| DCIT vs. Mitchell Drilling International Pty. Ltd (ITAT Delhi) |
| S. 44BB is a special provision, treating 10% of the aggregate amount specified in sub-s. (2) of s. 44BB as deemed profits and gains of the non-resident. The amount referred in sub-s. (2) of s. 44BB are the amounts (a) paid to the assessee (whether in or out of India) on account of the provision of services and facilities in connection with, or supply of plant and machinery on higher used, or to be used, in the prospecting for, or extraction or production of, mineral oils in India … etc. Service-tax is a statutory liability like custom duty and reimbursement of custom duty & service-tax paid by the assessee cannot form part of amount for the purpose of deemed profits u/s 44BB as oit does not involve any element of profit. Accordingly, it cannot be included in the total receipts for determining the presumptive income. |
Thursday, 20 September 2012
Service tax is not part of “Gross Receipts” for purposes of s. 44BB
Subscribe to:
Post Comments (Atom)
-
Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
In this post, I will discuss Secretarial Standards related to Proxies under SS – 2. Right to Appoint: A Member entitled to attend and ...
-
When India introduced the Goods and Services Tax (GST), it created a big change in the way companies handle their taxes. Earlier, business...
-
What is a Digital Signature? Answer: A digital signature authenticates electronic documents in a similar manner a handwritten signatur...
-
Companies often give gifts to their employees to boost morale, celebrate achievements, and promote a positive work environment. Such gifts ...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
Section 150 of the Finance (No. 2) Act, 2024, specifies that taxpayers will not receive refunds for taxes paid or input tax credits (ITC) re...
-
Overview The Supreme Court of India recently ruled on the applicability of the Most Favoured Nation (MFN) clause in tax treaties involvin...
2 comments:
if my gross receipt was 14 lacs and service tax 2 lacs and total receipt 16 lacs.i m professional whether tax audit appicable for a.y 2012-13.
if my gross receipt was 16 lacs its included 2 lacs service tax so its applicable tax audit foe a.y 2012-13,if i m professional
Post a Comment