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Archive: 27 March 2010

Posts in 27 March 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7170 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

No room for builders under Service tax net

March 27, 2010 4287 Views 0 comment Print

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 outcome of the verdict of Supreme Court and has proposed this amendment to nullify the impact of Delhi HC decision in case of Home solutions.

Promoter, Director & Company – Preview of inter se relationship

March 27, 2010 12202 Views 0 comment Print

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.

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

March 27, 2010 6460 Views 0 comment Print

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 the house that the sales tax target has been achieved. The signs of global economic recession receding are visible and I hope that in the next financial year, the revenue receipts would get a boost.

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

March 27, 2010 4785 Views 0 comment Print

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 apartments for most home buyers.

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

March 27, 2010 3280 Views 0 comment Print

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.

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

March 27, 2010 3901 Views 0 comment Print

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 market price, and in this case is the market price the fair value? In the absence of clarity, corporates should be careful while passing a rights issue, so that they don’t come under the tax ambit,” said senior chartered accountant Dilip V Lakhani of Lakhani & Co.

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

March 27, 2010 2364 Views 0 comment Print

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:

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

March 27, 2010 886 Views 0 comment Print

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 eligibility for SFIS scrips.

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

March 27, 2010 249 Views 0 comment Print

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 Central Board of Excise and Customs has directed chief commissioners of customs and excise to recover the drawbacks from exporters who have not realised their proceeds.

New Companies Act expected in next 4 months

March 27, 2010 567 Views 0 comment Print

“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.

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