Exclusive Benches will be set up in all High Courts to deal with commerce matters, Union Law Minister M. Veerappa Moily said on Saturday. The Bill on setting up commerce Benches was already passed by the Lok Sabha. It would now have to be passed by the Rajya Sabha. Once Parliament adopted the measure, courts would be set up to fast-track trade and commerce cases.
If one wishes to use the service of a TRP for filing I-T returns one can use the helpline started for the purpose. The tax return preparers (TRPs), who were brought in by the Income Tax (I-T) department about two years back to help tax payers file their I-T returns, can be contacted through a helpline — 1800 102 3738. This is a new helpline started by the department.
Long-term capital gains :-If shares are held by the tax payer for more than 12 months, then gains arising from their sale/transfer are treated as long term capital gains. If the period of holding is lower, then such gain is treated as short term capital gains.
The issue of the imposition of service tax on construction and sale of residential property has long been a matter of concern for the real estate and construction industry as well as for buyers of such residential property. It has gained much prominence after Budget 2010 because of significant amendment made therein towards taxability of sale of flats under service tax.
He exporter submits the export documents containing the export product suffixing another pharmacopoeia, say BP, the Zonal/Regional offices sometimes do not accept such exports towards fulfillment of export obligation. It has been suggested that the pharmacopoeia standard other than mentioned in the licenses should be considered towards fulfillment of export obligation, i.e., pharmacopoeia, viz., USP/EP/BP/JP may be treated as interchangeable.
The additional liquidity support to scheduled commercial banks under the LAF to the extent of up to 0.5% of their net demand and time liabilities (NDTL) currently set to expire on July 2, is now extended up to July 16.
In partial modification of the announcement dated 30th June 2009 regarding transfer / termination of articles the Council in its recent meeting has decided that the transfer/termination of articleship in terms of Regulation 56(1) of the Chartered Accountants Regulations, 1988 shall be permissible on the grounds as stated below: –
The Jharkhand High Court on Thursday barred non-tax payers from filing a public interest litigation (PIL). “A division bench of Acting Chief Justice Sushil Harkauli and DN Patel set the parameters for filing a PIL. The parameters include a term that only tax payers having a PAN (permanent account number) can file PIL,” Rajiv Kumar, a high court lawyer, said.
The Central Government has issued notifications relating to advance receipts and exemptions in respect of Port, Other Port and Airport Services. 1. No service tax on advances received before July 1, 2010 in respect of new services and amendments made in existing services by the Finance Act, 2010
authorise the said Commissioners of Income Tax, to issue orders in writing for the exercise of powers and performance of functions by all or any of the Income-tax authorities who are subordinate to them in respect of such territorial areas, or such persons or classes of persons, or such income or classes of income, or such cases or classes of cases, as may be specified in their orders, including orders transferring the areas/persons or classes of persons, incomes or classes of incomes, cases or classes of cases from one Range to another Range or from one Assessing Officer to another Assessing Officer.
