Reverse Charge Mechanism- Applicability on CA & Other Services – Clarifications Still Needed Posted: 13 Mar 2013 08:25 PM PDT The concept of reverse charge was also prevailing in the positive list era where certain cases/services were specified where the service recipient was made liable to pay the service tax instead of service provider. However concept of partial reverse charge was introduced w.e.f. 1.7.2012  |
| Sexual Harassment Bill passed by Parliament-An overview Posted: 13 Mar 2013 08:24 PM PDT In a landmark decision, the Parliament passed the Sexual Harassment of Women at the Workplace Bill, giving more women the security of a law to address this issue which is often hidden and forgotten in India.  |
| Income Tax Dept asks defaulters to clear dues by Mar 31 Posted: 13 Mar 2013 07:43 PM PDT IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current...  |
| CMA body advisory to members conducting Special Audit u/s. 14A of Central Excise Act, 1944 Posted: 13 Mar 2013 07:39 PM PDT Advisory from The Institute of Cost Accountants of India The members of the Institute are undertaking Valuation Audit under Section 14A of Central Excise Act,1944. The basic objective of the Section 14A is toensure correct determination of value for themanufacture of excisable goods produced or...  |
| IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March Posted: 13 Mar 2013 07:01 PM PDT The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) reveals that nearly 73,388 taxpayers have defaulted on...  |
| Duty on removal of Capital Goods after being used or cleared as waste or scrap is unconstitutional Posted: 13 Mar 2013 12:51 AM PDT Department is trying to impose Central Excise Duty on removal of Capital Goods after being used or cleared as waste or scrap through Cenvat Credit Rules, 2004, even when it is not fulfilling the basic condition of Manufacturing, which is unconstitutional.  |
| Penalty cannot be imposed for addition made in respect of Bona fide claims Posted: 12 Mar 2013 10:45 PM PDT We find that the findings of the Tribunal on the assessment was not on the ground of treating the claim as not bona fide. We find that the assessment on the consumption of bottles made on the ground of alleged non-existence of two firms was rejected by the Tribunal by rendering a finding that the...  |
| Mere Rejection of quantum appeal not valid ground for imposition of penalty for concealment Posted: 12 Mar 2013 10:43 PM PDT The CIT adverted to the fact that the quantum appeal had been rejected by the CIT (A) and the ITAT. That in itself would not amount to a valid justification for imposition of a penalty. Before a penalty is imposed, the requirements of Section 271 must be established. Accordingly, it would have been...  |
| Income Tax Notification No. 19/2013 , Dated 12-3-2013 Posted: 11 Mar 2013 07:51 PM PDT NOTIFICATION NO. 19/2013 [F. NO. 225/38/2013-ITA. II], DATED 12-3-2013 In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961, the Central Government hereby specifies Director, Financial Intelligence Unit India (FIUIND), Ministry of Finance for...  |
| FEMA – Money Transfer Service Scheme – Revised Guidelines Posted: 11 Mar 2013 07:47 PM PDT Attention of all Authorised Persons (APs), who are Indian Agents under the Money Transfer Service Scheme (MTSS) is invited to the Notification dated June 4, 2003 on MTSS, as amended from time to time and the specific permission accorded to them under FEMA, 1999 by the Reserve Bank to undertake...  |
| Books cannot be rejected merely because loss declared by the Assessee was very high Posted: 09 Mar 2013 09:40 PM PST Counsel for the Revenue submitted that the loss declared in the newspaper business was very high and therefore, the Assessing Officer has rightly taken the average loss rate at 1.883% instead of the loss declared at 5.29%. The question of disbelieving the loss declared by the assessee would arise...  |
| Capital reserve arising from amalgamation in the nature of merger is a capital receipt Posted: 09 Mar 2013 09:21 PM PST We have noted that the Assessing Officer's observations to the effect that 'business' under section 28 has a very broad meaning and may be used in different connotations" and that it includes adventure in the nature of trade, as also his reliance on Hon'ble Supreme...  |
