FOR INDIA'S BEST CA CS CMA VIDEO CLASSES CALL 9980100288 OR VISIT HERE
Take This Quiz & Predict Your Score in the coming CA CS or CMA Exam!
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

Daily Updates Income Tax Case Laws Service Tax

Daily Updates Income Tax Case Laws  Service Tax

Brief Summary of Today Updates

Income Tax Case laws

1. Printers, scanners, modems and routers are integral parts of computer system; depreciable at rate of 60%


2. Unutilized excise duty in PLA is deductible under sec. 43B


3. No additions on TDS default as it is completely tax neutral for deductor earning exempt income


4. NOTIFICATION NO.73/2015 [F.NO.187/13/2015 (ITA.I)]

RBI Updates


Second and fourth Saturday of every month declared as public holiday for banks

Service Tax Updates
5. Free-home delivery of food isn’t liable to service-tax

In Detailed

1.Printers, scanners, modems and routers are integral parts of computer system; depreciable at rate of 60%

August 26, 2015[2015] 60 taxmann.com 85 (Hyderabad – Trib.)/[2015] 38 ITR(T) 148 (Hyderabad – Trib.)

IT : Any device used along with computer whose functions are integrated with computer, would come within ambit of expression ‘computer’, and depreciation is to be allowed at 60 per cent on itIT : Disallowance made by Assessing Officer for non-deduction of tax at source for amounts which were already paid before end of current year by assessee company, was unjustified IT : Adjustment made in respect of prior period would be allowable where major part of receipt was offered to tax in earlier years

IN THE ITAT HYDERABAD BENCH ‘B’

Ushodaya Enterprises Ltd. v. Deputy Commissioner of Income-tax*

2. Unutilized excise duty in PLA is deductible under sec. 43B

August 26, 2015[2015] 60 taxmann.com 411 (Delhi – Trib.)

IT : Amount deposited in PLA (Personal Ledger Account) which remained unutilized at the end of the year is allowed to be deducted under Section 43B

[2015] 60 taxmann.com 411 (Delhi – Trib.)

IN THE ITAT DELHI BENCH ‘I-1’

Maruti Suzuki India Ltd. v. Additional Commissioner of Income-tax, Rang-6 New Delhi

3. No additions on TDS default as it is completely tax neutral for deductor earning exempt income

IT : Where assessee’s total income is exempt under section 10(26), for assessee’s lapse of not complying with his tax withholding obligations, there cannot be any occasion to invoke section 40(a)(ia) to treat relevant amount disallowable as an income of assessee on standalone basis

• Disallowance under section 40(a)(ia) does make good of lapses in deduction of tax at source, when such tax deductions are due; this provision is not for purpose of penalizing assessee for failure to deduct tax at source

Daily Updates Income Tax Case Laws  Service Tax

 [2015] 60 taxmann.com 360 (Guwahati – Trib.)

IN THE ITAT GUWAHATI BENCH

Tamchikusuk v. Additional Commissioner of Income-tax, Range, Tezpur, Assam

4. NOTIFICATION NO.73/2015 [F.NO.187/13/2015 (ITA.I)]

SECTION 120 OF THE INCOME-TAX ACT, 1961, READ WITH SECTION 6 OF THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015 – INCOME-TAX AUTHORITIES – JURISDICTION OF

NOTIFICATION NO.73/2015 [F.NO.187/13/2015 (ITA.I)], DATED 24-8-2015

In exercise of the powers conferred by clause (b) of sub-section (4) of section 120 of the Income-tax Act, 1961 (43 of 1961) read with section 6 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015), the Central Board of Direct Taxes hereby directs that the Additional Commissioners of Income-tax or the Joint Commissioners of Income-tax, as the case may be, shall exercise the powers and perform the functions of the Assessing Officers under the said Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in respect of territorial areas or persons or classes of persons or incomes or classes of incomes or cases or classes of cases, in respect of which such Additional Commissioners of Income-tax or Joint Commissioners of Income-tax have been authorized by the Principal Chief Commissioner of Income-tax or the Chief Commissioner of Income-tax or the Director General of income-tax or the Principal Commissioner of Income-tax or the Commissioner of Income-tax in pursuance to the directions of the Board under sub-sections (1) and (2) of section 120 of the said Income-tax Act, 1961.

5. Free-home delivery of food isn’t liable to service-tax

August 25, 2015

CLARIFICATION ON LEVY OF SERVICE TAX ON FOOD SOLD BY WAY OF PICK-UP OR HOME DELIVERIES

LETTER C.NO.ST-20/STD/MISC./SEVOTTAM/62/12/4693, DATED 13-8-2015

Please refer to your office letter dated 22-7-2015 (received in this office on 23-7-2015) on the above cited subject where under Clarification as to whether Service Tax is payable on food sold by way of Pick-up or Home deliveries has been sought.

It is clarified that in case of the transaction involving Pick -up or the Home Deliveries of the food sold by the Restaurant, the dominant nature of the transaction is that of sale and not service as the food is not served at the Restaurant and further no other element of service which is offered at the Restaurants, be it ambience, live entertainment, if any, air conditioning, or personalized hospitality is offered. The Service Tax can be levied if there’s an element of ‘Service’ involved which would typically the case where food is served in restaurant.

The above transaction is not liable to Service Tax, being sale in nature, only if, no amount is charged for such free delivery of food.

This is issued with prior approval of the Additional Commissioner.

Daily Updates Income Tax Case Laws Service Tax

At CAKART www.cakart.in you will get everything that you need to be successful in your CA CS CMA exam. Deated by Puru Mishra, the Founder of Suphalaam, Cakart was started in an interesting way. Since 2011, Suphalaam had been providing e-learning technology to many education players across India, using the technology clients used to create and sell video courses to the students.

Click here to download FREE CA CS CMA books.

www.cakart.in

Leave a comment

Your email address will not be published. Required fields are marked *