Fwd: TaxGuru : “Due date for filing Service Tax Return (ST-3) may be extended to 26.12.2011” plus 13 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Thu, Oct 20, 2011 at 9:40 AM
Subject: TaxGuru : "Due date for filing Service Tax Return (ST-3) may be extended to 26.12.2011" plus 13 more
To: palashbiswaskl@gmail.com

TaxGuru : "Due date for filing Service Tax Return (ST-3) may be extended to 26.12.2011" plus 13 more

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• Due date for filing Service Tax Return (ST-3) may be extended to 26.12.2011
• Understanding Tax Deducted At Source (TDS) with Latest Case Laws – Part – II
• Provisions of section 194C will not apply in a case where the invoices clearly show that sales tax and excise duty were collected on the supply of materials by the vendors
• When the assessee-society acts as an intermediate between the company and the members of the society, and the fact that there is no relationship between the assessee and its members as contractor and contractee, section 194C does not get attracted and no disallowance could be made u/s 40(a)(ia)
• Tips To Spend and Invest In Festive Season
• Whether the penalty can be levied u/s 271D / 271E for the amount received and repaid in cash in the hands of the assessee company though as per the statement of the lender the amount was given to and repaid by the directors in their individual capacity
• Onus to prove under-valuation is on revenue but once revenue discharges burden of proof by producing evidence of contemporaneous imports at higher price, onus shifts to importer to establish that price indicated in invoice relied upon by him is correct – SC
• When the assessee has received Form 15I from the payee and no deduction is made on that basis, no disallowance can be made u/s 194C only for the reason that the forms were not submitted in time before the jurisdictional CIT
• Finance Minister's Address at EEC – 2011
• Whether for the purpose of determining the applicability of section 47, the condition for wholly-owned subsidiary is to be seen on the last date of financial year and explanation 6 to section 43(1) is not applicable?
• Clarification on (i) Repatriation of income and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement (ii) repatriation through remittances under Liberalised Remittance Scheme
• RBI permits opening of [FCNR(B)] account in any freely convertible currency
• RBI notifies Credit Default Swap as derivative under Reserve Bank of India Act, 1934
• Identifying Systemic Risk in Global Markets – Lessons learned from the crisis

Due date for filing Service Tax Return (ST-3) may be extended to 26.12.2011 Posted: 19 Oct 2011 09:51 AM PDT News from unconfirmed sources said that  CBEC is to issue in day or two a notification extending the due  date for filing of ST-3 return  from 25.10.2011 to 26.12.2011 to enable assessees to comply with new system of online filing. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Understanding Tax Deducted At Source (TDS) with Latest Case Laws – Part – II Posted: 19 Oct 2011 07:18 AM PDT Trade Discount : In the case of S.D. Pharmacy Pvt. Ltd. ITA Nos. 948/Coch/2008, A.Y. 2005-06, dt. 5-5- 2009. It was held that trade discount are not in the nature of commission and hence no TDS is required to be deducted u/s 194H of the act. This... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Provisions of section 194C will not apply in a case where the invoices clearly show that sales tax and excise duty were collected on the supply of materials by the vendors Posted: 19 Oct 2011 07:09 AM PDT ACIT Vs M/s Tube Investments of India Ltd. (ITAT Chennai) - A perusal of the terms and conditions as also the invoices as found in the paper book clearly shows that sales tax and excise duty had been collected on the supply of materials by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When the assessee-society acts as an intermediate between the company and the members of the society, and the fact that there is no relationship between the assessee and its members as contractor and contractee, section 194C does not get attracted and no disallowance could be made u/s 40(a)(ia) Posted: 19 Oct 2011 06:58 AM PDT ITO, Bharuch Vs The Ankleshwar Taluka ONGC (ITAT Ahmedabad)- It is pertinent to note that in the assessment order, the AO disallowed the entire payment made to the farmers amounting to Rs.2,57,62,253/- by invoking the provisions of section 40(a)(i)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tips To Spend and Invest In Festive Season Posted: 19 Oct 2011 06:24 AM PDT Come Diwali days and in India, we are once again in the festive season and celebration mood and mode but with a caveat. This time the festive season comes in the backdrop of continuous economic gloom, higher interest rates (bigger EMI's) and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether the penalty can be levied u/s 271D / 271E for the amount received and repaid in cash in the hands of the assessee company though as per the statement of the lender the amount was given to and repaid by the directors in their individual capacity Posted: 19 Oct 2011 06:04 AM PDT Growth Avenues Ltd Vs Joint Commissioner of Income Tax - Penalty u/s 271D can be levied against a person who takes or accepts any loan or deposit in contravention of the provisions of Section 269SS. Sine in this case there is no such violation on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Onus to prove under-valuation is on revenue but once revenue discharges burden of proof by producing evidence of contemporaneous imports at higher price, onus shifts to importer to establish that price indicated in invoice relied upon by him is correct – SC Posted: 19 Oct 2011 03:40 AM PDT Commissioner of Customs Vs. Aggarwal Industries Ltd. (Supreme Court) - A mere suspicion upon the correctness of the invoice produced by an importer is not sufficient to reject it as evidence of the value of imported goods. The doubt held by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When the assessee has received Form 15I from the payee and no deduction is made on that basis, no disallowance can be made u/s 194C only for the reason that the forms were not submitted in time before the jurisdictional CIT Posted: 19 Oct 2011 12:44 AM PDT ITO Vs Rajesh Kr Garg (ITAT Kolkata) In the present case the claim of the asse see is that at the time of paying the interest to the 34 persons mentioned in the assessment order, he had before him the appropriate declarations in the prescribed form... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Minister's Address at EEC – 2011 Posted: 18 Oct 2011 10:12 PM PDT The following achievements are noteworthy: a) Huge network of amended DTAA (81) and TIEA with tax havens (4) has been created. b) Specific requests in 333 cases (220 by Foreign Tax Division of CBDT and 113 by FIU) have been made by Indian... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether for the purpose of determining the applicability of section 47, the condition for wholly-owned subsidiary is to be seen on the last date of financial year and explanation 6 to section 43(1) is not applicable? Posted: 18 Oct 2011 09:40 PM PDT DCIT, New Delhi Vs M/s NTPC-SAIL Power Supply Co Ltd - Whether after insertion of proviso to section 36(1)(iii), the interest paid on capital borrowed for acquisition of an asset for extension of existing business or profession for any period... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification on (i) Repatriation of income and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement (ii) repatriation through remittances under Liberalised Remittance Scheme Posted: 18 Oct 2011 09:28 PM PDT A.P. (DIR Series) Circular No. 37 - (a) in terms of sub-section 4 of Section (6) of FEMA, 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI permits opening of [FCNR(B)] account in any freely convertible currency Posted: 18 Oct 2011 09:27 PM PDT A.P. (DIR Series) Circular No. 36- On a review, it has been decided that AD banks in India may be permitted to accept FCNR (B) deposits in any permitted currency. It may be noted that 'Permitted currency' for this purpose would mean a foreign... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI notifies Credit Default Swap as derivative under Reserve Bank of India Act, 1934 Posted: 18 Oct 2011 09:25 PM PDT Reserve Bank of India having considered it necessary in public interest and to regulate the financial system of the country to its advantage, in exercise of powers conferred under Sections 45 U (a) and 45 V of the RBI Act, 1934 has issued... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Identifying Systemic Risk in Global Markets – Lessons learned from the crisis Posted: 18 Oct 2011 09:21 PM PDT In my considered opinion, systemic risks in the global markets can be best identified and measured by looking at some select key parameters which, between them, indicate the extent of asset bubbles and the corresponding under-pricing of risks. In... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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