Description: Taxability of services provided by sub-contractors to the works contractors in respect of construction of Dams, Tunnels, Road, Bridges, etc.- Circular No. 138/07/2011-ST, dt. May 2011. The CBEC vide the abovesaid Circular has clarified that the services received by the work contract service provider service provider from its subcontractors are distinctly classifiable under the […]
Read MoreDescription: Filling of Balance Sheet and Profit and Loss Account in Extensible Business Reporting Language (XBRL) Mode General Circular 37/2011, dt.7-6-2011. Source: 1. www.tpcc.in 2. The Tax Referencer .Volume120. Issue No.2, 11 July 2011 Page No.111. Our Comment: The eligible companies have to file Profit & Loss Account and Balance Sheet in XBRL format only.
Read MoreDescription: Assessee’s entire income subject to TDS, no liability to pay interest under section234B-Recent judgment to Full Bench of Uttarakhand High Court In Director of IT, International Taxation v. Maersk Co. Ltd. (2011) 39 (I) ITCL 179 (Uttarakhand – HC) (FB) Maersk Co. Ltd. (for short ‘MCL’) Now, it is settled principle of law that […]
Read MoreDescription: Leviability of section 234B – Interest where no TDS by Payer – Inspite of liability Regarding Arundhati Kulshreshtha A question arises as to whether interest under section 234B will be payable where the payer fails to deduct tax at source. The judiciary has so far opined that in such cases no interest will be […]
Read MoreDescription: In Gouli Mahadevappa v.ITO (2011) 9 ITR (Trib) 129 (Bang.) The tribunal held that the computation under section 48 must adopt the deemed sale consideration as per the fiction created by section 50C. However while computing exemption under section 54F the actual net sale consideration and the amount of investment are to be compared […]
Read MoreDescription: This section is applicable only to individual and HUF assessees in respect of capital gains arising from transfer of any long term capital asset other than residential house. Within a period of one year before or two years after the date of transfer of long term capital asset, the assessee ought to have purchased […]
Read MoreDescription: Where the assessee has not disputed the value adopted or assessed by the stamp valuation authority or no appeal or revision or reference has been made for the purpose, the assessee can make a claim before the Assessing Officer and the Assessing Officer may make a reference to the Valuation Officer for ascertaining the […]
Read MoreDescription: Section 50Cis applicable when the capital asset transferred is land of building or both. If the apparent consideration is less than the value so adopted or the assessed by the State stamp valuation authority. The value so adopted for the purpose of payment of stamp duty shall be deemed to be the full value […]
Read MoreDescription: Section 50C will not Apply While Computing Exemption Under Section 54F. – V.K. Subramani. Source: 1. www.tpcc.in 2. The Tax Reference .Volume120. Issue No.2, 11 July 2011 Page No.27. Our Comment: Provisions of Section 50C and 54F are separate and cannot be mixed.
Read MoreDescription: As per the amendments in the income tax rules, coming into effect from July 1, quoting PAN (Permanent Account Number) will be mandatory for any payment of Rs five lakh or more for purchase of bullion or jewellery High-value purchase of jewellery, among valuables, have often been feared to be a much favoured route […]
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