The government may take the first step towards fiscal consolidation in Budget 2010-11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased marginally.
The Centre has suggested setting up a common dispute resolution scheme for settlement of cases in the proposed goods and services tax (GST). It is also suggesting sharing of service centres between the Centre and states, besides common registration facilities for traders. “It is proposed to prescribe a common registration form, common registration number, common return format, common service centres for acceptance of registration applications and return for Central GST and State GST, &” Sushil Solanki, commissioner, central excise, said at a seminar on GST regulations at the American Chamber of Commerce on Monday.
Notification No. 5/2010-Customs – New Delhi, the 19th January, 2010- in column (2), for item (a) and the entry relating thereto, the following shall be substituted, namely:-“(a)Sports goods, sports equipments, sports requisites, including synthetic playing surfaces, fitness equipments, sports medicine, sports apparel”; in column (3), for item (a) and the entries relating thereto, the following shall be substituted, namely:-“(a) The said goods are imported into India by,-
In AY 2002-03, the assessee suffered a long-term capital loss. U/s 74(1) as it then stood, such loss could be carried forward and set off against all capital gains including short-term capital gains. S. 74 was amended in AY 2003-04 to provide that long-term capital loss could only be set-off against long-term capital gains and not against short-term-capital gain
In CIT Vs Kelvinator of India Ltd. 256 ITR 1 the Full Bench of the Delhi High Court was considering a case of reopening u/s 147 within 4 years from the end of the assessment year. The Court held that when a regular order of assessment is passed in terms of section 143 (3) of the Act, a presumption can
The Finance Minister, Shri Pranab Mukherjee has said that timely and pro-active monetary and fiscal measures have ensured that the growth process remain intact despite the adverse impact of global financial crisis. He was chairing the meeting of Parliamentary Consultative Committee attached to the Finance Ministry, here today.
It has now been decided to permit eligible Stock Exchanges to introduce currency futures on Euro-INR, Pound Sterling-INR and Japanese Yen-INR. The details in terms of product design, margins and position limits for the three additional currency pairs are as given under Annexure I, II and III respectively.
The amount paid for compounding an offence is inevitably a penalty in terms of section 483 of the Karnataka Municipal Corporation Act, 1976 itself and the mere fact that it has been described as compounding fee cannot, in any way, alter the character of the payment which payment, is in the nature of penalty.
As would be evident from the pleadings and submissions made on behalf of the respective arties, the main question which we are called upon to consider is whether in the absence of publication of the Rules and Bye-laws of the Bombay Stock Exchange, which had been framed prior to its recognition in 1956 under the 1956 Act, its activities could be said to be without authority.
The finance ministry is likely to keep the corporate tax rate unchanged at 30%, as it faces stiff resistance from companies to the draft direct tax code’s proposal to cut the rate to 25% and remove all exemptions. “Corporates are resisting the phasing out of exemptions even with a lower tax rate,” said a senior government official.
