Archive for August, 2010

The Supreme Court asks tax authorities to get the help of technical experts while deciding income tax liability of cellular service providers

The Supreme Court has asked the Central Board of Direct Taxes (CBDT) and other tax authorities to get the help of technical experts while deciding income tax liability of cellular service providers. The order came after a batch of appeals by income tax authorities against the ruling of the tribunal favouring Bharti Cellular Ltd and other service providers.
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Full and true disclosure of undisclosed income and their manner of acquisitions is mandatory for settlement

The Income Tax Settlement Commission, even after commencing the proceedings, is empowered to examine the authenticity of such full and true disclosure of the unaccounted return of the assessees, said the apex court dismissing the plea of real estate major Ajmera Housing Corporation and others.
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CCI proposed setting up of state-level commissions to safeguard interests of small businesses

The competition watchdog CCI has proposed setting up of state-level commissions to safeguard interests of small businesses and spread its reach to different parts of the country. The proposal forms part of the recommendations submitted to the Corporate Affairs Ministry on the National Competition Policy (NCP) by the Competition Commission of India (CCI).
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Annual Supplement 2010-11 to FTP : Govt announces Rs 1,050 crore incentive for exporters

The government will provide an additional incentive of Rs.1,050 crore to labour- intensive sectors like handicrafts, handlooms and leather goods, whose exports have been badly hit by the downturn in the US and Europe, Commerce and Industry Minister Anand Sharma said on Monday. “In order to give immediate relief, a bonus incentive is being provided to sectors whose exports are still not doing well,” Sharma said, announcing the annual supplement to the foreign trade po..
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Highlights of Annual Supplement 2010-11 to Foreign Trade Policy (FTP), 2009-14

Shri Anand Sharma, Minister of Commerce and Industry while announcing the annual supplement 2010-11 to the Foreign Trade Policy 2009-14 stated that, “We are on course to achieve the export target of US$ 200 billion in the fiscal year 2010-11 and over the remaining 3 years of Policy, we should be able to come back on the high export growth trajectory of 25% per annum and by 2014, we expect to double India’s exports of goods and services.” Following are the Highlight..
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Speech of Minister of Commerce & Industry on Annual Supplement 2010-11 to the Foreign Trade Policy 2009-14 on 23.08.2010

Last year, when I presented the Foreign Trade Policy 2009-14 on 27 August, 2009, the world was passing through the greatest economic crisis we have seen in recent times. Economies and markets world-wide were in turmoil, causing a sharp contraction in international trade, adversely impacting global investment flows and rendering over 50 million people jobless.
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RBI not happy with failure of public sector banks in business process re-engineering

The Reserve Bank of India’s plans to have access to banking data online from the industry is being stymied by state-owned banks’ reluctance to use technology that they have already deployed. An angry RBI has told public sector banks that they have failed in their business process re-engineering efforts after spending millions on a centralised information technology system.
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Penalty cannot be imposed if there is a genuine reason for delay in filing Income Tax Return

In an order that will help companies and individuals who face penalty proceedings on account of the delay in filing returns, a Delhi bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that penalty cannot be levied if there is a genuine reason for the delay.
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