Home Highlights August 2012 Year 2012 This

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1. Tax borne and paid by the employer has to be excluded while computing the perquisite of "rent free accommodation" - HC

2. Rationalization of provisions related to the valuation of residential accommodation provided to employees - For uniform method of computation of value of perquisite,...

3. Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

4. Addition on account of rent free accommodation provided to the assessee which was valued u/s. 28(iv) - part-time director in the company - the value of rent free...

5. Income u/s 2(24) - Whether the tax paid by the employer is a “perquisite” within the meaning of Section 17(2) and, therefore, in terms of Rule 3 of the Income Tax Rules,...

6. Levy of GST - payment of notice pay by an employee to the applicant employer in lieu of notice period, under clause 5(e) of Schedule II of CGST Act - GST is not...

7. Perquisite value of rent free accommodation - reference to Section 17(2)(i) was unwarranted because the assessee was under no obligation to incur the expenses on repairs...

8. Input tax credit - GST paid for hotel stay in case of rent free hotel accommodation provided to employees of the Applicant - ITC is not available in view of section 17(5)(g)

9. Levy of service tax - bowling alley income - scope of ‘amusement facility’ - The case involved a dispute regarding the taxability of income from a bowling alley operated...

10. Refusal to honour the liability of paying the service tax (on the part of LIC) - Renting of immovable property to LIC - It is to be borne in mind that the LIC being an...

11. Levy of GST - GST to be paid on Management Fee/Administrative charges only or otherwise complete billing amount - employer portion of EPF & ESl amount of the bill are...

12. Levy of service tax - renting of immovable property Service - charitable institution - If the petitioner felt that it was not liable to pay tax for renting of its...

13. CENVAT Credit - input services used for taxable as well as exempt services - Since the service provided to the state of J&K are not liable to service tax, as Section 64...

14. Renting of residential accommodation - The clarification that renting of a residential dwelling by a proprietor of a registered proprietorship firm, who rents it in...

15. Exemption from GST - activity of providing the hostel facility on the rent to various students by applicant is exempt (where hostel fees charged per student per day is...