"27 March 2010" Archive

No room for builders under Service tax net

Thus, it is clear that that the realty sector has been worst hit by this year budget. Even this was explained by us in our power point presentation on the budget. This explanation will bring every builder in ambit of service tax. The retrospective amendment of renting has added fuel to the fire. The Finance Ministry has not waited for the...

Read More
Posted Under: Service Tax |

Promoter, Director & Company – Preview of inter se relationship

Question is whether the provisions of the Companies Act are adequate in dealing with promoters in unlisted companies? Possibly no. There is no clarity on the subject. It is time to look into this aspect in the future Companies Act in the making which is in the bill stage....

Read More
Posted Under: Service Tax |

Highlights of Maharashtra Budget 2010-11 and text of Budget Speech

This Financial Year began on the backdrop of economic recession. Lower tax receipts were expected due to global recession. Even the Central Government had reduced its target of tax receipts. Considering this situation, the tax receipt target for 2009-20 10 of the Sales Tax Department was fixed at Rs. 3 1,346/- Crore. I am happy to inform ...

Read More
Posted Under: Service Tax |

Urban Development Ministry will ask for review of service tax on real estate

The Urban Development Minister, Mr Jaipal Reddy, will soon take up with the Finance Ministry, the contentious issue of service tax imposition in the real estate sector proposed in the Budget. This assumes significance as the service tax imposition can translate into a three-four per cent increase in the cost of under-construction apartmen...

Read More
Posted Under: Service Tax |

Penalty for concealment of income u/s. 271(1)(c) can be imposed only if the concealment is proved : SC

In a judgement that will clear the air on the tricky issue of the income-tax department’s power to levy penalties on assessees, the Supreme Court has held that a penalty cannot be levied merely because the I-T authorities and taxpayers hold divergent views on calculation of income....

Read More
Posted Under: Service Tax |

Section 56- Purchase of Rights issues, preferential allotments by companies to you may land you in tax net

Parts of the new tax provision came into effect from October 1, ‘09, though subsequently the scope was extended in this year’s budget. But if the government does not spell out the details, it can lead to endless litigation. “For instance, `fair value’ has to be defined... Further, a rights issue is always at a discount to the mark...

Read More
Posted Under: Service Tax |

Salman Khurshid launches Hindi Website of ‘Investor Education & Protection Fund’ & of Ministry of Corporate Affairs

Shri Salman Khurshid, Minister for Corporate Affairs, here today launched the Hindi website of Investor Education and Protection Fund (IEPF), which is being administered by the Ministry of Corporate Affairs. The address of the website is: www.iepf.gov.in....

Read More
Posted Under: Service Tax |

Policy Circular No. 27/2009-2014, Dated: 25.03.2010

Policy Circular No. 27/2009-2014 25/03/2010

Representations have been received from Regional Authorities and Service Providers seeking clarification as to the guidelines for issuance of EPCG Authorization in cases where the Service Provider receives Foreign Exchange in cash from foreign consumers in India; for purpose of fulfillment of EO under EPCG Scheme/as well as for eligibilit...

Read More

CBEC decided to recover drawback money from exporters who failed to realise payments from their buyers

Exporters' body FIEO said on Friday it will approach the government for withdrawal of an order which sought recovery of duty drawback credits from those who failed to realise payments from their buyers.Reversing a concession given by the commerce ministry to the embattled exporters in the midst of recession in the West last year, the Cent...

Read More
Posted Under: Service Tax |

New Companies Act expected in next 4 months

"The new Companies Act is already placed on the table of the House. A committee has been constituted ... We are very hopeful that within 3-4 months we will have a new Companies Act," Ministry of Corporate Affairs Secretary, R Bandyopadhyay, said at a function here....

Read More
Posted Under: Service Tax |

Search Posts by Date

July 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031