Central Excise
Subsidy received by Fertilizer Company from Government cannot be considered as an additional consideration; not includible in assessable value: CESTAT
CBEC in Circular No.983/7/2014-CX dated 10.7.2014, has clarified that the subsidy given by the Government is not includable in the assessable value and Central Excise duty is not payable on the subsidy component provided by the Government. The grant of subsidy is given pursuant to an administrative decision taken by Government of India and payment of subsidy to the manufacturer by the Government cannot be regarded as discharge of any liability or obligation by the Government towards the purchasers of the fertilizers.
Income Tax
Whether disallowance u/s 40(a)(ia) is warranted merely because assessee provides wrong PAN No of transport operator who was paid transport charges without deduction of tax at source - YES: ITAT
THE assessee is an individual who is engaged in the business of Transport contractor. He had filed his return, declaring total income at Rs.13,53,520/-. During assessment, AO noted from the details furnished by the assessee revealed that the assessee had received transport charges of Rs.3,41,32,614/- besides hiring charges and unloading charges. The assessee had paid transport charges of Rs.2,65,14,217/-. Since the assessee had not deducted TDS the AO asked the assessee to explain why provisions of section 40(a)(ia) should not be invoked. The assessee explained that the owners as well as transport operators had submitted their PAN Nos. and thus, as per provisions of section 194C (6) TDS was not required to be made.
The issue before the Bench is - Whether disallowance u/s 40(a)(ia) is warranted merely because the assessee provides wrong PAN No of transport operator who was paid transport charges without deduction of tax at source. And the answer is YES.
| Standard-Setting Activities Digest July 2014 Review a brief summary of standard-setting activities in Canada over the past twelve months. Review a detailed summary of standard-setting activities in Canada by financial reporting framework:
U.S. and International standard-setting activities
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Public Comments sought on Draft of Forward Contracts (Regulation) (Intermediaries) Rules, 2014
The Ministry of Finance is in the process of strengthening the regulatory framework of the commodity derivative markets for some time. As part of this process, greater empowerment of Forward Markets Commission (FMC), the market regulator is also being done.
Accordingly, a need was felt to strengthen the regulatory framework by empowering the FMC to effectively regulate the intermediaries of the commodity derivative markets. To enable this, it has been decided to notify appropriate Rules by the Central Government.
As a transparency enhancing mechanism and therefore, to obtain public comments, a draft of the said Rules is hosted on the website of the Ministry of Finance at http://finmin.nic.in
Feedback/ comments on the draft Rules may be sent to Shri Lekhan Thakkar, Director, Commodity Derivatives Division, Department of Economic Affairs, Ministry of Finance at lekhan.d@nic.in within 21 days.
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