SUPPLY OF MEDICINES INTEGRAL TO MEDICAL SERVICES – HENCE COULD NOT BE SEVERED TO INFER A SALE Recently in the case of Fortis Health Care Ltd. vs. State of Punjab {(2015) (Punjab and Haryana)} it has been decided by the P&H High Court that since the supply of drugs, medicines, surgical items, implants and stents was integral to …
HOW TO DEAL WITH NEW SERVICE TAX RATE OF 14% WHICH IS EFFECTIVE FROM JUNE 1, 2015. New service tax rate of 14% is effective from June 1, 2015. This article is intended to provide you with insights of how to deal with change in rate and which scenarios old rate shall prevail and when a new …
SUMMARY OF EFFECTIVE RATE OF SERVICE TAX IN CASE OF VALUATION AND ABATEMENT The advancement of rate of Service Tax from 12.36% to 14% shall have a consequent effect on tax rates of …
Summary about Income-Tax Assessments Procedures, Appeals and Revision Filing Of Returns:- Steps Compute income for each Source of Income Aggregate the income from various sources under the respective Heads of Income Arrive at the Gross Total Income Claim the Deductions available Arrive at the Total Income. Steps Compute Reduce Add the Tax payable on the Total Income the Rebates, if any from the tax payable Surcharge as …
Statutory Dates for the Month of June’ 2015:- 05-06-2015 Service Tax – Service Tax Payment by Companies for May Central Excise – Payment of Excise Duty for all Assesses (other than SSI Units) for May.( if Excise Duty / Service Tax paid electronically through internet banking, the date is to be reckoned as 6th instead …
SHARES HELD BY RELATIVES CAN’T BE CONSIDERED TO DETERMINE SUBSTANTIAL INTEREST OF SHAREHOLDER UNDER SEC. 2(22)(E) Section 2(22), read with section 2(32), of the Income-tax Act, 1961 – Deemed dividend -Loans or advances to shareholder/substantial interest In order to determine substantial interest of a shareholder for invoking provisions of section 2(22)(e), it is ownership of …
SERVICE TAX RATE CHANGES WITH EFFECT FROM 1st JUNE, 2015 The most awaited advancement in the Service Tax regime viz, change in rate of Service Tax is being brought to effect from today i.e. 1stJune, 2015. The change was initiated by the Central Government vide Notification No. 14/2015-ST dated 19th May, 2015. Following shall be the …
INSTRUCTIONS TO SUBORDINATE AUTHORITIES – CONDO NATION OF DELAY IN FILING REFUND CLAIM AND CLAIM OF CARRY FORWARD LOSSES UNDER SECTION 119(2)(B) In supersession of all earlier Instructions/Circulars/Guidelines issued by the Central Board of Direct Taxes (the Board) from time to time to deal with the applications for condonation of delay in filing returns claiming …
TRANSACTION OF REPLACEMENT OF DEFECTIVE SPARE PARTS DURING WARRANTY- AMOUNTS TO SALE OR NOT? In the case of Kataria Automobiles (P.) Ltd. Vs. State of Gujarat, {(2015) (Gujarat)} on 20th March 2015, the High Court of Gujarat held that the transaction of replacement of spare parts amounts to sale and levy of tax on said sale is justified. …
Railways Update Amendment in Tatkal Scheme Timings for Booking Staggered for AC and non AC Classes At present, the booking under Tatkal scheme opens at 10.00 hrs on the previous day of journey from train originating station. It has been decided that w.e.f. 15.06.2015, timings for booking of Tatkal tickets will be staggered for AC & …