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In view of representations received from trade and industry and the fact that Technical Review Committee in Ministry of Environment & Forests is re-examining the import policy of waste paper, it has been decided to extend the validity of Policy Circular No.78 dated 1.4.2009 for a period of three months from 1.7.2009.
THE focus of this write up is restricted to `Legal Consultancy Service’ which is one of the new services brought into the service tax net in Budget 2009 and the scope of this new levy. This levy is introduced by way of insertion of clause (zzzzm) in sub section 105 of section 65 of the […]
Cost accountants fear their profession may become redundant as the budget has allowed chartered accountants to do excise audit, which was their exclusive domain. “Allowing chartered accountants to conduct excise audits under sections 14A and 14AA of the central excise act is unfair and an unjustified move, which discriminates against cost accountants, ” Kunal Banerjee, […]
The government has merged the Authority for Advance Rulings (AAR) for direct and indirect taxes, the two arms of Finance Ministry, where overseas firms and Non-Resident Indians can know their tax liabilities.To further enhance efficiency in tax administration, I intend to merge the two Authorities for Advance Rulings on Direct and Indirect Taxes by amending the relevant Acts, Finance Minister Pranab Mukherjee said unveiling the budget for 2008-09.
Under the existing provision of clause (48) of section 2, only infrastructure capital company or infrastructure capital fund or public sector company are empowered to issue zero coupon bonds when they are authorized to do so. With a view to empower the scheduled banks including nationalized banks to issue zero coupon bonds to source their long term […]
