Year: 2012

The United Kingdom Parliament has approved the Finance Act 2012. From an Indian perspective, the Act is interesting for its treatment of “Controlled foreign companies and foreign permanent establishments” given that a similar concept will be introduced in the Indian legislation sooner or later. Also of interest is the manner in which the transfers of “long-term business” is taxed

The United Kingdom’s HM Revenue & Customs has issued a Consultation Paper dated 23.07.2012 called “Lifting the lid on Tax Avoidance Schemes” to discuss how Tax Avoidance Schemes are created and what steps can be taken to expose them. The Paper also describes proposals for revising and extending the Disclosure of Tax Avoidance Schemes (DOTAS) regime

Despite the previous clarification, a number of queries have continued to be raised on various aspects of the exemption/ reverse charge on service-tax on Advocates’ services. To resolve all queries, CA Rajkamal Shah, a well known expert in the filed, …

Guide To Service-tax On Advocates From 1.07.2012 Onwards Read More »

Press Release dated 20.07.2012 issued by the Ministry of Finance: Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13

Vide order passed in pursuance of the consultations of the collegiums of the Income Tax Appellate Tribunal, consisting of the President and two senior-most Vice Presidents, Shri D. Karunakara Rao,, Accountant Member, Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad has been transferred in public interest, in the same capacity to the Income Tax Appellate Tribunal, Mumbai Benches, Mumbai with immediate effect

Vide Order No. 143 of 2012 dated 13.07.2012, the CBDT has nominated the officers to hold additional charge in place of the Chief Commissioners & Director Generals who have been selected for the Advanced Mid Career Training Programme

The Ministry of Finance has released a power-point presentation on 13.07.2012 explaining the entire concept of service-tax and the changes made thereto by the Finance Act 2012 in a simple and easy-to-understand format. The presentation will be useful for all tax professionals

The Prime Minister has approved the constitution of an Expert Committee on GAAR to undertake stakeholder consultations and finalise the guidelines for GAAR. This committee would manage the consultation process and finalise the draft GAAR Guidelines

Vide letter dated 11.07.2012, the CBDT has released a list of Chief Commissioners of Income-tax who have been selected for “Advanced Mid-Career Training Programme” which entails a 3 weeks in Bangalore and 2 weeks in the USA

In case the income on which tax has been deducted at source is assessable in the hands of a person other than the deductee, the deductee must file a declaration with the deductor that credit for the TDS shall be given to the other person and not to the deductee. The declaration filed by the deductee must contain the name, address, Permanent Account Number of the person to whom credit is to be given and reasons for giving credit to such person. The deductor must, in the TDS statement, report the tax deduction in the name of such other person and also issue the TDS certificate in the name of the person in whose name credit is shown in the TDS statement