Term Deposits circular DBOD. No. Dir. BC. 74 /13.03.00/2012-13, dated 24-1-2013 In terms of our mailbox clarification dated May 16, 2007, deposits of Rs. 15 lakh or any higher threshold approved by the Boards of banks have been termed...

SEBI initializes to create infrastructure for debt segments on stock exchange

Posted: 23 Jan 2013 09:24 PM PST

Guidelines for providing dedicated Debt Segment on Stock Exchanges Circular no. MRD/DP/03/2013, DATED 24-1-2013 1. The market for debt securities differs from equity markets in several ways such as risk, returns, liquidity, type of participants and method of trading. While publicly issued debt...

Only standard text books sold eligible were for ST exemption, not study materials provided as a part of service

Posted: 23 Jan 2013 06:38 PM PST

Notification No. 12/2003-ST dated 20-6-2003 excludes the value of the goods and materials sold by the service provider to the recipient of service, from the value of the taxable services. The said exclusion is subject to the condition that there is documentary proof specifically indicating the...

Customs – Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, Others – Palmolein and Crude Soyabean Oil

Posted: 22 Jan 2013 09:20 PM PST

Notification No. 08/2013 – Customs (N. T.),  New Delhi,  23rd January, 2013 S.O. ____ (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to...