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Tax Amicus: January 2012

Punitive charges like damages, interest and penalty whether are allowed as deductions under the Income Tax Act if the same are compensatory in nature? Article in this January 2012 issue of "Tax Amicus" while discussing the same, concludes that Maxwell’s faith in the judiciary stands vindicated. Am

Tax Amicus: February 2012

Contractual rights whether constitutes capital assets? Article in this February 2012 issue of "Tax Amicus" dwells upon this topic in the light of recent Supreme Court judgment in the case of Vodafone. Duty structure of gold and silver has been changed both under Central Excise and Customs while cu

Tax Amicus: March 2012

This pre-budget issue of "Tax Amicus" covers article seeking clarifications on various Cenvat credit issues. Cenvat Credit Rules have been further amended to restrict credit availability to units getting inputs from units enjoying area based exemptions. CBE&C has clarified on Central Excise duty e

Tax Amicus: April 2012

This issue of "Tax Amicus" covering major changes brought by Budget 2012 also discusses the features of new Service Tax regime based on Negative List. While Central Excise and Service Tax rates have been raised across the board to 12%, various new rules are being proposed in Service Tax. Cenvat cr

Tax Amicus: May 2012

This issue of "Tax Amicus" carries article pointing to certain anomalies in MRP based valuation/assessment of cosmetics less than 10g or 10ml. "Ratio decidendi" covers CESTAT orders holding Special CVD refund as admissible on goods imported and transferred on right to use basis and that Cenvat cre

Tax Amicus: June 2012

Tax liability in respect of hire-purchase transactions under various State laws is discussed at length in this issue. The article argues that there is double taxation on processing fees/documentation charges and that standardization of practices and uniformity is the need of the hour. In Central E

Tax Amicus: Previous Editions

December 2012 Issue November 2012 Issue October 2012 Issue September 2012 Issue August 2012 Issue July 2012 Issue June 2012 Issue May 2012 Issue April 2012 Issue March 2012 Issue February 2012 Issue January 2012 Issue

Tax Amicus: July 2012

Introduction of Negative List in the Service Tax provisions from July 2012 is one of the landmark changes in the Indian Taxation regime. New Place of Provision of Services Rules have also been notified which supersede earlier Export of Services Rules and Import of Services Rules. Under Central Exc

Tax Amicus: August 2012

Service tax liability on the services agreed not to be provided and its interesting combinations with Point of Taxation Rules (POT Rules), is the topic of discussion in this months' "Tax Amicus". Central Board of Excise and Customs (CBEC) has also issued clarification on these Rules in relation to

Tax Amicus: September 2012

Education Guide released by CBEC on Taxation of Services, is sought to be termed as a clarification with full sanctity under the law, in this months’ article. In terms of changes in the statutory provisions, Customs duty has to be paid mandatorily through e-payment by specified importers while Rul

Tax Amicus: October 2012

This issue of "Tax Amicus" discusses recently notified Rules for Advance Pricing Arrangements which provide option for compliance through cooperation, though not provide for retrospective application. New All Industry Rates (AIR) of Drawback have been notified and EOUs have been granted exemption

Tax Amicus: November 2012

Applicability of Sales tax on an agreement to sell under-construction flat, in the light of the recent Bombay High Court decision, is the topic of discussion this month. CESTAT has held that export goods conforming to DGFT criteria are not liable for confiscation and that refund of central excise