Expenditure incurred on maintenance, back-up and support services to existing hardware and software is revenue in nature

Expenditure incurred on maintenance, back-up and support services to existing hardware and software is revenue in nature Posted: 01 Jun 2013 09:07 PM PDT Issue pertains to expenditure of Rs.1.02 crores ( rounded off) expended by the assessee and whether the same should be treated as capital or revenue expenditure. For the assessment year 2008-09 the Assessing Officer noticed that the assessee had debited in the profit and loss account, amount of... Penalty u/s 271(1)(c ) cannot be imposed on account of deeming fiction u/s. 50C Posted: 01 Jun 2013 08:47 PM PDT The assessee sold the property at a sum of Rs.2,51,50,000/- For the purpose of stamp duty, however, the value was estimated at a sum of Rs.5, 19,77,000/- and on that basis the stamp duty was realized. During the assessment, it was found that the assessee had disclosed the sale price at a sum of... S. 43B Employees contributions to EPF/ESIC beyond due dates specified in relevant statutes, but before due date of filing ROI allowable Posted: 01 Jun 2013 08:20 PM PDT Due date referred to in section 36(1)(va) of the Act must be read in conjunction with section 43B(b) of the Act and a reading of the same would make it amply clear that the due date as mentioned in Section 36(1)(va), is the due date as mentioned in section 43B(b) i.e. payment/contribution made to... Service tax on Educational Services – A Practical Perspective Posted: 01 Jun 2013 09:45 AM PDT The word 'education' is derived from the Latin word 'educa' which means bringing out latent faculties. 'Education' means the act or process of imparting or acquiring general knowledge, developing the powers of reasoning and judgment, and generally of preparing oneself or others intellectually or... How to adjust excess service tax payment Posted: 01 Jun 2013 09:33 AM PDT  CA Pawan Kumar According to the Proviso of sub-rule (1) of Rule 6 of the Service Tax Rules, 1994 reads, "Provided also that the service tax on the value of taxable services received during the month of March, or the quarter ending in March, as the case may be, shall be paid to the credit of [...] GST – Now The Dilemma Of Law Makers Is Clearly Declared- A Non Starter Futile Exercise Posted: 31 May 2013 10:58 PM PDT The Finance Minister Mr. P. Chidambaram in his Budget speech in 2006 gave a very clear picture about the future of the Goods and service tax. Let us see how confident our law makers were in 2006 which is evident from the budget speech of the Finance Minister Mr. P. Chidambaram:-