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Archive: January, 2010

Posts in January, 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6447 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars

January 31, 2010 540 Views 0 comment Print

CIT vs Reliance Petro Products (P) Ltd. (322 ITR 158) Supreme Court- It was held that a mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee and if the contention of the Revenue to this effect is accepted then in case

Service Tax on Renting of Immovable Property – Board promises Delhi HC to revise instructions

January 30, 2010 1896 Views 0 comment Print

The Delhi High Court in the Home Solution Retail India case had held that renting of immovable property is not a taxable service. The Government as usual filed an appeal in the Supreme Court and the whole Department is under the impression that by mere filing an appeal in the Supreme Court, the High Court order has become inoperative. So demands, threats, Show Cause Notices are playing wild games in the field. Even the TRU, by a letter dated 15.07.2009 directed the Departmental officers to either pursue the tax payers to pay up the service tax due or take necessary action to safeguard revenue as the dispute has not reached finality and the department has filed an appeal against the order of the Delhi High Court.

Department of Telecommunication given ultimatum to the auditors of three telecom majors

January 30, 2010 2682 Views 0 comment Print

The Department of Telecommunication (DoT) has given an ultimatum to the auditors of three telecom majors — Vodafone Essar, Idea Cellular and Bharti Airtel — to submit their final reports to the government by February 7. They are conducting a special audit into allegations of tax evasion.

Rajasthan announced VAT exemption on sugar imported in state till 30th June

January 30, 2010 4842 Views 0 comment Print

The Rajasthan government has announced VAT exemption on imported sugar in the state till June 30, in a bid to control the spiraling sweetener prices.“The decision to exempt four per cent VAT was taken by Chief Minister Ashok Gehlot following which sugar price will decrease by Rs 1.6 to 1.8,” an official said.

Tariff value of edible oils, brass scrap and poppy seeds notified

January 30, 2010 3960 Views 0 comment Print

Central Board of Excise and Customs (CBEC), Department of Revenue has issued Notification No.10/2010-Customs (N.T.) dated January 29, 2010 notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below.

IRDA issued new disclosure norms- mandating insurance companies publish accounts on half-yearly basis

January 30, 2010 4461 Views 0 comment Print

The Insurance Regulatory and Development Authority (Irda) has issued disclosure norms for insurance companies, mandating them to publish accounts on a half-yearly basis. The disclosure norms are seen as a precursor to allowing insurance companies to hit the primary market.

Adjustment of Advance FBT with Advance Tax for A.Y. 2010-11

January 29, 2010 6073 Views 0 comment Print

The Central Board of Direct Taxes have decided that any instalment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for Financial Year (FY) 2009-10. The unadjusted amount, if any, may be claimed as refund in the return of income for AY 2010-11 to be filed later this year.

Aal is well

January 29, 2010 3768 Views 0 comment Print

The phrase aal is well is catching up fast with one and all- thanks to the recent film ‘3 Idiots’ which has made this phrase popular amongst the gen next and other factions of the society. The film, 3 idiots sends the message to the present society of our country –be it student, young citizens or people of our or our parent’s age that one ought to be optimistic, calm and hopeful – at least in times of difficulties , desperation and helplessness and a simple believe that ‘ aal is well’ seem to help in over coming the crisis.

Integrity and Ethics are Basic to Good Governance in Banking

January 29, 2010 1599 Views 0 comment Print

One may govern life in accordance with the revealed truth as one sees it or natural law or a simple precept of not treating others as ends, or in pursuit of the good life of contemplation prized by Aristole . One may believe that morality lies in doing the best one can for oneself and one’s children and giving something back to the society, when one can buy money or time.

Government likely to scrap DEPB scheme

January 29, 2010 4813 Views 0 comment Print

One of the most favoured duty reimbursement schemes among exporters – the Duty Entitlement Passbook (DEPB) scheme – is likely to be scrapped, as the government gears up to introduce the Goods and Services Tax (GST) from April 1. The scheme, which was extended till December 31 in the Foreign Trade Policy 2009-2014, is widely viewed as one of the best incentive schemes by exporters.

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