India in future is going to be a younger India with nearly 70 percent of India being of working age in 2025. Its demographic dividend of a relatively young population as compared to developed nations is an opportunity in the offing. The budget has addressed the higher education and skill development needs by a substantial higher allocation of funds, though no direct tax benefit has been given.
While the Finance Minister has said that his priorities were directed towards making taxes moderate, payment simple and collection of taxes easy for the tax collectors, the changes proposed result in higher indirect tax collection by over Rs. 11000 cores. He admits that there has been a healthy growth in indirect taxes in 2010-11 and as such peak tax rates have not been tinkered with.
Interocean Shipping (I) (P.) Ltd. Versus Union of India (Delhi High Court) Dated: 03-03-2011 – Service Tax – Ship broking and other activities – Section 65(105)(zzb)read with 65(19) – Business Auxiliary Services – The said services became taxable by the Finance Act, 2003, whereby sub-section (zzb) to section 65(105) was enacted – The said clause has to be read with section 65(19). The assessment order shows that the primary and core issue raised was is with regard the actual nature and character of the activity undertaken by the petitioners.
Under the existing provisions contained in section 115R(2) of the Income-tax Act, a Mutual Fund is liable to pay additional income-tax on the amount of income distributed to its unit holders. It is proposed to levy additional income-tax at a higher rate of 30 per cent. on income distributed by debt funds to a person other than an individual or HUF.
ereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 4/2006-Central Excise, dated the 1st March, 2006, published in the Gazette of India, Extraordinary, vide G.S.R. 94 (E) dated the 1st March, 2006 , namely: In the said notification, in the Table, after S.No.62A and the entries relating thereto, the following shall be inserted, namely:- Vaccines specified under the National Immunisation Program
FII’s can invest directly in Mutual funds – This gains importance as MF industry has been battling volatility and cash crunch. The disinvestment target of Rs.40,000 cr is as expected. The previous highest disinvestment done by the govt was Rs.23,550 cr in 2008-09. Doesn’t surprise me much because given the response Coal India Limited (CIL) got last year, the companies that are lined up this year are IOC, MMTC and Rashtriya ISPAT ltd might also get positive response from the market. But FM has assured that the 51% govt holding in all the PSUs would stay. Sudden and full disinvestment would only result in.
A senior official of the Reserve Bank today said all banks would have to create a position of chief information officers (CIOs) as well as steering committees on information security at the board level at the earliest, as envisaged under its IT Vision 2011-17 released the other day. Reserve Bank executive director G Gopalakrishna, speaking to reporters on the sidelines of a banking technology conference here, further said the banks will have to implement the facility of “second factor verification” at merchant establishments and ATMs shortly.
The Finance Minister as a move towards GST to be implemented by 2012 took a step in removing the exemption regime by levying duty on 130 items out of 370 where VAT is charged by the States. The items covered are mainly consumer goods. The balance 240 items would be roped in along with the implementation of GST in 2012.
In a trademark battle over the use of the word ‘Eenadu’ between a Karnataka firm selling Agarbathis (incense sticks) and the newspaper group in Andhra Pradesh, the Supreme Court stated last week that allowing to sell Agarbathis with the same name would “definitely create confusion in the minds of the consumers.”
on the ground that the respondent has committed a violation of the Original Agreement inasmuch as obligations cast upon the respondent under clause 13 of the agreement (supra) have not been discharged by the respondent thereby giving rise to disputes that are in terms of Clause 15 of the original agreement arbitrable — the Supreme Court appointed a sole Arbitrator and all disputes including the dispute regarding interpretation and effect of Clause 4 of the termination agreement referred for adjudication by arbitration — petition allowed.
