Showing posts from April, 2009

Now, expect I-T refunds sooner

Now, expect I-T refunds sooner Income tax assesseess may soon hope to get their refund amounts ea rlier than they are used to now. The income tax department will be coming up with a central processing centre in Hyderabad, which may help in early assessment of income tax returns, followed by early refunds. The facility, being developed in association with IT major Infosys, is expected to be inaugurated in a couple of months, said chairman of the central board direct taxes SSN Moorthy. He was in the city-based National Academy of Direct Taxes (NADT) to address the valedictory function of the 61st batch of Indian Revenue Service (IRS) officers. Moorthy said the processing centre will lead to clearing of refund cases in a couple of months. The process currently takes at least four months and may go even longer. Source :

Service Tax on Commercial Rent Held Unconstitutional

“The Delhi High Court has on April 18, 2009 struck down the levy of service tax on renting of immovable property as "unconstitutional".” For_Immediate_Release: The Delhi High Court has today struck down the levy of service tax on renting of immovableproperty as "unconstitutional", while deciding 26 writ petitions of different petitioners, by acombined order. The division bench of the Delhi High Court comprised of Mr. Justice BadarDurrez Ahmed and Mr. Justice Rajiv Shakdher observed that service tax shall not be levied onrenting of immovable property. Alishan Naqvee, Advocate, LexCounsel Law Offices, who represented his clients in two of thepetitions disposed off today, tells that the category of "renting of immovable property service"was introduced by the Finance Act of 2007. This, in effect brought renting, letting, leasing, licensing or other similar arrangements of immovable property for use in the course offurtherance of business and commerce, within