News Flash - March 2013 - abm & associates

NEWS FLASH MARCH 2013 abm & associates

MICROSOFT | [Company Address]

abm & associates CHARTERED ACCOUNTANTS

NEWS FLASH

March 2013


Head Office : Navi Mumbai Branches : Pune | Kolhapur | Belgaum 1

Contents

NEW COMPANIES BILL, 2012 PROPOSES “ARM’S LENGTH” CONCEPT FOR RELATED PARTY

TRANSACTIONS __________________________________________________________________________________________________ 2

BACKGROUND ..................................................................................................................................................................................................... 2

OVERVIEW ............................................................................................................................................................................................................ 2

RELATED PARTIES/TRANSACTIONS COVERED ................................................................................................................................................. 2

CBDT ISSUED NEW RULES & FORM FOR TDS _________________________________________________________________ 4

BACKGROUND ..................................................................................................................................................................................................... 4

KEY AMENDMENTS ............................................................................................................................................................................................. 4

KEY AMENDMENTS IN FORMS .......................................................................................................................................................................... 5

SERVICE TAX BEING STATUTORY LIABILITY, NOT TO BE INCLUDED IN TOTAL RECEIPTS FOR

COMPUTING PRESUMPTIVE INCOME, AS IT DOES NOT CONTAIN AN ELEMENT OF PROFIT _____________ 7

IN BRIEF ................................................................................................................................................................................................................ 7

FACTS: ................................................................................................................................................................................................................... 7

ISSUE UNDER CONSIDERATION: ........................................................................................................................................................................ 7

TAXPAYERS ARGUMENTS: .................................................................................................................................................................................. 7

TAX DEPARTMENT’S ARGUMENTS: .................................................................................................................................................................. 7

TRIBUNAL’S RULING: .......................................................................................................................................................................................... 7

OUR VIEW:........................................................................................................................................................................................................... 7

ST3 FILING DATE EXTENDED FOR Q2 2012-13 ________________________________________________________________ 8



New Companies Bill, 2012 proposes “Arm’s Length” Concept for Related

Party Transactions

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CBDT Issued New Rules & Form for TDS

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Service Tax being Statutory Liability, not to be included in total receipts for computing presumptive Income, as it does not contain an element of profit

1 ITA No.8672/Mum/2010 for A.Y. 2007-08 2 Islamic Republic of Iran Shipping Lines vs DCIT, 11 Tax-

man.com.349(Mum),

Sedco Forex International Drilling Inc vs. ADIT, 24 Taxman .com

390(Delhi)

DDIT vs. M/s. Mitchell Drilling Int. Pty. Ltd.(I.T.A.

No.698/Del/2012)

DIT va. Schlumberger Asia Service Ltd., 317 ITR 156 (Utt)

3 (2009) 209 SOT 33 (del)



ST3 filing date extended for Q2 2012-13

15th April, 2013

http://www.aces.gov.in/Documents/order_12013-ser-vice_tax_dated_6-3-2013_2.pdf

http://www.aces.gov.in/Documents/order_12013-service_tax_dated_6-3-2013_2.pdf

http://www.aces.gov.in/Documents/order_12013-service_tax_dated_6-3-2013_2.pdf



Navi Mumbai #NL 5/11/03, Sector 3 Next to Parsik Bank Nerul East Navi Mumbai – 400 706 : +91 22 2771 2275 Pune #11/E-2, New Friends Housing Society Paul Road Pune – 411 038 : +91 20 2539 7707

Kolhapur #1-2, Atharva 7th Avenue C.S.No.2007, 7th Lane Rajarampuri Kolhapur – 416 008 : +91 231 2531 707

The information contained herein is of general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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News Flash - March 2013 - abm & associates