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Archive for July, 2013

Income Tax Return due date extended to 5-Aug

The CBDT has issued a Press Release stating that the due date for filing of returns u/s 139(1) of the Income-tax Act, 1961 is extended to August 5, 2013 PRESS INFORMATION BUREAU GOVERNMENT OF INDIA AS A MEASURE OF TAXPAYERS CONVENIENCE, LAST DATE OF FILING OF RETURNS EXTENDED TO 5TH AUGUST, 2013 New Delhi: July […]

Service tax: Restaurants & Hotels see a ray of hope

[By Shaleen Shah (Partner), VNCA] The Kerala High Court recently declared the imposition of service tax by the Centre on supply of food and beverages by restaurants and services of lodging provided by hotels as "unconstitutional". A single bench of Justice AM Shafique passed the order while allowing a batch of petitions filed by the […]

From Oct, service tax to make LIC policies pricier

From October, LIC policies will cost more. Life Insurance Corporation, which accounts for 83 per cent of the market share, will levy service tax of around 3 per cent on all non-unit-linked products beginning October 1. This means if the annual premium for your money-back policy from LIC is Rs 10 lakh, you will have […]

Revised norms for service tax exemption / refund to SEZ developers / units

Notification No.12/2013-ST dtd. 01-07-2013 The finance ministry has issued a new notification for grant of exemption or refund of tax on services received by developers and units in special economic zones (SEZ) and used for authorised operations. The idea seems to be to make it easier to claim exemption at the outset from payment of […]

Revised Circular–Determination of Transfer Pricing for Development Centres

The move reflects willingness of the finance minister and the CBDT to remain flexible to emerging needs of the new business models Circular Nos.05/2013 & 06/2013 dtd. 29-6-2013 The revised circulars issued by the government, last week, on the determination of transfer pricing (TP) for development centres (DCs) are truly an unprecedented and welcome initiative. […]