In fresh trouble for Uttar Pradesh Chief Minister Mayawati, the Income Tax Department has filed two appeals in the Income Tax Appellate Tribunal (ITAT) demanding additional tax of about Rs 10 crore for her income for the financial years 2005-2006 and 2006-2007. The income includes gifts received by BSP supremo Mayawati from her party workers […]
The Swiss government has agreed to loosen its banking secrecy laws and share data on tax evasion cases that India may be pursuing, as part of a renegotiation of the Double Taxation Avoidance Agreement that the two countries signed in 1995. Such a reformulated tax agreement will help tighten the legal noose on tax […]
The Securities and Exchange Board of India (Sebi) has finally come out with a circular to clear the ambiguities surrounding new guidelines for portfolio management services (PMS). The regulator said that portfolio managers would now need to operate through individual bank accounts for each customer.
The Employees’ Provident Fund Organisation will not be able to pay more than 8.5 per cent interest on PF deposits during 2009-10 as it has no reserves left following a Rs 139 crore (Rs 1.39 billion) deficit incurred last fiscal. “There are no reserves which could be used as alternative option for additional funds for giving […]
Circular No. 113/7/2009-ST The Working Group on Central Excise and Service Tax re-engineering, constituted by the Board has prepared a Return Scrutiny Manual for Service Tax (RSMST). The said manual has been approved by the Board and a copy of the same is enclosed herewith (not printed).
Representations have been received in this office stating that, in case they submit the original sales contract stipulating the above condition to Customs, there are chances of their commercially sensitive information being divulged. The matter has been examined in the Deptt. and accordingly it is clarified that import contract mentioned at Para 2.32 of HBPv1 and in the above mentioned Public Notice shall also include a separate contract(other than the original sales contract) between importer and exporter stating the above cited provisions.
