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.
1 Sultanpur-Mumbai Express (via Nihalgarh) (Weekly), 2. Sultanpur-Ajmer Express (via Nihalgarh) (Weekly), 3 Asansol-Digha Express (Weekly), 4. Howrah-Katpadi(Vellore)-Puducherry Express via Bhubaneswar, 5. Kishanganj-Ajmer Express (Weekly), 6 Kolkata-Ajmer Express via Singrauli-Katni-Bhopal-Nagda-Ratlam, (Weekly)
The assessee was a partner in a firm. Upon retirement, he received an amount of Rs. 50 lakhs in addition to the balance lying to his credit in the books of the firm in full and final settlement of his dues. The assessee filed a return in which the said amount was not offered to tax on the ground that it was a capital receipt. No assessment order was passed.
Government proposes to come out with standard input and output norms for service tax and excise Official sources said such norms form the benchmark of costing, which helps in working out the price of inputs required for manufacturing or producing a certain quantity of output. This is important, since most business entities or companies claim refund or get Cenvat (central value added tax) credit for the value of inputs used in producing the output.
There is a ground-swell of expectations for the Union Budget for2010/11, the second since UPA returned to power in May 2009, to be presented to Parliament by Finance Minister Shri Pranab Mukherjee on February 26. Unlike last year, when the country was still in the grip of slowdown triggered by the global crisis,
