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Apr 25, 2013

Service Tax On Educational Institutions – After Finance Act 2013

Service Tax On Educational Institutions – After Finance Act 2013

Posted: 24 Apr 2013 06:24 PM PDT

Taxation on educational institutions has always been a matter of various issues and disputes. I am summarizing below the provisions under the Service Tax Laws as applicable to Educational Institutions as amended by Finance Bill 2013.

Exemption notifications not retrospective unless legislature specifically provides so

Posted: 24 Apr 2013 09:12 AM PDT

The Airlines Industry  represented to the authorities that they were receiving payments in Indian currency and the new amendment would cause hardship to the exporters and to them. Consequently the exemption under Notification 29/2005-S.T., dated 15-7-2005 was issued restoring exemption to such...

Delay caused due to administrative mechanism of Government not condonable

Posted: 24 Apr 2013 09:06 AM PDT

The Department appears to have sent a proposal to the Finance Department which had approved it on 4th September 2012 and after the same was received back alongwith necessary papers and orders permitting the Office of the Government Pleader to file Tax Appeal, it appears that the Tax Appeal which...

Interest on refund could not be denied / delayed unless same is due to assessee's failure to submit details

Posted: 24 Apr 2013 08:55 AM PDT

In this case the assessee's contention for interest under section 244A was not accepted by the Assessing Officer. The Assessing Officer observed that according to section 244A(2), if the proceedings resulting in refund are delayed for reasons attributable to the assessee, whether wholly or in...

Advances written off not allowable unless the same were for the purpose of business

Posted: 24 Apr 2013 08:54 AM PDT

The AO has noted that during the course of assessment proceedings, the assessee-company had vide a letter dated 4/3/2002 voluntarily offered for taxation by disallowing a sum of Rs. 15,54,260/-. In view of the said voluntary offer, the impugned amount was added back to the income of the assessee....

Gain from sale of ESOP rights surrendered after 12 months chargeable as LTCG

Posted: 24 Apr 2013 08:49 AM PDT

In this case, assessee was given ESOP by Gillette Co. In his submissions and ESOP plan it has been observed that these ESOPs are cashless. Assessee has to pay nothing on exercise of ESOP. The assessee has been granted ESOP in earlier years without any cost. On the date of exercise the amount under...

Amendment in DTAA with UAE with respect to taxes on income & on Capital

Posted: 23 Apr 2013 09:53 AM PDT

Desiring to amend the Agreement between the Government of the Republic of India and the Government of the United Arab Emirates for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital signed at New Delhi on the 29th April, 1992 as...

CG notifies officials handling functions of foreign exchange laws for obtaining info u/s. 138

Posted: 23 Apr 2013 09:50 AM PDT

entral Government hereby specifies officers of the rank of Joint Director and above serving in Directorate of Enforcement, Department of Revenue, Ministry of Finance, Government of India, who are performing functions under the Foreign Exchange Management Act, 1999 and the Prevention of Money...

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