The Delhi income tax (I-T) department is facing criticism for its administrative inefficiency by failing to produce 95.4 per cent of records asked by the Comptroller and Auditor General of India (CAG) for its performance audit for financial year 2009-10. This is the highest failure rate of I-T department in providing records to the CAG. Delhi is followed by Punjab (53.4 per cent), Orissa (50.9 per cent), Uttarakhand (47.7 per cent), Maharashtra (46.3 per cent) and Gujarat (39.9 per cent).
Medical insurance policies offered by different insurers to policyholders are contracts of reimbursement. However, several policies under these contracts offer a cashless facility as a facility of convenience in their Preferred Provider Network (PPN) of hospitals. This PPN is dynamic and subject to change from time to time. With effect from July 1, 2010, the four public sector general insurers have withdrawn the cashless facility to certain hospitals that were previously in the PPN at Mumbai, Delhi, Chennai and Bengaluru.
A recent ruling of the Supreme Court (SC) in a batch of cases, with the lead case being that of Bharti Cellular Ltd. (Taxpayer), on whether any manual intervention is involved in the technical operations by which a cellular service provider, such as the Taxpayer, is given facility for interconnection. If manual intervention is involved, the payments for such facility would be considered as ‘fees for technical services’ (FTS) under the Indian Tax Laws (ITL) and the Taxpayer would be required to withhold taxes. In this context, one may recall that the Delhi High Court (HC) [319 ITR 139] had earlier held that as these services do not involve any human interface, these cannot be regarded as FTS as contemplated under the ITL.
TO AVOID LAST MINUTE RUSH AND SYSTEM CONGESTION IN MCA21 DUE TO HEAVY FILING IN LAST 10 DAYS OF THE MONTHS OF OCTOBER AND NOVEMBER 2010, IT IS REQUESTED THAT FILING OF ANNUAL RETURN AND BALANCE SHEET MAY BE DONE IN THE FOLLOWING ORDER:-
The Bombay High Court, on Tuesday, refused to direct the state government to recover entertainment tax on Indian Premier League matches played in the state during its last season. It also observed that central and state ministers should stay away from sporting bodies like the Board of Control for Cricket in India (BCCI).
Giving a clean chit to Sharad Pawar, the Bombay High Court on Tuesday said there was “nothing on record” to show that the Union Minister influenced the Maharashtra government’s decision to exempt Indian Premier League matches from entertainment tax.
The government may soon allow foreigners to set up limited liability partnerships in sectors where 100% foreign investment is allowed, taking a decisive step after much flip-flop over funding guidelines for this form of business organisation, favoured globally for its flexibility.
Notification No. 69 /2010-Income Tax CBDT NOTIFICATION No. 2091(E) dated 26.08.2010—ln exercise of the powers conferred • by clause (b) of Rule 6 of Part A of the Fourth Schedule to the Income-tax.Act,1961 (43 of 1961), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 484(E), , dated the 30th May, 2001, the Central Government hereby fixes; with effect from the 1st day of Septembei, 2010, 8.5 per cent, as the rate referred to in the said clause.
An outsourcing contract to Infosys, India’s second-largest software company, has resulted in an unexpected reprieve for those with income to hide from the taxman. Irked by the contract, under which Infosys is processing tax returns filed online, and rattled by the prospect of more outsourcing, officials of the investigation wing of the income-tax department, the arm of the tax administration that conducts raids, have refused to step out of their offices for at least a month.
What you know now and are able to do now, what your current success is built on, will unavoidably depreciate in value unless you actively work on learning new things and building new skills. Continual professional development is a lifelong requirement, not an option. There may have been a time when once you got good at something, may be “made partner”, you could live off that for the rest of your career. If those times ever existed, they are gone now. The minute you start thinking you know how things work, you are dead.
