The government today informed the Supreme Court that it will set aside its order directing scam-hit information technology (IT) firm Satyam Computer to pay Rs 617 crore as income tax and will give a fresh hearing to the firm’s plea challenging the tax demand. Attorney General Goolam E Vahanvati, appearing for the Central Board of Direct Taxes (CBDT), told the apex court that it would recall its March 10, 2011, order, demanding Rs 617 crore in tax and decide afresh on the actual tax liability of Satyam Computer, now known as Mahindra Satyam.
The Reserve Bank has imposed penalty of up to Rs 5 lakh on two Gujarat-based co-operative sector lenders — the Mehsana Urban Co-operative Bank Ltd and the Jamnagar Peoples Co-operative Bank Ltd — for violation of certain guidelines. The violations range from conduct of non-banking business to non-reporting of cash transactions, the RBI said.
Rule 7 of the Cenvat Credit Rules, 2004 – Cenvat credit – Distribution of credit on inputs by office or any other premises of output service provider – Assessee paid service tax pertaining to advertisement of its product manufactured in a unit – It availed Cenvat credit of service tax so paid in another unit – Revenue denied said credit on ground that assessee was entitled to take credit only in unit where product was manufactured –
This Act may be called the Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2011. (2) (a) Section 1 shall come into force on the date of the publication of this Act in the Official Gazette. (b) Section 19 (1) shall come into force with effect from the date on which the Finance Act, 2011 comes into force. (c) Save as otherwise provided in this Act, the remaining sections shall come into force on such date as the State Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions.
Income Tax : SBI Lending Rates. We have attached herewith a file which have SBI lending rates for Assessment years 2006-07, 2007-08, 2008-09, 2009-10, 2010-11 and 2011-12. It Contains the Interest Rate on following Kinds of Loan for different period:- Interest Rate on Housing Loan up to 5 Years, Above 5 years but up to 10 years, Above 10 years but up to 15 years and Above 15 years but up to 20 years.
The Finance Ministry expects to begin the compilation of the negative list for service tax soon. Negative list is a list of items on which tax will not be charged as compared to a positive list which the government already has. The government believes that service tax contribution to the overall tax kitty can be increased significantly if a negative list is prepared.
The Union government has slapped an excise duty of 10 per cent on jute products that constitute about 80 per cent of the Rs 6,000 crore industry and threatens to cripple the fate of 2.5 lakh workers. “This 10 per cent central excise duty on the jute sector will bring great trouble to the industry and increase the cost of jute packaging products,” industry veteran Sanjay Kajaria said.
Due date for payment of TDS in respect of payments/Credit Related to March 2011 (Including the Expenses/Provisions/ Credits on 31St March) is April 30. So those who have not made TDS payment by 7th April can relax and pay the same by 30th April without any late payment Interest and without worrying for disallowance of expenses. The amendment in due date is made vide Notification No. 41/2010 dated 31 May 2010 (new Notification), notified Income-tax (Sixth Amendment) Rules, 2010 which amends the Rules. The Notification is effective from 1 April 2010 and applies to tax deducted/collected on or after 1 April 2010.
Central Board of Excise and Customs (CBEC) has denied that that any calls were received by the Custom Officials at Mumbai Airport from the office of any Minister. The decision was taken entirely as per Customs Rules and Regulations. The investigations are still in progress and other investigative agencies have been addressed with details.
The Central Government has revised the National Floor Level Minimum Wage (NFLMW) from Rs. 100/- per day to Rs. 115/- per day effective from 01.04.2011, on the basis of the rise in the All – India Consumer Price Index for Industrial Workers during the period. The NFLMW is a non-statutory measure. Accordingly, all the State Governments/Union Territory Administrations have been requested to fix/revise minimum wages in such a way that in none of the scheduled employments, the minimum wage is less than National Floor Level Minimum Wage of Rs.115/- per day at present.
