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Archive: 05 March 2011

Posts in 05 March 2011

Section 11A-Branches opened for invocation of extended time limit…

March 5, 2011 2959 Views 0 comment Print

Finance Bill, 2011 has substituted the language of this section. The basic theme of this section has been kept alive alongwith certain additions. The new section states as follows:- Sub section 1 to section 11A says that where any duty is short levied/paid or not levied/paid or erroneously refunded by way of any reason other fraud, collusion or willfull misstatement of suppression of fact of contravention of this Act or of the rules made thereunder with intent to evade payment of duty:–

Expansion of scope of Legal Consultancy Service

March 5, 2011 2968 Views 0 comment Print

The Legal Consultancy service was brought under Service Tax net from 01.09.2009. The Taxable service was defined under sub-clause (zzzzm) of clause (105) of Section 65 of the Finance Act, 1994. The Legal services provided to a business entity by any other business entity in relation to advice, consultancy or assistance in any branch of law were covered.

Pay service tax for Health services!!!

March 5, 2011 3850 Views 0 comment Print

In the chain of imposition of duty on new services the levy on hospitals has also been added in the budget 2010-11. Although the rate of service tax is kept constant at 10% but in order to increase indirect tax revenues the Hon’ble Finance Minister has proposed a new levy for hospitals. In his budget speech he expressed that the hospitals having 25 or more beds with centralized air-conditioner system is proposed to be taxed under service tax system.

Special Economic Zones – No More Special

March 5, 2011 904 Views 0 comment Print

Special Economic Zones (SEZs) which contribute over 30 % of country’s exports have been adversely hit by Budget 2011 proposals as the SEZs have been brought under Minimum Alternate Tax (MAT) by 20.1 percent (including cess) and dividend distribution tax (DDT) at 16.22 percent (including cess). SEZs were hitherto exempt from both these taxes. The units as well as developer, both will be liable to MAT and DDT a year ahead of Direct Tax Code (DTC) which is intended to be in place in April 2012. However, some relief has been given to SEZs by way of exemptions from service tax to taxable services provided within SEZ and simplification of the refund procedures.

Blackmoney case- SC orders reinstatement of ED sleuths

March 5, 2011 633 Views 0 comment Print

The Supreme Court on Thursday came down heavily on the Centre for failing to crack the whip on black money hoarders and ordered forthwith reinstatement of three key ED officials allegedly transferred midway into the probe in a case of foreign exchange law violation by Pune businessman Hasan Ali Khan.

Commerce Minister surprised by MAT on SEZs

March 5, 2011 883 Views 0 comment Print

Expressing surprise at the Budget proposal to impose Minimum Alternate Tax on SEZ developers, Commerce and Industry Minister Anand Sharma on Friday said he has voiced his concerns to Finance Minister Pranab Mukherjee as the move would impact these projects. Mukherjee has proposed to levy Minimum Alternate Tax of 18.5 per cent on the book profits of Special Economic Zone developers and units. The changes in the tax rate would be effective April, 2012.

Goldman CEO agrees to testify in insider-trading case

March 5, 2011 315 Views 0 comment Print

Goldman Sachs Group Inc Chief Executive Lloyd Blankfein has agreed to testify for the US government at the upcoming trial of Galleon hedge fund founder Raj Rajaratnam, according to a media report.

Sibal to discuss spectrum, Merger and Acquisitions with telcos

March 5, 2011 507 Views 0 comment Print

Telecom Minister Kapil Sibal is likely to meet industry players on Tuesday in order to reach a consensus on issues, including licencing, spectrum allocation, spectrum sharing and mergers and acquisition.

Why Indians switching jobs or Look for New Job

March 5, 2011 1187 Views 0 comment Print

Less-than-expected pay as well as lack of growth opportunities at work place are driving many employees in India to look out for new jobs, says a survey. According to global technology and consultancy giant Accenture, about 37 per cent of employees surveyed by it are looking for job opportunities outside the company.

CVC Disposed of 668 Cases in January 2011 Major Penalty Proceedings Recommened Against 116 Officers

March 5, 2011 627 Views 0 comment Print

The Central Vigilance Commission (CVC) disposed of 668 cases during January 2011 referred to it for advice. Of these, 518 complaints were sent for necessary action/ATR whereas 27 complaints were sent for investigation and report. No action was required on 81 complaints.

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March 2011