This document discusses reverse charge mechanism in India. It provides an overview of the history of reverse charge introduction in 1997 and its subsequent amendments. It outlines services where liability to pay service tax lies with the service recipient under reverse charge as of July 2012, including insurance, sponsorship, rent-a-cab, manpower supply, and services by non-residents. Key points around invoice, CENVAT credit, registration and compliance requirements for recipients are summarized. Specific provisions for reverse charge on GTA, rent-a-cab and works contract services are also highlighted.
Presentation seeks to address issues faced by stakeholders (importers, exporters, manufacturers, traders) in understanding the law, compliance requirements and challenges in transition
Union Budget 2020:Clause by Clause Analysis of Direct Tax ProvisionsDVSResearchFoundatio
OBJECTIVE
Union Budget 2020 has come up with various amendments relating to direct tax as well as indirect tax provisions. The webinar shall focus on clause by clause analysis of amendments of the direct tax provisions, including the backdrop under which these amendments are proposed and the insights on the impact it will have on the masses as a whole.
http://www.solelazerpiscinas.com.br
A Sol e Lazer Piscinas em São Paulo realiza o projeto personalizado em sua piscina atendendo residências, clubes, hotéis, condomínios e construtoras.
Atendemos São Paulo e Grande São Paulo.
Presentation seeks to address issues faced by stakeholders (importers, exporters, manufacturers, traders) in understanding the law, compliance requirements and challenges in transition
Union Budget 2020:Clause by Clause Analysis of Direct Tax ProvisionsDVSResearchFoundatio
OBJECTIVE
Union Budget 2020 has come up with various amendments relating to direct tax as well as indirect tax provisions. The webinar shall focus on clause by clause analysis of amendments of the direct tax provisions, including the backdrop under which these amendments are proposed and the insights on the impact it will have on the masses as a whole.
http://www.solelazerpiscinas.com.br
A Sol e Lazer Piscinas em São Paulo realiza o projeto personalizado em sua piscina atendendo residências, clubes, hotéis, condomínios e construtoras.
Atendemos São Paulo e Grande São Paulo.
In this you will find a detailed introduction about GST and its conceptual aspects.
1. What is GST.
2. benefit of GST.
3. Importance for different class of people.
4. Registration requiremnets.
5. Supply
6. Place of supply.
7. Value of supply.
8. Time of supply.
9. Returns
In this you will find a detailed introduction about GST and its conceptual aspects.
1. What is GST.
2. benefit of GST.
3. Importance for different class of people.
4. Registration requiremnets.
5. Supply
6. Place of supply.
7. Value of supply.
8. Time of supply.
9. Returns
Your guide on the most crucial pillar of GST - Input Tax Credit.
We hope this guide can help you understand the contours of Input Tax credit with regard what you are eligible for and what is explicitly denied in the law.
The presentation contains the history of Reverse charge machainism from the date from which it was inroduced and the subsequent amendments. We have added all the services covered under Reverse Charge Mechainism till date. For ease of understanding, we have presented every service in the form of chart and diagrams.
ABSTRACT
Chemical is right at the core of advance industrial systems, which is why it has attained a serious concern for disaster management. Chemical disasters are often traumatic in impact on humans usually resulting in casualties along with damage to nature and property. Unlike natural disasters, preventive and regulatory measures assume greater significance when we talk about chemical disasters. India too, has witnessed several chemical disasters in the past 50 years, highlighting the need for safeguards against such events. This paper’s focus lies on two of the most dangerous gas leaks India has witnessed until this date, i.e. the Bhopal Gas Leak and the Vizag Gas Leak. The author discusses in detail what went wrong prior to and during the Bhopal Gas leak, which is followed by an explanation on how the safety initiatives have evolved after the 1984 incident. In the next section, the author tries to decode the Vizag leak of 2020 with emphasis on how the company could bypass the safety norms in place. The author then discusses the gap in the present framework governing Chemical Disasters (including gas leaks) and proposes certain measures that could be implemented for effective management of such disasters.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
3. Reverse Charge
• First sought to be introduced in 1997 for GTA and clearing Agents
• Finance Act, 1994 was not amended to provide for liability of payment service recipient and
amendment was primarily sought by amending Rules
• Held as ultravires the Act by Apex Court in Laghu Udyog Bharati (2006) (2) STR 276 (SC)
• Reintroduced by amendments in charging section vide amendments in 2000 and 2003
• This time upheld by Apex Court in Gujarat Ambuja Cement Ltd. 2006 (3) STR 608 (SC).
• Validity of the collection of service tax from service receiver was upheld in the case of All
India Tax Payers Welfare vs Union Of India [(2006) 205 CTR Mad 360, 2006 4 STR 14]
Reverse Charge & Latest issues CA Gaurav Gupta 3
4. Reverse Charge
• Section 68 provides for mechanism for collection of Service Tax
• Section 68(2) of the Finance Act, 1994 provides for the person other than service provider
for payment of service tax.
• Section 68(2) of the Finance Act, 1994 provides that Government may notify any service
with respect to which the liability of to pay service tax may lay upon the service recipient as
a person liable to pay service tax.
• Rule 2(1)(d) of Service Tax Rules, 2004 also amended suitably as it defines “person liable
to pay Service Tax”
Reverse Charge & Latest issues CA Gaurav Gupta 4
5. Reverse Charge
Prior to July 1, 2012
Reverse charge liability was existing on following four category of services
• GTA
• Sponsorship Services
• Insurance Services
• Import of Services
Post July 1, 2012
• Reverse charge liability effected on 11 cases vide Notification No. 30/2012-ST, dated June
20, 2012
• Enlarged Scope
Reverse Charge & Latest issues CA Gaurav Gupta 5
6. Reverse Charge
Description of
Service
Service Provider Service Recipient Liability of provider Liability of recipient
Insurance Insurance Agent Person carrying on insurance business NIL 100%
Sponsorship Any person Body Corporate or partnership firm
located in taxable territory
Nil 100%
GTA Goods Transport
Agency
Six Specified persons Nil 100%
Arbitral Tribunal Arbitral Tribunal To any business entity located in
taxable territory
Nil 100%
Legal Services Individual
Advocate or a firm
of advocates
Business entity located in taxable
territory
Nil 100%
Rent a Cab
(claiming
Abatement )
Specified persons To any business entity registered as
body corporate located in the taxable
territory
Nil 100%
Reverse Charge & Latest issues CA Gaurav Gupta 6
7. Reverse Charge
Description of
Service
Service Provider Service Recipient Liability of provider Liability of recipient
Rent a Cab (not
claiming
Abatement )
Specified persons To any business entity registered as
body corporate located in the taxable
territory
50% 50%
Manpower
supply including
Security
Specified persons To any business entity registered as
body corporate located in the taxable
territory
Nil 100%
Works Contract Specified persons To any business entity registered as
body corporate located in the taxable
territory
50% 50%
Directors Individuals / body
corporate
To any business entity registered as
body corporate located in the taxable
territory
Nil 100%
Services by non
resident
By any person
who is located in
non-taxable
territory
Any person located in taxable
territory
Nil 100%
Any Service Govt.
or Local Authority
Business Entity Nil 100%
Reverse Charge & Latest issues CA Gaurav Gupta 7
8. • Invoice:
- Service tax relating to provider’s share shall be charged on invoice
- Service tax relating to service receiver’s share may be mentioned on invoice
with the mention that he is required to pay the balance amount.
• Cenvat of joint charge mechanism input services:
- Cenvat Credit of Provider’s share of Service tax can be availed on the basis
of invoice
- Cenvat Credit of Recipient's share of services can be availed on the basis of
challan both for partial and full reverse charge cases
- If payment is not made to vendor within three months in partial reverse
charge, then such Cenvat credit shall be required to be reversed
Reverse Charge
Reverse Charge & Latest issues CA Gaurav Gupta 8
9. Reverse Charge
Certain points of specific Mention
• Service Tax payable under reverse charge even on advance for services
• Service recipient is required to get himself registered and file returns
• Interest and penal provisions in case of delay applicable even under reverse charge
Circular No. 162/13 /2012 –ST Dt. 6-7-2012
It is clarified that the provisions of partial reverse charge would also be applicable in respect
of such services where point of taxation is on or after 01.07.2012 under the applicable rule in
respect of the service provider.
Reverse Charge & Latest issues CA Gaurav Gupta 9
10. Rule 7 of Point of Taxation Rules, 2011.
As per Rule 7 of POT rules the point of taxation in case of reverse charge mechanism shall
be the date on which payment is made by the service receiver to the service provider.
Therefore liability to pay service charge is the month in which payment to service provider is
made.
However if payment to the service provider is not made within Three months from the date of
invoice than point of taxation shall be determined as first day after three months.
Exception is that when service provider is outside India is Associated Enterprise, the service
receiver is liable to pay service tax as soon as the account of service provider is credited in
books of account of service receiver.
Reverse Charge
Reverse Charge & Latest issues CA Gaurav Gupta 10
11. Reverse Charge
Certain important questions
Ques 1: What does a service provider need to indicate on the invoice when he is liable to pay
only a part of the liability under the partial reverse charge mechanism?
Ques 2: If the service provider is exempted being a SSI (turnover less than
Rs. 10 lakhs), will service recipient still be liable to deposit under reverse charge?
Ques 3: Does an SSI unit (having turnover less than 10 Lakhs) liable to deposit Service tax
under reverse charge?
Ques 4: How will service recipient avail Cenvat Credit?
Reverse Charge & Latest issues CA Gaurav Gupta 11
12. Reverse Charge
Certain important questions
Ques 5: Do I need separate registration to discharge my liability under reverse charge?
Ques 6: Do I need to pay interest on late payment of liability under reverse charge?
Ques 7: Can I pay reverse charge liability by Cenvat Credit?
Ques 8: X Ltd. engages a contractor Mr C to construct his factory. Both parties agreed that
Contractor C would charge the entire service tax and discharge the liability. Whether X is
liable to pay liability under reverse charge?
Reverse Charge & Latest issues CA Gaurav Gupta 12
13. Reverse Charge
Certain points of specific Mention - GTA
• Specified Persons:
o Any factory registered under or governed by the Factories Act, 1948 (63 of 1948)
o Any society registered under the Societies Registration Act, 1860 (21 of 1860) or under any other
law for the time being in force in any part of India
o Any co-operative society established by or under any law
o Any dealer of excisable goods, who is registered under the Central Excise Act, 1944 (1 of 1944) or
the rules made there under
o Any body corporate established, by or under any law
o Any partnership firm whether registered or not under any law including association of persons
• Exemption as available for transportation through GTA for specified goods available to
recipient also
• Exemption for INR 750/1500 charge available to recipient also
Reverse Charge & Latest issues CA Gaurav Gupta 13
GTA
14. Reverse Charge
Certain points of specific Mention – Rent a cab / Manpower supply / Works contract
Specified Persons (Provider):
• Any individual
• Hindu Undivided Family
• partnership firm (includes LLP), whether registered or not, including
• association of persons
located in the taxable territory
Points to note:
• Proprietorship firm included
Reverse Charge & Latest issues CA Gaurav Gupta 14
15. Reverse Charge
Recipient:
• To any business entity registered as body corporate located in the taxable territory
Business Entity – 65B(17) - "business entity" means any person ordinarily carrying out any
activity relating to industry, commerce or any other business or profession
Body Corporate – Section 2(7) of Companies Act – includes company incorporated in India
but does not include –
(a) Corporation Sole,
(b) Registered Cooperative Society
(c) Any other body corporate as notified by Central Government
Reverse Charge & Latest issues CA Gaurav Gupta 15
Rent a Cab / Manpower
Supply / Works Contract
16. Reverse Charge
Body Corporate:
Characteristics:
- Incorporated under some law
- Perpetual succession
- Ability to hold property in own name
Examples:
- Companies (whether incorporated in India / outside India),
- Corporations under laws
Not body Corporate:
- Proprietorship Concern
- HUF
- Society under Societies Act
- Partnership firms
Reverse Charge & Latest issues CA Gaurav Gupta 16
Rent a Cab / Manpower
Supply / Works Contract
17. Whether recipient
PSUs
Yes
Charitable Trusts No, not business entity
Partnership firm No, not body corporate
HUF No, not a body corporate
Reverse Charge
Reverse Charge & Latest issues CA Gaurav Gupta 17
Rent a Cab / Manpower
Supply / Works Contract
18. Reverse Charge
Certain points of specific Mention – Rent a cab
• Persons in same line of business, no liability under reverse charge mechanism
• Radio taxi not included
Certain points of specific Mention – Manpower Supply
• Recruitment agencies not covered
• To include all amounts including ESI/ PF etc. while determining liability under reverse
charge as well
Reverse Charge & Latest issues CA Gaurav Gupta 18
Rent a Cab / Manpower
Supply
19. Effective rate
Abatement Taken
by Rent a Cab
operator
Valuation – 40%
Reverse Charge Liability
– 100% of above
No Abatement Taken by
Rent a Cab operator
Valuation –100%
Reverse Charge Liability –
50% of above
Reverse Charge
Works ContractNotification No. 26/2012
Reverse Charge & Latest issues CA Gaurav Gupta 19
20. Reverse Charge
Case 1:
Mr. X engages a contractor Mr C to construct his factory. As per contract all material to be
provided by Mr A. Mr. C shall provide 10 labour for the execution of the contract @Rs 600
per man day. Overtime shall be charged extra @ Rs 100 per hour. The persons employed at
construction work are working under the superintendence and control of the Contractor Mr. C.
Whether this transaction is covered under manpower supply service or works contract?
Answer:
None,
a. Its not manpower supply because both superintendence and control over the labour lies
with Mr. C
b. Its not a works contract because no property in goods is transferred from Mr C to Mr A.
Reverse Charge & Latest issues CA Gaurav Gupta 20
Works Contract
21. Reverse Charge
Certain points of specific Mention – Non resident
• Exemption to Government, charitable trusts (Specific), Individuals for non business purpose
and RBI for forex management.
• Payment to service provider in J&K covered under reverse charge liability
Certain points of specific Mention – Manpower Supply
• Recruitment agencies not covered
• To include all amounts including ESI/ PF etc. while determining liability under reverse
charge as well
Reverse Charge & Latest issues CA Gaurav Gupta 21
22. Reverse Charge
Failure to pay Service Tax under
All Implications as is in case of Service provider being person liable to pay.
Hindustan Coca Cola Beverages P. Ltd. v. CIT, 293 ITR 226 (SC) :
“The Tribunal, upon rehearing the appeal, held that though the appellant-assessee was rightly
held to be an ‘assessee in default’, there could be no recovery of the tax alleged to be in
default once again from the appellant, considering that Pradeep Oil Corporation had already
paid taxes on the amount received from the appellant. It is required to note that the
Department conceded before the Tribunal that the recovery could not once again be made
from the tax deductor, where the payee included the income on which tax was alleged to
have been short deducted in its taxable income and paid taxes thereon. There is no dispute
whatsoever that Pradeep Oil Corporation had already paid the taxes due on its income
received from the appellant and had received refund from the Tax Department. The Tribunal
came to the right conclusion that the tax once again could not be recovered from the
appellant (deductor-assessee), since the tax has already been paid by the recipient of
income.” CA Gaurav Gupta 22
23. Disclaimer
This presentation has been prepared for internal use of
ICAI and its members. The contents of this document are
solely for informational purpose. It does not constitute
professional advice or a formal recommendation. The
presentation is made with utmost professional caution but
in no manner guarantees the content for use by any
person. It is suggested to go through original statute /
notification / circular / pronouncements before relying on
the matter given. The presentation is meant for general
guidance and no responsibility for loss arising to any
person acting or refraining from acting as a result of any
material contained in this presentation will be accepted by
us. Professional advice recommended to be sought
before any action or refrainment.
CA Gaurav Gupta
Partner
MGS & Co.
507 B, D-Mall, Netaji Subhash Palace,
Delhi - 110034
+91 11 32962487
+91 11 2735 2487
+91 98110 13940
cagauravmgs@gmail.com
Thank you