Adjustment of Excess Service Tax paid In Case Of Non-Deduction of Property Tax from Rental Income Posted: 21 Nov 2012 07:44 PM PST For those assesses who are liable to pay service tax on their income from renting on immovable property, the Central Government vide Notification No. 29/2012-ST, dated 20th June, 2012 and w.e.f. 1st day of July, 2012 has exempted the taxable service of renting of an immovable property, from so...  |
| Food Processing Industry in India Posted: 21 Nov 2012 07:00 PM PST Food processing sector is indispensable for the overall development of an economy as it provides a vital linkage and synergy between the agriculture and industry. It helps to diversify and commercialise farming; enhance income of farmers; create markets for export of agro foods as well as generate...  |
| Overview of Provisions relating to Non-banking Financial Institutions Posted: 21 Nov 2012 06:54 PM PST The term ―Finance‖ is often understood as being equivalent to ―money‖. However, finance exactly is not money; it is the source of providing funds for a particular activity. Providing or securing finance by itself is a distinct activity or function, which results in Financial Management, Financial...  |
| Assessee not required to inform ITO as to what legal inference should be drawn from facts disclosed by him Posted: 21 Nov 2012 08:10 AM PST The duty imposed by the Act upon the tax payer is to make a full and true disclosure of all material facts necessary for the assessee ; he is not required to inform the Income-tax Officer as to what legal inference should be drawn from the facts disclosed by him nor to advise him on questions of...  |
| Pay your Service Tax Dues before 27th of November Posted: 21 Nov 2012 01:42 AM PST Renting of Immovable Property is one such tax under the net of Service Tax law. The levy was under controversy since years and eventually turned off as deemed levy and adding more pain levied from retrospective date. However for rehabilitation of service tax law in this regard the Section 80(2) was...  |
| Loss on sale of partly convertible debentures is short-term capital loss Posted: 20 Nov 2012 11:28 PM PST This issue in fact fell for decision before this Court in the case of CIT v. Karam Chand Thapar and Bros. Ltd. [IT Appeal No. 130 of 1998, dated 17-12-1998] wherein this Court by its judgment and order has upheld the decision of the Tribunal that the claim of loss of the assessee in the matter of...  |
| Asessee can claim Deduction of Interest on Housing Loan Both under sec. 24(b) and sec. 48 Posted: 20 Nov 2012 10:00 PM PST Deduction under section 24(b) and computation of capital gains under section 48 of the Act are altogether covered by different heads of income i.e., income from 'house property' and 'capital gains'. Further, a perusal of both the provisions makes it unambiguous that none of them excludes operative...  |
| Monitoring of Unhedged Foreign Currency Exposure Posted: 20 Nov 2012 11:34 AM PST Unhedged forex exposure of corporates is a source of risk to them as well as to the financing banks and the financial system. Large unhedged forex exposures have resulted in accounts becoming NPAs in some cases. Banks were, therefore, advised in February 2012 that they should rigorously evaluate...  |
| Change in the territorial jurisdictions of Central Excise Zones in Karnataka Posted: 20 Nov 2012 11:33 AM PST Notification No. 30/2012-Central Excise (N.T.), New Delhi dated the 20th November, 2012 G.S.R. (E).- In exercise of the powers conferred by sub-rule (2) of rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby makes the following further amendment in the...  |
| Amendment in Para 8.3.1(i) of the Handbook of Procedures Vol.I, 2009-14 – claim of TED by recipient of goods Posted: 20 Nov 2012 11:27 AM PST PUBLIC NOTICE No. 31 (RE 2012)/ 2009-14 Either the recipient of the goods or the supplier of the goods can claim TED refund with appropriate disclaimer.  |
| TIEA between INDIA and MACAO notified Posted: 20 Nov 2012 08:46 AM PST NOTIFICATION NO.43/2012 Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Macao Special Administrative Region of the People's Republic of China for the exchange of information with respect to taxes signed in Macao on the 3rd January, 2012 shall... |
