Kalyan finance act 2013 14

An analysis of Direct Tax Proposals

-by CA. Kalyan Chakravarthy Vennety

7th March, 2013 at

Let’s begin with a nice quote…

• Surcharge – Domestic Co.

• Surcharge – Other than Domestic Co.

Rates of Corporate-tax for the AY 2014-15

Nature of Co. Pecentage Marginal Relief

Domestic Co. TI 1cr to 10 cr

5% Yes

Domestic Co. TI >10cr 10% Yes

Company 115JB>1cr as above Yes

Nature of Co. Pecentage EC + SHEC

Non-Resident TI >1 cr 10% 2%+1%

Foreign Co. TI >1cr <10cr

2% 2%+1%

Foreign Co. TI >10cr 5% 2%+1%

V R Jogeswara Rao & Co., Chartered Accountants

3

• Individuals, HUF, AOP, BOI, AJP

• Companies, Co-op Soc., Firms, LA. No change in rates from AY 2013-14 except Surcharge of 10%

Rates of Income-tax for the AY 2014-15

Slab 0-60Yrs

%

60Yrs-

80Yrs

%

>80Yrs

%

Surcharge

Upto ` 2L NIL Slab NA Slab NA NIL

Upto ` 2.50L Slab NA 10% Slab NA NIL

Upto ` 5L Slab NA Slab NA NIL NIL

` 2L - ` 5L 10% Slab NA Slab NA NIL

` 2.5L - ` 5L Slab NA 10% Slab NA NIL

` 5L - ` 10L 20% 20% 20 NIL

Above ` 10L 30% 30% 30% NIL

Above 1Crore 30% 30% 30% 10%


4

• The only benefit this financial year is there is a tax credit of `2000 under section 87 for people having an annual income up to RS 5 Lakh. There is no other benefit as compared to previous financial year.

• The surcharge in cases of persons referred to in this paragraph, having income above one crore rupees shall be levied at the rate of ten per cent. Marginal relief will be provided.

• No marginal relief in case of Education cess.

Rates of Income-tax for the AY 2014-15


5

• New Commodities Transaction Tax is proposed on commodity transactions entered in Recognised Stock exchanges.

• Taxable Commodity Transaction would mean sale of commodity derivatives in respect of commodities other than agricultural commodities, traded in recognised stock exchange.

• Separate Administrative procedures also provided.

• To come into force by way of notification.

• Deduction of CTT paid available u/s.36.

• Provisions applicable with effect from 1.4.2014

Commodities Transaction Tax


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• Section 115A. India has tax treaties with 84 countries.

• Royalty is taxed @ 10% to 25%, but Section 115A was 10% due to which in some cases it has resulted in taxation @ 10%.

• Hence proposed to amend to 25%.

• Provisions applicable with effect from 1.4.2014

Taxation of Royalties & FTS


7

As appeared in a financial newspaper…

Incentive for New Plant & Machinery


8

• New section 32AC introduced for acquisition and installation of new Plant & Machinery by a manufacturing company.

• Conditions: • It should be a company

• Engaged in business of manufacture of goods.

• Invests more than `100 crore in new assets during 1.4.2013 to 31.3.2015

• Deduction of 15% of the aggregate cost of new assets acquired and installed during the FY 2013-14.

• If the cost is more than 100 crore, deduction in FY 2014-15 is equal to aggregate cost of new asset Acq & Inst during 1.4.2013 to 31.3.2015 less: deduction claimed in FY 2013-14.

• Contd…



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• “New Asset” is defined as New P&M but does not include: • Previously used P&M in India or outside India,

• P&M installed in office, residential unit including guest house,

• Appliances including computers and software,

• Vehicle,

• Ship or Aircraft,

• Any P&M, whole of cost which is allowed as a deduction in computation of PGBP of any previous year.

• Lock in period of 5 years.(NA in case of amalgation)

• The above Investment allowance is over & above the additional depreciation allowance u/s.32(1)(iia)

• Applicable with effect from AY 2014-15 & subsequent years.



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• Section 87 Rebate of `2,000 for Individuals having Total Income upto `5,00,000.

• Rebate is equal to amount of tax or `2,000 whichever is less.

• Applicable with effect from AY 1.4.2014.

• Sec 80IA: Terminal date for power sector to commence the eligible activity to avail the tax incentive extended by a further period of one year i.e.upto 31.03.2014

• Applicable with effect from 01.04.2014

Rebate of `2,000 & Sunset clause 80IA


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As appeared in one of the financial newspaper…

Interest on Housing Loan


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• Deduction in respect of interest on housing loan sanctioned during AY 2014-15

• New sec 80EE for Individual for interest on Loan

• Deduction shall not exceed `1 Lakh

• If Interest paid in AY 2014-15 is less than `1 Lakh, balance deduction available in AY 2015-16.

• Conditions: • Loan should be sanctioned between the year 1.4.2013 & ending on 31.3.2015;

• Amount of Loan should not exceed `25 Lakhs;

• Value of the new house property should not exceed `40 Lakhs;

• Assessee should not own any house property on the date of sanction.

• Proviso: if deduction allowed under this section, no deduction allowed under any other provisions of the act for the same year or any year.


Interest on Housing Loan


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• Existing sum received from Life Insurance incl. bonus is exempt subject to premium not > 10% of actual sum assured.

• Existing sec 80C(3A) provides deduction up to maximum limit of 10% of actual sum assured.

• Proposed: In case of Life Insurance policy issued on or after 1.4.2013 on life of person claiming deduction u/s.80U or 80DDB, any sum received as bonus or otherwise, is exempt u/s.10(10D) subject to premium payable for any of the year of the term not more than 15% of the actual sum assure.

• Similarly section 80C(3A) also to be amended.


Sec 10(10D)Limit of % of eligible premium


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• Rajiv Gandhi Equity Savings scheme.

• Existing section 80CCG provides deduction of 15% deduction subject to maximum of `25,000

• Conditions: • Resident Individual acquires listed equity shares;

• One time deduction;

• Only to new retail investor whose GTI not more than `10 Lakhs;

• Notified scheme was Rajiv Gandhi Equity Saving Scheme.

• Proposed: Investment in units of Equity Oriented fund as per section 10(38)

• Applicable with effect from 1.4.2014.

Expanding scope of sec 80CCG


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• Sec 80D Deduction upto `15,000 for contribution to health schemes extended to more schemes to be notified.

• Exemption to income of Investor Protection Fund of depositories on lines of IP fund by Stock Ex.

• 100% deduction to donation to National Children's Fund u/s.80G

• Exemption to National Financial Holdings Co. Ltd on lines of Specified U/t of UTI created vide UTI.

• Lower rate of tax (15%) on dividends received from foreign co. sec 115BBD extended to 1 more year


Some other amendments


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• Existing section 115O: 15% DDT by co. paying Div.

• Existing section 115BBD: Exemption of 15% Dividend recd by Indian co. from foreign co. i.e. 26% case.

• Existing section 115O: Dividend payable by a co. is reduced by an amount of dividend received from subsidiary if subsidiary has paid DDT.

• This ensured removal of cascading effect.

• Now it is proposed to amend section 115O in order to remove cascading effect in respect of dividend received by a company from a similarly placed foreign co. i.e. 50% case.

• Where tax on dividend received from foreign subsidiary is payable u/s115BBD by holding co., then dividend distributed by holding co. in the same year, to the extent of such dividend shall not be subject to DDT u/s.115O


Removal of cascading effect of DDT


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• Existing sec 194LC: if Indian co. borrows money in foreign currency from source outside India either by way of Loan agmt. or by issue of Long Term Infrastructure bonds, then the interest payment to Non-resident subject to concessional rate of 5%TDS.

• To promote subscription of Infrastructure bonds by foreign companies: • Where a Non-Resident deposits foreign currency in designated bank

account and such money is converted in rupees;

• Utilised for subscription of Long Term Infrastructure Bond issue of Indian Co.;

• Then for the purpose of this section, the borrowing deemed to be in foreign currency


Concessional rate of Withholding tax


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• Existing section 161: If Trust income consists or includes PGBP, taxation would be @MMR.

• The taxation at the level of Trust was considered to be restrictive particularly where investors in the trust are persons exempt from tax like M-Funds.

• Therefore to facilitate Securitisation, it is proposed to amend section 10 and add new chapter XII-EA and provide exemption.


Taxation of Securitisation Trusts


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• Proposed to amend section 98 of Finance Act no.2 of 2004 to reduce STT as under:


Securities Transaction Tax

Sr. Particulars Who pays Existing %

Proposed %

1. Delivery based units Purchaser 0.1 NIL

2. Delivery based units Seller 0.001 0.1

3. Sale of Futures Seller 0.017 0.1

4. Sale of Units to MF Seller 0.25 0.001


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• Existing provisions have statutory requirement to quote PAN in property transactions;

• But it was found by department that majority did not quote PAN or quoted invalid PAN;

• No provision was existing of TDS on trf. of Immo. Property except in the case of compulsory acqn.

• New section 194IA: every transferee at the time of making payment or at the time of crediting of any sum as consideration to resident transferor, for transfer of immovable property(OTHER THAN AGRI LAND), shall deduct tax @ 1% of such sum.

• No TDS where total amount of Cons’n < `50Lakhs


TDS on Trf. of certain Immo. properties


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• Existing section 46A provides that consideration received by a shareholder on buy back of shares is not treated as dividend but taxed as capital gain.

• Unlisted companies are resorting to buy-back instead of dividend to avoid DDT u/s.115O.

• New chapter XII-DA: provides that the consideration paid by the Co. for purchase of unlisted shares exceeding the sum received by the Co. at the time of issue of such shares would be treated as distributed income and would be taxed @20%


Taxation on Buyback of Unlisted shares


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• May Overrule the case reported inArmstrong World Industries Mauritius Multiconsult Ltd.(210) Taxman 303 (AAR) Held that the capital gains arising out of the proposed buyback of shares is not taxable in India in view of paragraph 4 of Article 13 of the DTAC between India and Mauritius.

Taxation on Buyback of Unlisted shares


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• Existing: Section 50C did not cover stock in trade. • New section 43CA: Where consideration for trf of asset

(other than Capital asset) being Land or L&B or both, is less than stamp duty value, the value so adopted, assessed, assessable shall be deemed to be full value of consideration for the purpose of computing income u/h Profits & Gains of Business or Profession.

• Where date of agmt for fixing value of consideration and date of registration of transfer ARE NOT SAME, stamp duty value as on date of agmt and not as on date of registration will be considered.

• However, exception shall apply only in those cases where amount of Consideration or a part thereof has been received either in cash or on or before date of agreement.


New section 43CA


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• May Overrule the case reported in CIT vs. Kan Constructions and Collonisers Ltd 2012 208 Taxman 478 (ALLAHABAD) held that section 50C has no application as it was a case of transfer of plots which was stock in trade. An income earned from such transaction is liable to be taxed as income from business activity.

New section 43CA


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• Existing section 56(2)(vii)(b): Any immovable property received by an INDIVIDUAL/HUF without consideration, where stamp duty value > `50,ooo, then such value is taxed in the hands of Ind/HUF.

• This provision did not cover a situation of in-adequate consideration.

• New amendment proposed where any immovable property received for a consideration < SDV by `50,ooo, then such value as exceeds cons’n is taxable in the hands of Ind/HUF

• Where date of Agmt. is different from date of registration, SDV as on date of Agmt. to be taken.


Taxability of Property recd w/o cons’n


26

• May Overrule the case reported CIT vs. Khubsoorat Resorts P Ltd (2012) 211 Taxman 510 (DELHI) , Section 50C enabling the revenue to treat the value declared by an assessee for payment of stamp duty, ipso facto, cannot be a legitimate ground for concluding that there was undervaluation, in the acquisition of immovable property.

TDS on Trf. of certain Immo. properties


27

• Tax on distributed income by M-Funds increased from 12.5% to 25% u/s.115R.

• New sections 14A & 14B in Wealth Tax Act on the lines of sec 139C & 139D of IT Act for e-filing.

with effect from 1.6.2013.

• Disallowance of certain fee, charge etc appropriated by SG from State Govt U/t. sec 40.


• Extension of time to a Provident Fund for approval in Part A of Fourth Schedule of the act to retain recognition. Applicable with effect from 1.4.2013

Some other amendments


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• Existing section 2(14) defines “capital asset”

• Sec 2 (14)(iii) provides that

a) agricultural land in any area within the jurisdiction of a municipality or cantonment board with a population of less than 10,000 or;

b) agricultural land in any area within such distance not exceeding 8Kms from local limits of municipality or cantonment board as notified.,

forms part of capital asset.

• Contd…

Amendment in Definition of Capital Asset


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• Now it is proposed to amend item b) of sub clause iii of clause 14 of section 2 so as to provide that:

• Land situated in any area within the

• Also proposed: define population as per last census

• Similar amendments in sec2(1A) of WT Act

Amendment in Definition of Capital Asset

distance measured Aerially (Shortest Distance)

-Not being >2kms from local limits ; & popultion>10K but <1Lakh

-Not being >6kms from local limits ; & popultion >1L but <10 Lakhs

-Not being >8kms from local limits ; & popultion 10Lakhs & above


30

• Existing section 10(10D) covers Keyman policy;

• It is noticed that policies taken as keyman are being assigned to keyman before it’s maturity;

• The keyman pays the remaining premium and claims the sum received under the policy as exempt saying it is no longer keyman policy after assignment;

• Thus exemption u/s.10(10D) is wrongly claimed.

• To plug this loophole, the proposed amendment states that a keyman policy which has been assigned during the term of policy with or without consideration shall be treated as Keyaman.

Keyman Insurance Policy


31

• May Overrule the case Escorts Heart Institute & Research Centre v. CIT (2013) 30 Taxman 4(DELHI) Held that, The insurance company has itself clarified that on assignment, it does not remain a keyman policy and gets converted into an ordinary policy. It is not open to the Revenue to still allege that the policy in question is keyman policy and when it matures, the advantage drawn there from is taxable; no doubt, the parties here, viz., the company as well as the individual taken huge benefit of these provisions, but it cannot be treated as the case of tax evasion. It is a case of arranging the affairs in such a manner as to avail the state exemption as provided in Section 10(10D); law is clear. Every assessee has right to plan its affairs in such a manner which may result in payment of least tax possible, albeit, in conformity with the provisions of Act. It is also permissible to the assessee to take advantage of the gaping holes in the provisions of the Act. The job of the Court is to simply look at the provisions of the Act and t see whether these provisions allow the assessee to arrange their affairs to ensure lesser payment of tax. If that is permissible, no further scrutiny is required and this would not amount to tax evasion.

Keyman Insurance Policy


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• Both the above sections deal with deductions with respect to contribution to political party or electoral trust made by a company or any other person.

• It is proposed to that no deduction will be allowed is such sum is contributed by cash.


Deduction u/s. 80GGB, 80GGC


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• Existing section 179 states that a director of a Private Ltd Co. is jointly and severally responsible for irrecoverable tax dues of the company unless he proves that such non-recovery cannot be attributed to gross neglect, misfeasance or breach of trust on his part;

• Courts have interpreted “tax due” used in section 179 to hold that it does not include penalty, interest or any other sum.

• Now amendment proposes to include the same with effect from 1.4.2014

Clarification on “Tax Due”


34

• May Overrule the case of Sanjay Ghai (2012) 26Taxman203 (DELHI) where the Court is of the opinion that the structure and construct of the Act has consciously used different words to create constructive liability on third parties, in the case of default in payment of taxes by an assessee. The treatment of the same subject matter by using different terms - in some instances expansive and in others, restrictive, mean that the Court has to adopt a circumspect approach and limit itself to the words used in the given case (in the present case, "tax due" under Section 179) and not "travel outside them on a voyage of discovery“ (Magor & St. Mellons RDC v. Newport Corporation 1951 (2) All ER 839). Therefore, the petitioner cannot be made liable for anything more than the tax (defined under Section 2 (43)). The respondent is consequently directed to determine the liability of the Petitioner, in the light of the finding.

Clarification on “Tax Due”


35

• Existing section 80JJAA provides deduction of 30% of additional wages subject to certain conditions;

• It was intended for blue collared workers, but found to be used for other section of workers also.

• Therefore now proposed to amend so as to provide that deduction shall be available to “Indian company deriving profits from manufacture of goods in factory”

• The deduction is equal to 30% of additional wages paid to new regular workmen for 3 AYs


Deduction u/s.80JJAA


36

• May overrule the case of M/s Texas Instruments (India) The Deputy Pvt. Ltd., 66/3, Bagmane Tech Commissioner of Income Park, C V Raman Nagar, vs Tax (LTU), Bangalore

Deduction u/s.80JJAA


37

• Existing provisions state that seized assets may be adjusted against existing liability towards IT, WT, Expenditure tax, Gift Tax & Interest Tax Act;

• Various courts have taken a view that the term “existing liability” includes advance tax liability of the assessee which is not in consonance with the intention of the legislature. • The legislative intent behind the this provision is to ensure the recovery of

O/s tax/interest/penalty and also to provide for recovery of tax/interest/penalty, which may arise subsequent to the assessment pursuant to search.

• Accordingly, it is proposed to amend the aforesaid section to clarify that “existing liability” does not include Advance Tax liability.


Application of Seized Assets u/s.132B


38

• May Overrule an Bombay High court ruling in the case of Shri Jyotindra B. Mody, Whether the ITAT was justified in holding that the seized cash amounting to Rs. 18,00,000/and the amount of Rs.1.98 Crores deposited by the Assessee on 31st January, 2007 could be adjusted against the Advance Tax liability while computing the interest under sections 234B and 234C of the Income Tax Act, 1961? Held, yes

Application of Seized Assets u/s.132B


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• Existing 139(9) provides that AO may intimate defect to assessee.

• It is now proposed to amend the explanation to the section so to provide that the return of income shall be regarded as defective unless the tax together with interest if any , payable with accordance with sec 140A has been paid on or before date of furnishing of the return.


Return of income w/o SA Tax=Invalid


40

• It was held by the hon’ble SC in Union of India vs Azadi Bachao Andolan(2003)263 ITR706 that CBDT circular no.789 dt.13.4.2000 (stating Certificate of Residence will constitute sufficient evidence for accepting the status as well as beneficial ownership for applying DTAA agreement) is valid.

• It is proposed to amend Sec90 & Sec 90A in order to provide that submission of tax residency certificate is a necessary but not a sufficient condition for claiming benefits of agreements referred to in sections 90 and 90A.

• These amendments will take effect retrospectively from 1.4.2013 and will accordingly apply to AY 2013-14 and subsequent assessment years.

Tax Residency Certificate


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• Existing section provides that the AO having regard to the nature, complexity of accounts and in the interest of revenue, with approval of CC or Commissioner may direct the assessee to get his accounts accounted by an accountant and furnish report.

• Nature & Complexity have been interpreted in a restrictive manner by various courts.

• Hence proposed to amend sub-section to provide that if at any stage of proceedings before him…

• Contd…

Direction of Special Audit u/s.142(2A)


42

• AO having regard to: • nature, complexity of accounts;

• Volume of accounts;

• Doubts about correctness of accounts;

• Multiplicity of transactions;

• Specialised nature of business;

• and in the interest of revenue,

is of the opinion that it is necessary to do so, he may with the Prior approval of CC or Commissioner may direct the assessee to get his accounts accounted by an accountant and furnish report.




43

• May Overrule the case of Delhi Development Authority (DELHI High court) where it was held, Irregularities can be examined and verified by the Assessing Officer and for this purpose, special audit is not required.



44

• Existing provisions of sec 153 provide time limit for assmt or re-assmt by the ITO.

• Explanation to section provides exclusions of certain periods.

• Under section 153(1)(iii), period starting on the date on which AO directs special audit and ending with the last date for submission of report is excluded.

• However, no exclusion in case direction is set aside by a court.

• It is proposed to amend explanation to clause (iii) to change the period ending to the last date for submission of report or where such direction is challenged before a court, ending with the date of such order of setting aside received by commissioner

• Contd…

Exclusion in period of Limitation


45

• Similarly under section 153(1)(vii), period starting on the date on which AO makes a reference for exchange of information u/s.90 & 90A and ending date of receipt of such reference is excluded.

• Sometimes, more than one reference is made.

• Hence, It is proposed to amend above clause so a as to provide that the period commencing from the date on which a reference or first of the references is made and ending with the date on which the info requested is last received by the Commissioner or a period of one year, whichever is less, shall be exluded. Similar amendments proposed to sec153B


Exclusion in period of Limitation


46

• Existing provision provides that if a person who is required to furnish AIR as required under sub section(1) of sec 285BA, fails to furnish such return with the time prescribed under that sub-section, the Income Tax Authority may direct that such person shall pay, by way of penalty, a sum of `100 for every day during which the failure continues;

• It is proposed to amend the aforesaid sub-section so as to provide that if a person fails to furnish such return with the time prescribed under sub-section (2), the Income Tax Authority may direct that such person shall pay, by way of penalty, a sum of `100 for every day during which the failure continues;

• Contd…

Penalty u/s. 271FA for non-filing AIR


47

• It is further proposed to provide that where such person fails to furnish the return under sub section (5) of section 285BA, he shall pay by way of penalty a sum of `500 for every day during which the failure continues, beginning with the day immediately following the day on which the time specified in such notice for furnishing the return expires.


Penalty u/s. 271FA for non-filing AIR


48

• Existing section 36(1)(viia) provides a deduction of bad debts subject to limits; • 7.5% of GTI of co-operative Banks; • 10% of aggregate average advances made by rural branches

• This limit is 5% of GTI(before deduction under this clause) under sub clause (b) and (c) for banks incorporated outside India & certain Fin. Inst’ns.

• Clause (vii) provides for deduction of B/d actually w/off as irrecoverable in books.

• The proviso for this clause provides that for an assessee, to which clause (viia) applies, deduction under clause (vii) shall be limited to the amount by which the B/d w/off exceeds the cr.bal in Provision for BDD made clause (viia).

• The provisions of clause (vii) are subject to provision of section 36(2)(v) which provides that the assesee to which 36(1)(viia) applies, should debit the amount of B/d w/off to the Provision to BDD account u/s. 36(1)(viia).

• Therefore banks or FI are entitled to claim deduction for B/d actually w/off under clause (vii) only to the extent it is in excess of the cr. Bal in the Provision for BDD account made clause (viia).

Bad debts in case of Banks


49

• However, certain judicial pronouncements have created doubts about the scope and applicability of proviso to section 36(1)(vii) and held that the proviso applies only to provision for BDD made for rural advances.

• In order to clarify the scope and applicability of provision of clause (vii),(viia) of subsection (1) and subection (2), it is proposed to insert an explanation in clause (vii) of sec 36(1) stating that for the purposes of of proviso to sec 36(1)(vii) & 36(2)(v), only one account is made for Provision for BDD u/s. 36(1)(viia) & such account relates to all types of advances, whether rural or other adv.



50

• Therefore, for an assessee to which clause(viia) applies, the amount of deduction for B/d actually w/off under clause (vii) shall be limited to the amount by which such B/d exceeds the cr.bal in the Provision for BDD account made under clause(viia) WITHOUT ANY DISTINCTION between rural advances and other advances.




51

• May overrule the case Catholic Syrian Bank Ltd (343) ITR 270 (SC) where hon’ble SC had considered whether a bank was eligible to claim a deduction for bad debts u/s 36(1)(vii) in respect of its (rural & urban) advances and also claim a provision for bad and doubtful debts u/s 36(1)(viia) in respect of its rural advances in view of the Proviso to s. 36(1)(vii) which provides that only the excess over the credit balance in the provision for bad and doubtful debts account made u/s 36(1)(viia) can be claimed and held that bad debts written off in respect of urban debts were eligible for deduction u/s 36(1)(vii) without any limits specified in proviso thereto, as the same were not covered by the provisions of Sec 36(1)(viia).



52

• To increase compliance and encourage assessee to voluntarily pay service tax and file returns on timely basis, the Government has come up with Voluntary Compliance Encouragement Scheme, 2013 with following key features:

i. The scheme can be availed of by non-filers or stop-filers or persons who have not made a truthful declaration in their return. However it will not be applicable to persons against whom any inquiry or investigation is pending by the issue of search warrant or summon or by way of audit; ii. The defaulter will be required to make a truthful declaration of all his pending tax dues (from 01.10.2007 to 31.12.2012) and pay at least half of that before 31.12.2013; remaining half to be paid by: (a) 30.06.2014 without interest; or (b) By 31.12.2014 with interest from 01.07.2014 onwards;

Contd…

Amnesty Scheme for Service Tax


53

iii. On compliance with all the requirements the person will have immunity from interest (as specified), penalties and other proceedings;

Comments: This is indeed an appreciable step taken by FM in a country where out of 17 Lakh registered assesses only 7 Lakh file returns regularly (Budget Speech). This will encourage genuine assessees to come forward admit their tax dues without payment of any interest and penalty. TRU letter has clarified that tax-payers will need to settle their dues for the period after 31.12.2012 under the present law.

Amnesty Scheme for Service Tax


54

From the papers…


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A message received on whatsapp…


56

From the papers…


57

Opinion of the former member of CBEC…

From the papers…


58

Summary bullets of an article on Service Tax changes

From the papers…


59

What better way to end than with the most discussed statistic of the Budget 2013only 42,800 persons…!

From the papers…


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CA. Kalyan Chakravarthy Vennety B.COM, ACA, DISA(ICAI), CISA

(Proud Member of Jalna CPE Study Chapter of WIRC of ICAI)

Partner

V R Jogeswara Rao & Co., Chartered Accountants, Jalna

Phone: 9970088669 email: [email protected]

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Kalyan finance act 2013 14