The Maharashtra Government has not taken a final decision on levying entertainment tax on the IPL, said the Chief Minister, Mr Ashok Chavan, on Wednesday while addressing the media on the eve of budget session. When it was pointed out that the State Cabinet said on January 20 that entertainment tax of up to 25 per cent would be imposed on the ticket sales of IPL and other one-day international cricket matches, Mr Chavan said no final decision was taken and the matter was still under consideration. Matches held in the municipal limits would attract 25 per cent tax while those outside the municipal limits would be levied 20 per cent tax.
Industry body Assocham has asked the government to roll back the service tax proposed on real estate developers at the time of construction, as it would increase the tax burden on home buyers and impact the recovery of the sector. The government, in the Budget, said that real estate complexes will attract service tax, unless the entire consideration for the property is paid after the construction is complete.
With airlines lobbying hard against the proposal to bring air travel under the service tax net in Budget 2010-11, the government may provide some relief to the sector hit badly by a global slowdown. The finance ministry is likely to specify a small fixed amount as the levy on all domestic and international tickets.
The Supreme Court today stayed the Orissa High Court order for a Central Bureau of Investigation (CBI) probe into the alleged Rs 25 lakh crore derivatives scam. A Bench headed by Chief Justice KG Balakrishnan issued notices to the parties involved on appeals moved by the Fixed Income Money Market & Derivatives Association (Fimmda), the Indian Banks Association (IBA) and several others challenging the high court judgement.
In an effort to prevent misuse of the tax benefits provided to special economic zones (SEZ) and increase clarity to the policy, commercial banks and their ATM units that are located within the non-processing zone of the SEZs would not be granted the status of an offshore banking unit (OBU). They will, therefore, not enjoy the incentives meant for OBUs.
In the case of M/s Galaxy Indo Fab. Limited Vs. Union of India and others since the appeal could not be decided within a period of 180 days, the M/s Galaxy Indo Fab. Limited (petitioner) moved a miscellaneous application for extension of the stay order. The Tribunal vide order dated 14.8.2008 extended the stay order, already granted, till the disposal of the appeal.
List of other States and Union Territories where online payment of stamp duty for formation of company is mandatory. Andaman and Nicobar Islands, Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Gujarat, Haryana, Jharkhand, Karnataka, Kerala, Lakshadweep, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Orissa, Punjab, Rajasthan, Tamil Nadu, Uttar Pradesh, Uttarakhand and West Bengal.
In our opinion, the Section 269SS and 271D are not applicable to the fact of the case since the assessee in this case received back the money in cash and not advanced money or accepted the loan in cash. The penalty In this case cannot be levied u/s 271D of the Act. for receiving the cash from the borrower, by the assessee.
rebate under Rule 18 is admissible when the supplies are made from DTA to SEZ. The Circular also lays down the procedure and the documentation for effecting supply of goods from DTA to SEZ, by modifying the procedure for normal export. Clearance of duty free material for authorised operation in the SEZ is admissible under Section 26 of the SEZ Act, 2005 and procedure under Rule 18 or Rule 19 of the Central Excise Rules is followed to give effect to this provision of the SEZ Act, as envisaged under Rule 30 of the SEZ Rules, 2006.
As a part of the calibrated exit strategy initiated in the Second Quarter Review in October 2009 and carried forward in the Third Quarter Review in January 2010, the Reserve Bank of India has decided to raise the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 4.75 per cent to 5.00 per cent and the reverse repo rate under the LAF by 25 basis points from 3.25 per cent to 3.50 per cent with immediate effect.
