"June, 2010" Archive

VAT Cir – 20T of 2010- Applicability of the Hon. Supreme Court Judgment in the case of M/s. Pee Vee Textiles Judgment

Trade Cir. No. 20T of 2010 30/06/2010

The issue as regards pro rata allowance of benefits under the Package Scheme of Incentives was in dispute. A division Bench of Hon'ble Bombay High Court by its judgment dt. 13.12.2008 has decided the reference filed by the Commissioner of Sales Tax in case of M/s Pee Vee Textiles Ltd., against the department. Since the department had also...

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All government services may go online in 28 states

Citizens across the 28 states will be able to avail of all government services, including payment of utility bills and applying for a driving licence, through common Internet portals being developed as part of a Rs 2,000-crore state portal project, senior government officials told....

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ONGC sought intervention of the PM in resolving the Russian tax puzzle

The tax structure is designed in a manner that the Russian government retains most of the revenues generated for crude prices above $30 resulting in low revenue for Imperial Energy, which is ONGC Videsh Ltd's wholly-owned UK-based subsidiary....

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No service tax on commercial or industrial construction service provided wholly within the airport

Notification No. 42/2010-Service Tax 28/06/2010

From July 1 this year, no service tax will be levied on taxable service of commercial or industrial construction provided wholly within the airport. Similarly, the taxable service of commercial or industrial construction, when provided within the port or other ports for construction, repair, alteration and renovation of wharves, quays, do...

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Tobacco will be kept within the ambit of Goods and Services Tax (GST) and alcohol outside it

The Union finance ministry has agreed to states’ demand that tobacco be kept within the ambit of Goods and Services Tax (GST) and alcohol outside it. Besides GST, the Centre would levy an excise duty on tobacco. At present, states collect tax on alcohol, while the Centre levies duty on tobacco....

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Replacement of dividend distribution tax with withholding tax to boost business

The cost of doing business in India could come down if the dividend distribution tax (DDT) levied on foreign shareholders is replaced with a withholding tax as under the current system, apex chamber Ficci has said. According to the chamber, foreign shareholders are unable to claim credit in the home country for DDT paid in India, resultin...

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Cheque with alteration/corrections will be honoured till 30th November 2010

The RBI directive to banks, asking them not to honour cheques with overwriting, will come into effect from December 1 instead of the earlier scheduled date of July 1, the apex bank said in its latest circular. The new rule is intended to prevent fraudulent withdrawal of money and expedite clearance of cheques....

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Accounting Codes for the new taxable services introduced vide the Finance (No. 14) Act, 2010- Service Tax Circular No. 124/6/2010-TRU, dated 29-6-2010

Circular No. 124/6/2010 29/06/2010

Accounting Codes for the taxable services introduced vide the Finance (No. 14) Act, 2010.Circular No. 124/6/2010-TRU, dated 29-6-2010. Heads of Account under the Major Head “0044-Service Tax” in respect of the new taxable services have been allotted by the Office of the Principal Chief Controller of Accounts, CBEC....

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Role of Books of Account While Dealing With Mismanagement U/s. 397 of Companies Act, 1956?

The provisions of Companies Act, 1956 makes it very clear that every company should maintain proper books of accounts and should record all the transactions of the Company pertaining to sales, purchases, expenses, receipts, liabilities and Assets. Not only recording the transactions, every Company is also supposed to maintain the documen...

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Whenever assessee incurs expenditure for repair and maintenance of a building taken on lease for carrying on its business activity, it has to be allowed u/s 30(a)(i) provided same does not fall in capital field

DCIT Vs Chaya Lakshmi Creations (P.) Ltd. (ITAT Hyderabad)

The assessee has taken on lease a theatre complex consisting of five cinema theatres from M/s Satyam Sayi Corporation (P) Ltd,. During the assessment year under consideration, the assessee has incurred substantial amounts towards consultation charges, interior design, modernization, changing of floor tiles, false ceiling, landscaping, cha...

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