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Clarification regarding changes made or proposed in Budget 2012-2013 The circular outlines changes in the Indian Budget 2012-2013 regarding service tax, focusing on simplifying tax processes and preparing for the Goods and Services Tax (GST). The service tax rate is restored to 12%, and a "Negative List" approach is introduced, taxing all services except those specifically exempted. The Place of Provision of Services Rules, 2012, are introduced to determine the location of service provision for tax purposes. The circular also details changes in valuation rules, Cenvat credit rules, and exemptions, aiming to streamline compliance and reduce litigation. The new rules will replace existing export and import service taxation rules.
1963 (5) TMI 57 - Supreme Court The Court unanimously held that the immunity granted by Article 289(1) of the Constitution is limited to direct taxes on property and income and does not extend to indirect taxes like customs duties and excise duties. Therefore, the Union can impose customs and excise duties on State property for purposes other than those specified in Article 289(2). The proposed amendments to the Sea Customs Act, 1878, and the Central Excises and Salt Act, 1944, were found to be consistent with Article 289 of the Constitution.
FICCI PRE-BUDGET MEMORANDUM 2018-2019 A pre-budget memorandum by FICCI for 2018-2019 highlights various economic and sectoral issues, emphasizing the need for tax reforms to stimulate growth. Key recommendations include reducing corporate tax rates to 25% for all companies, addressing the inverted duty structure in manufacturing, and expanding GST to include petroleum products. The memorandum advocates for rationalizing GST compliance, enhancing tax incentives for sectors like healthcare and housing, and improving the ease of doing business. It also calls for clarity on tax provisions affecting sectors such as IT, telecommunications, and financial services, and suggests measures to support MSMEs and infrastructure development.
2015 (12) TMI 470 - ANDHRA PRADESH HIGH COURT The High Court held that despite the existence of an appellate remedy under the AP VAT Act, it had jurisdiction under Article 226 to deal with the matter. The subject contracts were deemed indivisible works contracts, not divisible supply and erection contracts. The sales did not qualify for exemption under Section 6(2) of the CST Act, but fell within the ambit of Sections 3(a) and 5(2) of the CST Act. The assessment/revisional orders were set aside to the extent turnover had been wrongly taxed, with directions for fresh orders and the opportunity for statutory appeals.
Taxation of Services - An Education Guide. The press release discusses the evolution of service taxation in India, starting from its inception in 1994 with a modest collection of Rs 407 crore, to Rs 97,444 crore in 2011-12. The document highlights the challenges faced due to overlaps in service categories and the lack of clarity in definitions, leading to tax leakages and litigation. The 2012 budget introduced a new taxation system known as the Negative List, where all services are taxable unless specified otherwise. This guide aims to educate taxpayers and administrators about the new system, providing guidance notes on various topics such as service definition, taxability, exemptions, and valuation.
2022 (10) TMI 948 - Supreme Court The judgment clarifies the interpretation of "charitable purpose" under the amended Section 2(15) of the Income Tax Act, 1961, emphasizing that entities must primarily serve charitable objectives, with any commercial activities being incidental and limited to 20% of total receipts. Statutory bodies performing public functions may qualify for tax exemptions if their activities are not primarily commercial. The court evaluates specific entities' claims for tax exemption, focusing on their alignment with charitable purposes and compliance with statutory provisions. The ruling aims to prevent misuse of charitable status by entities engaged in significant commercial activities.
1996 (3) TMI 480 - ANDHRA PRADESH HIGH COURT The court upheld the constitutional validity of the amendments to the A.P. General Sales Tax Act, confirming that the High Court has jurisdiction under Article 226. The Union of India was not granted immunity from state sales tax under Article 285 for the sale of confiscated goods. The definitions of "dealer" and "sale" under the Act were interpreted broadly to include transactions by the Central and State Governments. The writ petition was dismissed, and the request for leave to appeal to the Supreme Court was rejected due to the absence of a substantial question of law of general importance.
FICCI-PRE-BUDGET-MEMORANDUM-2015-16 India's economic outlook improved in 2014-15, with GDP growth projected at 5.5-5.6%, up from below 5% in previous years. Inflation concerns eased, and the current account deficit was reduced. Export growth was steady, and foreign investment inflows increased significantly. The government introduced progressive policies to enhance the business environment, including infrastructure development, manufacturing support, and financial inclusion initiatives. The forthcoming budget aimed to boost demand and investments, with suggestions to extend investment allowances, support startups, and implement GST. The fiscal deficit was targeted to decrease, emphasizing revenue growth and efficient expenditure. The agriculture, chemicals, aviation, education, and healthcare sectors received specific recommendations for tax adjustments and policy reforms to support growth and competitiveness.
1996 (12) TMI 384 - Supreme Court The Supreme Court reaffirmed that properties owned by States within Union Territories are exempt from property taxes under Article 289(1). The term "Union Taxation" includes all taxes levied by the Union, encompassing those under Article 246(4). Municipal taxes within Union Territories are also exempt. The Court dismissed civil appeals and special leave petitions, confirming the exemption of State properties from Union Taxation.
The Institute of Chartered Accountants of India submitted a Pre-Budget Memorandum in 2018 to the government, focusing on direct taxes and international tax. The memorandum provides detailed suggestions aimed at improving tax collection, minimizing litigation, rationalizing direct tax laws, and addressing administrative challenges. Key recommendations include revising tax provisions related to income tax, capital gains, and deductions, as well as enhancing tax administration and citizen services. The document also emphasizes the need for clarity in tax laws, proposes amendments to existing sections, and addresses issues related to transfer pricing, corporate social responsibility, and tax incentives for specific sectors.
2024 (2) TMI 756 - DELHI HIGH COURT The HC upheld the applicability of Section 194C of the IT Act, 1961, to EDC payments, rejecting the exemption claim under Section 196. Show cause notices, though vague, were not quashed as petitioners had the opportunity to present their case. The Court directed respondents to verify if EDC payments were taxed in HSVP's hands and to conclude pending proceedings, considering the petitioners' liability and potential penalties under Sections 201, 221, and 271C. Penalties are not automatic and depend on whether petitioners had valid reasons for not deducting tax. The Court allowed the continuation of proceedings based on these observations.
The Finance Act of 1970 introduced several amendments to various tax laws. Key changes include adjustments to the rate structures for income tax, wealth tax, and gift tax. The amendments to the Income-tax Act include provisions for capital gains on agricultural land in urban areas, exemptions for income from specific investments, and measures to prevent tax avoidance through discretionary trusts. The Wealth-tax Act amendments focus on increasing rates and modifying exemptions, particularly for urban lands and buildings. The Gift-tax Act revisions align its rates with estate duty, and the Unit Trust of India Act adjustments increase tax exemptions for non-residents. The Act also introduces a new cadre of Additional Commissioners to improve tax administration.
2024 (2) TMI 1184 - Supreme Court The SC held that the Custodian of Enemy Property does not gain ownership of enemy property, and such property does not become Union property. Consequently, enemy property is subject to local taxes. The HC's judgment exempting the property from local taxes was set aside, allowing the Municipal Corporation to levy and collect taxes from the fiscal year 2024-2025 onwards.
Indo American Chamber of Commerce - Detailed Pre-Budget Memorandum on Direct Taxes for 2015-16 The Indo American Chamber of Commerce has submitted a pre-budget memorandum for the 2015-16 budget, highlighting concerns about high corporate tax rates, surcharges, and dividend distribution taxes, which they argue are detrimental to business operations and investor sentiment in India. They recommend reducing the corporate tax rate to 25% and removing surcharges and education cess. For individual taxpayers, they suggest raising the income level for the peak tax rate and revising tax slabs. The memorandum also addresses issues related to Employee Stock Option Plans, superannuation funds, standard deductions, and various allowances, urging reforms to align with international standards and reduce the tax burden on businesses and individuals.
1964 (9) TMI 75 - KARNATAKA HIGH COURT The court struck down the Mysore Buildings Tax Act, 1962, as unconstitutional due to its violation of Article 14 and the improper delegation of legislative power under Section 3(2). The court held that the Act's basis of taxation was irrational and resulted in substantial inequality, thus failing to meet constitutional requirements.
2024 (2) TMI 1473 - DELHI HIGH COURT The HC upheld that EDC payments to HSVP fall under Section 194C of the Income Tax Act, mandating tax deduction at source. It rejected the exemption claim under Section 196, as HSVP is not a Central Act corporation. The court found show cause notices vague but did not quash them. Penalty imposition requires assessing the petitioners' reasonable cause for non-deduction, with proceedings to be revisited accordingly.
2022 (5) TMI 1359 - MADRAS HIGH COURT The court upheld the constitutionality of the impugned Act, dismissing challenges based on Articles 19(1)(a), 19(1)(f) and (g), 21, and 31. It found that the restrictions on advertisements and the powers conferred by the Act are reasonable, necessary for public health, and within legislative competence. The court emphasized the presumption of constitutionality in legislative enactments, particularly in economic and regulatory matters, affirming that the Act's provisions do not violate constitutional rights.
2005 (8) TMI 302 - ITAT DELHI-D The Tribunal held that Royal Jordanian Airlines (RJA) is liable to be taxed in India as its income is chargeable under the Income-tax Act, 1961. RJA, engaged in commercial activities, does not enjoy sovereign immunity from taxation in India. The Tribunal determined that RJA qualifies as a "person" under section 2(31) of the Act. The computation of income under section 44BBA was remanded for proper consideration of deductions claimed by RJA. Additionally, the Assessing Officer was directed to issue a speaking order on the levy of interest under section 234B.
2014 (5) TMI 890 - ITAT MUMBAI The Tribunal partly allowed the appeal of the charitable trust, ruling that the denial of exemption under Section 11 due to investment in non-permissible assets did not disqualify the entire income of the trust. Exemptions under Sections 10(34), 10(35), and 10(38) were allowed as income exempt under Section 10 cannot be taxed by applying Sections 11 to 13. The Tribunal also upheld the exemption for education grants given to Indian students studying abroad, emphasizing that the application of income in India sufficed. Additionally, the Tribunal directed a reconsideration of the deduction of income applied to the trust's objects and administrative expenses, allowed the credit for TDS, and decided in favor of the assessee regarding the applicability of the maximum marginal rate of tax on the entire income.
1962 (4) TMI 90 - Supreme Court The Court held that an assessment order made under a valid taxing statute cannot be challenged under Article 19(1)(g) solely due to a misconstruction of the law. Such errors do not violate the right to carry on trade or business. The Court emphasized that decisions of the taxing authority, even if incorrect, are binding until appealed. Additionally, the validity of the assessment order cannot be questioned in a petition under Article 32 of the Constitution, as Article 32 is limited to enforcing fundamental rights and does not grant appellate jurisdiction. The proper remedy for correcting errors in the assessment order is through appeal or revision under the statutory framework.
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