Service by Non- Profit Entity to its Members- Taxability in Service Tax

Service by Non- Profit Entity to its Members- Taxability in Service Tax Posted: 30 Jun 2013 11:21 AM PDT S.N. 28 of the Exemption Notification no. 25 /2012 dated 20.6.2012 exempts services by unincorporated body or a non profit entity registered under any law to own members by way of reimbursement of charge or share of contribution. a. As a Trade Union b. For provision of exempted services c. For...

HC expresses 'Shock & Anguish' at Mal-Administration by Tax Dept. Posted: 30 Jun 2013 11:20 AM PDT The income tax authorities are required to administer the Act. The right to administer, cannot obviously include the right to mal-administer. Thus, we find no words to express anguish as what kind of governance it had been.

Transfer Pricing – CBDT withdraws circular on Profit Split Method (PSM) Posted: 30 Jun 2013 11:18 AM PDT Circular No. 05/2013 It is noticed the Circular appeared to give the impression that there was a hierarchy among the six method listed in section 92C and that Profit Split Method (PSM) was the preferred method in the case involving unique intangible or in multiple interrelated international...

CBDT Withdraws / Amends Circulars on Transfer Pricing Posted: 30 Jun 2013 11:17 AM PDT Chapter X of the Income-tax Act, 1961 contains special provisions relating to avoidance of tax. Terms such as 'associated enterprise', 'international transaction', 'intangible property', and 'specified domestic transaction' are defined in different sections of the Chapter.

e-TDS/TCS RPU (version 3.5) for statements from FY 2007-08 onwards Posted: 30 Jun 2013 11:10 AM PDT e-TDS/TCS RPU (version 3.5) for statements from FY 2007-08 onwards released (28/06/2013) Key features of RPU 3.5 Addition/ deactivation of fields Change in quarterly TDS/TCS statement pertaining to FY 2013-14 onwards as below: Alternate contact details like e-mail and contact no. of the deductor...

File validation utility (FVU) version 3.8 for FY 2010-11 and onwards released (28/06/2013) Posted: 30 Jun 2013 11:10 AM PDT Key feature of FVU version 3.8 - Change in data structure of quarterly TDS/TCS statement pertaining to FY 2013-14 onwards as below: Alternate contact details like e-mail and contact no. of the deductor and responsible person may be provided. Quoting of TAN registration no. (if any) as...

Key features of FUV version 2.134 applicable wef 01.07.2013 Posted: 30 Jun 2013 11:10 AM PDT Key features of FVU 2.134 is as follows: 1. Addition of filler fields in: Deductor details (BH record) Challan details (CD record) Deductee details (DD record) Salary details (SD record). Applicable in case of 24Q, Q4. 2. Quarterly TDS/TCS statement (regular and correction) can be validated for...

Bonafide claim of assessee for an expenditure to be revenue in nature which in itself is debatable, do not attracts provision of S. 271(1)(c) Posted: 30 Jun 2013 06:57 AM PDT Issue raised by the assessee was debatable and capable of two views. The assessee had an arguable case or had taken a bonafide plea. The assessee had given his explanation and categorically and clearly stated the true and full facts in the return itself.  He did not try to camouflage or cover up...

No addition during reassessment of a particular expense which has been duly examined by the AO during Original Assessment proceedings Posted: 30 Jun 2013 05:56 AM PDT Whether notice u/s 148 can be issued for disallowance of a particular expense which has been duly examined by the AO during the Assessment proceedings by asking for specific details but not mentioned in Assessment Order. In the instant case, the assessee incurred certain losses on account of non-...

S. 80IB Expenditure incurred by a unit cannot be reallocated to another unit merely because the profits were significantly higher Posted: 30 Jun 2013 05:34 AM PDT Whether the expenditure incurred by a unit can be reallocated to another unit engaged in job work and claiming deduction u/s 80IA and 80IB, as the case may be, merely because the profits were significantly higher than profits earned by the assessee from other units. In the instant case, the...

Benefit u/s 54B can be claimed even if new agricultural land is purchased prior to transfer of previously owned agricultural land Posted: 30 Jun 2013 05:25 AM PDT The assessee before execution of the sale deed purchased the properties vide document No. 8547/2008 on 18.09.2008 for Rs. 47,53,223/-, document No. 8743/2008 on 04.10.2008 for Rs. 51,47,014/- and document No. 8295/2008 on 24.09.2008 for Rs. 28,68,302/- and the total amount paid by the assessee to...

CBDT amends Circular on conditions relevant to identify development centres engaged in contract R&D services with insignificant risk Posted: 30 Jun 2013 03:35 AM PDT Circular No.06/2013 - (amending Circular No.03/2013 dated 26th March,2013) - It has been brought to the notice of CBDT that there is divergence of views amongst the field officers and taxpayers regarding the functional profile of development centres engaged in contract R&D services for the...

First Report of Rangachary Committee on Taxation of Development Centres and IT Sector Posted: 30 Jun 2013 12:05 AM PDT The Committee set-up by the Government to examine some of the issues relating to taxation of income of persons engaged in the IT sector is glad to furnish its first report on some of these issues. Its report on the other issues will follow in due course. While furnishing this report, I must duly...

Quick Insight on sec 44AA, 44AB, 44AD – Presumptive Taxation Posted: 29 Jun 2013 11:39 PM PDT CA Tarannum Khatri 44AA: MAINTENANCE OF BOOKS OF ACCOUNTS WHO SHOULD MAINTAIN : If a person  carrying on business / profession and income from such business/ profession has exceeded 1,20,000 in any of the three Previous Years (p.y.) or current p.y. (for  newly set up business) If turnover / gross...

Empowering Through Value Addition And Overcoming Challenges In CA Profession Posted: 29 Jun 2013 11:33 PM PDT Let us first segregate the words and then it relate it with our profession. "EMPOWEREMENT" means" STRENGTHNING" and "VALUE ADDITION" in simple terms means -" ADDING VALUE". So the basic argument is to strengthen the entire Chartered Accountancy profession through value addition of...

Registration Procedure under Gujarat Value Added Tax Act, 2003 for Companies Posted: 29 Jun 2013 11:21 PM PDT As per provision of Sec. 21 of the Gujarat Value Added Tax Act, 2003 a dealer is required to obtain compulsory registration when his total turnover in a particular financial year exceeds Rs. 5 lacs (including OGS, tax free sale and export) and turnover of purchase or sales of taxable goods exceeds...

Luxury Tax Collection in Uttarakhand- A Reality Posted: 29 Jun 2013 10:57 PM PDT Advocate Rajnish R. Singla In order to discuss luxury tax collection in Uttarakhand- a reality, it will be imperative to go through The Preamble of Uttarakhand taxation & land Revenue Laws Act, 1975, Interpretation of Statutes, The Constitution of India. Now the question is what the Preamble...

ICAI President's Message – July 2013 Posted: 29 Jun 2013 10:24 PM PDT Dear Friends, It's 6.18 in the morning. After getting back from a small walk, I had my first tea that is usually minus sugar and milk. My newspapers have been delivered. As I start reading some of them, I realise: Few more days and June will be over. July is ready to dawn in. July [...]

Name availability guidelines,2011 – Registration of Electoral Trusts as Companies u/s. 25 of the Companies Act,1956 Posted: 29 Jun 2013 09:40 PM PDT However, the company to be formed under section 25 of the Act, shall be the new company and such company will be required to comply with section 293-A of the Act. Further, Name application may be accompanied with an affidavit to the effect that the name to be obtained shall be only for the purpose...

VAT Cir – 4T of 2013 – Amendments to the Maharashtra Value Added Tax Act, 2002 Posted: 27 Jun 2013 09:46 PM PDT To give effect to the Budget proposals, a Bill (Legislative Assembly Bill No XI of 2013) to amend the Maharashtra Value Added Tax Act, 2002 was introduced in both the houses of the Legislature. The said. Bill has been passed by both the houses of the Legislature and the Act No VIII of 2013 is now...