Articles by Manoj Pala

Indirect tax benefits on direct supplies to SEZs

Posted by Manoj Pala 27 June 2015 18657 Views

INDIRECT TAX BENEFITS (excise duty in particular) ON DIRECT SUPPLIES TO SEZs made by a Vendor who is a sub-contractor of the Main ContractorIn relation to the subject matter, the mechanics of the transaction may be as under;The customer is RRR Ltd.,

RULE 3 (5B) of the CCR - Write-off or 'Provision to write-off' versus Cenvat Reversals, Analysis

Posted by Manoj Pala 31 May 2013 43895 Views

RULE 3 (5B) of the CCR - Write-off or provision to write-off versus CENVAT Reversals, Analysis We refer to Sub-rule (5B) of Rule 3 of the CCR states that if the value of any: (i) input, or (ii) capital goods before being put

Section 145A of the Income Tax Act

Posted by Manoj Pala 23 April 2013 385194 Views

Section 145A shall be substituted for the existing section 145A by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010: Method of accounting in certain cases. 145A. Notwithstanding anything to the contrary contained in section 145, (a) the

Union Budget 2013 - Changes

Posted by Manoj Pala 02 March 2013 17281 Views

The Honble Finance Minister Mr.P.Chidambaram has presented Union Budget 2013 in both the houses of Parliament on 28th February, 2013 at 11 Hrs sharp. There is no change in the rate of duties and accordingly the rates of Excise T

Reversal of Cenvat Credit if inputs/capital goods are partially or fully written off: Rule 3 (5B)

Posted by Manoj Pala 29 September 2012 78606 Views

Sub-rule (5B) of Rule 3 of the CCR provides that if the value of any: (i) input, or (ii) capital goods before being put to use, on which CENVAT credit is taken is written off fully or partially or where any provision to write off fully or partia

Introduction of Negative List - Changes in Service Tax law

Posted by Manoj Pala 26 July 2012 154892 Views

Introduction of Negative List - Changes in Service Tax law effective 01.07.2012 1. INTRODUCTION 1.1 The Union Finance Minister announced implementation of a ne

Excise Duty & Customs Duty Exemptions for Supplies

Posted by Manoj Pala 07 June 2012 49747 Views

Excise Duty & Customs Duty Exemptions for Supplies made to Mega Power Project. That all the equipment supplied for the setting up the mega power projects enjoys both customs and excise duty exemptions.

Budget 2012 - Indirect Tax (Excise and Service tax)

Posted by Manoj Pala 22 March 2012 58204 Views

Indirect Tax I. Service Tax 1.1 Amendments to be effective from 1 April 2012 1.1.1 Change in Rate of Tax Rate of service tax has been increased to 12.36 percent (including Education Cess and Secondary & Hi

Input Service Credit vis-a-vis Services Debtors Write-off

Posted by Manoj Pala 10 August 2011 18711 Views

Reversal of Input Service Credit in case of service Debtors written off in the books of accounts A. Insofar, there is no provision in the CC Rules for reversal of input service credit in case services Debtors are written-off. B. For

Inventories defined and Rule 3 (5B) of CCR

Posted by Manoj Pala 05 August 2011 14373 Views

INVENTORIES defined and read in terms of Rule 3 (5B) of CCR; Inventories are assets (current assets) which encompass a) RAW MATERIALS held for use in the production process or in rendering of services b) Stores, maintenance suppli