Delhi High Court (HC) in the case of CIT v NIIT Ltd. (Taxpayer) [2009-TIOL-533-HC-DEL-IT], on the issue of whether the amount paid by the Taxpayer to the franchisees, pursuant to a franchises agreement (Agreement), can be considered in the nature of rent, for the purpose of tax deduction at source (TDS) under the Indian Tax Law (ITL).
Property tax rates in the capital are all set to rise from April 2010. After rejecting the proposal for introducing professional tax, Municipal Corporation of Delhi’s (MCD) standing committee on Monday cleared the proposal to hike property tax.
Cricket is now officially an entertainment sport. Forty-five years after it declared horse racing as entertainment, the state government has decided to add cricket to the list. Besides cricket, pubs, discotheques, internet protocol television (IPTV) and permit rooms with a live orchestra (dance bars earlier) will also attract a similar tax. There are 22 discotheques in Maharashtra, of which 20 are in Mumbai city, Mumbai suburbs and Thane. Only two are in Pune.
In a reprieve to the assessees, the Supreme Court has ruled that the Income-Tax Department cannot re-open the assessment cases arbitrarily but on the basis of some ‘tangible material’. If armed with unrestricted power to re-open the cases against assessees, it will amount to review of the assessment by the assessing authority, said the apex court.
The government will mop up Rs 1,400 crore (Rs 14 billion) this fiscal by taxing the second installment of arrears due to central government employees, who were awarded increased salaries by the Sixth Pay Commission. The first installment of arrears (representing 40 per cent of the increased pay) was disbursed during financial year 2008-09.
The Government should implement the GST regime with defined sharing arrangement between the State and the Centre, thereby protecting the interest of the State in generating revenue. How will carbon credits be taxed under the proposed Goods and Services Tax regime?
Kind attention of the members (who intend to pursue DIRM Course) is invited to the last date of receipt of the application form to the Post Qualification Course on Diploma in Insurance Risk Management (DIRM) is 31st January, 2010 in order to be eligible to appear in the DIRM Technical Examination to be held in November, 2010 (subject to fulfillment of other condition). The application form can be downloaded from the hyperlink: http://www.icai.org.in/resource_file/16762rformdisanew.pdf The application form received after the due date would be considered for the May, 2011 DIRM Technical Examination.
Applications for admission to Professional Education –II, Professional Competence Course (PCE) Integrated Professional Competence Course (IPCE) and Final Examinations are required to be made in the prescribed forms. The application forms are priced at Rs. 100/- per application form and will be available for sale from 5th February,2010.
Common Proficiency Test application forms duly filled in may be sent so as to reach the Additional Secretary (Examinations) at New Delhi not later than 27th April,2010. Applications received after 27th April,2010 shall not be entertained under any circumstances. Applications duly filled in will be received by hand delivery at the offices of Institute at New Delhi and at the Decentralised Offices of the Institute at Mumbai, Chennai, Kolkata, Kanpur, Ahmedabad, Bangalore, Hyderabad, Jaipur and Pune upto 27th April,2010.
Revision in Course Fee for (a) SAP Financials – Financial Accounting and (b) SAP Financials – Management Accounting. M/s. SAP India Pvt. Ltd. has revised its course fee for (a) SAP Financials – Financial Accounting and (b) SAP Financials – Management Accounting courses from Rs.1,20,000/- (plus applicable taxes) to Rs.1,40,000/- (plus applicable taxes) with effect from January 1, 2010 respectively.
