Articles – Sapaa

Finance Bill 2017 – Budget Updates

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Is Sec 270A efficient to replace Sec 271(1)(c)?

-by Advocates – K. Senguttuvan and SubathraManoharan Introduction: It is not a new fact that Sec 270A and Sec 270AA has been inserted to the Income Tax Act thereby replacing Sec 271. The motive behind bringing these new Sections into force was to reduce the litigation between the tax payer and the revenue authorities, as Read More

Uncertainty in Beneficiary provisions in the absence of proper definitions

-by Advocates – K. Senguttuvan and SubathraManoharan Introduction: 80JJAA was introduced with the sole object of encouraging employers to widen the pool of job opportunities by giving deduction in respect of additional employee cost incurred in the course of such business in the previous year, for three assessment years including the assessment year relevant to Read More

“Service Tax on Cross Border B2C OIDAR Services w.e.f 1st December 2016”

-by P.Jitendra Kumar, B.com BL(Hons) With a view to bring the Online Information and Database Access or Retrieval (OIDAR) Services providers located in non-taxable territory under the service tax net, the Central Government has brought in new provisions under the Service Tax laws to tax such cross-border transactions. At present, services received from service provider Read More

“NEW ALL INDUSTRY RATE (AIR) OF DUTY DRAWBACK w.e.f. 15th NOVEMBER 2016”

– by P. Jitendra Kumar, B.com, BL (Hons) Duty Drawback, shortly known as DBK is one of the simplest method of refund next to TDS refunds.DBK rates are notified as All Industry Rates (AIR) which attempts to compensate the duties, Customs/Central Excise/Service Tax, paid on input goods or services used in the manufacture of export Read More

AMORTISATION COST ON MOULDS SENT THROUGH JOB WORK CHALLAN

WHAT IS MOULD? A mould is a hollowed-out block that is filled with a liquid or pliable material such as plastic, glass, metal or ceramic raw material. The liquid hardens or sets inside the mould, adopting its shape, which is called cast. WHAT IS AMORTISATION COST? Amortized cost is that accumulated portion of the Read More

Taxability of compensation on compulsory acquisition of non-agricultural land – CBDT clears the air!

S 2(14) of the ITA, 1961 defines Capital Asset by exempting only the Agricultural Land, that too located not in the specified urban area without any reference to the compulsory acquisition u/s 96 of RFCTLAAR Act. However, vide Circular No 36/2016 date 25th Oct 2016 the CBDT has extended the exemption by including compulsorily acquired land without any Read More

“Penalty provisions under Service Tax: Stringent or Simplified”

The Service sector being the dominant sector contributes to over 60% of India’s GDP presently. Commensurate to this, there is an increase in expansion of taxability of services with the advent of Negative List under the Service Tax regime. In tantamount to this, penalty provisions under service tax have been revamped to ensure non-discriminatory form Read More

GST: Compensation scheme without cess: A Wayout

Introduction Goods and service tax, the major restructuring ofindirect tax system, is all set to come into effect from 1st April,2017. It will subsume various Central taxes like excise duty, service tax, countervailing duty, etc. and State taxes like Value-Added tax, octroi& entry tax, etc. Also, it will subsume all the cesses.The Presidenthas given his Read More

SVB APPEAL: A LEGAL CONUNDRUM

Special Valuation Branch (hereinafter referred as SVB) has been established by the Board for investigating the exact price of importing of goods. It was brought into picture in the year 1998 and then in 2001 certain amendments were made. On 9th Feb, 2016 the board came up with a new circular amending the previous one. Read More

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