Amendments in Point of Taxation Rules- The Point of Taxation Rules (POTR) which shall come into effect from April 1, 2011 have been amended as under: The point of taxation in terms of Rule 3 of POTR would be the date of invoice or payment, whichever is earlier. In cases where invoice is not issued within 14 days of completion of the provision of service, the point of taxation shall be the date of such completion or receipt of payment whichever is earlier.
The government today said the total tax collections-both direct and indirect-for 2010-11 have exceeded even the revised estimate on the back of strong economic activities. “I am reasonably sure that we will cross Rs 4.50 lakh crore in direct taxes…I am reasonably confident that it (indirect tax) will be around Rs 3.43 lakh crore-Rs 3.44 lakh crore,” Revenue Secretary Sunil Mitra told reporters on the sidelines of an IPPAI conference.
Ministry has received certain proposals for simplification in the procedures of Easy Exit Scheme (EES), 2011. The proposals have been examined in the Ministry and the revised simplified procedures for dealing with applications under Easy Exit Scheme (EES), 2011 are enclosed herewith.
Sunil Shinde, Pune Stud farm owner Hasan Ali’s charted accountant, today claimed to have received a threat letter asking him to name some political leaders and a 2G spectrum scam accused in connection with the money laundering case against Ali. “I received the letter in the morning and the letter said that I should hold a press conference and name the political leaders and an accused in 2G spectrum scam”, said Shinde.
PAN Mandatory for obtaining DIN, Those Already having too need to Submit PAN by 31st May, 2011. The Ministry of Corporate Affairs has already simplified the process for obtaining DIN online, if the DIN-1 eform has been digitally signed by the practicing Chartered Accountant, Company Secretary or Cost Accountant, verifying the particulars of the applicants given in the application. However, in other cases, where the DIN form is digitally singed by the applicant only, the applications are being disposed off with in one or two days after examination by the Central Government.
DIT vs. Maersk Co Ltd as agent of Mr. Henning Skov – In the instant case, it was held that the assessee was not liable to pay interest under section 234B upon failure on the part of the employer to deduct tax at source as the obligation to deduct tax at source is upon the employer. The assessee was only liable to pay tax directly under section 191 of the Act.
Whether a person who is not actual service provider, but discharges the Service tax liability on the Taxable Services, under Section 68(2) of the Finance Act, 1994, as a deemed service provider, is entitled to avail the Cenvat Credit on inputs/inputs services/Capital Goods for payment of GTA Services tax, even if he is not using such inputs/input services/capital goods for providing taxable services? Counsel for the revenue fairly states that the matter is covered against the revenue by order of this Court dated 6.5.2010 in CEA No.99 of 2008 CCE v. M/s Nahar Industrial Enterprises Ltd . etc . Appeal Dismissed
The Reserve Bank of India (RBI) today cautioned public against any mail asking for bank account details of individuals in its name. “The Reserve Bank never asks for your bank account details. The RBI has clarified that it has not sent any such email,” the central bank said in a statement. The RBI said that it has noticed that individuals have been receiving mails from RBI which asks bank customers “to update their bank account details against online phishing”.
There are three types of employment. There are jobs with no work where one gets a salary without working. There are jobs where one can work for certain hours and get paid accordingly, and there are jobs where one can create and fulfil one’s dreams, create employment for others, and that is self-employment or entrepreneurship. You belong to this class. It is a rare privilege to share this special day with the future businesses and social entrepreneurs of the country.
It is my pleasure to speak at FICCI’s National Executive Committee Meeting this year. As many observers have been highlighting, after a relatively long phase of benign, growth-friendly macroeconomic conditions, things have begun to look somewhat hostile on the macroeconomic front. The most significant manifestation of this is the acceleration of inflation, a trend that was visible even before the impact of the financial crisis was felt in late 2008, but which very quickly and strongly re-emerged as the economy began to recover in the second half of 2009-10. Despite significant actions on both policy rates and liquidity by the Reserve Bank, inflation remains high, giving rise to some very fundamental questions: is this high rate of inflation, previously believed to be unacceptable, now the new normal? Is it an unavoidable price to pay for sustaining the current growth trend? Or, will it actually work to undermine the sustainability of the current trend?
