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Legal-Updates - Page 7

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

September 30, 2020

[By Jyotish M Shah, Partner] Widening the scope of TCS (Tax Collection at Source) on foreign remittance, selling overseas tour package, and sale of goods over a prescribed limit from 1st October 2020. Section 206C providing for TCS has been amended to widen the scope to cover: Authorised Dealer who receives Rs.7 Lacs or more from person for remittance out

Gujarat VAT & CST

Extension of due date for filing Gujarat VAT Annual Return

In a Circular issued by the Commercial Tax Department on 20-Dec-2013, the due date for Filing of Gujarat VAT Audit Report u/s 63 of the Gujarat Value Added Tax Act, 2003 for the financial year 2012-13 has been extended to 31-Jan-2014. The due date for obtaining VAT Audit Report has

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

[By Shaleen Shah (Partner), VNCA] All the existing charitable and religious institutions

Service Tax Amendments – The Finance Act, 2010

[By Shaleen Shah (Partner), VNCA] DOWNLOAD PDF FILE Budget-2010 proposed several amendments

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

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

Gujarat VAT Clarification: Provisional Refund of ITC on Closing Stock

March 31, 2012

Gujarat VAT & CST

Rule 37(5) read with Rule 15(6) of the Gujarat VAT Rules provide for provisional refund of upto 90% of the unadjusted `input tax credit’ (ITC) where the ITC (other than ITC on capital goods) admissible in the relevant period remains unadjusted against the output tax and if such unadjusted ITC

Gujarat State Budget 2012 Proposed changes in VAT rates

March 31, 2012

Gujarat VAT & CST

The Gujarat Finance Minister placed the Budget for 2012-13 before the State Assembly on 24-Feb-2012. The Budget proposals included the following changes in VAT Rates: Particulars Existing rates(%) Incl. Add. Tax Proposed rates(%) Incl. Add. Tax Hinges-butt, tee, lock handle, furniture handle, furniture knob, drawer channel, furniture hinges, rivets,

Validity of Cheque / Draft Only 3 Months from 01-Apr-2012

November 9, 2011

RBI & FEMA

In India, it has been the usual practice among bankers to make payment of only such cheques and drafts as are presented for payment within a period of six months from the date of the instrument. RBI has taken cognizance that some persons are taking undue advantage of the said

Service Tax Return – Extension of due date

October 21, 2011

Service Tax & CBEC

F. No. 137/99/2011 – Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs *** New Delhi dated the 20th October 2011 ORDER NO.1 /2011 – Service Tax In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994

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Legal-Updates - Page 7

Widening the scope of TCS (Tax Collection at Source) from 1st Oct 2020

Extension of due date for filing Gujarat VAT Annual Return

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

Service Tax Amendments – The Finance Act, 2010

Medical Samples To Doctors Violates Law & Not Allowable As Deduction

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

Gujarat VAT Clarification: Provisional Refund of ITC on Closing Stock

Gujarat State Budget 2012 Proposed changes in VAT rates

Validity of Cheque / Draft Only 3 Months from 01-Apr-2012

Service Tax Return – Extension of due date

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