Large business entities willing to convert into Limited Liability Partnerships (LLPs) will have to wait for some more time with the government saying that it would consider raising the limit for capital gains tax exemptions as part of the Direct Taxes Code.
construction of a new building which is intended for sale, wholly or partly, by a builder or any person authorised by the builder before, during or after construction (except in cases for which no sum is received from or on behalf of the prospective buyer by the builder or the person authorised by the builder before grant of completion certificate by the authority competent to issue such certificate under any law for the time being in force ) shall be deemed to be service provided by the builder to the buyer.
As per Memorandum on Finance Bill, 2010 a source rule was inserted in section 9 of Income-tax Act in 1976 with an intention of bringing to tax fees for Technical Services by creating a deeming fiction that even in cases where services are provided by a non-resident outside India, consideration for such services will be taxable in India so long as services are utilised in India. The source rule effectively means that the situs of the rendering of ser-vices is not relevant.
The Income Tax department has got the power to cancel any charitable organisation’s registration that accords it the benefit of tax exemption. The department can annul the registration and the exemption emanating from it if the organisation is found to violate the norms for registration, according to Budget 2010-11.
However, this was creating problems for banks using Core-Branch Banking Solutions (CBS), which enables customers to access their accounts from any branch. The Indian Banks’ Association in a representation to the Income Tax department had said that for banks using the CBS software, interest payable on fixed deposits is calculated generally on a daily or a monthly basis but is parked in the provisioning account for monitoring only.
When the finance minister in his budget speech acknowledged that the film industry has been experiencing difficulties while discussing the proposals relating to customs duties, it appeared that the industry was finally going to get a respite from controversies relating to the valuation of imported content. While the FM did rationalise the customs duty structure, on the flip side, he has imposed a service tax on transactions entailing licensing of copyright.
The Institute of Chartered Accountants of India (ICAI), working under the aegis of the Ministry of Corporate Affairs, organizes campus placement programme for the benefit of newly qualified Chartered Accountants twice every year. The first phase of the programme is going on these days at 5 cities namely Bangalore, Chennai, Kolkata, Mumbai and New Delhi. It will continue till 10th March, 2010.
The Government has informed Lok Sabha that the Competition Commission of India (CCI) has received information under section 19 of the Competition Act, 2002 against some Banks/Housing Finance Institutions with regard to anti-competitive agreements on imposing penalty for pre-payment of home loans.
Mandatory doubling of the limit for collateral free loans to micro and small enterprises (MSEs) sector to Rs.10 lakh from the present Rs. 5 lakh, increase in the extent of guarantee cover, absorption of guarantee fees for the collateral free loans by CGTMSE subject to certain conditions, lower guarantee fees for women entrepreneurs and enterprises in the North-East, simplification of procedure for filing claims with CGTMSE and increasing awareness about the scheme are some of the recommendations of the Working Group set up to review the Credit Guarantee Scheme of the Credit Guarantee Fund Trust.
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