‘Reasonable steps’ in Cenvat Credit Rules – Signals of coming back ..!!

'Reasonable steps' in Cenvat Credit Rules – Signals of coming back ..!!

Posted: 30 Sep 2012 04:45 AM PDT

Off late many assessees faced the wrath of the Department by way of Show Cause Notices, spot recoveries and personal penalties owing to the alleged failure to take reasonable care while taking Cenvat credit. If the default of duty or tax payment is necessitated either due to genuine reasons or...

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Service tax on transport of passengers by Air – Draft circular

Service tax on transport of passengers by Air – Draft circular

Posted: 29 Sep 2012 08:25 PM PDT

Issue (a) : Whether service tax of 4.944% (60% abatement) will apply to related charges such as reconfirmation fee, upgrade fee, date change, additional collection, etc., levied by airlines to passengers?

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Cenvat Credit on Advances towards provision of taxable service

Posted: 29 Sep 2012 11:16 AM PDT

Input service is defined in Rule 2(l) of Cenvat Credit Rules, 2004 as service used by the manufacturer or service provider. Wherever the word "input service' appears in Cenvat Credit Rules, it would connote the meaning as input service used. Being so, Service Tax on advances, inasmuch as it relates...

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Analysis of Rule 3 of Point of Taxation Rules, 2011

Posted: 29 Sep 2012 11:00 AM PDT

The purpose of presenting this article to the various members is to provide the clarity on the issue regarding the booking of income (without raising invoice to the respective parties) at the end of the financial year say March 2012 and the applicability of Service Tax on this income. In other...

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Income Tax e-Filing Helpline Numbers

Posted: 29 Sep 2012 10:45 AM PDT

. For any query relating to e-filing of Income Tax Return, please call 18001801961 or   08026500025. . For any query regarding status of e-filed return and ITR-V please call 18004252229.

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How to know residential status of Individual, HUF, Firm & Company under Income Tax Act

Income Tax offices to remain open on 29th & 30th September, 2012

Posted: 28 Sep 2012 08:40 PM PDT

The Board has decided that the Income-tax offices all over India shall make special arrangements by opening of receipt counters on 29th & 30th September, 2012 being Saturday & Sunday respectively for the convenience of taxpayers.

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Due Date Further Extended for Filing of Annual Returns with ROC

Posted: 28 Sep 2012 08:30 PM PDT

General Circular No.30/2012 Company holding AGM or whose due date for holding AGM is on or before 20/09/12, the time limit will be 03/11/12 or due date of filing, whichever is later. Company holding AGM or whose due date for holding AGM is on or after 21/09 /12, the time limit will be 22/ 11/ 12...

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Kelkar Committee Recommends – Faster Refund, TDS Reconciliation, Mandatory PAN, Higher Interest rate delayed tax payment

Posted: 28 Sep 2012 08:30 PM PDT

The Direct Taxes Code Bill, 2010 which intends to revamp the law relating to direct taxes is likely to result in considerable unacceptable losses on a continuing basis. Given the low tax-GDP ratio and the existing fiscal crisis, there is absolutely no fiscal space for such large revenue loss....

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Delete Annexures I & II to 3cd, Tax Audit to Co-operative Societies – Clarify – ICAI

Posted: 28 Sep 2012 08:30 PM PDT

For better compliance of the statutory obligations, we recently made a representation to CBDT to review and delete both the Annexures I and II to Form No. 3CD as they have outlived their utility. We are hoping that our request will be accepted by the Department. Further, we also submitted a...

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Due date for Filing Form 23B Extended to 23.12.2012

Posted: 28 Sep 2012 08:30 PM PDT

General Circular No.31/2012 The filing of e-form 23B is extended without any additional fees till 23/12/12 or due date of filing, whichever is later.

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Section 295 of Companies Act, 1956 – An Analysis

Posted: 28 Sep 2012 08:17 PM PDT

Section 295 of Company Law deals with the loan given to DIRECTORS of the company. It also covers the security or guarantee provided for the same. Let us see in each detail, all the aspects of this section. As per section 295 of Companies Act 1956, previous approval of Central Government is...

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Special Allowances Where Exemption Depends Upon Actual Expenditure By Employee

Posted: 28 Sep 2012 08:02 PM PDT

The following allowances are exempt under section 10(14) to the extent the amount is utilized for the specified purpose for which the allowance is received. In other words, in the cases given below the amount of exemption under section 10(14) is –

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How to know residential status of Individual, HUF, Firm & Company under Income Tax Act

Posted: 28 Sep 2012 08:00 PM PDT

Basic conditions that need to be satisfied to check if an Individual is a resident in India are as follows:- 1) The person must be India in the previous year for a period of 182 days or more 2) The person is in India for a period of 60 days or more during the previous year and 365 days or...

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Pension to Salaried – Tax provisions

Posted: 28 Sep 2012 07:54 PM PDT

There are different situations in which pension is received by an employee. Accordingly the tax treatment for the same also differs. In a situation where pension is received by an employee after retirement but during his lifetime, it is chargeable to tax as follows –To discuss the tax treatment of...

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Entertainment allowance & its deduction from salary

Posted: 28 Sep 2012 07:49 PM PDT

Entertainment allowance as per Section 16(ii) is first included in salary income under the head Salaries and thereafter a deduction is given on the basis enumerated in the following points: In the case of a Government employee (i.e., Central Government or a State Government employee), the least...

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House Rent Allowance – Income Tax provisions

Posted: 28 Sep 2012 07:47 PM PDT

As per Section 10 (13A) and rule 2A exemption in respect of house rent allowance is based upon the following – 1) An amount equal to 50 per cent of the salary, where the residential house is situated at Bombay, Kolkata, Delhi or Chennai, and an amount equal to 40 per cent of the salary where...

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Salary Allowances in which Exemption Not Depend Upon Expenditure

Posted: 28 Sep 2012 07:44 PM PDT

In the cases given below, the amount of exemption does not depend upon expenditure incurred by the employee. Regardless of the amount of expenditure, the allowances given below are exempt to the extent of –

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Service tax Refund on Canellation of Railway Ticket

Posted: 28 Sep 2012 07:00 PM PDT

In case of refund of passenger fare, if any, refund of Service Tax shall be claimed by the passenger from the concerned Service Tax authority.  No refund shall be made by the Railways on this account.  For the purpose of claiming refund, Chief Commercial Manager (CCM)  office of concerned Zonal...

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Monitoring of filing of appeal in HC – Non-receipt of quarterly reports as per CBDT Instruction

Posted: 28 Sep 2012 06:08 PM PDT

Non-receipt of quarterly reports as per the CBDT Instruction No. 7 of 2011 The CCIT/CIT shall ensure due adherence to this instruction. In order to facilitate monitoring, a register shall be maintained in the office of CIT as per Annexure-IV to this Instruction.

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Revenue to submit report of cases dismissed by judicial authorities for want of clearance

Posted: 28 Sep 2012 06:03 PM PDT

1. List of all the cases which were dismissed by Courts/Tribunal for want of clearance from COD and where revival applications before the respective Courts/ Tribunal have been filed by the Department subsequent to the decision of Apex Court in the case of Electronics Corporation of India Ltd.,...

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ICAI to accept forms under Direct Entry on on 29th & 30th September, 2012

Posted: 28 Sep 2012 05:27 PM PDT

Since the last date of submission of Registration Forms under Direct Entry Scheme for Articled Training is 30th September, 2012 i.e. Sunday, the offices of The Institute of Chartered Accountants of India (ICAI) will remain open on 29th & 30th September, 2012 (Saturday and Sunday) and forms...

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MVAT – Clarifications regarding Annexures to be submitted by Developers

Posted: 27 Sep 2012 08:49 PM PDT

Trade Cir. 18T of 2012 - The format of annexure is made available on website of the Maharashtra Sales Tax Department www.mahavat.gov.in under download banner. The filled yearwise annexure is to be attached with e-mail and to be sent on builderscell@gmail.com e-mail id.

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Employees' contribution towards PF paid before Due Date of Return Filing is allowable

Posted: 27 Sep 2012 08:32 PM PDT

Employees' contribution towards PF paid by the assessee before the due date of filing of return u/s 139(1) of the Act for the assessment year under consideration is admissible.

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No Penalty on tax payable as per MAT provisions if tax under normal Provisions is Nil

Posted: 27 Sep 2012 08:27 PM PDT

On identical facts in ITA No. 6600/Mum/2011 wherein we have held that penalty cannot be levied u/s. 271(1)(c) when the income is computed as per the provisions of Sec. 115JB of the Act. In that case, we have followed the decision of Hon'ble Delhi High Court in the case of CIT Vs Nalwa Sons...

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New Nature of Payments have been introduced under OLTAS Challan No./ITNS 281

Posted: 27 Sep 2012 07:06 PM PDT

4 New Categories of payment been added to the existing list of 32 categories. Revised List is follows :- 193 – Interest on Securities 194 – Dividend 195 – Other sums payable to a non-resident 4BB – Winning from Horse race 4EE – Payments in respect of Deposits under...

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Draft Notification- Grant of Exemption to Shipping Industry from Competition Act, 2002

Posted: 27 Sep 2012 07:01 PM PDT

Comments Invited  By 03.10.2012 on Draft Notification regarding Grant of Exemption to Shipping Industry from the purview of Competition Act, 2002.Comments may be sent by mail at dirad4-mca@nic.in or by post to Shri J.B.Kaushish, Under Secretary, Ministry of Corporate Affairs, Shastri Bhawan, New...

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2 % interest subvention and 3% additional subvention for short-term crop loans in 2012-13

Posted: 27 Sep 2012 06:54 PM PDT

The interest subvention scheme for providing short term loans to farmers at 7 per cent interest per annum will be continued in 2012-13. An additional subvention of three per cent will be available to prompt paying farmers. In addition, the same interest subvention on post harvest loans up to six...

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Revised Tariff Value of RBD Palmolein, Brass Scraps (All Grades), Gold and Silver Notified

Posted: 27 Sep 2012 06:30 PM PDT

Notification No. 90/2012-CUSTOMS (N. T.) New Delhi, 28th, September, 2012 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...

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UPDATES FROM TAXGURU