Monthly Archives: October 2013

Service Tax on Restaurants and Hotels

SERVICE TAX ON RESTAURANTS AND HOTELS – LEGISLATIVE COMPETENCE
 The Finance Act,2011 has  inserted sub clause (zzzzv) and (zzzzw) to section 65(105)  of the Finance Act,1994 thereby imposed service tax on restaurant services and  short term  accommodation services provided in hotels with effect from May 1, 2011. The scope of the services are defined as

Capital Gain Tax Simplified

Chargeability u/s 45
 Profits or gains arising from the transfer of a capital asset is chargeable to tax in the year in which transfer take place under the head “Capital Gains”.
 Definitions
 Transfer: Sec. 2(47): Transfer in relation to a capital asset includes sale, Exchange, or relinquishment of the asset or extinguishment of any rights therein

Clarification regarding Restaurant Service

Clarification regarding Restaurant Service
Circular No.173/8/2013 – ST
F.No.334/3/2013-TRU
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs
Tax Research Unit
North Block
New Delhi, 7th October, 2013
 To
Chief Commissioners of Central Excise and Customs (All),
Director General (Service Tax), Director General (Central Excise Intelligence), Director General (Audit),

Income-tax deduction from Salaries during the Financial Year 2013-14 under section 192 of the Income-tax act. 1961

CIRCULAR NO : 08 /2013
F.No. 275/192/2013-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
…..
New Delhi, dated the 10th October, 2013
 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2013-14 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.
 Reference is invited to Circular No.08/2012 dated 05.10.2012 whereby