THE CBDT is truly excited and fully geared up to celebrate 150 years of income tax in India. The Governor General of India accorded to the bill levying the tax, introduced by James Wilson, the first Finance Member in Council, on 24th July 1860. The 150 years of income tax, spanning 3 centuries, have witnessed tremendous global changes.
Committee for Capacity Building CA Firms and Small & Medium Practitioners, ICAI launches Audit Toolkit (KDOC-eSecretary) and made arrangement for access to Capitaline TP Database for transfer pricing.Audit Tool Kit & Document Management Software
THE Central Bureau of Investigation has registered a case against the then Regional Provident Fund Commissioner-II(EPFC-II), Employees Provident Fund Organisation(EPFO), Sub-Regional Office, Vashi (Maharashtra), now posted at Thane, EPFO and the Enforcement Officer of EPFO, Vashi and others for causing loss of Rs.24.91 crores to Government.
The AO passed an assessment order in which he declined to follow the judgement of the Bombay High Court in CST vs. Pee Vee Textiles 26 VST 281 on the ground that the said judgement “is not accepted by the Sales Tax Department and legal proceeding is initiated against the said judgment”. On a Writ Petition filed by the assessee, the High Court has taken the view that as the said judgement in Pee Vee Textiles is not stayed,
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on July 12, 2010, Government has approved 18 Proposals of Foreign Direct Investment amounting to Rs. 2245.32 Crore approximately.
The result of the Information Systems Audit [ISA] Assessment Test held on 26th June, 2010 is likely to be declared tentatively on 4th August, 2010 around 2.00 PM at the Institute’s office at New Delhi. The result of the above Assessment Test will be available on the Institute’s website www.icai.org
The results of the Management Accountancy Course (Part-I), Corporate Management Course (Part – I), Tax Management Course (Part-I), Insurance and Risk Management [IRM] and International Trade Laws & World Trade Organisation [ITL & WTO] Examinations held in May, 2010 are likely to be declared tentatively on 4th August, 2010 around 2 P.M. at the Institute’s office at New Delhi.
The Bombay High Court has granted an interim stay on collection of Service Tax levied on buildings under construction, following a writ petition filed by the Maharashtra Chamber of Housing Industry (MCHI). Mr Sunil Mantri, President, MCHI, said the chamber had urged the High Court to restrain the respondents (Union Government and others) from taking steps against the members of the Chamber in respect of transactions for construction,
Construction of a complex intended for sale by the builder before, during or after construction is deemed to be a service provided by the builder to the buyer;No service tax is leviable if entire payment for the property is paid by the buyer after completion of the construction including certification by the local authorities;
Service tax on Banking and other financial services was imposed w.e.f.16-07-2001. After going through many changes, expansion in scope, clubbing of some services, modification to the definition of service providers etc. the present coverage of this service , with abatement, exemption, clarification etc.
