Reimbursement of salary not FTS under India-UK DTAA
29 May 2017
The assessee paid a sum towards salary expenditure to employees deputed for providing assistance in management, setting up of business and so on.
The AO treated it as FTS per the provision of India-UK DTAA and held that the company was liable for non-deduction of TDS.
Bombay High Court has on 3
r...
Dated: May 30, 2017
Draft ICDS in respect of real-estate transaction
25 May 2017
In exercise of powers conferred in section 145(2) of Income-tax Act, 1961, Central Government had notified Income Computation and Disclosure Standards (‘ICDS’) vide Notification No. 87/2016 dated 29th September 2016.
The notified standards provided inter-alia, for recognition of revenue from construction contracts, s...
Dated: May 30, 2017
ITC on goods used in construction of silos, available
15 May 2017
Allahabad High Court has upheld the view of the Tribunal that input tax credit on MS Sheets utilized for construction of silo is available.
The Department had contended that ‘capital goods’, as defined under Section 2(f) of the Uttar Pradesh Value Added Tax Act, 2008, are goods that are movable in nature, and since s...
Dated: May 25, 2017
Valuation – Rejection of value when not sustainable
18 May 2017
Finding the reasons such as the importer had used the name of another firm to avoid sales tax, imports were made from trader and not from manufacturer, and the value declared was even less than the value of steel scrap, as not relatable to value of goods, CESTAT Delhi has allowed the appeal of the importer.
Similarly, the reason...
Dated: May 25, 2017
GST rates and 7 Rules approved by GST Council
25 May 2017
Schedule containing rates of GST for both goods and services and the revised draft of 7 procedural GST Rules have been placed by the CBEC in public domain.
These rules relating to Registration, Valuation, Input Tax Credit (ITC), Invoice, Composition and Refund along with the rates on more than 1200 goods and host of services, ha...
Dated: May 25, 2017
GST Bills introduced in Indian Parliament
28 March, 2017
Central Goods and Services Tax Bill (CGST Bill), Integrated Goods and Services Tax Bill (IGST Bill), Union Territory Goods and Services Tax Bill and Goods and Services Tax (Compensation to States) Bill, 2017 have been introduced in the Lok Sabha (lower house of the Indian Parliament) yesterday (27 March, 2017). The Bills are likely to be ta...
Dated: Mar 28, 2017
‘Manufacture’ under Central Excise law
21 March 2017
Customs, Excise and Service Tax Appellate Tribunal (CESTAT) recently delivered few decisions on one of the oldest questions in Central Excise law – whether a process amounts to ‘manufacture’. According to the decisions while conversion of paddy to rice and affixing of pre-cut glasses to frames do not amount to manufacture, ...
Dated: Mar 21, 2017
Goods used in process of service are integral to execution of service contract
21 March 2017
The issue before the Division Bench of the Delhi High Court was whether chemicals/ solvents used in the process of cleaning amounts to transfer of property in goods between the contractor and the contractee and thus exigible to tax. The petitioner, i.e. the contractor, was engaged in the business of providing services of maintenance, cleanin...
Dated: Mar 21, 2017
Voice Tab classifiable as telephone
21 March 2017
The issue for consideration was whether a Voice Tab named by the assessee as ‘HP Slate 6” Voice Tab’ is classifiable under CTH 8471 as an automatic data processing machine or under CTH 8517 as telephone for cellular network.
Observing that the goods were capable of use both as a cellular telephone and a...
Dated: Mar 21, 2017
Development Authority is not “local authority” – Income not exempt
9 March 2017
In a recent judgment, Delhi High Court has held that bi-annual or annual payments, being capital payments for a limited/specific period towards acquisition of lease hold rights, are not subject to TDS.
The assessee had entered into 90 years long term lease with Greater Noida Industrial Development (GNOIDA). According to l...
Dated: Mar 09, 2017
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