"22 June 2011" Archive

I-T dept asked to start prompt action against tax evaders

Taking a step forward against black money, the Finance Ministry has asked the Income Tax Department to launch immediate prosecution action in tax evasion cases wherein tangible assets and investments are located in foreign shores. The department has been asked to do away with the norm of taking permission from higher authorities to initia...

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Posted Under: Income Tax |

Sahay to meet PM tomorrow for tax reduction in tourism sector

Union Tourism Minister Subodh Kant Sahay will meet Prime Minister Manmohan Singh tomorrow to seek his intervention in reducing taxes in the tourism sector. Sahay along with senior officials including four secretaries from the Ministries of Finance, Civil Aviation, External Affairs and Surface Transport will meet Singh to ensure rationali...

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Posted Under: Income Tax |

Sebi likely to make mandatory for MF industry to disclose AUM

Market regulator Sebi is likely to make it mandatory for mutual fund players to declare their assets under management (AUM) and details of new schemes to ensure that retail investors take informed decision before investment. SEBI is working towards making MF industry disclose their AUM for a retail investor to understand. If you are makin...

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Posted Under: Income Tax |

Gov invites stakeholders' view to revise the deemed export policy

The government has invited views of the stakeholders to revise the deemed export policy, aimed to avert the misuse of the scheme. Deemed exports refer to those transactions in which goods supplied to the users do not leave the country and payment for such supplies is received in any currency. Stakeholders' comments would be accepted til...

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Posted Under: Income Tax |

UAE has no plans to allow 100 pc foreign ownership

The UAE has no plans to raise the 49 per cent foreign ownership cap for companies, a senior economy ministry official has said. Economy Ministry Undersecretary Mohammed Al Shihhi''s statement has dashed hopes of a company law that would allow overseas investors to fully own firms outside of the country''s free zones. ...

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Posted Under: Income Tax |

GST regime unlikely from April 2012 states oppose draft Bill

The introduction of big-ticket tax reforms through the Goods and Services Tax (GST) regime seems unlikely from next April with the BJP-ruled states today stating that they would not like to be reduced to 'municipality or corporations. The kind of draft that they [central government] have presented...I do not think it could be passed. Whi...

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Posted Under: Income Tax |

Section 2 of the Foreign Contribution (Regulation) Act, 2010 – Foreign source – Specified international organization which is not to be treated as foreign source u/s 2(1)(j)(ii)

Notification No. S.O. 1433(E) (22/06/2011)

NOTIFICATION NO. S.O. 1433(E) [F. NO. 11/21022/9(1)/2008-FERA-III], DATED 22-6-2011 In exercise of the powers conferred by sub-clause (ii) of clause (j) of sub-section (1) of section 2 of the Foreign Contribution (Regulation) Act, 2010, the Central Government hereby specifies that the following international organisation shall not be t...

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Even if offshore supply not taxable, software embedded in offshore supply can be taxable

Raytheon Company Vs Dy CIT (ITAT Delhi)

Raytheon Company v Dy CIT (ITAT Delhi) - In a turnkey contract, in which the assessee was under an obligation to supply the equipment and software as well as install them, the profit should be taxed on the completion of each milestone or at the time of handing over the functioning system to the contracting party. The supply of the equipme...

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Custom Duty – Seeks to extend DEPB scheme upto 30th September, 2011 thereby amending Notification No.97/2009-Customs, dated 11th September, 2009

Notification No. 51/2011-Customs (22/06/2011)

Notification No. 51/2011 - Customs This notification shall be valid in respect of the Duty Entitlement Pass Book Scrips issued by the Licensing Authority against exports having Let Export Order up to and inclusive of the 30th day of September, 2011. Let Export Order, means an order which permits clearance and loading of the goods for exp...

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Regarding imposition of definitive anti-dumping duty on import of sewing machine needles from China PR – Notification No. 50/2011-Customs

Notification No. 50/2011-Customs (22/06/2011)

Notification No. 50/2011-Customs Whereas, in the matter of import of the Sewing Machine Needles (hereinafter referred to as subject goods), falling under sub-heading 8452.30 of chapter 84 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act) and originating in or export...

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