The Union Government might not review or consider the extension of the Sunset Clause to the export-oriented units (EoUs), beyond the earlier set deadline of March 31, 2011. “There is no discussion on this (extension of sunset clause) now, it might not be considered,” said Dr Rahul Khullar, Union Secretary for Commerce and Industries.
A proposal to tax bank transactions to help some of the global economies tide over the current financial crises will be opposed by India at the G-20 summit, even as it will ask rich countries not to abruptly withdraw their stimuli packages, officials said on Friday.
D.O. No. FTS-799468/2010- MEMBER (R) You may be aware that the Tax Credit Statement (in Form 26AS) in respect of each PAN holder is being compiled by the Income Tax Department on real time basis. Such statements are available for online view to the PAN holder, to enable him/her to take timely corrective steps in case of missing gaps. It is thus considered desirable to increase the awareness about the same among all sections of society.
The following major changes have been made for real estate builders post the Finance Act 2010, which are made applicable from 1.7.2010. It may be noted that the said amendments would be effective only from this date onwards. The following are these amendments:
The Income Tax department will soon launch an Internet-based grievance redressal system for taxpayers to lodge their complaints with taxman. The new online facility will also enable taxpayers to register their complaints and put applications to the I-T Ombudsman present in 12 cities across the country including Mumbai and Delhi, the two topmost tax paying regions respectively.
What changes have been effected by the Finance Bill, 2010 with respect to construction of commercial / industrial premises and residential complexes?Following changes have been carried out by the Finance Bill, 2010.
In a bid to plug the tax loophole foreign investors use by routing their money to India through Mauritius, the government has sought amendments in its bilateral treaty with the island nation and offered cash compensation for revenue loss on account of the changes.
The securities transaction tax (STT) is here to stay even under the proposed new regime for direct taxes slated to come into force from April 1 next year. But the rate of STT now hinges on the firming up of a revised taxation regime for capital gains and the flow of funds to the capital market, a senior Finance Ministry official said.
Price Waterhouse auditor S. Gopalakrishnan and Satyam’s former internal audit head V.S. Prabhakar Gupta are accused of conniving with B. Ramalinga Raju, the software company’s founder, in the Rs7,136 crore fraud that came to light in January 2008.
In what is seen as a bid to prevent further inflation spiral in the economy, the Finance Ministry has once again deferred the implementation of service tax levy on transport of goods by rail. The levy will now come into effect from January 1 next year.
