Download order of Guahati High court providing stay on service tax on lawyers0 comments Saturday, April 30, 2011Service Tax on lawyers is also stayed by Gauhati High Court. The Court has held that the matter needs indepth scrutiny hence the levy is stayed. The interim order can be downloaded by clicking the link at below: Share | Service Tax On Lawyers Stayed By Delhi High Court0 comments Friday, April 29, 2011NEWS The Delhi Bar Association has filed a Writ Petition in the Delhi High Court being WP No. 2792 of 2011 to challenge the levy of service-tax on “Legal Consultancy Services”. The High Court has today (29th April 2011) issued notice on the Writ Petition and stayed the application of the impugned provision till the next date of hearing being 23rd May 2011. Share | Another Important judgment of Mumbai ITAT - S. 50C applies to immovable depreciable assets being land and building or both0 comments Thursday, April 28, 2011ITO vs United Marine Academy(Mumbai ITAT) Brief Facts: The assessee sold an office building for Rs. 49.43 lakhs. As the WDV of the said building was also Rs. 49.43 lakhs, no STCG was offered to tax. The AO held that as the stamp duty valuation of the building was Rs. 76.49 lakhs, the consideration had to be taken at that figure u/s 50C. The AO also held that the entire block of assets had not ceased to exist. On appeal, the CIT (A) reversed the AO on the ground that the deeming provisions of s. 50 & s. 50C operate in distinct fields and s. 50C could not apply to depreciable assets. It was also held that the block of assets had ceased to exist. Procedure for regulating refund of excess amount of TDS deducted and/or paid0 commentsCIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)] DATED 27-4-2011The procedure for regulating refund of amount paid by the deductor in excess of the tax deducted at source (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980. 2. Subsequent to issue of circular No. 285, new sections have been inserted under Chapter XVII-B of the Income-tax Act, 1961. References have been received by the Board regarding inclusion of these sections also for the purpose of issue of refund of excess amount of the TDS deducted/deductible. Failure to voluntarily apply s. 50C does not attract penalty u/s 271(1)(c)0 commentsThe ITAT Mumbai has given an important decision on levy of penalty u/s 271(1)(c) of Income Tax Act when a person fails to declare capital gain as per the deeming fiction of section 50C, I find this Judgment very useful and sharing it for the benefit of all concerneds. Surcharge on Declared goods other than Wheat and Paddy is confirmed by Punjab Government0 comments Wednesday, April 20, 2011I had given a clarification two days back in an article that surchage is also applicable on declared goods other than Paddy and wheat, since the ceiling rate of tax was enhanced from 4% to 5% by the Central govt in the Budget of 2011-12. Entry Tax on sugar in Punjab is withdrawn0 comments Tuesday, April 19, 2011Entry tax on sugar imported from outside the State of Punjab which was levied in pursuance of provisions of section 3-A of the Punjab Tax on Entry of Goods into Local Areas Act, 2000 @ 4% vide notification No No.S.O.59/P.A.9/2000/S.3-A/2007 dated 15-07-2007, has now been withdrawn by the Government of Punjab. Declared Goods except wheat and paddy will be taxable @ 4.4% under PVAT Act w.e.f 08/04/20110 comments Monday, April 18, 2011Ceiling rate on declared goods have been enhanced from 4% to 5% by Central Govt in the Budget of 2011-12. Which follows that rate of tax on declared goods cannot exceed 5%. Rate of tax on paddy and wheat has been enhanced by the Punjab Govt from 4% to 5% by including these goods in schedule B of PVAT Act 2005. Download Sehaj and Sugam forms and Acknowledgment for A.Y 2011-120 commentsThe most awaited Sehaj and Sugam Forms and Acknowledgment for A.Y 2011-12 are available for download now. These forms can be downloaded here at below links:
Wheat and Paddy made taxable @ 5% under Punjab VAT Act 20050 commentsWheat and Paddy which are declared goods under CST Act 1956, have been added to schedule B of Punjab VAT Act 2005. The goods contained in schedule B of PVAT act 2005 are taxable @ 5%. An additional surcharge @ 10% is also applicable. But such surcharge will not be applicable on wheat and paddy since these goods are declared goods as per section 14 of CST Act 1956. CBDT's circular No 739 dated 25-03-1996 on section 40(b)(v) is invalid- HP High Court0 comments Monday, April 11, 2011Himachal Pardesh High court in an important recent Judgment namely M/s Durga Dass Devki Nandan.V Income-tax Officer, Palampur decided on 11-03-2011 has held the circular No 739 dated 25-03-1996 of CBDT as invalid. The said circular is on the issue of availability of deduction to a partnership firm in relation to remuneration available to partners of a firm u/s 40(b)(v) of Income Tax Act 1961. The said circular stated that the deduction u/s 40(b)(v) will be available only if the remuneration to partners is authorized by the partnership deed by way of specification of amount of remuneration therein or by way of quantification of remuneration. Finance bill 2011 enacted into Finance Act 2011 on 08-04-20112 comments Saturday, April 9, 2011Finance Bill 2011 has been enacted as Finance Act 2011 on 08-04-2011. Finance Bill turns into Finance Act as and when it receives the assent of President of India. The assent has been given on 08-04-2011. This date is important to know various impliactions of the provisions of Finance bill. Share | Remand of penalty orders in appeal whether justified?0 comments Friday, April 8, 2011Meaning of Remand:When an appellate court sends an appealed case back to the trial court for further action, the case is said to be remanded. This usually happens if the trial judge has made an error which requires a new trial or hearing.
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Download order of Guahati High court providing stay on service tax on lawyersSaturday, April 30, 2011Service Tax on lawyers is also stayed by Gauhati High Court. The Court has held that the matter needs indepth scrutiny hence the levy is stayed. The interim order can be downloaded by clicking the link at below: Share | Service Tax On Lawyers Stayed By Delhi High CourtFriday, April 29, 2011NEWS The Delhi Bar Association has filed a Writ Petition in the Delhi High Court being WP No. 2792 of 2011 to challenge the levy of service-tax on “Legal Consultancy Services”. The High Court has today (29th April 2011) issued notice on the Writ Petition and stayed the application of the impugned provision till the next date of hearing being 23rd May 2011. Share | Another Important judgment of Mumbai ITAT - S. 50C applies to immovable depreciable assets being land and building or bothThursday, April 28, 2011ITO vs United Marine Academy(Mumbai ITAT) Brief Facts: The assessee sold an office building for Rs. 49.43 lakhs. As the WDV of the said building was also Rs. 49.43 lakhs, no STCG was offered to tax. The AO held that as the stamp duty valuation of the building was Rs. 76.49 lakhs, the consideration had to be taken at that figure u/s 50C. The AO also held that the entire block of assets had not ceased to exist. On appeal, the CIT (A) reversed the AO on the ground that the deeming provisions of s. 50 & s. 50C operate in distinct fields and s. 50C could not apply to depreciable assets. It was also held that the block of assets had ceased to exist. Procedure for regulating refund of excess amount of TDS deducted and/or paidCIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)] DATED 27-4-2011The procedure for regulating refund of amount paid by the deductor in excess of the tax deducted at source (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980. 2. Subsequent to issue of circular No. 285, new sections have been inserted under Chapter XVII-B of the Income-tax Act, 1961. References have been received by the Board regarding inclusion of these sections also for the purpose of issue of refund of excess amount of the TDS deducted/deductible. Failure to voluntarily apply s. 50C does not attract penalty u/s 271(1)(c)The ITAT Mumbai has given an important decision on levy of penalty u/s 271(1)(c) of Income Tax Act when a person fails to declare capital gain as per the deeming fiction of section 50C, I find this Judgment very useful and sharing it for the benefit of all concerneds. Surcharge on Declared goods other than Wheat and Paddy is confirmed by Punjab GovernmentWednesday, April 20, 2011I had given a clarification two days back in an article that surchage is also applicable on declared goods other than Paddy and wheat, since the ceiling rate of tax was enhanced from 4% to 5% by the Central govt in the Budget of 2011-12. Entry Tax on sugar in Punjab is withdrawnTuesday, April 19, 2011Entry tax on sugar imported from outside the State of Punjab which was levied in pursuance of provisions of section 3-A of the Punjab Tax on Entry of Goods into Local Areas Act, 2000 @ 4% vide notification No No.S.O.59/P.A.9/2000/S.3-A/2007 dated 15-07-2007, has now been withdrawn by the Government of Punjab. Declared Goods except wheat and paddy will be taxable @ 4.4% under PVAT Act w.e.f 08/04/2011Monday, April 18, 2011Ceiling rate on declared goods have been enhanced from 4% to 5% by Central Govt in the Budget of 2011-12. Which follows that rate of tax on declared goods cannot exceed 5%. Rate of tax on paddy and wheat has been enhanced by the Punjab Govt from 4% to 5% by including these goods in schedule B of PVAT Act 2005. Download Sehaj and Sugam forms and Acknowledgment for A.Y 2011-12The most awaited Sehaj and Sugam Forms and Acknowledgment for A.Y 2011-12 are available for download now. These forms can be downloaded here at below links:
Wheat and Paddy made taxable @ 5% under Punjab VAT Act 2005Wheat and Paddy which are declared goods under CST Act 1956, have been added to schedule B of Punjab VAT Act 2005. The goods contained in schedule B of PVAT act 2005 are taxable @ 5%. An additional surcharge @ 10% is also applicable. But such surcharge will not be applicable on wheat and paddy since these goods are declared goods as per section 14 of CST Act 1956. CBDT's circular No 739 dated 25-03-1996 on section 40(b)(v) is invalid- HP High CourtMonday, April 11, 2011Himachal Pardesh High court in an important recent Judgment namely M/s Durga Dass Devki Nandan.V Income-tax Officer, Palampur decided on 11-03-2011 has held the circular No 739 dated 25-03-1996 of CBDT as invalid. The said circular is on the issue of availability of deduction to a partnership firm in relation to remuneration available to partners of a firm u/s 40(b)(v) of Income Tax Act 1961. The said circular stated that the deduction u/s 40(b)(v) will be available only if the remuneration to partners is authorized by the partnership deed by way of specification of amount of remuneration therein or by way of quantification of remuneration. Finance bill 2011 enacted into Finance Act 2011 on 08-04-2011Saturday, April 9, 2011Finance Bill 2011 has been enacted as Finance Act 2011 on 08-04-2011. Finance Bill turns into Finance Act as and when it receives the assent of President of India. The assent has been given on 08-04-2011. This date is important to know various impliactions of the provisions of Finance bill. Share | Remand of penalty orders in appeal whether justified?Friday, April 8, 2011Meaning of Remand:When an appellate court sends an appealed case back to the trial court for further action, the case is said to be remanded. This usually happens if the trial judge has made an error which requires a new trial or hearing. Entry tax in Punjab declared ultravires by P&H High courtWednesday, April 6, 2011
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