TRANSACTION VALUE - IN CASE OF SALE OF GOODS BELOW COST, TRANSACTION VALUE CANNOT BE REJECTED

SECTION 4 OF THE CENTRAL EXCISE ACT, 1944 - VALUATION UNDER CENTRAL EXCISE - TRANSACTION VALUE - GENERAL - IN CASE OF SALE OF GOODS BELOW COST, TRANSACTION VALUE CANNOT BE REJECTED EXCEPT WHERE CIRCUMSTANCES ARE SAME AS THAT IN FIAT INDIA'S CASE (SC); VALUE WILL BE MANUFACTURING COST PLUS MANUFACTURING PROFIT AND COST TO BE DETERMINED AS PER CAS-4

COLLECTION AND RECOVERY OF TAX - DEDUCTION AT SOURCE - CLARIFICATION REGARDING TDS UNDER CHAPTER XVII-B ON SERVICE TAX COMPONENT

CHAPTER XVII-B OF THE INCOME-TAX ACT, 1961 - COLLECTION AND RECOVERY OF TAX - DEDUCTION AT SOURCE - CLARIFICATION REGARDING TDS UNDER CHAPTER XVII-B ON SERVICE TAX COMPONENT COMPRISED OF PAYMENTS MADE TO RESIDENTS

CIRCULAR NO. 1/2014 [F.NO.275/59/2012-IT(B)], DATED 13-1-2014

The Board had issued a Circular No.4/2008 dated 28-04-2008 wherein it was clarified that tax is to be deducted at source under section 194-I of the Income-tax Act, 1961 (hereafter referred to as 'the Act'), on the amount of rent paid/payable without including the service tax component. Representations/letters has been received seeking clarification whether such principle can be extended to other provisions of the Act also.

2. Attention of CBDT has also been drawn to the judgement of the Hon'ble Rajasthan High Court dated 1-7-2013, in the case of CIT (TDS) Jaipur v. Rajasthan Urban Infrastructure (Income-tax Appeal No.235, 222, 238 and 239/2011), holding that if as per the terms of the agreement between the payer and the payee, the amount of service tax is to be paid separately and was not included in the fees for professional services or technical services, no TDS is required to be made on the service tax component u/s 194J of the Act.

3. The matter has been examined afresh. In exercise of the powers conferred under section 119 of the Act, the Board has decided that wherever in terms of the agreement/contract between the payer and the payee, the service tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Act on the amount paid/payable without including such service tax component.

4. This circular may be brought to the notice of all officer for compliance.

Key Highlights of Companies Bill,2012

https://docs.google.com/document/d/1bGrZRD4Fv_cZmf55uzj4km0FG7Bt6v0dO15WBN0XSvI/edit?usp=sharing

DUE DATE FOR FILING OF RETURN EXTENDED TO AUGUST 5, 2013

https://docs.google.com/file/d/0B3dVi3eBp2ZCUDFmeGhyUEhYSGs/edit?usp=sharing

Annual Supplement (2013-14) to the Foreign Trade Policy 2009-14

Annual Supplement (2013-14) to the Foreign Trade Policy 2009-14 announced by Union Commerce and Industry Minister Mr. Anand Sharma, on 18th April, 2013:

Highlights:

• Measures to revive investors’ interest in SEZs
• Zero Duty Export Promotion Capital Goods (EPCG) Scheme to cover all sectors
• Widening of Interest Subvention Scheme
• Widening the Scope of Utilization of Duty Credit Scrip
• Market and Product Diversification
• Incremental Exports Incentivisation Scheme extended for the year 2013-14
• Facility to close cases of default in Export Obligation
• Served from India Scheme (SFIS), duty credit scrips shall now be calculated on the basis of net free foreign exchange earned
• VKGUY (Vishesh Krishi Gramin Udyog Yojana) Scheme has been amended
• Status Holder Incentive Scheme (SHIS) not available for the year 2013-14
• Utilization of recredited 4% SAD scrips shall be allowed upto 30.09.13
• Duty free Import Authorization Scheme (DFIA) Amended Import of Cars/ Vehicles allowed at CAD Faridabad and Ennore Port (TN)
• Improvement in quality and timeliness of Foreign Trade Data
• Electronic Data Interchange Initiatives
• Ease of Documentation and procedural simplification
• Widening of items eligible for import for Handloom/ Made ups and Sports Goods

https://docs.google.com/file/d/0B3dVi3eBp2ZCTkk3Y0o2TmpJVGc/edit?usp=sharing


Source: http://commerce.nic.in/pressrelease/pressrelease_detail.asp?id=3011

Service Tax return filing date extended

ST-3 Return filing date once again extended, order no.02/2013-Service Tax, dated 12th April, 2013.
The date of submission of the  Form ST-3  for the period from 1st July 2012 to 30th September 2012, has been extended from 15th April, 2013 to  30th  April, 2013.

Service Tax Rules Amended

Service Tax Rules have been amended, the rules may be called the Service Tax (Second Amendment) Rules, 2013. They shall come into force on and from the 1st day of June, 2013. The amendment is with respect to Form No. S.T.-5, S.T.-6 and S.T.-7.

https://docs.google.com/file/d/0B3dVi3eBp2ZCZjZsX0lFSHJzaFE/edit?usp=sharing