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Table Of Contents

Indirect Tax:

Taxability on Club Service
Relief to Passive Telecom Industry

Direct Tax:

Short-term capital loss taxable at concessional rate


Subsidy:

Revised Guidelines on CLCSS

Our Participation:

Our Gamut of Services:

  Indirect Tax
  Direct Tax
  Financial Consultancy (Central/State Govt. Subsidy/Incentives Matters)
   Project Consultancy and Loan Syndication (Approved Consultant of Various Banks/Financial Institutions)
  Industrial Consultancy–assistance in getting :
•  Pollution Clearance
•  Registration of DG Set/Power Plant
•  Electricity Duty matters
•  Factory Licence
•  Food Safety Licence
  Empanelled Valuers with various Banks/FIs

Our Associates:

  Suvridhi Capital Markets Ltd.(Financial Solutions)
  Dreamacres Realty (P) Ltd (Real Estate Division)
  Suvidha Placements Ltd.(Placement Division)
  Suvidha Insurance Broking Pvt Ltd.(Insurance Division)

Clubs or Associations Service – Taxability on Service to Self

A Club or Association is normally formed on the concept of mutuality. The association and members are not considered as two different persons, but they are considered as one and the same. However, contrary to this principle of mutuality, Service Tax has been leviable on clubs or associations providing services to its members for a subscription or any other amount from 16/06/2005 as per Section 65 (105) (zzze) of the Finance Act 1994 (hereinafter referred to as ‘the Act’). Further, an explanation was added to in Section 65 (121) of the Act to consider the service provided by unincorporated association or body of persons to a member thereof, as taxable service. In this regard, it is pertinent to note that Service Tax is leviable on the provision of service. “Service” means any activity carried out by a person for another for consideration.
The definition of service has the following essential requirement:

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Short-term capital loss taxable at concessional rate can be set off Against other short-term capital gains regardless of tax rate differential

In case of Mac Charles India Limited vs ACIT, the Income Tax Appellate Tribunal (Bangalore) has allowed to set off the short term capital loss arising out of sale of shares which were taxable at a concessional rate of [10%]* under section 111A of the Income Tax Act, 1961 (*current rate is 15% as amended by Finance Act, 2008) against short term capital gain arising from the transfer of other capital assets taxable at normal rates (at 30% in the said case) even though there was short term capital gain taxable at concessional rates.
In the above case, the Tax Officer was of the view that STCL from assets which were taxable at a concessional rate must first be set off against STCG taxable at concessional rate and remaining STCL, if any, could be set off with STCG on the transfer of other capital assets chargeable at the normal rate.

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Revised Guidelines on Credit Linked Capital Subsidy Scheme (CLCSS) for Technology Upgradation of Small Scale Industries (SSI) in Specified Sectors.


Basics Features
PURPOSE  Facilitate Technology Upgradation of SSI units in the specified products / sub-sectors by providing 15 % capital subsidy for induction of well-established and improved technologies.
Maximum Ceiling of loan  15% of the investment in eligible plant & machinery
 Ceiling on Loan- Rs.100 lakh
 Ceiling on subsidy - Rs. 15 lakh.

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