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Archive: 17 July 2010

Posts in 17 July 2010

Pay your Income Tax through credit card

July 17, 2010 58900 Views 1 comment Print

BANGALORE:Don’t have the money to pay tax? Don’t worry. This tax filing season, you can pay your Income Tax through credit cards. This is the first of its kind happening in India. About 4.5 lakh tax payers in Bangalore, of which, 37 per cent IT professionals will pay their taxes in Gayatri Vihar.

Delhi Govt slashes VAT on diesel to bring down the fuel prices by Rs 2.70 per litre

July 17, 2010 324 Views 0 comment Print

Inflation-hit Delhiites can breathe a little easy with Delhi Government today slashing the value added tax (VAT) on diesel to 12.5 per cent from the existing 20 per cent which would bring down the fuel prices by Rs 2.70 per litre to Rs 37.50 per litre in the city.

Even Offshore Services Are Taxable As PE Profits – ITAT Mumbai

July 17, 2010 1117 Views 0 comment Print

Professional Firms can have a ‘service PE’. The words “indirectly attributable to the PE” encompass the “force of attraction” principle and even services rendered offshore for Indian projects are assessable in India

All about Commodity Futures & Interest Rate Derivatives

July 17, 2010 1213 Views 0 comment Print

Futures Trading in Commodity is a natural outgrowth of the problems of maintaining and managing supply of Agricultural Products and other commodities. Worldwide there are many exchanges operating in commodity futures. It has a very long history in today’s world, the first exchange “The Chicago Board of Trade” (CBOT) was established in 1848 for trading in commodity futures. In 1880 and 1890 the New York Coffee, Cotton and Product Exchanges became operative.

Himachal Pradesh VAT rate change with effect from 15th July, 2010

July 17, 2010 13634 Views 17 comments Print

Effective 15 July, 2010, the rate of VAT in Himachal Pradesh has been enhanced, as mentioned below:

Maharashtra imposes 1% Sales Tax on property sale agreements

July 17, 2010 5189 Views 0 comment Print

Property buyers in Mumbai and the rest of Maharashtra will now have to spend more, as the state government has issued a notification on the imposition of 1 per cent value added tax (VAT) on the contract price of flats mentioned in the agreement of sale registered on or after April 1. This would be in addition to a 5 per cent stamp duty, 2.38 per cent service tax and 1 per cent local self-government tax in certain districts.

Companies may not get any tax sop for spending more on CSR

July 17, 2010 387 Views 0 comment Print

Indian Companies may not get any tax sops for spending more as part of their corporate social responsibility (CSR) initiatives, an official in the government said on Thursday. The ministry of corporate affairs is unlikely to recommend any tax concessions for adoption of CSR initiatives for India Inc.

‘CLSS, 2010’ and ‘Easy Exit Scheme, 2010’ Drawing Good Response

July 17, 2010 408 Views 0 comment Print

The two schemes recently launched by the Ministry of Corporate Affairs, viz., ‘Company Law Settlement Scheme, 2010’ (CLSS 2010) and ‘Easy Exit Scheme, 2010’ (EES 2010) are drawing positive response from the corporate sector. The two Schemes were launched on 30.5.2010 and will be available till 31.08.2010. An electronic workflow has been established in the system to process the cases received under the two Schemes in a time bound manner.

Kannada Version of Investor Education and Protection Fund Website

July 17, 2010 1172 Views 0 comment Print

Shri Salman Khurshid, Minister of Corporate Affairs, today launched the Kanada version of the Investor Education and Protection Fund Website at Bangalore. He also released Beginner’s Guide on Capital Markets in Kanada language at a function organized by Associated Chambers of Commerce and Industry (ASSOCHAM) in partnership with the Institute of Cost and Works Accountants of India (ICWAI), the MCX Stock Exchange and the Karnataka Federation of Chamber of Commerce and Industry (KFCCI) as part of India Investor Week (IIW) 2010.

ACB and IT department investigation still on in the case of alleged accumulation of unaccounted wealth by Kripashanker Singh

July 17, 2010 874 Views 0 comment Print

Mumbai Congress chief Kripashankar Singh continues to be in the dock. Income-tax department and the anti-corruption bureau of Maharashtra on Thursday informed Bombay High Court that the probe into allegations of accumulation of unaccounted wealth by former state minister and MLA Kripashanker Singh and his family members is still on.

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