CORPORATE BULLETINS FOR THE MONTH OF OCT 2015 Direct Tax CBDT asks AOs to compare tax returns of mining Cos with annual returns to ascertain suppressed stock The assessees engaged in the business of mining are required to file a Annual Return with Indian Bureau of Mines (‘IBM’)(Form H-1 in case of Iron Ore mining …
PROFESSIONAL UPDATE FOR THE MONTH: IT : Where assessee is executing an infrastructure development fixed price contract, foreseeable losses of future years can be recognized following rationale of AS-7 issued by ICAI and such a provision is an allowable deduction [2015] (Pune – Trib.) ACIT v. AshokaBuildcon Ltd. Service Tax : Where collection of entrance …
YOGA,MEDITATION CLASSES AND CATEGORY OF HEALTH AND FITNESS SERVICES ARE TAXABLE UNDER SERVICE TAX. Recently, in the matter of Malabar Hill Citizens Forum Versus Commissioner of Central Excise, Mumbai, 2015 (9) TMI 789, Mumbai CESTAT held that amounts collected for conducting Aerobics and Yoga classes would fall under Health & Fitness Services and accordingly would be …
REFUND PROCEDURE of SERVICE TAX PAID ON INPUT SERVICE – NOTIFICATION 41/2012-ST The Government of India issued a Notification No. 41/2012-Service Tax Date-29.06.2012 to enable the Exporter of Goods/ services to claim the SERVICE TAX what ever they have paid to effect the export of goods beyond the place of removal ( Factory ) to the port of export. …
CLARIFICATION REGARDING BINDING NATURE OF CIRCULAR AND INSTRUCTIONS Recently, CBEC issued Circular No. 1006/13/2015-CX dated 21st September,2015 vide F.No.96/90/2015-CX.1 to clarify issues related to binding nature of circular and instructions which are contrary to the judgment(s) delivered by Honble Supreme Court. Circular draws attention towards judgment of Hon’ble Supreme Court in case of M/s Ratan …
NEW RELIEF FOR DEVELOPERS IN HARYANA AS RULE 49A Earlier, on 12th August 2014 the Haryana State Government, issued a notification No. S.O. 89/H.A.6/2003/S.60/ 2014, for introducing composition scheme specifically for the builders engaged in the construction activities and inserted Rule 49A for the lump sum payment of VAT by the builders. Although, prior to …
NO TERMED AS SERVICE OF NOTICE – POSITION WHEN DISPATCHING NOTICE AT INCORRECT ADDRESS Recently in case of Ventrapathi Financial Services v. Superintendent of Central Excise (2015), honorable Andhra Pradesh high court held that dispatching of notice at incorrect address could not be deemed as service of notice and accordingly entire proceedings are liable to be set …
CORPORATE UPDATE FOR THE MONTH: Wal-Mart’s India sales go south by 32% in 2014 Sep 28, 2015 The Indian unit of Wal-Mart Stores Inc, the world’s largest retailer, posted its first ever sales decline after parting ways with key client Bharti Retail and halting store expansion amid an ongoing internal probe into alleged corrupt …
LOB CLAUSE BETWEEN INDIA-SINGAPORE IS NOT APPLICABLE IN CASE OF PAYMENT IS MADE TO A BANK ACCOUNT IN THIRD COUNTRY LOB CLAUSE BETWEEN INDIA-SINGAPORE IS NOT APPLICABLE IN CASE OF PAYMENT IS MADE TO A BANK ACCOUNT IN THIRD COUNTRY IF THE SAID INCOME WAS TAXABLE IN SINGAPORE ON ACCRUAL BASIS AND NOT ON REMITTANCE …
RELIEF CANNOT BE GRANTED IF ASSESSE DOES NOT COMPLY WITH PROVISIONS OF VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME VCES, 2013 Recently on 1st September, 2015, Hon’ble Bombay High Court dismissed Writ petition no. 1735 of 2015, seeking availment of benefit of ST- Voluntary Compliance Encouragement Scheme (VCES), 2013, by the petitioner in the matter of Sunil Agnihotri Productions vs. …