"18 April 2011" Archive

Hire charges paid for Millers and Rollers-Tax deductible under section 194-I

The Commissioner Of Income Tax-I Vs D. Rathinam (Madras High Court)

The assessee, hired Millers and Rollers, for the purpose of carrying out his road contract works. According to the revenue, since in the case on hand, the hire charges in respect of both the Millers and Rollers hired by the assessee contained a portion of labour charges incurred by the respective owners of the concerned vehicles/machineri...

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ING IM Simplifies Mutual Fund Investing With Launch of Its Multi Manager scheme

ING Investment Management India is launching its ING Optimix Financial Planning Fund (an open ended fund of funds scheme) aiming to simplify investing in mutual funds. The most unique feature of this fund is its ability to invest across carefully selected best of breed Funds from different asset management companies in one convenient fund...

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Posted Under: Income Tax |

Inflation Burns

INFLATION BURNINGS: The RBI came up with another round of old fashioned rate hike to control inflation. We have already witnessed 7 rate hikes within 2010-2011 to control the food inflation. Every time we find RBI using words related to control the devil of inflation by compensating growth, but this time their was a twist […]...

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Posted Under: Income Tax |

Punjab VAT Act – Wheat and Paddy made taxable @ 5%

Wheat and Paddy which are declared goods under CST Act 1956, have been added to schedule B of Punjab VAT Act 2005. The goods contained in schedule B of PVAT act 2005 are taxable @ 5%. An additional surcharge @ 10% is also applicable. But such surcharge will not be applicable on wheat and paddy since these goods are declared goods as per...

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Posted Under: Income Tax |

India- EU Broad-Based Trade and Investment Agreement Intensifying – Anand Sharma Ireland 32nd in FDI Approvals during April, 2000 – January, 2011

Shri Anand Sharma, Union Minister of Commerce & Industry during the bilateral meeting with Mr. Richard Bruton Ireland, Minister for Enterprise, Jobs and Innovation, has expressed satisfaction that negotiations of the EU–India Broad-based Trade and Investment Agreement are intensifying with the 12th Round of negotiations scheduled for 31...

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Posted Under: Income Tax |

U.S. companies face the sixth- highest effective tax rate in the world – PWC

U.S. companies face the sixth- highest effective tax rate in the world, according to a study by PricewaterhouseCoopers LLP. The tax rate for the largest U.S. companies between 2006 and 2009 was 27.7 percent, compared with a non-U.S. average of 19.5 percent, according to the study released today. Companies based in Japan, Morocco, Italy, ...

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Posted Under: Income Tax |

Notification No. 36 /2011-Customs – Regarding anti-dumping duty on the imports of Acetone originating in, or exported from, Thailand and Japan

Notification No. 36/2011-Customs 18/04/2011

Notification No. 36 /2011-Customs Whereas in the matter of imports of Acetone [hereinafter referred to as the subject goods], falling under sub- heading 2914 11 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, Thailand and Japan (hereinafter referred as the subject countries) and im...

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OECD- The Global Forum keeps up the pressure

New reports by the Global Forum on Transparency and Exchange of Information for Tax purposes assess its members ability to stop international tax evasion. Reports on Aruba, The Bahamas, Belgium, Estonia and Ghana evaluate their legal and regulatory frameworks for the exchange of information. Reports on Canada and Germany assess both the l...

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Posted Under: Income Tax |

The Global Economy and Framework

At the Seoul Summit last November, the leaders of G-20 tasked us to formulate indicative guidelines for the identification of persistently large imbalances requiring corrective action, including their root causes and impediments to adjustment. Earlier this year at Paris, we decided to break up the exercise into an integrated two step proc...

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Posted Under: Income Tax |

Parliament final word on Lok Pal Bsays Hazare ; CD was doctored and fabricated – Bhushan

Open to extending Aug 15 deadline if he finds the govt on the right path. In an apparent softening of stand, Anna Hazare today said Parliament was supreme and he would accept its decision if it rejected the Lok Pal Bill. Hazare also showed some flexibility on the August 15 deadline he had set for the passage of the Bill by Parliament, say...

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Posted Under: Income Tax |

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