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We have presented below the summary of all the notification. Instruction, circulars, budget amendments etc issued by government which have an effect on tds Provisions for the financial year 2010-11 and as well as on financial year 2011-12.
For services rendered after 1-7-2010 for which payment has been or is made after 1-7-2010, service tax is leviable and builder is liable to deposit the service tax to the service tax department. The only exception to this is provided within the parenthesis ( ) in the Explanation in para 3.For services rendered after 1-7-2010 for which payment was made prior to 1-7-2010, service tax has been exempted by the Govt. based on documentary evidence vide notification No. 36/2010-S.T., dated 28-6-2010 as amended. Therefore, this benefit can be availed by builders on the basis of documentary evidence.
The deductors/collectors can register their TANs online. Authenticated access (through user ID and password) is provided to registered deductors/collectors. On login, the following feature are made available to the deductors/ collectors
Buyer’s credit is the credit availed by an Importer (Buyer) from overseas Lenders i.e. Banks and Financial Institutions for payment of his Imports on due date. The overseas Banks usually lend the Importer (Buyer) based on the Letter of credit (a Bank Guarantee) issued by the Importers (Buyer’s) Bank. In fact the Importers Bank brokers between the Importer and the Overseas lender for arranging buyers credit by issuing its Letter of Comfort for a fee. Buyers credit helps local importers access to cheaper foreign funds close to LIBOR rates as against local sources of funding which are costly compared to LIBOR rates.
ICWAI has been actively engaged in the professional development of its Members through various initiatives. The latest is ICWAI and M/s C&K Management Ltd. signing an MOU on 17th March 2011. Under the agreement, Members and students of the Institute as well as other financial and accounting professionals will be equipped with the essential knowledge in International Financial Reporting Standards (IFRS). The delivery will be online through highly convenient e-learning modules.
The Council of the Institute, based on the recommendation of the Examination Committee has decided to allow 15-minute reading and planning time allowance to the candidates in the Chartered Accountants Examinations before the scheduled commencement of the examinations i.e, if the examination commences from 2.00 PM, then the candidates will be given Question Papers at 1.45 PM. This reading time will not be available for CPT and all post qualification Courses Examinations.
The Competition Commission will finalise rules for corporate merger and acquisitions by the first week of May, following which it will be mandatory for companies to seek the Commission’s approval for such deals. The notification will be finalised in the first week of May and would be implemented from June 1, 2011, Secretary in the Ministry of Corporate Affairs D K Mittal told reporters on the sidelines of a FICCI event here.
The government today said it will issue a public notice by next week to reconstruct 44,000 missing files from the trademarks office. The files will be reconstructed as per an undertaking given by the Controller General of Patents, Designs and Trademarks to the Delhi High Court which had issued directives in this regard.
In a set back to British telecom giant Vodafone, the Madras High Court today said that the foreign firm has no locus standi to oppose the amalgamation of Essar Telecommunications Holding with India Securities. The Court had earlier reserved its order on whether UK-based telecom firm Vodafone has locus standi to oppose the merger of two subsidiaries of its Indian joint venture partner Essar.
Boston – An Indian investment banker has been convicted by a US federal jury on charges of extortion and threatening a New York state comptroller official to reveal an extramarital affair if a multi-million dollar pension contract was not awarded in his favour – in short, blackmail.
