"02 July 2010" Archive

Three IPL team asked to furnish information on the sources of their funding and ownership

The income tax authorities have asked Rajasthan Royals, Kolkata Knight Riders and Kings XI Punjab-the three IPL teams co-owned by cine stars Shilpa Shetty, Shahrukh Khan and Preity Zinta, respectively-for information on the sources of their funding and ownership details....

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Posted Under: Income Tax |

Under-construction properties get costlier from 1st July 2010

Costs rise from 1st July 2010 for buyers of under-construction properties due to the imposition of a service tax on builders. Last week, the Central Board of Excise and Customs notified that a service tax of 10 per cent would be levied on the gross value (Excluding abatement) of a housing property under construction from July 1. Only prop...

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Posted Under: Income Tax |

FM Says Measures Taken by RBI are Desirable

(02/07/2010)

Reserve Bank of India (RBI) has raised Repo and Reverse Repo rates by 25 basis points each to 5.50 percent and 4.0 percent respectively. At the same time, some liquidity management measures have been extended.These measures are expected to contain inflation and anchor inflationary expectations without hurting recovery process....

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Posted Under: Income Tax |

Summary of Central Excise Notifications 25/2010, 28/2010 , 29/ 2010 and Clean Energy Cess Notifications

Exemption from Cess {Notification No. 28/2010-Central Excise and 29/ 2010-Central Excise dated June 22, 2010.}Central Government has exempted goods subjected to Clean Energy Cess from levy of Education Cess and Secondary and Higher Secondary Education Cess....

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Posted Under: Income Tax |

Summary of Service Tax Notification No. 24/2010 to 35/2010 dated June 22, 2010

The Central Government has issued various notifications regarding levy of Service Tax and exemptions therefrom, to be effective from July 1, 2010 (except as specified herein below). The details of the same are as under:...

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Posted Under: Income Tax |

Section 50C should be applied only on the date of sale agreement and not on the date of actual registration of conveyance deed

Koduru Satya Srinivas & Anr. Vs ACIT (ITAT Vishakapatnam)

The solitary issue urged in these two appeals is that Whether the Learned CIT(A) is right in law in confirming the action of the Assessing Officer in invoking the provisions of section 50C in the case of both the assessees....

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Corrigendum to Notification No.40/2010-ST, dated 28-6-2010

Corrigendum (30/06/2010)

Abatement Provisions – Specified activities rendered in port/other port/airport – Corrigendum to Notification No.40/2010-ST, dated 28-6-2010 In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 40/2010-Service Tax dated the 28th June, 2010 published in the Gazette of India, Extraordina...

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Service Tax (Amendment) Rules, 2010 – Amendment in rule 4A – Corrigendum to Notification No. 39/2010-ST, dated 28-6-2010

Corrigendum, dated 30-6-2010 (30/06/2010)

Corrigendum, dated 30-6-2010.In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 39/2010-Service Tax, dated the 28th June, 2010 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 560(E), dated the 28th June, 2010,...

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Transport of goods by road – Amendment in Notification No. 13/2008-ST, dated 1-3-2008- Notification No. 43/2010–Service Tax, dated 30-6-2010

Notification No. 43/2010–Service Tax (30/06/2010)

Transport of goods by road - Amendment in Notification No. 13/2008-ST, dated 1-3-2008. Notification No. 43/2010–Service Tax, dated 30-6-2010. In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest s...

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Blackmailers using RTI Act to blackmail builders

The dreaded extortion call from a bhai is unsettling for any construction tsar, but Mumbai’s builders are now quivering before far lesser mortals. The violations they indulge in, they gripe, are being ferreted out by a bunch of “professional complainants’’ with the help of the RTI Act, not to expose corruption, but to blackmail th...

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Posted Under: Income Tax |
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