"10 March 2010" Archive

Budget 2010-11- Levying tax on Medical Services – The Case of Delivering a Deformed Baby

Health services undertaken by hospitals or medical establishments for the employees of business organizations and health services provided under health insurance schemes offered by insurance companies....

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Posted Under: Service Tax |

Budget 2010- Expansion of the Presumptive Tax Scheme u/s. 44AD

Under the existing provisions of section 44AD of the Act, a person carrying on any business is entitled to opt for a scheme of presumptive tax scheme, provided its turnover or gross receipts do not exceed Rs. 40.00 lacs. In such type of assessees, the assessee is required to presume its income at 8% of the turnover or gross receipts and p...

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Posted Under: Service Tax |

Budget 2010- Amendment in Section 271 B related to penalty for Tax Audit non-compliance

The existing provisions contained in the aforesaid section provide that if any person fails to get his accounts audited in respect of any previous year relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may impose a penalty equal to one-half per cent, of the total sales, ...

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Posted Under: Service Tax |

Budget 2010-Enhancement in Limit for Tax Audit u/s 44AB and its effect

Persons carrying on business / profession are required to get their accounts audited, if their turnover exceeded the threshold limit of Rs. 40.00 lacs for business and Rs. 10.00 lacs for profession. These limits were fixed w.e.f A.Y. 85-86....

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Posted Under: Service Tax |

Amended provisions related to disallowance on account of non-deduction / non-payment of TDS for A.Y. 2011-12

"Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in subsection (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid."....

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Posted Under: Service Tax |

49 lakh cases of income tax refunds are pending with the revenue department

"Total number of pending refund returns (up to January 2010 is 49 lakh. The statutory time limit to process the return and issue refund in financial year 2009-10 is March, 31, 2011," minister of state for finance SS Palanimanickam informed the Rajya Sabha in a written reply....

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Posted Under: Service Tax |

Despite so many exemption Budget 2010 failed to cheer taxpayers

The Budget 2010-11 has not done away with most excise or customs exemption notifications but, contrary to the need of the hour, added more exemptions, each with its own set of conditions that entail more paperwork and transaction costs. However, a couple of procedural improvements will bring some relief to select importers and exporters....

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Posted Under: Service Tax |

Budget 2010 simplified Export of Service Rules (Export Rules)

The primary reason is the simplification of the Export of Service Rules (Export Rules). The Export Rules prescribe the conditions to determine when a service qualifies as exports. When the Export Rules were initially introduced in March 2005, they provided for two conditions to determine whether a service qualifies as exports....

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Posted Under: Service Tax |

RBI will put strict rules and regulations for conversion of NBFC into LLP

The Reserve Bank of India (RBI) plans to amend its rules to pre-empt non banking finance companies (NBFCs) from misusing the liberal rules governing limited liability partnership (LLP) firms. In the interim, NBFCs that want to convert themselves to LLP firms will have to obtain a no-objection certificate from the central bank....

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Posted Under: Service Tax | ,

SC accepted appeal filed against Delhi HC ruling covering CJI under RTI

The Supreme Court on Monday filed an appeal before itself challenging a Delhi high court ruling that the Chief Justice of India (CJI) was covered by the Right to Information (RTI) Act. By doing so, the apex court has raised the broader issues of conflict of interest and of whether judges can judge themselves....

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Posted Under: Service Tax |

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