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Apr 26, 2013

Software developed as per customer’s specifications are liable to service tax

Software developed as per customer's specifications are liable to service tax

Posted: 25 Apr 2013 06:49 PM PDT

From the impugned order, it does not come out clearly how the service tax liability has been computed. If the appellant has purchased from third parties and sold the same on payment of VAT and also supplied hardware on payment of VAT, the same would not be liable to service tax. The liability to...

Mistake in show-cause notice can be rectified before adjudication

Posted: 25 Apr 2013 06:47 PM PDT

One important question survives for consideration and the same is whether the legal mistake committed by the Department can be corrected to ensure that the offender does not escape punishment under the Central Excise law. There is a clear distinction between a mistake of fact and a mistake of law....

Reimbursement of expenses cannot be treated as fees for technical services

Posted: 25 Apr 2013 06:37 PM PDT

In this case Payment was made for reimbursement of the permission granted to the assessee for using trade mark 'Wool, New Zealand'. Such payment cannot be said to be fee for technical services. Even otherwise also, in the light of the detailed discussions made in paragraph nos. 13, 14 and 15 of...

No charity in providing assistance to entrepreneurs for fees in setting up industries

Posted: 25 Apr 2013 06:36 PM PDT

In the instant case, the assessee although an extended arm of State Government formed as a society to carry out charitable activities in the nature of 'general public utility' is in fact providing assistance to industrial houses and entrepreneurs for setting up of industry in the State...

Proceeding u/s 153C based on the basis of books of firm seized from place of partner is valid

Posted: 25 Apr 2013 06:33 PM PDT

The search operation was carried out at the residence as well as business premises of Shri Yakub A. Colddrink where from the books of account of the firm as per Annexure A/11 & A/12 and loose paper as per Annexure-3 were found and seized. As per Section 153C, the books of account belonging to...

Exemption U/s. 11 cannot be denied on mere Non-compliance with provisions of Trust Act in earlier years

Posted: 25 Apr 2013 06:22 PM PDT

Once the registration has been granted under section 12AA of the Act, the exemption under Section 11 cannot be withdrawn unless there is violation of provisions of Section 13 of the Act or the registration under Section 12AA(3) of the Act is cancelled. The Tribunal held that the decision of this...

What Gold Means Now

Posted: 25 Apr 2013 06:14 PM PDT

According to one estimate, Indian households alone holds gold wroth over Rs. 70 lakh crores. The fundamental reason for buying gold and jewellery is deep rooted in Indian culture itself, besides being considered auspicious for weddings etc. Besides, Indian peasants are also gold obsessed to a large...

List of Income Tax Forms (Other than ITRs) available for e-Filing

Posted: 25 Apr 2013 12:28 PM PDT

We are providing below the list of 45 Income tax Forms other than ITRs which can filed online on the Income tax E-Filing website namely . These Forms includes Tax Audit Reports, transfer Pricing Audit Reports, MAT Computation Report, Special Audit...

Be Cautious While E-Filing Income-Tax Returns

Posted: 25 Apr 2013 11:57 AM PDT

CA Members may note that ICAI has received a letter from Directorate of Income-tax (Systems) requesting it to impart information regarding correct procedure of e-filing of returns. The following are the major concerns of the Department:- a) ITR-V is not received or is belated for the assessment...

TDS liability U/s. 194I do not arise in absence of existence of landlord-tenant relationship

Posted: 25 Apr 2013 11:41 AM PDT

The revenue have not placed any material suggesting that the assessee had any interest either as a lessee or sub-lessee or a tenant in any of the aforesaid 13 premises. The fact that the assessee was allowed use of premises by IISPL in terms of agreement dated 1-12-2008, cannot lead to the...

Advance booking period for train tickets reduced to 60 days

Posted: 24 Apr 2013 08:17 PM PDT

Railways has reduced advance booking period from four months to two months from May 1 as part of its efforts to prevent touts from cornering bulk of tickets. The advance reservation period (ARP) for booking reserved train tickets will be reduced from existing 120 days to 60 days (excluding the date...

TIN user who have registered on TRACES but not activated their account within 24 hours will have to register as new user

Posted: 24 Apr 2013 07:43 PM PDT

TIN users who have registered on TRACES but not activated their account within 24 hours will have to register as new user. Click on  'Register as New User' and select user as 'Deductor' to proceed.

Overseas entity having equity participation shall not offer financial products linked to Indian Rupee without RBI approval

Posted: 24 Apr 2013 11:58 AM PDT

It has been observed that eligible Indian parties are using overseas direct investments (ODI) automatic route to set up certain structures facilitating trading in currencies, securities and commodities. It has come to the notice of the Reserve Bank that such structures having equity participation...

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