Articles on Tax, Corporate Law, Recent Judgement

The Punjab Government has extended the due date for submission of all statutory forms under CST Act (C,E-I, E-II, F forms etc) from 20th November 2010 to 31st March 2011 by an official notification dated 16th February 2011. It is here to be noted that normally the Excise and Taxation Department, Punjab normally asks for to give all statutory forms under CST Act along with the annual statement to be filed on 20th November every year under the PVAT Act 2005. Full Article

Service tax has been levied on two newly carved services viz, air conditioned restaurants with license to serve alcoholic beverages and hotel accommodation. The restaurants may or may not be serving alcoholic beverages but it must be air conditioned and possess license to serve liquour. The restaurant need not be centrally air conditioned and as such all such restaurants where even one room air conditioner is installed would be taxed to service tax. So whether you consu.. Full Article

The telecom companies, under scruitny for having benefited in 2G spectrum scam, today told the Supreme Court that allocation of the air waves since 2003 should be scrapped if the first-come-first serve policy adopted during the tenure of former Telecom Minister A Raja is held illegal. In a clear reflection of the war among telecom players, senior advocate Harish Salve, appearing for Etisalat DB Telecom Pvt Ltd, submitted the government never followed the policy of auctio.. Full Article

The country's highest court -- the Supreme Court of India -- on Tuesday mulled invoking terror and other stringent penal charges against Pune stud-farm owner Hassan Ali Khan who has been accused of massive money laundering and tax evasion and for his alleged links with arm dealers and people linked to terror activities. Full Article

The finance Bill 2011 has enacted Point of Taxation Rules, 2011 which cover the provisions of payment of service tax on accrual basis insted of the hitherto adopted cash basis system. The implication of this changeover has been examplified in the attached Excel File which contains practical examples of all the rules from 3 to 8 of the Point of Taxation Rules, 2011. Full Article

The DTC is a game changer for insurance. Most Indians buy life insurance policies only to save tax. Under DTC, a policy should give a life cover of at least 20 times the annual premium to be eligible for tax deduction. If this condition is not met, you will not get any tax deduction on the premium and even the income from the policy will be taxable. Right now, the income received from insurance policies is tax-free. Full Article

The repayment of the principal of your home loan will not be eligible for tax deduction under the DTC. The people who are paying large home loan EMIs and claim benefits under Sec 80C may have to find the money for other tax-saving investments after the DTC comes into effect. But this setback is minor when compared with the gain from the removal of tax on notional rent. Full Article

Now you can check online the status of Form 24G filed by Pay and Accounts Office (PAO)/ District Treasury Office (DTO). To view the status we have to follow the following Procedure :-1. Visit the following link :- * Accounts Office Identification Number (AIN) * Provisional Receipt No.(PRN) Full Article