On February 26’ 2010, the Finance Minister Mr. Pranab Mukherjee will present the Union Budget in the Parliament. Everyone is awaiting the announcement of Budget to see that their interest has been taken care of. There is a lot of speculation about the Budget as everyone has expectations from the same. In this Article we are discussing the expectations of the Trade and Industry from Budget 2010-11 relating to the field of Indirect Taxation.
The company being an unit located in Kutch District is entitled to the benefit of Notification No.39/2001-CE dated 8.7.2001. At the time of removal of the goods from the factory for export, the Company paid duty of excise as is evident from the statutory invoices issued by the Company. The Company accordingly applied for rebate under Rule-18
Section 14A and Daga Capital can not put assessee in worse position. In other words section 14A disallowance under Rule 8D can not exceed original disallowance made at the time of assessment.
The Bombay High Court has held that an application under Voluntary Retirement Scheme (VRS) can be withdrawn before the employer accepts it. Division bench of Justices S A Bobade and Vasanti Naik held in the recent judgement that even though the VRS rules do not provide for withdrawal of application, it can be allowed.
Central Board of Excise and Customs (CBEC) has recommended amending the rules to widen the scope of levying service tax on the entertainment business.This recommendation has been made for the coming Budget (2010-11). Entertainment is currently taxed separately by states and as service tax by the central government.
The Centre-appointed core committee, dealing with the transition from the Indian Generally Accepted Accounting Practices (IGAAP) to International Financial Reporting Standards (IFRS), is expected to come out with fresh guidelines for implementing the new standards by the end of this month.
A YEAR after the Satyam scandal, the accounting regulatory body, the Institute of Chartered Accountants of India (ICAI), has recommended setting up of a whistleblower system within all audit firms.
Barely two months after Mahindra Satyam agreed to pay $70 million to the UK-based mobile payment services firm Upaid in an out-of-court settlement, a fresh row has erupted between the two firms over a tax dispute. Seeking legal help this time, Mahindra Satyam, in a preemptive move, has moved a US court over the tax liabilities of the settlement amount.
Electronic payment of Service Tax has been made mandatory for assessees whose total Service Tax payment including utilization of CENVAT credit for the preceding financial year is Rs. 10 lakh or more as against the existing threshold of Rs. 50 lakh or more.
The Uttar Pradesh Government has issued a notification (Notification No. KA.NI.-2-246/XI-9(10)/08-U.P. Act-30-07-Order-(56)-2010 dated 19 February 2010 ) enhancing the rates of additional tax as mentioned below. The new rates are effective 19 February 2010.
