Mar 272015
 

Field Offices Under Chief Commissioners of Customs/Central Excise/Service Tax to Remain open tomorrow, 28th March, 2015 to Facilitate filing of Returns/Payment of Taxes – Dated:- 27-3-2015 – In view of closing of the current financial year, the Central Board of Excise and Customs [CBEC] has decided to keep open all the field offices under the Chief Commissioners of Customs/Central Excise/Service Tax on 28th March, 2015 (Saturday) to facilitate th

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Mar 272015
 

FM Stresses the need for use of more Accounted Money and Discourage of use of Unaccounted Money: Focuses on use of Plastic Money such as Credit Card, Rupay Card and Cheques in lieu of Hard Currency – Dated:- 27-3-2015 – The Union Finance Minister Shri Arun Jaitley said that there is need to take steps to encourage people to use more and more accounted money and discourage the use of unaccounted currency. In this regard, the Finance Minister said that with the progress in the growth of economy, m

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Mar 272015
 

SERVICE TAX CREDIT – Service Tax – Started By: – SURYAKANT MITHBAVKAR – Dated:- 27-3-2015 Last Replied Date:- 30-12-1899 – We have registered under Service Tax Act under category as Renting Immovable Property. We had issued service tax Invoice with service tax against rent receivable from our tenants.Since we are proprietory concern can we take input service tax credit such as professional service rendered by our consultants,etc.Can we adjusted t

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Mar 272015
 

Latur Urban Co-Op. Bank Limited Versus Dy Commissioner of Income Tax Circle-3, Nanded – Income Tax – ITAT PUNE – Tri – Deletion of addition made on account of sticky advances – benefit of the circular No. F 201/81/84 ITAII, dtd 9.10.1984 – Non fulfillment of conditions – Disallowance u/s 14A RW Rule 8D – disallowance on account of proportionate expenses in respect of income not forming part of income – Held that:- Following decision of Osmanabad Janta Sahakari Bank Ltd. [2015 (3) TMI 886 – ITAT

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Mar 272015
 

RBI Reference Rate for US $ – Dated:- 27-3-2015 – The Reserve Bank of India s Reference Rate for the US Dollar is ₹ 62.6069 on March 27, 2015. The corresponding rate for the previous day (March 26, 2015) was ₹ 62.6728. Based on the reference rate for the US Dollar and the middle rates of the cross-currency quotes, the exchange rate of EUR, GBP and JPY against the Rupee are given below: Currency Date

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Mar 272015
 

Clearance of goods under ARE3 against CT3 – Central Excise – Started By: – SANDESH SHINDE – Dated:- 27-3-2015 Last Replied Date:- 30-12-1899 – Dear Sir,We have clear goods under ARE3 against CT3 issued by the Customer (EOU unit) without payment of duty. Now due to rejection of such goods EOU unit has cleared goods back to us under payment of duty. So what we shall do can we claim such cenvat credit on such returned goods by eou unit as per rule 1

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Mar 272015
 

CSH – 84748000 – Central Excise – Started By: – DANIEL MATHAI – Dated:- 27-3-2015 Last Replied Date:- 30-12-1899 – Detailed description of CSH – 84748000 – Discussion Forum – Knowledge Sharing

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Mar 272015
 

Income Tax – Dated:- 27-3-2015 – Dividends declared and paid by a foreign company outside India in respect of shares which derive their value substantially from assets situated in India would not be deemed to be income accruing or arising in India – Circular – TMI Tax Updates – Highlights

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Mar 272015
 

Central Excise – Dated:- 27-3-2015 – Cenvat credit – Capital goods – Respondents have also claimed depreciation under Section 32 of Income Tax Act – respondents suppressed the facts before the department on availing simultaneous benefit – levy of penalty confirmed – Tri – TMI Tax Updates – Highlights

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Mar 272015
 

Central Excise – Dated:- 27-3-2015 – Valuation of stock transfer – The fact that the appellant was collecting extra amount in the invoices issued from the depot was clearly suppressed from the Revenue and this is a very important aspect – extended period of time is rightly invoked and penalty under Section 11AC is also leviable – Tri – TMI Tax Updates – Highlights

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Mar 272015
 

Central Excise – Dated:- 27-3-2015 – Recovery of erroneously sanctioned rebate claim – Since they have not disputed the revised rate of rebate and demand of duty determined by original authority, there is no force in contention of applicant that rebate initially sanctioned was in order. – CGOVT – TMI Tax Updates – Highlights

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Mar 272015
 

Central Excise – Dated:- 27-3-2015 – Rebate claim – determination of Annual Capacity Determination (ACP) of hot re-rolled products – The department has not stated in the grounds of revision application as why department does not want to follow the said circular. – CGOVT – TMI Tax Updates – Highlights

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Mar 272015
 

Central Excise – Dated:- 27-3-2015 – Denial of rebate claim – Valuation of goods – Since the 80% of duty paid is disputed on account of valuation dispute, the valuation issue is the major issue in this case. – Government has no jurisdiction to pass order in this matter – CGOVT – TMI Tax Updates – Highlights

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Mar 272015
 

Customs – Dated:- 27-3-2015 – Penalty u/s 114 – Since the respondent had knowledge about the sandalwood being part of the consignment of roofing tiles, but did not intimate the same to the customs Authorities, he is liable for penalty. – HC – TMI Tax Updates – Highlights

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Mar 272015
 

Customs – Dated:- 27-3-2015 – Claim of duty drawback – Reversal of Cenvat credit before utilization amounts to non-taking of credit that such reversal can be done subsequent to export of goods – drawback claims at higher rate @ 16% of FOB value of exports allowed – CGOVT – TMI Tax Updates – Highlights

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Mar 272015
 

Service Tax ratio for manpower supply – Service Tax – Started By: – Ravindranath Inala – Dated:- 27-3-2015 Last Replied Date:- 27-3-2015 – Sir,I am running a manpower supply at our place near Guntur of Andhra Pradesh. I am supplying manpower to Colleges, Research Stations and Agricultural Farms of Acharya N.G.Ranga Agricultural University. I am paying service tax of 12.36% regularly and filing returns.As per the agreement during tenders, the university has agreed to pay total 12.36% perc

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Mar 272015
 

VAT and Sales Tax – Dated:- 27-3-2015 – Levy of tax, interest and penalty – under reporting of sales – both authorities have rightly disbelieved the case on behalf of the appellant that he was doing the job-work and assembling the rickshaw from the spare parts purchased by the prospective customers – demand confirmed – HC – TMI Tax Updates – Highlights

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Mar 272015
 

NTPC Ltd. Becomes First PSU to Issue Bonus Debentures; – Dated:- 27-3-2015 – A Replica of the Bonus Debentures Certificate of ₹ 7725.76 Crore and ₹ 2060.75 Crore as Dividend Distribution Tax on the Debentures Presented to the Finance Minister Shri Arun Jaitley A replica of the Bonus Debentures Certificate of ₹ 7725.76 crore was presented here today to the Union Finance Minister Shri Arun Jaitley, by Shri Piyush Goyal, Minister of Power, Coal and New & Renewable Energy in th

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Mar 272015
 

Service Tax Rate – Service Tax – Started By: – Sanjeev Jha – Dated:- 27-3-2015 Last Replied Date:- 27-3-2015 – Respected Sir,Can you please advice the applicable service tax rate from 1 may 2015. – Reply By PAWAN KUMAR – The Reply = Dear Sir,The rate has been proposed @14% in the budget but date of effectiveness has still not declared. – Discussion-Forum – Knowledge Sharing

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Mar 272015
 

Income Tax – Dated:- 27-3-2015 – Hire Purchase Finance charges – whether should be assessable to tax on sum of Digits basis as against Equated Monthly Instalments basis regularly followed by the Appellant? – EMI method followed by the assessee for the purpose of tax did not show any suppression of income – HC – TMI Tax Updates – Highlights

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Mar 272015
 

Income Tax – Dated:- 27-3-2015 – Disallowance of a portion of the weaving charges paid – The law of averages adopted by the Commissioner of Income Tax (Appeals) cannot be held to be justifiable, as in the case on hand books of accounts were properly maintained and produced before the Department. – HC – TMI Tax Updates – Highlights

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Mar 272015
 

Income Tax – Dated:- 27-3-2015 – Additions on account of excessive consumption, invisible loss shown by the assessee – in this case ultimately the wastage has to be estimated on reasonable basis. – Tri – TMI Tax Updates – Highlights

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Mar 272015
 

Income Tax – Dated:- 27-3-2015 – Exemption u/s 10(23C)(vi) denied – exemption u/s 11 and 12 denied – the exemption u/s 11 and 12 of the Act cannot be denied only on the basis of rejection of application of the assessee filed u/s 10(23C) – Tri – TMI Tax Updates – Highlights

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Mar 272015
 

Income Tax – Dated:- 27-3-2015 – Nature of land – agricultural or not – Merely because of the fact that the land was sold in a short period of holding, it cannot be held that income arising from the sale of land was taxable as profit arising from the adventure in the nature of trade or capital gain – Tri – TMI Tax Updates – Highlights

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