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Archive: 22 July 2010

Posts in 22 July 2010

Public Notice No. 83/2009-14, Dated: 22.07.2010

July 22, 2010 169 Views 0 comment Print

In exercise of powers conferred under Para 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures.

Infrastructures Bonds: New Tool to Save Tax

July 22, 2010 330 Views 0 comment Print

In this year’s budget, Finance Minister made an announcement that deduction upto Rs 20000 would be allowed from the total income of taxpayer if investment is made in long term infrastructure bonds (which were to be notified later). This investment and deduction of Rs 20000 in income tax (under section 80 CCF) is over and above the existing aggregate deduction of Rs 1 lakh under section 80C, 80CCC and 80 CCD.

No Income Tax raids and surveys costing Government Rs 180 crore a day

July 22, 2010 240 Views 0 comment Print

Mumbai could lose at least Rs 5 crore a day for the next few days because there will be no Income Tax (I-T) raids and surveys, during which a large chunk of tax is collected. Nearly 90 per cent of the I-T department’s staff across the country has decided to not to take part in surveys and raids from Tuesday as a mark of protest.

DTC, GST Bills likely to be introduced in the Monsoon session beginning next week

July 22, 2010 349 Views 0 comment Print

The government on Tuesday said the direct taxes code (DTC) Bill and a constitutional amendment bill to implement the goods and services tax (GST ) are likely to be introduced in the Monsoon session beginning next week. “It is our expectation that both the constitutional amendment bill and DTC Bill would be introduced in the Monsoon session,” revenue secretary Sunil Mitra told reporters on the sidelines of a CII seminar in New Delhi today.

Finance Minister to look into continuation of tax sops: SEZ developer

July 22, 2010 255 Views 0 comment Print

The revised discussion paper on the Direct Tax Code (DTC), which would overhaul the Income Tax Act, proposes tax exemptions only for the existing SEZ units. “In case no income tax benefit is provided to the new SEZ units, no entrepreneur would like to set up a unit in the SEZ,” EPCES Chairman R K Sonthalia said.

Speech of Finance Minister at the Meeting with the Empowered Committee of State Finance Ministers

July 22, 2010 504 Views 0 comment Print

As for specific issues, let me begin with the issue of exemption threshold under GST. In this regard, it was the suggestion of the Empowered Committee that the Centre should consider retaining the exemption threshold of Rs.1.5 crore (presently available under Central Excise) for goods while the CGST threshold for services and the SGST threshold for both goods and services would be Rs.10 lakh. It is fundamental to a dual GST that every transaction constituting a supply of goods and services receive similar treatment under CGST and SGST.

Notification No. 61/2010-Income Tax Dated 22/7/2010

July 22, 2010 247 Views 0 comment Print

Notification No. 61/2010-Income Tax Whereas the Central Government in exercise of the powers conferee by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, vide notification of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) number S.O.193(E), dated the 30″ March, 1999.

Regarding levy of service tax on all taxable services relating to transmission and distribution of electricity

July 22, 2010 2756 Views 0 comment Print

Notification No. 45/2010-Service Tax Central Government is satisfied that a practice was generally prevalent regarding levy of service tax (including non-levy thereof), under section 66 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as ‘the Finance Act’), on all taxable services relating to transmission and distribution of electricity provided by a person (hereinafter called ‘the service provider’) to any other person (hereinafter called ‘the service receiver’),

Take-out finance scheme for infrastructure sector – liberalisation of External Commercial Borrowing policy

July 22, 2010 955 Views 0 comment Print

Keeping in view the special funding needs of the infrastructure sector, Reserve Bank of India (“RBI”) has issued a Circular (A.P. (DIR Series) Circular No. 4 dated 22 July, 2010) ‘ to liberalise the above refinancing restriction under a Take-out Finance Scheme. The said scheme is applicable to Indian corporates in the sea­port and airport, roads including bridges and power sectors (eligible borrowers).

Amendment in Para 4.7 of HBP v.1, 2009-14

July 22, 2010 541 Views 0 comment Print

In exercise of powers conferred under Para 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures (Vol.1), 2009-14:-

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