Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
CPC had restricted TDS credit to proportionate amounts on the basis that gross receipts shown in Form 26AS were not fully offered to tax; the note clarifies that where a taxpayer acts as an intermediary receiving payments on behalf of principals and recognises only commission as revenue, the residual receipts are not revenue of the intermediary and TDS deducted on those payments effectively pertains to the intermediary's receipts. Consequently, full credit of TDS reflected in Form 26AS should be allowed to the intermediary; CPC is directed to grant such full credit.
CPC had restricted TDS credit to proportionate amounts on the basis that gross receipts shown in Form 26AS were not fully offered to tax; the note clarifies that where a taxpayer acts as an intermediary receiving payments on behalf of principals and recognises only commission as revenue, the residual receipts are not revenue of the intermediary and TDS deducted on those payments effectively pertains to the intermediary's receipts. Consequently, full credit of TDS reflected in Form 26AS should be allowed to the intermediary; CPC is directed to grant such full credit.
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