Service Tax on Redevelopment & Slum Rehabilitation Project (SRA), Floor rising charges Posted: 07 Sep 2012 08:38 PM PDT It has been 'mentioned that many builders charge additional amount known as "floor rise charges" in addition to the normal sale price of a flat. It is also mentioned in your letter that the said charges are recovered for additional construction cost for floor rise because the construction cost... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ST – Reverse Charge Applicability on entity with less than Rs. 10 Lakh Turnover Posted: 07 Sep 2012 07:25 PM PDT The threshold exemption limit (currently Rs. 10 lakh) is only available to service providers and not to service receivers. In this case, service tax under reverse charge is to be paid by service receivers from very first rupee paid to service providers (given that other exemptions are not... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Different Dimensions of Mergers & Demergers Posted: 07 Sep 2012 06:17 PM PDT The term 'Amalgamation' or 'Merger' or 'De-merger' is not defined in the Companies Act, 1956. Chapter V of Part VI of Companies Act comprising sections 390 to 396A contain provisions regarding Compromises, Arrangement and Reconstructions. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| IT – Grievance cell to receive complain of incorrect demand adjustment by CPC Bangalore Posted: 07 Sep 2012 01:19 PM PDT The Income Tax Department is observing the first fortnight of September, 2012 starting from 03/09/2012 to 14/09/2012 as "Demand Management Fortnight". In this regard a single window grievance cell has been set up to receive, acknowledge, and monitor grievance petitions pertaining to demand... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Pharma Companies under scanner for non payment of service tax Posted: 07 Sep 2012 12:08 PM PDT The government today said it has served show cause notices to manufacturers of pharmaceutical products who have failed to pay service taxes worth hundreds of crores of rupees. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Section 80IA – In absence of separate books, AO can estimate eligible profits Posted: 07 Sep 2012 12:06 PM PDT On facts, we find that the assessee ought to have maintained a separate account in respect of raw material which it had sold during the assessment year. If the assessee had maintained a separate account, then, in that event, a clear picture would have emerged which would have indicated the income... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Disallowance of wages not justified when Assessee maintained Muster & full detail of Workers Posted: 07 Sep 2012 11:49 AM PDT Where the assessee has maintained the Attendance Register of labourers shown the ledger account of labour charges and office expenses, which were all duly produced before the AO and also placed before us which contained the details of wages paid to and accepted by the labourers, no defect in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Deduction u/s. 54B & Advance for purchase of agricultural land Posted: 07 Sep 2012 11:42 AM PDT The contention of the assessee is that the agricultural operations were carried out on the land under consideration. During the course of proceedings before the Assessing Officer, the assessee requested the Assessing Officer to inspect the lands at that stage. The assessee also filed pahani patrika... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Overseas Investment by Indian Parties in Pakistan Posted: 06 Sep 2012 08:59 PM PDT In terms of Regulation 6 (2) of the Notification ibid, "Notwithstanding anything contained in these Regulations, investment in Pakistan shall not be permitted." It has now been decided that the overseas direct investment by Indian Parties in Pakistan shall henceforth be considered under the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Rates of customs duty for goods imported under SAARC Free Trade Agreement (SAFTA) Posted: 06 Sep 2012 08:50 PM PDT Notification No. 48/2012-Customs Seeks to amend Notification no. 125/2011-Customs, dated 30-12-2011 prescribing preferential rates of customs duty for goods imported under SAARC Free Trade Agreement (SAFTA) so as to reduce the number of tariff lines in the sensitive list for Non-Least Developed... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Change in Constitution of dispute resolution panel – Order No. 9 /FT&TR/2012 Posted: 06 Sep 2012 07:32 PM PDT Vide Order No. 9/FT&TR/2012 dated 07.09.2012, the CBDT has directed a change in the Constitution of the Dispute Resolution Panel in Delhi, Mumbai, Ahmedabad, Pune, Kolkota, Bangalore, Hyderabad and Chennai with effect from 24.08.2012 [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Income Tax Refund in 3 Months – CBDT Posted: 05 Sep 2012 08:56 PM PDT The Central Board of Direct Taxes (CBDT) on Thursday said it has reduced the time period for tax refunds to three months and would take steps to release arrear payment as fast as possible. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| SEBi Circular on Know Your Client Requirements Posted: 04 Sep 2012 08:57 PM PDT SEBI has received representations regarding operational issues in the implementation of aforesaid SEBI Circulars in case of foreign investors viz. Foreign Institutional Investors, Sub Accounts and Qualified Foreign Investors. In consultation with the Stock Exchanges, Depositories and...
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