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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
Ministry has reviewed the processes involved in delivery of important services to stakeholders, with a view to identify and improve the components causing delay in disposal of applications. Payment confirmation is found to be a major bottleneck in delivery of services in respect of offline payment made by physical challans .
Shri Kapil Sibal, the Union Minister of Communications and Information Technology(C&IT) launched today “e-post office”, the e-Commerce portal of India Post. The portal will enable the customers to transact postal business any time and from anywhere using either debit card or credit card through the medium of internet. Speaking on the occasion Shri Sibal said that in the changing word, the ways we live are changing. Launch of e-Post is a step in this direction offering a bouquet of services to the consumers. This is inline with shift in marketing trend of service provider reaching the consumers.
European Union (EU) has been raising protective barriers against Textiles & Garments exports from India through various Non- Tariff barriers such as Labelling Certification and REACH (Registration, Evaluation, Authorisation and Restriction of Chemical Substances).
Under the India-ASEAN Trade in Goods Agreement, tariff concessions have been offered by India on certain items imported from ASEAN courtiers. Details of these items and concessions thereof are in public domain. The India-ASEAN Trade in Goods Agreement has so far been implemented between India and 8 ASEAN members. Member countries, namely Malaysia, Singapore, Thailand, Vietnam, Myanmar, Indonesia, Brunei and Lao PDR. India and ASEAN are currently negotiating an Investment Agreement that envisages protection and promotion of FDI between the parties.
Net direct tax collections during the period April-February 2011 stood at Rs.3,36,177 crore, up from Rs.2,78,411 crore in the same period during last fiscal, The collections thereby registered a growth of 20.75 percent. Growth in Corporate Income Tax during this period was 24.01 percent (Rs.2,23,612 crore as against Rs.1,80,318 crore), while Personal Income Tax (including STT, and residual FBT / BCTT) grew at 14.76 percent (Rs.1,12,114 crore as against Rs.97,692 crore). Growth of Securities Transaction Tax was 1.72 percent (Rs.6,078 crore as against Rs.5,975 crore).
The government has imposed a penalty of Rs 24.66 crore on 18 individuals who have bank accounts with LGT Bank of Liechtenstein on the basis of information provided by the German authorities, Finance Minister Pranab Mukherjee told the Rajya Sabha. In a written reply to the Upper House, Mukherjee said that notices for imposition of penalty and prosecution under various provisions of the Income Tax Act, 1961, have been issued to the concerned individuals.
In a major relief to lakhs of depositors duped by fly-by-night non-banking financial companies, the Supreme Court on Tuesday ruled that the government has the power to attach the properties of such fraudulent organisations. The apex court said such a legislation was constitutionally valid and not repugnant to the Reserve Bank of India rules, or the Companies Act, as it was a welcome measure in view of thousands of such cases being reported in the country.
The finance Bill 2011 has enacted Point of Taxation Rules, 2011 which cover the provisions of payment of service tax on accrual basis insted of the hitherto adopted cash basis system. The implication of this changeover has been examplified in the attached Excel File which contains practical examples of all the rules from 3 to 8 of the Point of Taxation Rules, 2011.
Notification No. 14/2011 – Income Tax In rule 6DDA of the Income-tax Rules, 1962,–(a) for clause (iv), the following clause shall be substituted, namely: – “(iv) the stock exchange shall ensure that transactions (in respect of cash and derivative market) once registered in the system are not erased”;(b) after clause (iv), the following clause shall be inserted, namely: –“(v) the stock exchange shall ensure that the transactions (in respect of cash and derivative market) once registered in the system are modified only in cases of genuine error and maintain data regarding all transactions (in respect of cash and derivative market) registered in the system which have been modified and submit a monthly statement in Form No. 3BB to the Director General of Income-tax (Intelligence), New Delhi within fifteen days from the last day of each month to which such statement relates.”
Explore the legal battle: Purvez A. Poonawalla’s settlement with R.K.Bavasa, challenging the will of late Mrs. Mani Cawasa Bamji. Tax implications discussed.
