Vinod & Narendra

Key OECD Recommendations

October 18, 2012

OECD has issued a report outlining the key recommendations that are critical to India’s long-term economic performance and social development. Glimpse of these recommendations are presented herein below: 1) Implement a revised Direct Tax Code which streamlines collection and reduces the overall burden of direct taxes. 2) Strengthen the independence

No TDS Default If Payee Has Paid Tax: CA Certificate Format Prescribed

September 25, 2012

Income Tax

The First Proviso to section 201(1) as inserted by the Finance Act 2012 w.e.f. 1.7.2012 provides that any person, including the principal officer of a company, who fails to deduct the whole or any part of the tax in accordance with the provisions of this Chapter on the sum paid

Double whammy for franchises

August 22, 2012

Gujarat VAT & CST·Service Tax & CBEC

There are conflicting rules on whether a franchise is subject is to service tax, VAT, or both. The negative list has not helped either. Franchising is a prevalent business model whereby the brand owner (or franchisor) provides representational rights to the buyer (or franchisee) for a consideration. This consideration is

Medical Samples To Doctors Violates Law & Not Allowable As Deduction

August 4, 2012

Income Tax

The CBDT has issued a Circular stating that the giving of "freebies" (medical samples) by Pharma companies to doctors violates the Medical Council Rules and that it has to be disallowed under the Explanation to s. 37(1). It is clarified that such samples are, however, taxable in the hands of

No Service Tax on Advertisements

July 30, 2012

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] Selling of space or time slots for advertisements other than advertisements broadcast by radio or television is not taxable service vide Clause (g) of Negative List of Services u/s 66D w.e.f. 1-Jul-2012. In other words, service tax is payable only on advertisements on radio or

TDS in respect of software payments now more tedious

July 18, 2012

Income Tax

The CBDT has issued a Notification No. SO 1323 (E), dated 13-06-2012, that no deduction of tax at source shall be made from payment made for acquisition of software if the stipulated conditions are satisfied. I. When benefit of notification would be available – As per the aforesaid Notification, TDS

Is Service Tax applicable to you in the new regime applicable from 1-Jul-2012?

July 5, 2012

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] Budget 2012 passed by the Parliament on 8-May-2012 and assented by the President on 28-May-2012 and 43 Notifications issued thereafter till now has completely changed the way services will be taxed w.e.f. 1-Jul-2012. Taxation will be based on what is popularly known as “Negative List

Supreme Court: Stamp Duty on power of attorney given to unrelated person is constitutionally valid

June 25, 2012

Miscellanea

In a recent decision in case of State of M.P. Vs Rakesh Kohli, the Supreme Court has upheld the constitutional validity of Levy of Stamp Duty at the rate of 2% of value of property transferred by power of attorney (POA). The impugned law passed by the Madhya Pradesh State

Will the implementation of new service tax regime be postponed?

June 22, 2012

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] Budget 2012 has ushered in a paradigm shift in the way services will be taxed in future in line with the envisaged roll out and transition to a nation-wide GST. Taxation will be based on what is popularly known as “Negative List of Services

CBDT Instruction On Grant Of TDS Credit For AY 2011-12

May 28, 2012

Income Tax

Instruction No. 4/2012 [F. No. 225/34/2011-ITA.II], dated 25-5-2012 The Board has decided to withdraw Instruction no. 01/2012 issued on 2nd February, 2012 on the subject above with immediate effect. The following decisions have been taken in this regard: (i) In all returns (ITR-1 to ITR-6), where the difference between

Earlier Posts

Key OECD Recommendations

No TDS Default If Payee Has Paid Tax: CA Certificate Format Prescribed

Double whammy for franchises

Medical Samples To Doctors Violates Law & Not Allowable As Deduction

No Service Tax on Advertisements

TDS in respect of software payments now more tedious

Is Service Tax applicable to you in the new regime applicable from 1-Jul-2012?

Supreme Court: Stamp Duty on power of attorney given to unrelated person is constitutionally valid

Will the implementation of new service tax regime be postponed?

CBDT Instruction On Grant Of TDS Credit For AY 2011-12

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