India’s foreign exchange reserves declined by $755 million to $301.84 billion on the back of a reduction in foreign currency assets (FCAs) for the week ended March 11. The reserves had surged $1.8 billion the week before to $302.59 billion. FCAs, the biggest component of the foreign reserves, declined by $705 million for the week ended March 11, the Reserve Bank of India (RBI) said in its weekly data released this evening.
From the desk of Chairman,CBDT S.N. 23 /March 19 ,2011 . Our COMMITMENT to issue all refunds. CONFIDENT THAT THE FIELD DOES NOT WANT CBDT TO FAIL? Progress of issue of refunds is far below expectations. All officers are once again advised to necessarily issue all pending refunds of AYs 09-10 & 10-11 by March 28 2011. This is going to be one of the significant criterion’s in judging the performance of the CCITs & CITsduring the FY 10-11.
India’s tax revenue for 2010-11 has shown healthy growth till March 12 this year, which jumped around 26 per cent over the corresponding period and the government was expecting to end the year with similar growth in mop up. The total tax collection till March 12 of the current fiscal has shown a growth of around 26 per cent over 2009-10 and for the year the trend is likely to be maintained, Revenue Secretary Sunil Mitra said here today at CII annual regional meet.
“Vodafone Group’s position has not changed with regard to the tax case and we continue to believe that there is no tax to pay on this transaction…Vodafone will continue to defend its position vigorously and will look forward to the matter being reviewed in full by the Supreme Court on July 19,” Vodafone said in a statement.
Asserting that the new healthcare levy is not new and will not hurt the common man, the Central Board of Excise and Customs (CBEC) today said the idea was mooted because insurance companies’ tactics resulted in lower collection. Finance Minister Pranab Mukherjee in Budget 2011-12 proposed levying 5 per cent tax on all services provided by private hospitals having at least 25 beds with central air-conditioning facility and also on all diagnostic tests.
The government today hoped rollout of Direct Tax Code by April 2012 but things are not on track in case of Goods and Services Tax (GST). “DTC will be rolled out in April 2012 but for GST I think the date seems ‘optimistic’ under the present circumstances,” Revenue Secretary Sunil Mitra said.
The Central Bureau of Investigation has registered two cases against two former Branch Managers, Union Bank of India, Thiruvannamalai Branch; Dealers; Agents and others in connection with alleged grave irregularities committed in the sanction of Tractor, Power Tiller and Crop Loans at Thiruvannamalai District.
Compensation received under Non-Competition Agreement became taxable as a capital receipt and not as a revenue receipt by specific legislative mandate vide Section 28(va) and that too with effect from 1.4.2003. Hence, the said Section 28(va) is amendatory and not clarificatory. Lastly, in Commissioner of Income-Tax, Nagpur v. Rai Bahadur Jairam Valji reported in 35 ITR 148 it was held by this Court that if a contract is entered into in the ordinary course of business, any compensation received for its termination (loss of agency) would be a revenue receipt. In the present case, both CIT (A) as well as the Tribunal, came to the conclusion that the agreement entered into by the assessee with Ranbaxy led to loss of source of business; that payment was received under the negative covenant and therefore the receipt of Rs. 50 lakhs by the assessee from Ranbaxy was in the nature of capital receipt. In fact, in order to put an end to the litigation, Parliament stepped in to specifically tax such receipts under non-competition agreement with effect from 1.4.2003.
Key features of File Validation Utility (FVU) version 3.1 FVU 3.1 will be applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards and will be mandatory w.e.f April 01, 2011. Mandatory to quote Mobile No. in quarterly TDS/TCS statements for deductor category other than Central govt. and State Govt. Re-introduction of PAN reference no. […]
Submission of e-TDS/TCS statement has been enabled in Pen Drive in addition to the existing option of CD. Deductors /Collectors are advised to check the feasibility of acceptance of statement in pen drive with TIN Facilitation centers before submission. The Pen Drive / CD may contain details of multiple e-TDS/TCS statements. The computer media (CD/Pen Drive) will be return after acceptance of statements
