"15 March 2009" Archive

FAQ on reduction of Service Tax Rate

Notification No 8/2009 – ST dated 24.02.2009 has been issued to exempt the service tax that is in excess of 10%. On the other hand this is reduction of service tax rate from the existing rate of 12% to 10%. What is the effective date for the new rate? Ans. The new rate is effective from 24.02.2009 on all services....

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Posted Under: Service Tax |

NOTE ON DUTY RATES UNDER CENTRAL EXCISE- 24.02.2009

The Government has been concerned about the impact of the global financial crisis on the Indian economy and a couple of steps have been taken to deal with this problem. On the monetary side, the RBI has sought to pump in sufficient liquidity into the banking system to enable banks to meet the requirements of […]...

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Posted Under: Service Tax |

SEBI recommended Separate disclosure norms for listed firms’ rights issue

The Securities & Exchange Board of India (Sebi) Committee on Disclosures and Accounting Standards (SCODA) has recommended that the listed entities in the country should be permitted to opt for a separate set of disclosures for the rights issues (RIs) provided the issuer entity has been filing periodical statements and information on c...

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Posted Under: Service Tax |

Finance ministry agreed on One-year term loan repayment moratorium for textile units

The finance ministry has agreed on a one-year moratorium on repayment of term loans taken by textile units for technology upgrade. The move will benefit domestic textile manufacturers, which are facing falling profitability due to slowing demand for their products. “The department of financial services and finance secretary (Arun Ramana...

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Posted Under: Service Tax |

Centralised E-registry of mortgaged homes on cards to Less scope to cheat: IBA

In a bid to overcome the menace of home loan frauds, the Indian Banks’ Association (IBA) proposes to set up a committee to work out the modalities for establishing a central electronic registry that will list all mortgages created by deposit of title/sale deeds with banks....

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Posted Under: Service Tax |

Service tax returns can now be filed online

Filing of returns, seeking refund/rebate of taxes, obtaining various permissions and approvals from the Department of Central Excise and Service Tax can now be made online. This follows the introduction of ACES (Automation of Central Excise and Service Tax), a workflow based application software at the Commissionerate of Service Tax and a...

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Excise revenue dips and rise in number of defaulters

The excise department has registered a significant rise in number of defaulters in the last four months of the current financial year in the state. The rising default has added to the woes of excise department, which has already registered a fall in growth of excise income. As per data available with the central excise […]...

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Posted Under: Service Tax |

Allowability of estimated loss on valuation of fixed price contract under the Income Tax Act, 1961

Mazagon Dock Ltd. Vs JCIT (ITAT Mumbai)

9. We have considered the rival submissions and perused the record o the case. The short dispute is whether the anticipated loss on the valuation of fixed price contract, in view of the mandatory requirements of AS-7, is to be allowed in the year in which the contract has been entered into or it is to be spread over a period of contract, ...

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ICAI may defer AS 11 relaxation which may take its toll on the bottom lines of Indian companies

The upcoming general elections could take its toll on the bottom lines of a host of Indian companies that have accessed overseas debt. The Institute of Chartered Accountants of India (ICAI) has deferred a decision on relaxing accounting standard 11 (AS 11), which mandates mark-to-market (MTM) provisioning in the profit and loss account fo...

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Posted Under: Service Tax |

Sell Investment in shares made less than a year ago to lower tax burden

If you are sitting on unrealised losses on equity investments made less than a year ago, here is some consolation. Those unrealised losses can be used to lower tax liabilities for the current financial year. Tax experts are advising investors to book their losses on or before March 31 this year and buy back those […]...

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Posted Under: Service Tax |

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