Category - Taxation

Deemed Export Benefit Scheme Tightened

After detecting several cases of misuse of incentives, the Commerce Ministry has tightened the norms governing the Deemed Export benefit scheme, a move expected to save about Rs 1,800 crore to the exchequer annually. It has been decided that the deemed exports would not be available if the bill of entry is in the name… Read More

Tag: Deemed Exports

Interest on Tax refund not Effectively Connected with Permanent Establishment (PE)

ACIT vs. Clough Engineering Ltd (ITAT Delhi Special Bench) Brief Facts:- The assessee, an Australian company, had a PE in India from which it carried on business in India. The assessee filed the return on 28/11/2003 declaring total income of Rs.1,49,15,800/-. The assessee claimed refund of Rs. 2,64,71,450/-. The return was processed u/s 143(1) of the Income-tax… Read More

Fixed Charges for Hire of Vehicles not Rent for Section 194-I (TDS)

Ahmedabad Urban Development Authority vs. ACIT (ITAT Ahmedabad) Brief Facts:- The assessee is a local authority and is engaged in development of areas in and aroundAhmedabad outside municipal limits. It was seen that the assessee had hired cars on fixed rent payments but TDS was deducted @ 2% treating the same as contract. Since the… Read More

Tag: TDS

Income Tax Department issues 40 lacs refunds worth 25,000 crores..and more

The Income Tax (I-T) department has issued 40 lakh refunds worth Rs 25,000 crore in the current financial year to taxpayers and orders have been issued to generate the remaining few lakhs soon. Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra gave the figures while addressing the top brass and officials of the I-T… Read More

Tag: Income Tax Refunds

Finmin Initiates Public Debate on Negative list for Taxation of Services

Ministry of Finance has initiated a public debate on the issue of a negative list for taxation of services as announced by the Finance Minister, Shri Pranab Mukherjee in his Budget 2011. The text of the speech is as below: Many experts have argued that it will be desirable to tax services based on a… Read More

Services provided by Subcontractors / Consultants chargeable to Service Tax

Circular No. 138/07/2011 Service Tax F. No. 137/57/2011 Service Tax Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Customs) **** New Delhi, the May 2011 To Chief Commissioners of Central Excise & Customs (All) Chief Commissioners of Central Excise (All) Director General of Central Excise Intelligence Director General of… Read More

CAG aims at better monitoring of the Project Imports

Circular No.22/2011-Customs Government of India; Ministry of Finance; Department of Revenue- Central Board of Excise and Customs CLR Note: The ˜Project Import Scheme™ is an Indian innovation to facilitate setting up of and expansion of industrial projects. Now, for setting up of a ˜Project™, a number of goods are needed to be imported in one or many consignments… Read More

Tag: CAG

Indian Society of International Law gets approval u/s 35(1)(3) of Income Tax Act

NOTIFICATION NO. 22 [F.NO.203/43/2010/ITA-II], INDIAN SOCIETY OF INTERNATIONAL LAW, NEW DELHI NOTIFIED AS AN APPROVED ORGANISATION U/S 35(1)(III) Section 35(1)(iii) of the Income-tax Act, 1961 Scientific research expenditure Approved social science or statistical research associations/insitutions It is hereby notified for general information that the organization Indian Society of International Law, New Delhi has been approved… Read More

CENVAT Credit Rules 2004 : Clarification issued by Finmin

New Delhi, 29th April 2011,Government of India- Ministry of Finance (Department of Revenue) Sub: Clarification on issues relating to CENVAT Credit Rules 2004 Regarding. The CENVAT Credit Rules 2004 were amended along with the Budget 2011 announcements vide Notification 3/2011-CE (NT) dt 1.3.2011. A few changes were further effected vide Notification 13/2011-CE (NT) dt 31.3.2011. On few issues the trade has requested… Read More

Tag: CENVAT credit

Exemption under section 10B of Income tax denied to undertaking on lease

Synergies Casting Ltd. v. DCIT (ITA No. 864 & 1364/Hyd/2010) The Hyderabad Tribunal has held in the above ruling that Exemption under Section 1 0B of the Act is not available to undertaking taken over on lease but the manufacturing activity has to be carried on by the taxpayer itself by using its own plant… Read More


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