Home Highlights November 2013 Year 2013 This

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1. Profiteering - restaurant service - reduction in rate of GST - every recipient/ customer is entitled to the benefit of the tax rate reduction by way of reduced prices...

2. Deduction u/s 80P(2) - interest on deposits with a Regional Rural Bank(RRB) - Section 22 of Regional Rural Banks Act, 1976 in uncertain terms categorically deems RRBs as...

3. Deduction u/s 80M - Dividend received from UTI - CIT(A) rejected deduction u/s 80M as dividend distribution was related to earlier years - Tribunal granted deduction -...

4. Levy of service tax on services received from foreign bank - The Tribunal determined that the appellant was not receiving any direct services from the foreign banks that...

5. RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals] - Notes In the new tax regime increase the...

6. Profiteering - Reduction on rate of tax post GST - whether the rate of tax on the car had been reduced post-GST - Authority found that, the benefit of reduction in the...

7. Profiteering - supply of Power Bank Portronics Power Slice 10 - It has been established that the Respondent has increased the base price of the product i.e. Power Bank,...

8. Application u/s 197 - reduction of withholding tax - petitioner had sought a certificate, at “NIL” rate of tax - request to issue certificate at lower was rejected -...

9. TP adjustment on account of back-to-back counter bank guarantee - TPO, by considering the rate charged by Bank of Baroda for issuance of guarantee against 100% counter...

10. Reverse charge mechanism - Banking & other financial services - recipient of services or not - services provided by the Foreign Banks situated outside India - The...

11. Profiteering - purchase of Stayfree Sanitary Napkins - allegation is that reduction in the rate of Input Tax Credit has not been passed y commensurate reduction of the...

12. The Reserve Bank of India (RBI) issued Circular, addressing Scheduled Commercial Banks, Primary (Urban) Cooperative Banks, State Cooperative Banks, and Exim Bank...

13. Reforms in Tax Rates - tax rates of the major countries of Asia

14. Foreign Tax Credit (‘FTC’) - Currency conversion using telegraphic transfer buying rate (‘TTBR’)

15. Levy of Vehicle Tax - Vehicle registered in different state - Motor Vehicle Taxation Act, 1976 permits plying vehicles without the incidence of tax for a period of...