Instructions and Guidelines on Credit Card/Debit Card/Pre-Paid Card Reserve Bank of India (RBI) through its Master Circular dated 1.12.2015 (available on its website www.rbi.org.in) has issued consolidated instructions/guidelines on credit card, debit cards/pre-paid card operations of banks. The said instructions contain detailed terms under which a debit card may be issued, inter-alia, advising banks as […]
Service Tax on Transportation by Education Institutions Service Tax Department has initiated to issue Notices to the Education Institutions for charging Service Tax (retrospectively) on the Transportation Charges / Bus Fees charged by them from their Students, Staff or Faculty between the period from 01-04-2103 to 11-07-2014.
Service Tax on Export of Service Export the goods and not the taxes is the common line that we hear, this statement is also valid in Finance Act, 1994 for export of service. However Rules framed under Finance Act, 1994 have defined the term “Export of Service” and if the conditions mentioned therein are satisfied […]
On the basis of Partnership Deed Income from Renting of Godown cannot be treated as Business income The Commissioner of Income Vs. M/s. Sileman Khan Mahaboob Khan (Andhra Pradesh High Court) , I.T.T.A. No.316 OF 2003 , Date of Decision-11-03-2015 The respondent-assessee is a partnership Firm engaged in export of Tobacco. The respondent- assessee filed […]
No Penalty on Tax Audit Report Obtained on last day of due date Chopra Properties Vs ACIT (ITAT Delhi), ITA No. 6199/Del/2013, Date of Pronouncement : 21.10.2015 Brief facts of the case are that the assessee is a partnership firm filed its return of income on 30th March, 2009 showing total income of Rs. 58,57,760/- […]