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Archive: 22 January 2010

Posts in 22 January 2010

Govt may raise gratuity ceiling limit for private sector employees from Rs 3.5 lakh to Rs 10 lakh

January 22, 2010 1553 Views 0 comment Print

The Government on Friday said there was “near unanimity” among all stakeholders to raise the ceiling of payment on gratuity for private sector employees from Rs 3.5 lakh to Rs 10 lakh and hoped a decision in this regard will be taken before the forthcoming Budget session. “We have already prepared legislation and it remains to be approved by the Cabinet,” Labour Minister Mallikarjun Kharge said.

No service tax on services received abroad between March 2002 and April 2006:SC

January 22, 2010 1060 Views 0 comment Print

The Supreme Court has dismissed the Centre’s plea challenging the Bombay High Court ruling that restrained it from levying service tax from Indian National Shipowners Association for services received abroad between March 2002 and April 2006. The high court had held that services received by vessels and ships outside India prior to April 18, 2006, from persons who are not residents of India or are outside India cannot be taxed.

Government asked RBI it to consider classifying loans to the infrastructure sector as secured

January 22, 2010 1365 Views 0 comment Print

The government has written to the RBI asking it to consider classifying loans to the infrastructure sector as secured lending to increase the flow of funds to the sector, a finance ministry official told. As per RBI guidelines, loans given to infrastructure sector specially, road, construction, telecom and ports, fall under the unsecured category as there is no tangible asset that can banks can take-over in the case of default to secure their loan.

Orissa government imposed entertainment tax on DTH operators

January 22, 2010 966 Views 0 comment Print

Direct to Home [DTH] operators will have to cough up five per cent of their gross receipt as entertainment tax to Orissa government’s coffer. This was decided in the cabinet meeting chaired by chief minister, Naveen Patnaik on Thursday. State finance minister Prafulla Chandra Ghadei said the government will amend the entertainment tax laws to bring DTH operators under its fold.

Professional Opportunities- Only for the 12 Past Presidents ICAI

January 22, 2010 1578 Views 0 comment Print

Airports Authority of India require panel of chartered accountants firms for verification of annual fees for Joint venture Projects. The criteria of the Firm is to have past president ICAI as active(?)partner of the Chartered Accountant firm. It clearly states that the firm shall have a Past President of ICAI for the last twelve years as active partner of the Firm.

IT department is giving special attention to collection from TDS

January 22, 2010 1275 Views 0 comment Print

The Income Tax department is giving special attention to tax deducted at source (TDS) as it aims to turn in the highest ever collection from the segment this financial year. During the last five years, the contribution from TDS had gone up from 33 per cent to 38.5 per cent of the net direct tax collection with an annual average growth of around 25 per cent.

Two separate sets of accounting standards u/s section 211(3C) of the Companies act agreed upon by the core group for convergence of Indian accounting standards with IFRS

January 22, 2010 4837 Views 0 comment Print

The Core Group, constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) from April, 2011, that held its meeting on 11th January 2010 agreed that in view of the roadmap for achieving convergence, there will be two separate sets of Accounting Standards u/s Section 211(3C) of the Companies Act, 1956.

Central Board of Direct Taxes sought report on “income- tax refund scam”

January 22, 2010 363 Views 0 comment Print

The Central Board of Direct Taxes (CBDT) has sought a detailed report from the field formation in Mumbai over the reported “income- tax refund scam” in that jurisdiction. “The Government has called for a report. We are monitoring the situation,” sources in the CBDT told today.

Scheme of assistance to training institutions

January 22, 2010 519 Views 0 comment Print

The Ministry of Micro, Small & Medium Enterprises has been implementing a plan scheme of Assistance to Training Institutions , commonly known as the EDI scheme since 1993-94. Under the scheme assistance is provided to existing and new training Institutions for establishment of Entrepreneurship Development Institute (EDI) and strengthening of their training infrastructure on a matching basis, not exceeding 50 percent of the project cost or Rs. 150 lakh whichever is less

Job Work and Reversal: All is Well……

January 22, 2010 6619 Views 0 comment Print

The credit taken on common inputs is very small but the demand is very huge. The authors of this article have come across the situation where the credit taken on common inputs was only Rs. 30,000 but the demand raised was around Rs. 65 Lakhs. Thus, it has created havoc in the minds of industrialists. Even the defenses taken in reply of such demands were struck down by the tribunal or Courts one by one. Thus, assessees facing such demands were under very difficult situation. The only way was available with them was to say ALL IS WELL as said by the AMIR KHAN in his latest movie 3- IDIOTS.

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