"February, 2010" Archive - Page 31

Summary of VAT notifications and circulars issued during the month of January 2010 in Delhi

Notification No. F.3(23)/Fin(T&E)/2009-10 (06/01/2010)

Section 74A dealing with the powers of the Commissioner to revise Orders passed earlier was introduced with effect from November 16, 2005. Provisions of the Section have now been made effective retrospectively from April 1, 2005. Extension of time limit for disposal of disputes pending under the erstwhile Delhi Sales Tax Act....

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Summary of VAT notifications and circulars issued during the month of January 2010 in Punjab

Amendment to Notification No. S.O.21/P.O.5/2005/S.92/2005 (31/03/2010)

With effect from the quarter ending December 31, 2009, electronic submission of returns has been made mandatory for: * dealers claiming refund * dealers having transactions of inter-state sales and inter-state purchases, either presently or previously anytime under the VAT regime...

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A Quick Reference Guide For those investing in share market

Risk Revisited :-When you invested, you did so with certain expectations about the performance of the company, the prospects of income from and/or the capital growth of the securities that you now hold, the corporate benefits that may accrue to you etc. While making that investment decision, you should have, obviously, taken note of and d...

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MMRDA may have to pay IT department Rs. 1,500 crore

Despite being partly a civic body responsible for developing essential infrastructural amenities, Mumbai Metropolitan Region Development Authority (MMRDA), because of its capital intensive deals for various projects, has come under the scanner of the Income Tax (I-T) department. Though the authority has sought exemption from income tax cl...

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Obama criticised American companies having their operations in India

American president Barack Obama has once again targeted American companies having their operations in India to save taxes back home and called such businesses tax evaders. "If you are a business here, entirely located in the US, and investing in the US, and hiring workers in the US, you are paying a 35 per cent rate," Obama said in an in...

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In pre budget wish-list Power sector want Tax incentives, stimulus packages and Special Tax benefits

This Budget needs to come up with measures that balance the high inflation and sustainable growth. The continuing fiscal problems and revenue deficit will force the budget to take stringent revenue making measures including looking at introducing or extending the stimulus packages to boost revenues," said G Bala Reddy, chairman and managi...

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Hospitality sector want tax holiday to extended to 10 years

Sushanto Roy, CEO, Sahara Prime City, has in a pre-Budget wish list of expectations said: "Given the pent-up demand for affordable housing which was discovered during the recent slowdown there is a need to reintroduce tax holiday under section 80IB for housing projects constructed after March 31, 2008." Tax holiday for hotels, under secti...

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Pre budget wish- Reduction in income tax rates

In a pre-Budget wishlist, Vinod Juneja, managing director, Braj Binani Group, said, "I expect the finance minister to target the GDP growth of at least 8% or higher for the next 3 financial years." "On tax reforms front, I would be very happy to see the reduction in individual income tax levels as it leaves the consumer with more spending...

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Healthcare sector demand lesser import duty, Service tax exemption and lesser income tax rates

Health-care costs are skyrocketing and are going beyond the reach of a common man. The need of the hour is to bring this sector under different schedule with a special status and declare some very important tax rebates to this sector to reduce the ultimate cost to the patient:...

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CAG decided to Audit account of Bharti Airtel, Reliance, Tata, Vodafone and BSNL

The Comptroller and Auditor General of India , the apex audit body, has decided to audit the accounts of five telcos-- Bharti Airtel , Reliance, Tata, Vodafone and the state-run BSNL-- for 2009-10. Telecom regulator TRAI has already appointed a nodal officer to facilitate this audit exercise....

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