According to the Bill, tax will be levied on “a person covered by health insurance scheme, for any health check-up or treatment, where the payment for such health check-up or treatment is made by the insurance company directly to such hospital, nursing home or multi-specialty clinic”. This will be only applicable to cashless insurance claims.
Though levy of service tax on domestic air travel is negative, given the rebound in air travel, the players can fully pass on the impact to customers through hike in fares. The budget proposes to increase the scope of air passenger transport service is being expanded to include domestic journeys and international journeys in any class from the earlier provision of taxing only international journey in any class other than economy class.
Following eight new services are proposed to be introduced: Services of promoting, marketing or organizing of games of chance, including lottery [Section 65 (105) (zzzzn)]. Health services, namely, health check up undertaken by hospitals or medical establishments for the employees of business entities; and health services provided under health insurance schemes offered by insurance companies.[Section 65 (105) (zzzzo)]
The assessee procured a foreign currency loan for expansion of its existing business. To ensure availability of foreign currency, the assessee booked forward contracts with a bank. The contract was for the entire amount and delivery of foreign currency was obtained from the bank for the installment due from time to time.
The Authority of Advance Rulings (AAR) has ruled that fees received by a foreign company for assigning contractual rights to an Indian entity is not taxable in India. The ruling of the AAR –– a quasi-judicial forum deciding queries on matters of international taxation — came on a query from an Indian company that had paid a foreign company for assigning part of a global contract with Nokia Corporation for supplying equipment.
Two customs and central excise officers have been arrested by the CBI in connection with a tax evasion scam in Panaji that also saw arrest of Ahmadabad-based Adani Group MD Rajesh Adani. Both the senior officers were arrested on Monday from their residences in Goa , CBI’s Anti Corruption Bureau SP S S Gavli told PTI on Tuesday, refusing to divulge the exact location and names and designations of the officers.
The IT department has alerted tax-payers against sharing personal financial information like PAN card number and credit cards details on the internet in the wake of a spurt in fake e-mails being sent to people. Concerned over fictitious and unauthorised e-mails landing in personal internet addresses of many people, the department has issued an “alert message”.
The Reserve Bank of India is likely to announce its draft guidelines on the compensation packages of private sector bank Chiefs by next month, a move aimed at aligning the salary structures with the business performance.”The indications are that the draft paper will be out by March. This would be aimed at putting a framework in the way banks compensate their CEOs and other top executives,” a source in the know told PTI.
The Institute today boasts of a very strong intellectual heritage and tradition of trust that our nation has in it, and it is my honour to be a part of this heritage and tradition. I understand the highest office, i.e.,the President’s office, of the Institute brings along with itself many a duty and responsibility that I can only sincerely promise to do justice to at this stage.
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to Notification No.FEMA 29/2000-RB dated September 26, 2000 viz. Payment to person resident outside India on invocation of guarantee, A.P. (DIR Series) Circular No. 28 dated March 30, 2001 and A.P. (DIR Series) Circular No. 5 dated August 1, 2005 relating to External Commercial Borrowings (ECB).
